VALUE TO INSURANCE ON SALVAGED TYPE R
02-24-2011, 11:03 AM
#1
Honda-Tech Member
Thread Starter
VALUE TO INSURANCE ON SALVAGED TYPE R
My car was stolen on Friday February 11th - My question/concern is if anyone here has ever dealt with State Farm or any insurance regarding a Salvaged Type R. I have browsed through some other pages and I've heard horror stories about insurance companies trying to pay 4-5K for Type R's (clean titles) - My biggest fear is that I will get a $2k check only because my R had a salvaged title. With that being said - I was just asked to send them invoices of any upgrades.
I was fortunate to have all my receipts totaling over $7400 (without labor)
My question is if anyone is familiar with insurance settlements - with my Type R having a salvage title and $7400 in receipts what should I trully expect from State Farm? Any ideas will really calm my nerves :/
I was fortunate to have all my receipts totaling over $7400 (without labor)
My question is if anyone is familiar with insurance settlements - with my Type R having a salvage title and $7400 in receipts what should I trully expect from State Farm? Any ideas will really calm my nerves :/
02-24-2011, 11:36 AM
#6
Honda-Tech Member
iTrader: (2)
Join Date: Nov 2004
Location: Oakland, CA, US
Posts: 299
Likes: 0
Received 0 Likes
on
0 Posts
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
I dealt with State Farm when my highly modified GSR was stolen in 2009. It wasn't an R and it was clean title and I had thousands of dollars in receipts and pics of the car with the mods. They had a specialty appraiser value my car and gave me more than I expected for it (like $12k plus tax).
02-24-2011, 12:01 PM
#7
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
If it's a real Type R you will be fine. Make sure it's clear that it's an ITR and not a different model. What do you pay for full coverage if you don't mind me asking?
Trending Topics
02-24-2011, 12:56 PM
#8
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
I had State Farm Mutual, for 22 years. During that time I totaled a 2001 PY. They set a value, $4000 less than clean titile itrs were going for on autotrader and e-bay. They adjusted the value up to $16,500, and then I settled with them.
I fixed the car for about $4200 in Acura parts & labor and another $2200 in paint. I gave State Farm copies of the receipts (for $6400) and they came out side and photographed my repaired car.
We went back into their office and they sold me full coverage insurance, for $310 every 6 months.
I asked about the value of the car, if it were stolen or totaled again and they put me intouch with one of their claims agents. He said that State Farm had already paid for the car and its new value was equal to the receipts, which I had submitted. He also said that in time, the value of my receipts would depreciate.
The way I understand it, if my repaired/totaled itr would have been totaled again, in 2008, I would have got $6400. For every year that has gone by, that $6400 has been decreasing, because the parts aren't new anymore and there has been more wear and tear, on my car.
What are the dates on your receipts?
I fixed the car for about $4200 in Acura parts & labor and another $2200 in paint. I gave State Farm copies of the receipts (for $6400) and they came out side and photographed my repaired car.
We went back into their office and they sold me full coverage insurance, for $310 every 6 months.
I asked about the value of the car, if it were stolen or totaled again and they put me intouch with one of their claims agents. He said that State Farm had already paid for the car and its new value was equal to the receipts, which I had submitted. He also said that in time, the value of my receipts would depreciate.
The way I understand it, if my repaired/totaled itr would have been totaled again, in 2008, I would have got $6400. For every year that has gone by, that $6400 has been decreasing, because the parts aren't new anymore and there has been more wear and tear, on my car.
What are the dates on your receipts?
02-24-2011, 03:16 PM
#9
Honda-Tech Member
Join Date: Aug 2010
Location: Maryland
Posts: 2,686
Likes: 0
Received 0 Likes
on
0 Posts
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Typically insurance companies weigh the CMV of the car with the cost of repairs. If repair cost exceeds the CMV then they will total it and cut you a check.
02-25-2011, 08:19 AM
#10
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
I had State Farm Mutual, for 22 years. During that time I totaled a 2001 PY. They set a value, $4000 less than clean titile itrs were going for on autotrader and e-bay. They adjusted the value up to $16,500, and then I settled with them.
I fixed the car for about $4200 in Acura parts & labor and another $2200 in paint. I gave State Farm copies of the receipts (for $6400) and they came out side and photographed my repaired car.
