VALUE TO INSURANCE ON SALVAGED TYPE R
#27
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Wow 16595.40 for a salvage R. I didnt expect that much. Congrats man time to purchase a new low mileage R
#28
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
I know what you mean. I lost my 92 integra gsr 2 yrs ago this past feb to some thieves. Thats one thing I dont miss about owning an integra, having to worry about thieves and being paranoid about your car. Honestly with my s2000 I'm never paranoid. I actually park my car outside for days without worrying or can go anywhere and not worry about my s2k. Maybe you should upgrade to a s2000, but in all GL finding your car. I honestly hope you find your car and the a$$holes that stoled it. I know I miss driving my integra at times
#29
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
at some point I was considering selling it for $9000 - Lucky for me I stood my ground with my car and parts.
#30
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
This is for all of you low ballers who tried to throw $7k at me - When my car was for sale at $10k -
#32
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
could you post a copy of the whole thing up, just block out your name and other sensitive info. i would like a copy of it to have incase anything happens to my R and i need to fight my insurance company.
#33
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
That's awesome!
Did they break down for you what the caR was worth in that 15.5k total? Just curious as you mentioned having receipts for parts, labor, etc. I'm just curious how that may have affected the outcome. Glad they didn't screw you over!
Did they break down for you what the caR was worth in that 15.5k total? Just curious as you mentioned having receipts for parts, labor, etc. I'm just curious how that may have affected the outcome. Glad they didn't screw you over!
#34
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
#37
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Man! I got screwed by state farm in dallas tx. It was a 93 civic hatch in flawless condition and i had over 8k in receipts and they would not give me a dime in upgrades except for tires, tranny work, radio i argued and argued before the adjuster was going to turn everything over to one of thier lawyers i just took a settlement of 2645.00 that was including the towing fees that i paid out of my pocket which was 225.00. So i stripped the car and gave them what was left. LOL!
NOW I GOT ME A CLEAN TITLE R!!!
NOW I GOT ME A CLEAN TITLE R!!!
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#41
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
#42
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Don't think so, I was much asking for what I had paid for the car with parts....If anything at $10k I would have been losing about $700 But for people to tell me "hey, I'll give you $5500 or no more than $7k" That was ridiculous if you asked me.
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Congrats. That is more money than any used one has been sold for this year I guess. I paid $15K for my yr 2000 with 8,000 orig miles just over Thanksgiving last year. Well done.....I am a believer in State Farm.....will you PM me the agents name when this is done for you as we have state farm and want your agent to be ours as I also have a home in the Hollywood Hills and not far from your location I am sure......Great to hear it all worked out!!!
#46
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Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Like I said before... I wish it would have been one too. I would have all my parts still, not just my slicks.
By the way, anyone interested in Weld Wheels (5 lugs) with Mickey Thompson slicks (26's)
#47
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
Congrats. That is more money than any used one has been sold for this year I guess. I paid $15K for my yr 2000 with 8,000 orig miles just over Thanksgiving last year. Well done.....I am a believer in State Farm.....will you PM me the agents name when this is done for you as we have state farm and want your agent to be ours as I also have a home in the Hollywood Hills and not far from your location I am sure......Great to hear it all worked out!!!
#48
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
This is a little late, but I responded with this a few years ago. Some of it may not apply to responses in this post, but all of it is good information.
To think that I am still working in insurance makes me sick. Someone shoot me.
"To give a little insight from the insurance side, I am chiming in here. I work for a major auto insurer. I also own an ITR so my hope is I will not be in your shoes. To address some of the comments from the ITR side:
In regards to money you have put into the car, most companies cap you off at $1,000 for custom parts. You can show them receipts until you are blue in the face, but after $1,000, you are SOL. If you have a policy where additional coverage is afforded, this is whole different ball of wax. Bodywork to fix prior damage-no reimbursement, new tires put on 2 weeks ago-no reimbursement, rebuilding a tranny or motor-you'll be lucky to get 10 cents on the dollar. Reason is that the ACV (Actual Cash Value) for a vehicle is a vehicle in the condition that one would expect to pay for if you bought the same car off a dealer lot. If you were interested in an ITR on a dealer lot with a blown head gasket, dented fender and bald tires, you are going to definately deduct that from the value of the car when making an offer.
In regards to inusurance companies ripping you off. If this were true, they would not be in business. Uncle Sam would be all over them like white on rice. The insurance industry is highly regulated and to blatently rip people off again and again would be impossible. Many feel as though they are getting ripped off, because many fail to realize what depreciation is all about and think that every dime they sink into their car will be returned if totaled. They are wrong. See above.
