Previous thread https://honda-tech.com/zerothread?id=1461032

Well here it is. It's now been 3 1/2 weeks since the R was stolen, and Allstate finally came back with a "fair market value" figure. Their research and findings were done by ADP Autosource Valuation. Whoever that is.

Car - $15485.00
Mileage adjustment - 380
Compact disc player - 260
Interior quality adj - 60
Body quality adj - 365
Paint quality adj - 245
---------------------------------
Total $16795.00
6% Sales Tax 1007.77 +
Deductable 500.00 -

Grand Total $17302.77

I explained to the rep that this was not going to be good enough. I told here to take all the autotrader type ads to her supervisor/boss and show them that I cannot buy my same car for this money. I told her I was looking to walk away with a check for $24k so I could buy a replacement, but she said it wouldn't happen. Only time will tell. Since I have the luxury of taking a demo vehicle from work, I am not hard pressed to settle up so I can buy a car. They know it to. I'd realisticly like to crack the $20k mark after everything. We're only $2700 away, so I don't think it should be too much of a problem. Thanks again to everyone for their advice and support. If you have anything new to share, i'd like to hear it.




Modified by Leo S at 6:31 PM 1/13/2006

 

Hope you get what you want. Keep us updated

 

Wait it out. Let us know how it goes

 

give 'em hell

 

Best of luck.

But $24,000 is pretty steep. If you get the $20,000 I'd be impressed. Keep us notified.

And if it was me I woulda had them foot the bill for a rental instead of making life easier and cheaper for them and driving the demo.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by 1GreyTeg &raquo;</TD></TR><TR><TD CLASS="quote">But $24,000 is pretty steep. If you get the $20,000 I'd be impressed. Keep us notified.</TD></TR></TABLE>

Same. Good luck. For an ITR with 50K miles, I'd be happy with a value of $17K, maybe 18K. Looks like you're getting 16,795 which is in the neighborhood.

 

I agree, Make them wait. The more people who get top dollar for the stolen ITRs the better it will be in the long run for all of the ITR owners.

A side from that, you get more money now.

If mine were to get stolen, I would want 20-22k for it. Sounds nuts... maybe but that is what I feel a clean R should get.

Good luck and happy motoring

 

you may not agree with me but i think 17K for a nearly 6 yrs old ITR is somewhat "fair".

 

don't accept ANY checks or money from them. fight it you can win.

 

good luck bro

 

Good luck to you on that one. Best of luck and hope you are having with the new whip when you get it.

 

not arguing, but your car looks stock and they quoted you a good price for a stock r. why do you feel like you need 24k for it? even 20k is a little rediculous. assuming your car is stock

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by d0nfry &raquo;</TD></TR><TR><TD CLASS="quote">not arguing, but your car looks stock and they quoted you a good price for a stock r. why do you feel like you need 24k for it? even 20k is a little rediculous. assuming your car is stock</TD></TR></TABLE>

i hate that I'm about to say this, but I actually kind of agree with the insurance company on this one.. you could go buy a similar ITR right now for 17k..

maybe squeeze another 500 or 1000 out of them.. 20k is not happening.. 24k is smoking crack..

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by mstewar &raquo;</TD></TR><TR><TD CLASS="quote">

i hate that I'm about to say this, but I actually kind of agree with the insurance company on this one.. you could go buy a similar ITR right now for 17k..

maybe squeeze another 500 or 1000 out of them.. 20k is not happening.. 24k is smoking crack.. </TD></TR></TABLE>

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by mstewar &raquo;</TD></TR><TR><TD CLASS="quote">

i hate that I'm about to say this, but I actually kind of agree with the insurance company on this one.. you could go buy a similar ITR right now for 17k..

maybe squeeze another 500 or 1000 out of them.. 20k is not happening.. 24k is smoking crack.. </TD></TR></TABLE>

Don't listen. I got above MSRP (like $27K) when my 2000 R with 20K miles on it was totaled. Car was like a year old or so.

Time is your friend. Wait it out. Keep giving them more and more ads for Rs being sold.

OH, DEFINATELY DO THIS: Ask them where they came up with the number for value of your car! Most insurance companies use a national company that records what similar cars sold for in the past. Request a copy of this report from the insurance company and then look over it; almost every car listed as a "Type-R" has a sunroof. So toss those out and you are left with pretty much the highest valued cars. This is what I did and is what got me such a high value.

 

When my R was stolen in 04, i was given more than msrp. At the time, my R only had 8450 miles and was an 01. I also had many mods but the insurance company only paid me for a stock R. I did not know about buying extra coverage so i got screwed on the mods. I did not complain much since i felt i received more than i should have.

