Here's the breakdown...


1. Wrecked my MINT itr with LOTS of mods on 12/3/2002.

https://honda-tech.com/zerothread?id=354415


2. I had a lot of questions about the insurance process.

https://honda-tech.com/zerothread?id=358998


3. This is what happened:

I basically gathered up like $11k in receipts. Some of which I couldn't find the originals of, so I got them resent from the appropriate vendors in these links.

https://honda-tech.com/zerothread?id=377967

https://honda-tech.com/zerothread?id=361395


Then I sent over all the copies of the receipts to my insurance company.

They gave me an extra $1k for the aftermarket parts. Even though I showed them $11k in receipts! And this is like 1.5 months later!

Anyway, the total came out to be $22,529.00 + tax (@ 7%), minus deductible ($500). That is $23,606.03. Yes, they pay you tax when they buy the car from you.

BUT, since I didn't like that whole thing where they keep my car with all the mods on it... I argued for buyback. They really don't want you to keep the car. Ever. It's more work for them, and they'll make $ off the salvage company selling your car...

Here's the tricky part: In GA, there is a whole slew of paperwork and processes they would have to go through to allow you to buy back your car normally. Due to the large # of FL flood damaged cars that got a salvage title and were sold with a clean title in recent years... So GA laws for Insurance Companies changed a bit. They'd have to buy the car from me, then get a salvage certificate issued, then have that sent to me. I couldn't drive the car until I took it to the dmv and paid and had it inspected to prove that it was fully repaired (before painting). And if I passed, then I'd have to pay for a salvage title. It's a huge pain in the ***, but I said I was willing to do this. That would allow me to get all my mods off and then sell the stripped and bent shell to junkyard for crushing.

BUT, there is a loophole: There is a provision in the new laws for a "1 component part" totalled vehicle. Usually, it's for older vehicles such as a 77 studebaker where the car isn't worth what it'd take to fix it. And in this case, as long as 1 component of the car is damaged (like the fender or whatever), then you don't have to do a salvage title. The original owner keeps the car, and does the buyback @ 10% of the real value (~$200 for the studebaker in this case)...

Here's the funny thing though; under the "1 component part" provision the insurance company allowed me to do the buyback of my entire car. Yes, an entire front or rear clip counts as "1 component part." No salvage title for me. Anybody wanna buy a shell for $500? Slightly bent.

I ended up with $22,529.00, minus salvage value ($2,392.42), minus deductible ($500). That is $19,636.58 AND I KEEP MY CAR. No, they don't pay me tax this way since they technically never take the title. All I had to do was fax them a copy of the title to show it's clean and clear with no leins.

Now the difference between the two settlement figures is $3,969.45 - which is the salvage value and the amount of $ in taxes they didn't have to pay me. So you could say I bought the entire car for $2400 or $4k, depending on how you look at it.

I should receive the check via mail in ~1 week or so.

*WHEW*

 

Good lord you came up

 

Damn!!! Now whats in store??? Another R or ITR hatch???

 

ITR EG!!!

gay no caps rule

 

Holy chit man... that freggin rocks!!! Congrats kenny... glad everything worked out for you!

 

that's the same thing i did with my Si that I wrecked.. bought it back, parted it out.. worked well.. the shell is waiting to be turned into a track ***** as we speak..

i'd keep the R shell and build it into a racecar, if you're into that.. buy a decent truck to tow it with, and use the rest to build on the car!

 

nice to hear to got a good/smooth deal on insurance settlement.......you just became an insurance expert in GA. I believe you made a wise decision to buy back your own car.

good luck for any future plan.

 

Nice job, Ken r0cker

 

nice

Im gonna update my ongoing post soon as well


[Modified by RTW DC2, 3:12 PM 1/27/2003]

 

damn, good job ken, i'm impressed!

 

gawd damm! that r0cks!

 

Dude first I wanna say congrats on getting your money back but personally I think this is BS. No offense but you are the problem why insurance for the rest of us who never wreck a car is so high. I hope you dont feel to happy because your crazy driving on the street is costing $$$$ all of us. If these insurance companies had any brains they would recognize this car was extremly modified which was done without thier notification and would not be liable for any damage done to it.
To all that say quit bitching obviously you dont pay your own insurance and have NO clue how much this **** costs. Dude Im sorry I just have to vent because I just got my Insurance bill in the mail and Im really pissed.


