As of yesterday my ITR #814 officially became a complete loss. The insurance adjuster calls me today and gives me a offer for the settlement. Based on their research of a 1998 ITR's current selling price and my mileage I was offered $18,072.

I had sent them all my receipts for mods which was well over $4k. I still owe almost $6K on my car loan but that is "water under the bridge". I will be getting in touch with them again ASAP to straighten out the matter of money for my mods since nothing is official yet! I still think I can get at least half of the money I spent on mods. Wish me luck.

What do you guys think?

 

offer sounds reasonable...
not sure about the mods

Will

 

Best of luck.

Make sure that they got the price for a Type R. I heard a while back that someone was offered the $$ for a gsr becasuse there was no Type R in the Kelley blue book. Try your best to get the most you can.

 

Please request a list of all of the cars that they used in the evaluation (they will most likely be using a CCC report) When the valued my last car they used a so called Type-R that had a sunroof in it...and I couldn't get them to remove it, so I had to find some other vehicles that would help to increase the value.
Austin

 

G00t ruck! I am sure things should work out for the best!

-AOib0t, who virtual gives ITRbroham a JDM g00d luck kitty for luck!

 

what was the mileage?

Thanks,
Victor Perri II

 

the thing is about mods is that u swapped out the original stuff, so you cant get a full amount... U know what i mean? like if u spent $300 on a header, and u took the $200 original one off, there's no way that the insurance will pay for the $300 w/o the original one being stolen as well... but they should pay the difference, like in this case will be $100... so do you still have your original stuff?

 

I'd try for 20 - 21k. 18k for 98 ITR, 2k for mods (at least), and 1k for all the records. That's just me though. Good luck foolio.

 

and the thing is, oem stuff cost so much more than the mods that we buy. Like 4000 for seats. when we replace them with recaro's for like 2000

 

Car had 39k and change on the odometer!

 

Don' think that there is too much that you can do about the mods. For your future reference though...you can get insurance writers on everything that you put on your car. All that you do is fill out a form showing that you did the modification, and give them a copy of the recipt showing the mod...then from that point on the value that you claimed of the mod will be evaluated with your insurance. The downside is that your insurance rates go up a little bit...but the upside is that yuo actually get the retail value of all your parts on top of the value of the car.

 

Damn, still a baby. Good luck, I hope you get more then 18k...and have better insurance people to deal with.

 

I always thought Allstate was one of the better insurance companies!

 

LOL Sorry, I meant better people then Dion's!

 

Austin is correct, almost all insurance company's use CCC reports for the ACV or actual cash value. Let me tell you now, I use to be an insurance adjuster. STICK TO YOUR GUNS. This is going to be the scenario.... Adjuster runs CCC for comparables and has a range his manager approves, say 18k to 22K. They start off lowballing you to see if you’ll take the bait. Now it's going to take some work on your behalf. Go out and find as many comparables as you can, with mods is good. Go through their CCC and make sure it's legit. Call the dealers and private parties to make sure the selling price is correct. Document who/when/where and number. Submit as many receipts as possible, the only downside to this is they will apply depreciation for those parts but it still helps.

Ask to speak directly to the material damage manager. Let him know you are filling a complaint with the DOI for misrepresentation and a delay in settling the claim in a timely manor. When you say DOI insurance people freek. Suggest maybe it's time they get audited by the DOI for lowballing your claim. Do not budge.

Keep in mind you need to validate your claim, make sure it's realistic and show them as much documentation as possible. Dont forget to mention to them labor time for installing said parts. Body shops generally charge about $32.00 per hour for body/paint $60.00 for mechanical. If you need to- add it all up.

Hope this helps, if you have any more questions’ IM or email me. I was once one of them, I know how the game is played.

 

The thing to remember for your mods is that you're not going to get replacement cost on them. They're likely calculating an Actual Cash Value on them, which is a depreciated amount. Car parts unfortunately, don't hold their value very well.

 

I have them too.

 

Does anyone think that prior accidents would affect the value of the car? I had 1 major accident and one minor!

 

From an insurance viewpoint, any accident that has over $2000 (Canadian) would cause me to re-evalute any calculations. If you were to sell a car, the buyer would likely to a damage check and probably won't pay you as much if there are any large accidents on it. Insurance would work on the same principle.

 

I thought insurance companies typically deal with replacement cost, not actual cash value. So you should be getting market price for a '98 R, not the actual cash value.

At least State Farm in NC is like that. Too bad insurance laws vary so widely state to state. Stupid insurance commissions


Pat, who has been skr00d before by a NC Insurance Commission rule

 

Actually most insurance company's use this language "As long as the car is repaired according to industry standards there should not be any deminition of value" We all know that's a bunch of BS but that is how they get around it.

ACV is determined usually with a CCC which is fair market value. Thats the actual cash value. In other words actual cash value is what the vehicle is worth on an open market. Some insurance company's word it different, and yes there are major variations in insurance laws from state to state.


[Modified by TDCgs'R, 2:18 AM 3/27/2002]

 

I worked at GMAC in Winston-Salem for awhile, hehe, NC insurance laws blow.

CK who ate at the "Dill Pickle" more than he would like to admit


[Modified by TDCgs'R, 5:32 AM 3/27/2002]

 

i work for them

 

Most auto insurers will offer some sort of replacement cost or limited depreciation policy on newer vehicles (usually up to 3 yrs old). That policy is optional. Without that, claims are settled on an ACV basis.

 

what are the abbriviations? ACV=actual cash value, CCC=? DOI=? thanks...