StudDawg380

Yep, after four months with my '72, an old lady decided to steal it away from me (not literally...but she smashed it to hell). My insurance company decided that the repairs would cost more than what the car is worth. So, they're saying $7000 ought to cover it. Hmm, granted it wasn't in the best condition...I still think it's a very feeble amount and also kind of disheartening. Not only that, but I'm sure not going to be able to have a Corvette again. Not until after college, at the very soonest. Then I'll be poor and looking for a job. Well guys, it was fun while it lasted. Now I have to find something else.



Any quick tips on trying to squeeze some more money out of my insurance company?

MsVetteMan

should have had it appraised if you thought is was worth more than the "book" value.

I'm taking mine to get appraised after a couple of more mod's.....

Hope you get another one, and join back up with us! Sorry about your misfortune.

Mike Mercury

do it

paid $10k for the 1973, but the restoration shop that did the insurance appraisal set it's value at $12k. Without that appraisal - it would of probably only been valued at $8k.

62fuelie

A 72 would have to be in rather poor condition to be worth $7K. The parts should be worth more than that.

Bill 70Coupe

I agree that 7K is low for a 72 even in only fair shape. I totalled a 70 coupe back in May and setteled for 17,500, it was pretty nice but not a show car! Took me three weeks of haggling with ins. co. to get that settelement but by todays prices it was worth more than that! Tell them what you think your car is worth and see what they come back with, DO NOT settel for their first offer!

Bill

lostpatrolman

Do you have any pics of the car?

stingry

Do you have the option to take the wreck?

You may do well if you take the cash and the car and part it out. There is more then $7000 worth of parts in that car.

redcorvette80

What are they asking to buy it back from them?

FB#1

Hate to hear about your loss. I agree with bill 70 - you don't have to accept their first offer. Raise hell if you have to - even if you know the agent.

ddecart

Unless it's in pretty sad shape, there's no way you should settle for anywhere near $7k. I'd be gathering every bit of evidence I could to support a higher value, be it an appraisal from photos, ads for comparable cars, whatever.

LIQUIDDRAGON

i have heard of people getting the insurance company to replace the car with one of the same year and same condition of the car befor it was totaled. might be able to get the insureance company to replace it if it cost more than it is worth. just my .02 and it doesnt hurt to try

82Collectors

If you had put any money into the car within a reasonable amount of time (say 90-120 days before the accident) and you have the receipts, you can try to be reimbursed for these costs.

If this is the case, give your insurance comapany a call.

Three years ago, I had a new alternator, battery and radiator (plus a few odds and sods) put in my '89 325i. Two weeks after the repair, there was a short in the engine comparment and it went up in smoke. The car was a write off. I thought the insurance company made a fair offer, but when I mentioned I had just put $1600 into the car, they had me fax them the receipts and bumped up their offer $1600. Nice break.

Swaps

do NOT settle for the first offer!!

these things are negotiable!

$7000 is a TOTAL lowball offer.

When I bought my c3 last fall the bank said book for my car was $16000. I paid $7,500 for it.

gsfgf

also, you might want to take thr wreck. If you don't mind taking a while to get it back on the road, you might be able to do a lot of upgrades with the ins money.

However, i hear it's a bad idea to take the wreck if the ins co gives it a salvage title.

corvettejay

i think that the insurance company has to replace your car with one that is comperable. so do not take their offer tell them they need to replace your car with another one if they total it. that way you won't be without a vette while in school.

jay

Tom454

What the insuranc e company "has" to pay, and whether or not it is negotiable depends on the insurance laws in the state you live in.

Since moving to NC from NJ, I found out the hard way.... took a loss already on 3 cars here.... non-negotiable.

mandm1200

I don't think insurance companies have to replace you car with something similiar; however, they should pay you a reasonable amount in order for you to replace it. The cost to replace new cars is easier for them to figure out. They just open a book and get the price. Older cars are much more difficult because they vary a lot in the condition they are in. They certainly will not pay for sentimental value. If they can locate other cars similiar to your for $7k, than that is all they should be willing/have to pay. If they can't find any for that price, then they should settle the claim for what they are coming up with. I would do a search in the area for cars that are similiar and submit that to the insurance company.

1970 Dave

Take em a Pro Team ad--you might retire on the settlement

SEMPER FI--1970 Dave

mrtroutjedi

tell the insurance co. to find and buy you a new car is as good as or better shape than you allready had with the same milage or less and stick to your guns and fight its all gonna be worth it in the end.

mandm1200

It's very unlikey an insurance company will buy you a used car. If you think about for about 2 seconds, you'll understand why. They buy a car. The next day, or the next month for that matter, the car has problems. Now the new owner wants them to repair the car or get them another one. One of their objectives is to settle and finalize the claim, not prolong it.