We went back into their office and they sold me full coverage insurance, for $310 every 6 months.
I asked about the value of the car, if it were stolen or totaled again and they put me intouch with one of their claims agents. He said that State Farm had already paid for the car and its new value was equal to the receipts, which I had submitted. He also said that in time, the value of my receipts would depreciate.
The way I understand it, if my repaired/totaled itr would have been totaled again, in 2008, I would have got $6400. For every year that has gone by, that $6400 has been decreasing, because the parts aren't new anymore and there has been more wear and tear, on my car.
What are the dates on your receipts?
I fixed the car for about $4200 in Acura parts & labor and another $2200 in paint. I gave State Farm copies of the receipts (for $6400) and they came out side and photographed my repaired car.
We went back into their office and they sold me full coverage insurance, for $310 every 6 months.
I asked about the value of the car, if it were stolen or totaled again and they put me intouch with one of their claims agents. He said that State Farm had already paid for the car and its new value was equal to the receipts, which I had submitted. He also said that in time, the value of my receipts would depreciate.
The way I understand it, if my repaired/totaled itr would have been totaled again, in 2008, I would have got $6400. For every year that has gone by, that $6400 has been decreasing, because the parts aren't new anymore and there has been more wear and tear, on my car.
What are the dates on your receipts?
I guess we will find out once my car is complete.
02-26-2011, 05:24 AM
#11
Honda-Tech Member
iTrader: (1)
Join Date: Mar 2007
Location: St. Albert, AB, Canada
Posts: 201
Likes: 0
Received 0 Likes
on
0 Posts
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
You're receipts might not matter, the idea of insurance is to indemify the insured, that is basically a term used to describe to action of the insruance company to restore you to the same position you were in prior to suffering a loss.
Having said that, they will pay you what a similar condition/mileage ITR is worth the day you suffered the loss. Depending on your policy you might be covered for "extra's" on/in the car, though many times insurance can screw you with the modifications, one example is this: You have 3000$ Spoon coil overs, and try to claim along with your stolen car, well turns out that to replace all the OEM ITR struts and springs 2500$, so your spoon coils are only worth 500$+ they have depreciated so you probably wont get anything.
At the end of the day, fight for fair market value and you can't lose. They will potentially low ball you at first as that seems fairly common, but do as much as you can, find comparable vehicles and retain that information so you can build a case for what it would cost to replace your ITR.
Sucks getting a car jacked, sorry to hear.
Having said that, they will pay you what a similar condition/mileage ITR is worth the day you suffered the loss. Depending on your policy you might be covered for "extra's" on/in the car, though many times insurance can screw you with the modifications, one example is this: You have 3000$ Spoon coil overs, and try to claim along with your stolen car, well turns out that to replace all the OEM ITR struts and springs 2500$, so your spoon coils are only worth 500$+ they have depreciated so you probably wont get anything.
At the end of the day, fight for fair market value and you can't lose. They will potentially low ball you at first as that seems fairly common, but do as much as you can, find comparable vehicles and retain that information so you can build a case for what it would cost to replace your ITR.
Sucks getting a car jacked, sorry to hear.
02-26-2011, 09:54 AM
#13
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Yes, I continued to carry State Farm's full coverage insurance policy, from 2008 until 2011.
Then I switched to Traverers, because their Home Owners was $400 cheaper than State Farm, while their auto insurance was equal to State Farm.
02-26-2011, 10:01 AM
#14
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
You're receipts might not matter, the idea of insurance is to indemify the insured, that is basically a term used to describe to action of the insruance company to restore you to the same position you were in prior to suffering a loss.
Having said that, they will pay you what a similar condition/mileage ITR is worth the day you suffered the loss. Depending on your policy you might be covered for "extra's" on/in the car, though many times insurance can screw you with the modifications, one example is this: You have 3000$ Spoon coil overs, and try to claim along with your stolen car, well turns out that to replace all the OEM ITR struts and springs 2500$, so your spoon coils are only worth 500$+ they have depreciated so you probably wont get anything.
At the end of the day, fight for fair market value and you can't lose. They will potentially low ball you at first as that seems fairly common, but do as much as you can, find comparable vehicles and retain that information so you can build a case for what it would cost to replace your ITR.
Sucks getting a car jacked, sorry to hear.
