Update on #844

[Turbo RX-6]

Well first offer from Insurance company came in today. $ 14,600 for car plus $ 1,100 for tax, Total almost $16,000. Car had a perfect body, just redone and painted less than 2 years ago, trans was redone, motor had heads, forged pistons, roller cam, 60-1 turbo, 52 pounders, ATR stainless exhaust, Terry Houston 3" downpipe, Translater, ect. Rims were brand new factory rims, all tires new, springs and shocks were just replaced week before wreck. Interior was fair at best, everything was good, except seats needed recovering (Front) and carpet replaced. Had leather and glass t-tops. Car has 141,000 Miles.
Whats everyones opinion? what do you think would be a fair settlement?

 

[Sweet6]

Sounds good to me. :biggrin: They could have my car for $16K.

 

[DaJoker]

Did you have a list of all the work done to the car for the insurance company??? That would be more than acceptable to me, I was always wondering what would happen if my car was stolen. It's hard for insurance comp. to value these cars. PS How much to buy the car back????

 

[Quiky One]

Sounds about right for a car over 100k miles. If you can prove the motor rebuild ask for a little more.

Jason

 

[Dennis F]

I bought my GN back for 500 bucks and it was still in good enough shape to fix it.

If you like the car enough who cares about a salvage title. If it is fixed right and is safe don't sweat it.

On the flip side depending on the damage you could make the 16k and sell all the good parts and bank a few more bucks.

 

[mytta49]

Who was your insurance company. Was the offer on an agreed value or book value.
Mine is insured through Hagerty classic car insurance which is one of the best for classic cars. They insured it for $19,000 which is an agreed value which is the best way to insure. They told me I could raise the value 20 percent each year. The rate is pretty cheap too.

 

[Turbo RX-6]

This was the other drivers fault, she had Allstate and they accepted 100% of the blame so they are making the offer. They use a company who researches the same model throughout the US and then determines a fair value for the car.

I am going to buy the car back, they base the buy-back value on how much the wrecking yard would give them for the car.

 

[3.8TransAM]

Dont do anything until you have a buyback number from them

U can also get them for plate and insurance transfer fees and the like.

Ask me how I know

Been there, done that more than once thanks too many a holes out there

Still almost 16K for 141k miles lol

Hard to argue.

Have all receipts and verifiable expenditures at the ready as well. Helps your bargaining position.

Remember first offers are just that.

Be angry, be pissed and get all you can.

later
Jeremy

 

[TTA 449]

I agree. Make your car part of the deal. You can get a nice mid level car for 16000 or a higher mile car and money for mods. then you got a whole car for parts.

 

[Turbo RX-6]

Thing about my car is even with the miles, it had a perfect body, not so much as one scratch or ding, paint was show quality and motor only has about 2000 miles on it and has J&E's, roller cam ect. suspension was all new as are the rims and tires. If you looked at it, you would think it has 14,000 miles, not 140,000.

 

[hiballin]

I'd say that is a fair offer from the insurance co as long as it's understood thay you keep the car at that price.

If the insurance co kept the car and sent it to auction they'd probably get around 2000.00 for it. that's a ball park figuer as far as auction prices go. it could go cheap or it could go higher, just depends on who's there to bid.

good luck, now the haggling begins. :wink:

 

[Metal]

16k I would haggle a bit but that's a damn good price for a car with that many miles.
If you buy it back I can use a set of T-Tops and fresh trans.