QUOTE(nolift914 @ Nov 9 2012, 05:51 AM)
I had Hagerty insure my 914, which i filed a claim with. They said I could keep the car but the needed to put it up for bid to establish the cost for me to retain it. The bid came in yesterday $2600
. It is going to cost me $2600 to retain the car, who the hell would bid 2600 for a 914 1.7 the has been completely under sea (salt) water!!!!!
Trying to figure out if this is a real bid or a ploy by the ins company to reduce the claim payout!!!!!
The first thing to check is your policy terms. It was my understanding that Hagerty's policies were "Agreed Value" - which means you & H agree on the insured value, then any total loss claim pays you the
full agreed value that you have been paying for over the years. However, you may have a "Stated Value" or other policy terms which allows them to discount that payment.
I was able to keep mine + the full amount of estimated repairs (which was about 80% of est. value then as rolling restored just prior), & not have a salvage title, when it got whacked back in 85. However, that was a long time ago & things change over time & are different by state, and by situation.
A bid of $2800 probably indicates a less than scrupulous buyer who will clean it up & resell it as a non-disclosed water damaged vehicle at a huge profit to the unsuspecting. You could impress upon them that fact & that the parts are mostly/all unusable, but you want to keep it for now for "personal reasons" & maybe they'll reduce it to a minor $200-500 cost/deduction.
So even if you were to keep it for some parts - although I agree that salt/brackish water will have compromised everything in there - they would be of little value & hope not to see them end up on your future ride to give you problems, or if you want to fix it up you'll end up with a salvage title in all likelihood - which won't help post repair value, let alone future tin worm problems as others have said above.
IMHO - take their money & go buy the best running 914 you can afford - there are some good ones out there!
Good Luck!
Tom
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