Insurance dispute

Postby **RX-7 Chris** » Wed Jun 18, 2014 9:14

It looks like my insurance is going to need a fight. The insurance company is saying my car is only worth $2100. I sent an email to them with comparables.

I still need to scan and email all the receipts.

If anyone finds any good comps on cars, please post. The more the better.

erod550 · Postby **erod550** » Wed Jun 18, 2014 9:14

Unfortunately the insurance company doesn't care if you spent a bunch of money restoring it, unless you paid for extra coverage for custom parts (even though they're not actually custom but restored original parts).

Hope you get it sorted out though.

Postby **RX-7 Chris** » Wed Jun 18, 2014 9:14

I'm not even sure where they're getting that value. From what I'm finding a condition number 4 car, so basically a trashed car, is $2400. A condition number one car is $9700. My car easily sits at a solid condition 2 car according to hagerty. That puts their value at $6200.

Even NADA gives it a value of $2650 on the lowest end and $6525 on the highest end.

millertime · Postby **millertime** » Wed Jun 18, 2014 9:14

Who are you insured through? Just keep fighting them. What I ended up having to do was haggle a bit and threaten to get a lawyer. They want to keep lawyers out of it because then they have to pay their lawyer and they usually end up losing anyways. My old BMW was totaled and they wanted to give me $1000 for it and I had a guy lined up to buy it for $2000 before the accident. I showed them comparable vehicles, the emails from the guy, and told them I would settle for $1700 and they accepted it.

Postby **RX-7 Chris** » Wed Jun 18, 2014 9:14

I'm through Farmers.

geo2maz · Postby **geo2maz** » Wed Jun 18, 2014 9:14

#### the devil, insure it yourself (through savings) and you'll be at "their" value within 4 payments

Postby **RX-7 Chris** » Thu Jun 19, 2014 9:14

I got this email this morning and it sounds promising:

"Chris

Thank you for all the information. It was very helpful. I submitted everything to my supervisor yesterday with my recommendation that we pay the repair cost of your RX-7. As soon as I hear from her I will let you know the outcome. Thanks again for your help!"

D Walker · Postby **D Walker** » Thu Jun 19, 2014 9:14

I went through this a couple of times before. Now if I have a car I have put a lot of time and money into that I know the perceived value is low it gets insured for replacement value, and everything in it, spent on it, or offered for it is documented as well as possible. You will likely have much better luck working through an agent than doing this online etc., and you need to ask a lot of questions.
When the value of the vehicle is not really high have also used the lowest possible cost insurance to meet the letter of the law etc. then used the savings over premiums to more or less self insure as stated above, within a year the money I would have spent on insurance was enough to cover the replacement cost of the vehicle.

Website · Postby **Shadowden** » Thu Jun 19, 2014 9:14

RX-7 Chris wrote:I got this email this morning and it sounds promising:

"Chris

Thank you for all the information. It was very helpful. I submitted everything to my supervisor yesterday with my recommendation that we pay the repair cost of your RX-7. As soon as I hear from her I will let you know the outcome. Thanks again for your help!"

That is good news Chris.

millertime · Postby **millertime** » Thu Jun 19, 2014 9:14

D Walker wrote:I went through this a couple of times before. Now if I have a car I have put a lot of time and money into that I know the perceived value is low it gets insured for replacement value, and everything in it, spent on it, or offered for it is documented as well as possible. You will likely have much better luck working through an agent than doing this online etc., and you need to ask a lot of questions.

Do you have a specific agent you went through or did you just call around? My current company won't do a declared vehicle policy because they only do "classic" car insurance for declared value and won't provide it if the car isn't stock (laughable).

Postby **RX-7 Chris** » Fri Jun 20, 2014 9:14

Millertime, that is the same thing I ran into when I got my insurance.

I have really good news. The car will be fixed. After some back and forth we settled on a value of somewhere between $9500 and $15000.

They are replacing the front bumper, all window trim, plus a few small pieces. Plus a full repaint of the car. Total cost of $4249.99 minus the deductible.

Now I just need to find a shop that fits my needs.

I`m Batman · Postby **I`m Batman** » Fri Jun 20, 2014 9:14

^^^ that's awesome!!!

I must have missed it... But that happened to your car?

Postby **RX-7 Chris** » Fri Jun 20, 2014 9:14

Yup, my RX-7. It was caught in that big hail storm end of May.

Postby **RX-7 Chris** » Fri Jun 20, 2014 9:14

millertime · Postby **millertime** » Fri Jun 20, 2014 9:14

Great news! Congrats! It's a step in the right direction for sure! Are you going to have them repaint in a different color? Maybe a true white instead of that eggshell color?

Insurance dispute

Insurance dispute

Who is online