Thirdly, whoever said "get a lawyer," no offense to that person, but don't listen to them. If a lawyer started trying to negotiate property damage with me, I would bury them in less than 5 minutes. They don't know **** about cars. Lawyers are for injuries in the insurance business. That is what they are good at and that is where they make their money. Even if you did get a lawyer and in the off chance he got you a couple grand more, guess what? You have to pay him and after all is said and done and there goes the extra money he got you.
The person who said sentimental value means nothing to insurance companies: They are right, no insurance company can quantify the sentimental value someone holds for their car, so therefore non of the companies pay for this. Who is to say that someone's 1988 Plymouth Sundance didn't mean the world to them because their deceased grandmother handed it down to them before she died? It may not mean anything to you me or the guy down the street, but to the person who owns that car, it may be the only memory they have from that relative. It just can't be calculated. Believe me, I have heard them all. All you will get out of them is "I'm sorry" if you're lucky. Then when they hang up the phone, they are moving on to another claim. Just the way it is.
Maybe other auto insurers do things differently, but when ever dealing with total losses, I have never lowballed someone.... Ever.... Period, end of story.
-The way my company works in my state is using two approved state sources for ACV (Actual Cash Value), and we average them together to come to ACV. The key term is State Approved Source. If your state requires them to use 2,3,4 or 15 sources, they have to abide by this. If there is no state regulation.....well, that remains to be seen. After ACV is determined, prior existing damage is deducted and then if applicable sales tax is added. Obviously, we all know the ITR is a low production vehicle and there weren't even listing in KBB for the 98's until 2001 or 2002 because not enough of them were resold to get accurate figures. The same goes for today. Chances are the NADA values are not accurate, so discuss this with your adjuster.
-Getting back to saying I have never lowballed someone, this is not to say I have never negotiated higher. If someone causes a stink, I will negotiate the deducted prior existing damage, but I have never gone above ACV just to get a file off my desk.
-For example if a 98 Civic is in a collision and is worth $4,000 hypothetically and lets say there is $1,000 worth of pre existing damage because the fender, hood and door is dented and the windshield is cracked, I would deduct a percentage if that $1,000 dollars. Let's say 50% (trying to avoid someone knowing what company I work for here). So your hypothetical $4,000 car now has $500 deducted from it for prior unfixed damages. Now the ACV is $3,500, we add tax at let's say 8% = $280 and your settlement offer comes to $3,780 minus any deductible you may have. Now, if the guy b!tches and moans about how much the car is worth, I have $500 to negotiate up at most, but no more. So the most this guy could get out of me is $4,320 ($4,000 + 8%tax) minus any deductible.
That brings me to my other point - What is your deductible? I love when people whine and say "my insurance company only offered me $6,500 on my mint $7,500 dollar car" when they have a $1,000 deductible. That plays a part too.
***It is the auto insurers job to "indemnify" you, which means putting you back in a similar position prior to the loss. ***
To me, this will be your best defense and best advise. Use this statement with them. Like others sugested, show them current, up-to-date listings of other ITRs. Give them some formal documentation of the limited production numbers of these cars. This may help you, at least alot better than the other suggestions I have read on this board in the past.
My last bit of advise in dealing with your adjuster, don't walk into it with a chip on your shoulder. They deal with people all day long and the more of a d!ck you are to them, the less they sympathize with your position. Make them like you first, then it will be harder for them to say no. People who are down to earth and treat me with respect will prompt me to go to a manager for an override/make an exception to the rule type of situation rather than the punk a$$ 19 year old who mouths off to me thinking he knows it all and his Lexus is the bomb diggidy. Guess what, I stopped caring when he opened his big fat mouth to me. Meanwhile, the other guy is thinking, well I didn't get exactly what I wanted but I got damn close to what I wanted.
I am not saying, lay down and take it up the rear. Be nice, but BE FIRM. You obviously know more about the vehicle than the adjuster does. It is not his/her job to know the history of every single car that rolls out of every manufacturers' factory, so educate them nicely. Provide documentation, but again be nice about it.
That is all I can think of right now and it's late. Good luck!
Jay"
To think that I am still working in insurance makes me sick. Someone shoot me.
"To give a little insight from the insurance side, I am chiming in here. I work for a major auto insurer. I also own an ITR so my hope is I will not be in your shoes. To address some of the comments from the ITR side:
In regards to money you have put into the car, most companies cap you off at $1,000 for custom parts. You can show them receipts until you are blue in the face, but after $1,000, you are SOL. If you have a policy where additional coverage is afforded, this is whole different ball of wax. Bodywork to fix prior damage-no reimbursement, new tires put on 2 weeks ago-no reimbursement, rebuilding a tranny or motor-you'll be lucky to get 10 cents on the dollar. Reason is that the ACV (Actual Cash Value) for a vehicle is a vehicle in the condition that one would expect to pay for if you bought the same car off a dealer lot. If you were interested in an ITR on a dealer lot with a blown head gasket, dented fender and bald tires, you are going to definately deduct that from the value of the car when making an offer.
