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rick 918-S |
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#21
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Hey nice rack! -Celette ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 21,012 Joined: 30-December 02 From: Now in Superior WI Member No.: 43 Region Association: Northstar Region ![]() ![]() ![]() |
If you are going to attempt to pursue this with the other carrier you need to find current sales for vehicles that are comparable to what you had. When I did auto claims we arrived at the value by averaging 3 comparable vehicles to come up with an average market value. The appraiser will likely not have the resources you have or the time to come comparable sales. Do your home work and present your claim.
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MCShack |
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#22
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Member ![]() ![]() Group: Members Posts: 77 Joined: 7-March 21 From: Ohio, USA Member No.: 25,305 Region Association: Upper MidWest ![]() ![]() |
Never had a claim on a GT, but have on a 914/4 many years ago. I know some things have changed, so keep us posted and let us know how this turns out, well we all hope of course, but there may be a BIG lesson for some us in here. Good Luck! Insurance Companies and Attorneys, are NOT two of my favorite things. (IMG:style_emoticons/default/mad.gif)
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windforfun |
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#23
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Advanced Member ![]() ![]() ![]() ![]() Group: Members Posts: 2,057 Joined: 17-December 07 From: Blackhawk, CA Member No.: 8,476 Region Association: None ![]() ![]() |
Never had a claim on a GT, but have on a 914/4 many years ago. I know some things have changed, so keep us posted and let us know how this turns out, well we all hope of course, but there may be a BIG lesson for some us in here. Good Luck! Insurance Companies and Attorneys, are NOT two of my favorite things. (IMG:style_emoticons/default/mad.gif) (IMG:style_emoticons/default/agree.gif) (IMG:style_emoticons/default/agree.gif) (IMG:style_emoticons/default/agree.gif) I'm glad I didn't go to law school. |
infraredcalvin |
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#24
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Distracted Member ![]() ![]() ![]() Group: Members Posts: 1,651 Joined: 25-August 08 From: Ladera Ranch, CA Member No.: 9,463 Region Association: Southern California ![]() ![]() |
Thanks for the response guys. The question though still remains unanswered, here it is again: How is "actual value" determined by an insurance company on a 50+ year old collector car? Let me be clear I am not talking about "agreed value" such as is done with Hagerty. Marv When I got into my accident my insurance (not Hagerty) used the NADA guide to determine value, they asked me to submit accrued bills, detailed pictures and close comps to increase what they came up with. My car was fixable, but values were lower at the time and I wanted the car fixed vs totaled. It was not easy, I had to fight for everything. Took 2-3 months of calls and e-mails almost every day to get them to write me an additional check of $3500 for parts/pieces not correctly replaced or installed by the shop. |
r_towle |
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#25
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Custom Member ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 24,705 Joined: 9-January 03 From: Taxachusetts Member No.: 124 Region Association: North East States ![]() ![]() |
If you are going to attempt to pursue this with the other carrier you need to find current sales for vehicles that are comparable to what you had. When I did auto claims we arrived at the value by averaging 3 comparable vehicles to come up with an average market value. The appraiser will likely not have the resources you have or the time to come comparable sales. Do your home work and present your claim. This ^^^^ Put in the effort to show a large enough data set so the insurance company cannot argue. Actual Value == sold within the past 6 months (I’m guessing) This represents the true value in todays market to the average person reading the stated terms of the contract. So, find 10 cars, sold, globally. Produce the proof. Be patient. |
mepstein |
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#26
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914-6 GT in waiting ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 19,964 Joined: 19-September 09 From: Landenberg, PA/Wilmington, DE Member No.: 10,825 Region Association: MidAtlantic Region ![]() ![]() |
If you are going to attempt to pursue this with the other carrier you need to find current sales for vehicles that are comparable to what you had. When I did auto claims we arrived at the value by averaging 3 comparable vehicles to come up with an average market value. The appraiser will likely not have the resources you have or the time to come comparable sales. Do your home work and present your claim. This ^^^^ Put in the effort to show a large enough data set so the insurance company cannot argue. Actual Value == sold within the past 6 months (I’m guessing) This represents the true value in todays market to the average person reading the stated terms of the contract. So, find 10 cars, sold, globally. Produce the proof. Be patient. Not an easy task. When I sold real estate, 98% of sales were listed in the mls. I’ve sold quite a few Porsches and none of those sales have been listed in easily available records. |
eric9144 |
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#27
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Advanced Member ![]() ![]() ![]() ![]() Group: Members Posts: 2,772 Joined: 30-March 11 From: San Diego, CA Member No.: 12,876 Region Association: Southern California ![]() ![]() |
How is "actual value" determined by an insurance company on a 50+ year old collector car? As others have said comps, which are going to be very few and far between...or perhaps you can leverage a letter from James Patrick stating reconstruction cost for your VIN as they had records on file for your car....??? Might be a bit of an ask as I know you did some work yourself and some there but then again always worth a try... Man this sucks (IMG:style_emoticons/default/dry.gif) |
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