As most of you know my car was stolen 10 days ago from Orlando Florida. The insurance company(State Farm) wants to give me NADA value for the vehicle which is $11,275. My car was a 1998 Type-R with 79,000 miles on it, mint condition. I thought my car was worth more, should I take this? Thanks for the help.

 

Ryan, do not take that. Your car is worth way more than that. It's their obligation to "replace" the car, regardless of it's worth in NADA. They have to be able to replace the car and for that car you can't do that for that kind of price.

Oh and let me know when you wanna formally get together and have a few 's

 

Definitely don't take it. If you poke around with the search function on here, you should be able to find some threads with advice on dealing with insurance claims on stolen/totalled Type R's.

Some info I remember - find as many ads as you can for cars like yours currently for sale. IMO, no one has an appropriate book value on these cars - you should be able to get something in the 13k-14.5k range.

 

13k-14.5k range.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Dave_B &raquo;</TD></TR><TR><TD CLASS="quote">It's their obligation to "replace" the car, regardless of it's worth in NADA. They have to be able to replace the car and for that car you can't do that for that kind of price.</TD></TR></TABLE>

Not true, at least in NC

Car insurance is a value policy, not replacement cost. Companies use various methods to determine value, and that's what they're going to offer unless you counter.

You *can* get replacement value coverage, but it costs more.

 

Here in FL it's their responsibility to replace the car, not it's worth. So if you can find one for that price of course they would go for it. The problem is you can't. You have to give him what it takes to replace the car. Also he's in FL so I would presume that's how it should work for him.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Dave_B &raquo;</TD></TR><TR><TD CLASS="quote">Also he's in FL so I would presume that's how it should work for him.</TD></TR></TABLE>



That's why I added "here in NC." Most states (that I'm aware of) don't typically do replacement cost. Thanks for the clarification.

 

NP

Personally though I would go down there and ask them where the hell they found one for that price and see what they said, then whip out my handy notebook with all the ones I had found in the same condition.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by CW-ITR-329 &raquo;</TD></TR><TR><TD CLASS="quote">As most of you know my car was stolen 10 days ago from Orlando Florida. The insurance company(State Farm) wants to give me NADA value for the vehicle which is $11,275. My car was a 1998 Type-R with 79,000 miles on it, mint condition. I thought my car was worth more, should I take this? Thanks for the help.</TD></TR></TABLE>

Now i'm even more nervous about what Allstate is gonna give me for my 01. I'll probably know inside of a week.

 

You guys are confusing replacement cost coverage with market value. Traditionally, insurance policies insure the cars for their market value. That means that if your car is worth $13-14.5K - meaning, that's what similar cars (year, condition, mileage, etc) typically sell for, and you should be able to buy OR sell one at roughly that price - then that's how much they should reimburse you if it's stolen or totalled.

Replacement cost coverage means, if you buy a new car for $24,800 and it's totalled three years later, they give you the cost of another new one, rather than just your car's depreciated market value. THAT'S why replacement cost coverage is more expensive.

So you need to negotiate with them on what your car's market value is. You can support your case by providing listings of similar cars for sale on websites such as Autotrader, cars.com, h-t.com, etc. If you can provide a bunch of listings with asking prices of $15K (which means, after haggling, actual selling prices of $13-14.5K), that will give you a much stronger negotiating position. You can ask them for listings of similar cars for sale for what they're offering, and if (when) they can't, they will be in a weak position (in which case they might increase their offer).

 

Don't take that price, they always low-ball you on their first offer. You can get more if you hold out and be a squeeky wheel for a while. Find some more 1998 ITR's that are going for $15k or so and show them this documentation. It will take some research and work but definitely worth it. If you settle for this price it will hurt all of the 98 ITR owners because your payoff price will add to the statistics for the 98 ITR value. Trust me, I have done this before on a previous car. Good Luck

 

I can't believe they're trying to give you NADA value LOL. Sorry that is very unprofessional of them. Maybe you got stuck with a newbie adjuster or something. Do yourself a favor ask your little adjuster about "Autosource" see if they use that... nada.. PSHHHHHH a free online reference, lemme guess they tried KBB.COM and couldnt get a value from there right!? morons. Tell them about autosource.

 

As everyone said, that price is not fair at all. I would expect that for a GS-R of same year and mileage. Try to get at least $15,000. I know even $15,000 doesn't equate the value of that car in your mind.