Now how I achieved that, I printed out local R's for sale showing that they had higher mileage and selling for more than what they offered me. I also went to a couple Acura dealerships and asked the use car sales manager to write up a statement for me. I showed them pictures of my car and asked them to give me an estimate on how much they would sell it for. I had to explain the situation to them, car stolen, insurance, etc...

You have to show proof that your car is worth more in the local market. Each market will view an ITR differently, so it will vary slightly. In your case, I would push for 18-19k and take that. I wouldn't expect more considering how old the car is and mileage (plus the fact that R's are not worth as much as they were a couple yrs ago).

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by onyx00 &raquo;</TD></TR><TR><TD CLASS="quote">

Don't listen. I got above MSRP (like $27K) when my 2000 R with 20K miles on it was totaled. Car was like a year old or so.

Time is your friend. Wait it out. Keep giving them more and more ads for Rs being sold.

OH, DEFINATELY DO THIS: Ask them where they came up with the number for value of your car! Most insurance companies use a national company that records what similar cars sold for in the past. Request a copy of this report from the insurance company and then look over it; almost every car listed as a "Type-R" has a sunroof. So toss those out and you are left with pretty much the highest valued cars. This is what I did and is what got me such a high value.</TD></TR></TABLE>

payout on a 1 year old car and a 5 year old car are two different things.. you can't honestly say that ITRs are selling for 20k right now.. it's just not happening unless it's basically a museum quality piece (no miles, perfect condition, etc)..

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by mstewar &raquo;</TD></TR><TR><TD CLASS="quote">payout on a 1 year old car and a 5 year old car are two different things.. you can't honestly say that ITRs are selling for 20k right now.. it's just not happening unless it's basically a museum quality piece (no miles, perfect condition, etc)..</TD></TR></TABLE>

My main point I guess was he really needs to see how the insurance company came up with this number; they got it from somewhere. The goal is to show why their data is wrong. Once you do that, they have no data to rely on but what you gave them from AutoTrader, Ebay, etc.

 

Lots of numbers being tossed around and misused ($20K vs $24K, etc).

Just to clarify: Let's use the amount that the car itself would be valued at, before adjusting for sales tax and deductible. They are offering you $16,800 for your car (before adjusting for sales tax and deductible) and you are saying that you would be satisfied with $19,300 (again, adjusting that for sales tax and deductible puts you at the $20K bottom line figure you say you're looking for).

Assuming your car was in excellent condition, with 50K miles on a 2001, I think $19,300 is somewhat generous, but only slightly. I would guess that such a car would normally sell for somewhere in the $18-19K range (actual selling price, not asking price). If insurance gave me $18K for the car (which is $18,580 after sales tax and deductible), I'd take the money and run.

Time to start collecting ad listings of similar cars from Autotrader.com, Cars.com, and h-t.com, to use to support your case. Remember that people expect to negotiate downwards (usually by $1-2K or so) from asking prices listed in ads; they know that just like you do. So if you find ads whose asking prices average $20K, that justifies a market value of $18-19K; if you find that the ads average $18K, you may just want to accept their current offer (and, if you like, use it to buy one of those listed cars).

Good luck.

EDIT: I wrote this post before seeing Nishant's post above, in which he estimated the value of your car exactly the same as I did:

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Nishant &raquo;</TD></TR><TR><TD CLASS="quote">I would push for 18-19k and take that.</TD></TR></TABLE>

Great minds thinking alike...

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by 1GreyTeg &raquo;</TD></TR><TR><TD CLASS="quote">Best of luck.

But $24,000 is pretty steep. If you get the $20,000 I'd be impressed. Keep us notified.

And if it was me I woulda had them foot the bill for a rental instead of making life easier and cheaper for them and driving the demo.</TD></TR></TABLE>

 

just keep complaining Leo, and if they ever find the striped shell im buying it

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by CWTegRNo.160 &raquo;</TD></TR><TR><TD CLASS="quote">give 'em hell </TD></TR></TABLE>

 

price sounds about right to me...

 

They can do better then 17k ... i dont know about 24k though

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by DA-nteg &raquo;</TD></TR><TR><TD CLASS="quote">They can do better then 17k ... i dont know about 24k though</TD></TR></TABLE>

I spoke to the claims person yesterday and told them I would not settle for the $16795. In the nicest way possible, I told them to have the car reevaluated regionally, rather than just in the north east. It seems that their appraisers can't find any dealership transactions in the past couple months involving Type Rs. She'll be getting back to me on Monday at the lastest to see what they can do for me.