[Modified by Skunk2 Steve, 12:18 PM 1/27/2003]

 

Congrats Kenny. Glad everything turned out ok. Does this mean your coming to the expo now.

 

Awsome News!! Glad everything turned out well

Definately let us know what going on with your insurance as well.
I've been wondering how things were gonna turn out for you RTW DC2...

 

Look n00b, you have no idea what you're talking about.

I pay over $800/ month on car note and insurance. And by the sounds of it, you're young which is why your insurance is so high (that and the fact you're in the THEFT CAPITAL OF THE WORLD - NY).

I didn't get **** for my mods. Can you ****** read? I got FAIR MARKET VALUE for my car based on condition and mileage. How much would you expect to get for a MINT '00 itr with less than 15k miles on the odometer and $13k in mods? to you for not being able to READ.

As for me being the reason insurance rates are so high - you're a moron. The laws of large #'s determine this. You obviously have no idea how insurance works. Let me just say my credentials are LAS & Variable LAS. to you. Series 6 & 63 in the next couple weeks.

My thread was to inform others of the insurance claim process - especially in GA.

Any other jacknob's wanna take a stab?

Thanks for playing.

 

Own3d.

 

lol - owned indeed.

good job Ken, glad you were able to at least get some $$ out of the ordeal - have fun building up something else - hybrid time??

 

You should seat back and think again what you just said ....... I believe the number 1 reason for our insurance cost to go up is THEFT ....That's why the insurance rate in NYC is so much higher than Upstate NY <--- simple

Accident rate usually belong to age group.....that's why your insurance will lower when you get older <--- simple

I don't think one accident involved an ITR will drive up our insurance rate, however the never ending theft on "Integra" will mostly do it

 

Glad it worked out for ya, Black R.

 

Ken whe ncan I come for the Rear sway bar (If it isnt bent). Please PM me. Also you wouldn't happen to ahve Progressive would you. When my 1st hybrid got stolen they only gave me 1k for the ITR motor (Not including the Apexi N1 suspension or wheels.

It sucked but oh well. Hit me up dude because I'm selling my suspension to someone on HT so I can get some Tein's and I'm putting the car in the shop so I want to put everything on @ once.

Did you quit Baranco???

 

That's a great deal, Kenny. (Granted you lost some money in mods).

Let us know what's next up in the horizon.

 

Ken

Skunk 2 Steve. lol you're a tool.

 

I didnt know they were still making Studebakers in '77?

Seriously, glad to hear it sounds like it is working out Ken...


[Modified by Jetydosa, 4:26 PM 1/27/2003]

 

I sincerely hope you aren't building a hybrid with the $$$. They're more popular with thieves than itr's are lately. My hybrid was stolen, recovered stripped down to the frame, no body panels, or weather stripping or anything. I gave them receipts for $8k, and I got $1700 over book. Now I'm getting a car with a good motor already in it. Only good thing out of my deal is that i had the shell towed to the shop where I go. The owner was going to charge my insurance storage fees, so they let him keep the shell, and now it will be a future ECHC car.

Anyway, glad to see you "beat" the system more than you got "beat." Good luck with future plans.

 

thank you, Black R.. i was about to launch into my own tirade quite similar to yours..

i did want to add that increased insurance rates as a result of total loss claims ALSO help to offset this cost to the insurance company.. sure, my car got totalled and paid for by the insurance, but I pay more now and will for a couple years..

further more, the purpose of "insurance" is to give us this money back since the value of the vehicle was suddenly depleted by accident/theft/etc.. if no one had accidents or theft, none of us would need it..


Skunk2 Steve, I pay for my toys and I pay when they get broken.. the majority of R owners here are NOT people running to mommy and daddy for money for the car, insurance, gas, etc.. also, I noticed in your profile that your GSR has been stolen twice in the NY area(surprise).. did you not file an insurance claim either time? If not, you should consider raising your deductible and lowering your limits, to save yourself some money, and not complain at us about it.. and if you DID file a claim, you really have no room to talk..

Edit: grammar..


[Modified by mstewar, 5:11 PM 1/27/2003]