Having said that, they will pay you what a similar condition/mileage ITR is worth the day you suffered the loss. Depending on your policy you might be covered for "extra's" on/in the car, though many times insurance can screw you with the modifications, one example is this: You have 3000$ Spoon coil overs, and try to claim along with your stolen car, well turns out that to replace all the OEM ITR struts and springs 2500$, so your spoon coils are only worth 500$+ they have depreciated so you probably wont get anything.
At the end of the day, fight for fair market value and you can't lose. They will potentially low ball you at first as that seems fairly common, but do as much as you can, find comparable vehicles and retain that information so you can build a case for what it would cost to replace your ITR.
Sucks getting a car jacked, sorry to hear.
I was told that my car's insurance (car fax) indicates a total loss payout of $16,500, in 2008.
Because my car was paid for once, by an insurance company, it is now only worth the money, which I can prove that I have spent on it, to get it back on the road again.
02-26-2011, 02:44 PM
#15
Honda-Tech Member
Thread Starter
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Well I have my house and 2 other cars insured as well. But I think it was right around $140 for full coverage and all the high limits
02-26-2011, 02:45 PM
#16
Honda-Tech Member
Thread Starter
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
I had State Farm Mutual, for 22 years. During that time I totaled a 2001 PY. They set a value, $4000 less than clean titile itrs were going for on autotrader and e-bay. They adjusted the value up to $16,500, and then I settled with them.
I fixed the car for about $4200 in Acura parts & labor and another $2200 in paint. I gave State Farm copies of the receipts (for $6400) and they came out side and photographed my repaired car.
We went back into their office and they sold me full coverage insurance, for $310 every 6 months.
I asked about the value of the car, if it were stolen or totaled again and they put me intouch with one of their claims agents. He said that State Farm had already paid for the car and its new value was equal to the receipts, which I had submitted. He also said that in time, the value of my receipts would depreciate.
The way I understand it, if my repaired/totaled itr would have been totaled again, in 2008, I would have got $6400. For every year that has gone by, that $6400 has been decreasing, because the parts aren't new anymore and there has been more wear and tear, on my car.
What are the dates on your receipts?
I fixed the car for about $4200 in Acura parts & labor and another $2200 in paint. I gave State Farm copies of the receipts (for $6400) and they came out side and photographed my repaired car.
We went back into their office and they sold me full coverage insurance, for $310 every 6 months.
I asked about the value of the car, if it were stolen or totaled again and they put me intouch with one of their claims agents. He said that State Farm had already paid for the car and its new value was equal to the receipts, which I had submitted. He also said that in time, the value of my receipts would depreciate.
The way I understand it, if my repaired/totaled itr would have been totaled again, in 2008, I would have got $6400. For every year that has gone by, that $6400 has been decreasing, because the parts aren't new anymore and there has been more wear and tear, on my car.
What are the dates on your receipts?
02-26-2011, 02:49 PM
#17
Honda-Tech Member
Thread Starter
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
This is crazy... I was told if my car is not found by Monday I will then get an offer. He mumbled something about $5300 - I almost shitted my pants. But he quickly said that was only a priliminary number and it didnt include the reciepts.
02-27-2011, 02:32 AM
#18
Honda-Tech Member
Join Date: Mar 2004
Location: Chicago, IL
Posts: 786
Likes: 0
Received 0 Likes
on
0 Posts
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Prepare to be disappointed, clear title or salvage branded. I'm not telling you this to bust your *****, I'm suggesting you do some research and arm yourself to minimize your losses... keep in mind that the settlement offer that your adjuster throws at your is in fact an offer. Hopefully the $5300 was a BS negotiation tactic to lower the living hell out of your expectations.
With that said, I remember you selling your CW boosted ITR for quite a bit and defending your price vigorously. Like I posted then, this is one of a few reasons why a salvage title translates to a huge discount in the real world.
I wish you the best of luck with all this. assuming Rene is mistaken of course.
With that said, I remember you selling your CW boosted ITR for quite a bit and defending your price vigorously. Like I posted then, this is one of a few reasons why a salvage title translates to a huge discount in the real world.
I wish you the best of luck with all this. assuming Rene is mistaken of course.