 

it probably depends on local laws and what not. here in ny, you get fair market value. they don't give a flying fart about how much you can get one for realistically.

same thing like how, here if you had an accident in the past, but have proof its be fixed completely, it will not devalue ur car one bit. but hwere as other states,if the car has ever been in an accident, the value of the car is forever decreased

 

sentimental value has no weight in insurance payouts.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by 98 Spec R &raquo;</TD></TR><TR><TD CLASS="quote">Don't take that price, they always low-ball you on their first offer. You can get more if you hold out and be a squeeky wheel for a while. Find some more 1998 ITR's that are going for $15k or so and show them this documentation. It will take some research and work but definitely worth it. If you settle for this price it will hurt all of the 98 ITR owners because your payoff price will add to the statistics for the 98 ITR value. Trust me, I have done this before on a previous car. Good Luck </TD></TR></TABLE>


Yep very right on this one, Autosource is a program adjusters use to determine the value of the vehicle, we dont go by "blue book value". Autosource compiles a list of vehicles in that region with similar amount of miles, in similar condition with similar options and prints out a list of how much they sold for. IT IS THE OBLIGATION OF THE INSURANCE COMPANY TO PUT YOU IN THE SAME POSITION YOU WERE IN BEFORE YOUR LOSS. Compiling a list of vehicles similar to your car ie. year, model, miles and condition would make the dumbass adjuster see what your vehicle was actually worth. I hope this helps..........
and on a side note i have traded in my car in september 05, 01 py #772


for............................


now i miss the gal, and in search of another

 

are you serious? u sold your R for 300C damn

 

A honda for a chrysler? WTF?

 

That has to be the most EXTREME change of car I could think of!!!

I guess you like the hoodbents

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Eddiebx &raquo;</TD></TR><TR><TD CLASS="quote">... here in ny, you get fair market value. they don't give a flying fart about how much you can get one for realistically.</TD></TR></TABLE>

What is Fair Market Value?

*Black's Law Dictionary defines Fair Market Value as "The price a willing and knowledgeable buyer would pay a willing and knowledgeable seller, neither party being under duress and both having a reasonable knowledge of relevant facts..."

Yeah, they're "NADA"ing me too!

 

It may seem a little low, but insurance companies arent going to offer you the highest price right out of the gate. I would say ask for a little more, but if you havent paid the extra premium, then dont expect to get much more...I know the R is a limited production and holds it's value pretty well, but you should be lucky to be getting $11k for a 7year old car with 80k miles.

 

I got them up to $18,000 back in october for my 02 RSX-S that had 80,000 miles on it. For reference they started the offers in the $15K range... That's a big difference if I wasn't willing to duke it out a bit. Like everyone says, show them what it costs to buy the best example of your vehicle out there. They start low. You start high. You end up some where in between depending on the negotiotion skills you apply. Stay focused on the facts and provide receipts for anything you possibly can (aftermarket parts, stereo equip, etc.). Don't be in a rush to take any offers and finally after you think they are at thier highest offer, round up and tell them that if they agree to that number "TODAY" only you will accept it. That puts a little pressure on them. Good luck, if you play it right you may get enough to replace your Type-R AND pocket a little cash.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Eddiebx &raquo;</TD></TR><TR><TD CLASS="quote">here in ny, you get fair market value. they don't give a flying fart about how much you can get one for realistically.</TD></TR></TABLE>

Fair market value IS what you can get one for realistically. They're the exact same thing.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by blk04cobra1 &raquo;</TD></TR><TR><TD CLASS="quote">I know the R is a limited production and holds it's value pretty well, but you should be lucky to be getting $11k for a 7year old car with 80k miles.</TD></TR></TABLE>

You obviously have absolutely NO idea how much used ITRs typically sell for these days.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by blk04cobra1 &raquo;</TD></TR><TR><TD CLASS="quote"> but you should be lucky to be getting $11k for a 7year old car with 80k miles.</TD></TR></TABLE>
Uninformed reply.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by nsxtasy &raquo;</TD></TR><TR><TD CLASS="quote">
So you need to negotiate with them on what your car's market value is. You can support your case by providing listings of similar cars for sale on websites such as Autotrader, cars.com, h-t.com, etc. If you can provide a bunch of listings with asking prices of $15K (which means, after haggling, actual selling prices of $13-14.5K), that will give you a much stronger negotiating position. You can ask them for listings of similar cars for sale for what they're offering, and if (when) they can't, they will be in a weak position (in which case they might increase their offer).
</TD></TR></TABLE>

I did this exactly, along with providing them copies of receipts to show the meticulous(extra value) condition of the car.. I got them up a couple thousand from their first offer this way.. this was a few years ago, but it works the same way.. I only took a loss on the stereo that was in it.. owell.. didn't have extra coverage for it and it was a risk I knew..

worst case, if they won't budge no matter what, contact a lawyer..