In regards to inusurance companies ripping you off. If this were true, they would not be in business. Uncle Sam would be all over them like white on rice. The insurance industry is highly regulated and to blatently rip people off again and again would be impossible. Many feel as though they are getting ripped off, because many fail to realize what depreciation is all about and think that every dime they sink into their car will be returned if totaled. They are wrong. See above.
Thirdly, whoever said "get a lawyer," no offense to that person, but don't listen to them. If a lawyer started trying to negotiate property damage with me, I would bury them in less than 5 minutes. They don't know **** about cars. Lawyers are for injuries in the insurance business. That is what they are good at and that is where they make their money. Even if you did get a lawyer and in the off chance he got you a couple grand more, guess what? You have to pay him and after all is said and done and there goes the extra money he got you.
The person who said sentimental value means nothing to insurance companies: They are right, no insurance company can quantify the sentimental value someone holds for their car, so therefore non of the companies pay for this. Who is to say that someone's 1988 Plymouth Sundance didn't mean the world to them because their deceased grandmother handed it down to them before she died? It may not mean anything to you me or the guy down the street, but to the person who owns that car, it may be the only memory they have from that relative. It just can't be calculated. Believe me, I have heard them all. All you will get out of them is "I'm sorry" if you're lucky. Then when they hang up the phone, they are moving on to another claim. Just the way it is.
Maybe other auto insurers do things differently, but when ever dealing with total losses, I have never lowballed someone.... Ever.... Period, end of story.
-The way my company works in my state is using two approved state sources for ACV (Actual Cash Value), and we average them together to come to ACV. The key term is State Approved Source. If your state requires them to use 2,3,4 or 15 sources, they have to abide by this. If there is no state regulation.....well, that remains to be seen. After ACV is determined, prior existing damage is deducted and then if applicable sales tax is added. Obviously, we all know the ITR is a low production vehicle and there weren't even listing in KBB for the 98's until 2001 or 2002 because not enough of them were resold to get accurate figures. The same goes for today. Chances are the NADA values are not accurate, so discuss this with your adjuster.
-Getting back to saying I have never lowballed someone, this is not to say I have never negotiated higher. If someone causes a stink, I will negotiate the deducted prior existing damage, but I have never gone above ACV just to get a file off my desk.
-For example if a 98 Civic is in a collision and is worth $4,000 hypothetically and lets say there is $1,000 worth of pre existing damage because the fender, hood and door is dented and the windshield is cracked, I would deduct a percentage if that $1,000 dollars. Let's say 50% (trying to avoid someone knowing what company I work for here). So your hypothetical $4,000 car now has $500 deducted from it for prior unfixed damages. Now the ACV is $3,500, we add tax at let's say 8% = $280 and your settlement offer comes to $3,780 minus any deductible you may have. Now, if the guy b!tches and moans about how much the car is worth, I have $500 to negotiate up at most, but no more. So the most this guy could get out of me is $4,320 ($4,000 + 8%tax) minus any deductible.
That brings me to my other point - What is your deductible? I love when people whine and say "my insurance company only offered me $6,500 on my mint $7,500 dollar car" when they have a $1,000 deductible. That plays a part too.
***It is the auto insurers job to "indemnify" you, which means putting you back in a similar position prior to the loss. ***
To me, this will be your best defense and best advise. Use this statement with them. Like others sugested, show them current, up-to-date listings of other ITRs. Give them some formal documentation of the limited production numbers of these cars. This may help you, at least alot better than the other suggestions I have read on this board in the past.
My last bit of advise in dealing with your adjuster, don't walk into it with a chip on your shoulder. They deal with people all day long and the more of a d!ck you are to them, the less they sympathize with your position. Make them like you first, then it will be harder for them to say no. People who are down to earth and treat me with respect will prompt me to go to a manager for an override/make an exception to the rule type of situation rather than the punk a$$ 19 year old who mouths off to me thinking he knows it all and his Lexus is the bomb diggidy. Guess what, I stopped caring when he opened his big fat mouth to me. Meanwhile, the other guy is thinking, well I didn't get exactly what I wanted but I got damn close to what I wanted.
I am not saying, lay down and take it up the rear. Be nice, but BE FIRM. You obviously know more about the vehicle than the adjuster does. It is not his/her job to know the history of every single car that rolls out of every manufacturers' factory, so educate them nicely. Provide documentation, but again be nice about it.
That is all I can think of right now and it's late. Good luck!
Jay"
#49
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Thread Starter
Re: VALUE TO INSURANCE ON SALVAGED TYPE R
And that is exactly what I did. I didn't try to school anyone.... I just went upon my business and answered the questions I was asked. I wasnt going to react until I heard the final number. And thank god it was a good number. I left it alone and I moved on. Now to find me another Type R
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