02-28-2011, 06:05 AM
#19
Honda-Tech Member
iTrader: (2)
Join Date: Jan 2009
Posts: 1,677
Likes: 0
Received 0 Likes
on
0 Posts
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
sorry for the loss but my civic was stolen and it had a salvage title and i had about 9k in receipts i got 4 for the car but only 1k for parts bc i didnt have custom part coverage on my insurance!
03-02-2011, 06:48 AM
#20
Honda-Tech Member
Join Date: Mar 2006
Location: IN MY ROOM
Posts: 1,134
Likes: 0
Received 0 Likes
on
0 Posts
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
I think you should be ok, My s2000 is salvage from the previous owner and state farm said the will cover all my aftermarket parts at no additional charge when I opened my policy. alot of s2k owner that I know have state farm. They told me as long as I have recipes, pictures, and est or retail prices on damage or stolen parts then I should be fine. They told my they would cover all my aftermarket parts and valur of my car, I have like 7 or 8k invested in parts, volk re30, toda header, spoon test pipeand exhaust, okada projects coils, spoon lower tie bar, carbon fiber hood, coilovers, strut bar, radio, ect so, hopefully you'll be fine
03-02-2011, 07:46 AM
#21
Honda-Tech Member
Thread Starter
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
what insurance do you have?
I think you should be ok, My s2000 is salvage from the previous owner and state farm said the will cover all my aftermarket parts at no additional charge when I opened my policy. alot of s2k owner that I know have state farm. They told me as long as I have recipes, pictures, and est or retail prices on damage or stolen parts then I should be fine. They told my they would cover all my aftermarket parts and valur of my car, I have like 7 or 8k invested in parts, volk re30, toda header, spoon test pipeand exhaust, okada projects coils, spoon lower tie bar, carbon fiber hood, coilovers, strut bar, radio, ect so, hopefully you'll be fine
I think you should be ok, My s2000 is salvage from the previous owner and state farm said the will cover all my aftermarket parts at no additional charge when I opened my policy. alot of s2k owner that I know have state farm. They told me as long as I have recipes, pictures, and est or retail prices on damage or stolen parts then I should be fine. They told my they would cover all my aftermarket parts and valur of my car, I have like 7 or 8k invested in parts, volk re30, toda header, spoon test pipeand exhaust, okada projects coils, spoon lower tie bar, carbon fiber hood, coilovers, strut bar, radio, ect so, hopefully you'll be fine
Yeah that is what others tell me. I turned in all my reciepts on Monday and I am now waiting to hear back from them. In a way I am hoping to find my car to put it back together..... With out my toy I feel worthless
lolI have State Farm
03-02-2011, 07:19 PM
#22
Honda-Tech Member
Join Date: Mar 2006
Location: IN MY ROOM
Posts: 1,134
Likes: 0
Received 0 Likes
on
0 Posts
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
03-07-2011, 12:01 PM
#23
Honda-Tech Member
Thread Starter
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
So I talked to the evaluator on my car Friday. He said that because it was a special car, it would take a little longer for them to give me a fair market value of my car
Sounds like I'll be dealing with all this nightmare for quite some time. For the record **** THIEVES.
Sounds like I'll be dealing with all this nightmare for quite some time. For the record **** THIEVES.
03-09-2011, 09:44 AM
#24
Honda-Tech Member
Thread Starter
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Prepare to be disappointed, clear title or salvage branded. I'm not telling you this to bust your *****, I'm suggesting you do some research and arm yourself to minimize your losses... keep in mind that the settlement offer that your adjuster throws at your is in fact an offer. Hopefully the $5300 was a BS negotiation tactic to lower the living hell out of your expectations.
With that said, I remember you selling your CW boosted ITR for quite a bit and defending your price vigorously. Like I posted then, this is one of a few reasons why a salvage title translates to a huge discount in the real world.
I wish you the best of luck with all this. assuming Rene is mistaken of course.
With that said, I remember you selling your CW boosted ITR for quite a bit and defending your price vigorously. Like I posted then, this is one of a few reasons why a salvage title translates to a huge discount in the real world.
I wish you the best of luck with all this. assuming Rene is mistaken of course.
I will post a picture of the check when I get it. Now I know why I didn't want to give away my car.
03-09-2011, 10:06 AM
#25
Honda-Tech Member
Re: VALUE TO INSURANCE ON SALVAGED TYPE R