something just isnt adding up with the way they are treating you. I think on the shop and insurance. How do you hit a curb and bend the frame at 5 to 10 mph?

were you actually going faster and dont want to admit it? I could see bending a rim - maybe some suspension components and even cracking a fender but bending the frame???

I use USAA and we esentially agreed how the car would be evaluated if it were ever involved in a wreck and then they told me that once the car was at or above what I felt was fair value on the Kelly blue book - to move it over to hagerty or grundy for an agreed value policy.

 

Maybe the frame damage is old ???

 

Also send a copy to the Florida Division of Insurance, and they will look into it.....LT

 

They can sell you want they want, but try to get it. I AGREE about the part to get a professional appraiser and do not accept one from the ins. co. It will not cost you anything to talk to one and find out what they think they can do to help.....LT

 

Man T-vette that's a little hard on the guy. He just cracked up his vette, his ins co tells him its not worth anything & you tell him it all his fault.

I do agree w/T-V about fixing it yourself. Not the frame but the rest of the job can be done at home. Go to another shop about the frame. I can't see how 10-15mph curb hit could bend the frame. You may have had rust or a bad frame to start with. Relax buy used parts and fix your vette then look for another ins co & don't say anything about driving it into a curb..........

 

if he was steering away from the curb such that the side of the wheel/tire hit the curb, he could fold the wheel/tire under the car, I could see that kind of hit bending the frame abd doing a fair amount of damage. Especially if it was a high curb and the car didnt jump up on the walk.

Fold a tire under the car and you got some damage to deal with. Still 5 mph aint nothing and shouldnt be able to do that kind of damage... and even 10mph seems low.

More likely is the driver thinks he was going that fast...in the heat of the moment as you are staring out the windshield desperatly hoping you dont hit the curb, you arent looking at the speedo. You are gritting your teeth and bracing for impact....ask me how i know

in any case, even without classic insurance, its pretty hard to envision a 1980 vette being worth only $1500 bucks. unfortunately the online NADA only goes back to 1986.. and an 86 shows a low retail of $6500

 

Progressive isn't saying that the car is only worth $1500. There was a$1000 deductable and since it's being totaled, the owner must buy the car back from the insurance company.

Back in the early 80's, my brother totaled a '71. The insurance company said it was worth $6000, and if he wanted to keep the car, he would have to buy it back for $2000. So, since he had a zero deductable, he got $4000 and kept the wrecked car.

 

For cars that have higher value than an industry book shows, always make sure you have an AGREED VALUE policy. Places like Progressive, Geico, etc generally won't do those because it becomes nearly impossible to screw someone over :-)

 

Insurance co's and lawyers I hate them both.The have a license to steal.Look what State Farm tried to do to those prople that were hit by Katrina.Shame on you state farm.They suck!! big time

 

Hagerty here also. Paying $234/yr with 0 deductible for comprehensive and collision. coverage is for agreed value of $30,000. Will increase this next year. Unlimited mileage also. They just want you to have another Primary driving vehicle.

Gonzo

 

Here is summary/appraisal info from NADA...1980 Corvette..

Original MSRP: $13,965
Low Retail ...Average Retail ... High Retail
$7,100 ...... $13,350........ $18,850
Options

Corvette Alloy Wheels $350 $400 $500
Factory Air Conditioning 10% 10% 10%
Rally Sport Package 25% 25% 25%
TOTAL PRICE $9,935 $18,423 $25,948
On Nada home page..click Classic Cars...then click on "collectible" cars..then Chevrolet...model/year
I think Progessive uses Nada as they always matched Nada when stating my 78 corvette replacement value...I have both vettes with JC Taylor now..
Rich

 

Attfay Elleybay,

You need to discuss this with an attorney BEFORE you sign any paper or accept any offer or check from the insurance company.

In some states, insurance can total a car if the frame is bent, the block is broken, or the repair costs exceed a given percentage of the car (50% for example). It should be spelled out in your policy, but some of it may be in state law, so that is why you need to see an attorney.

My take is this:
Car is marked at $9000 value.
Damage is at $5500, more than 50% (61%).
You want the car back, so they are giving that back at salvage value ($3000).
You are getting the balance of the damage in a check ($2500) minus the deductible ($1000) which equals $1500.

So you are getting $5500 for a car you valued at $9000 but their book probably says is $6000 or so.

The mistake is asking for it back. You probably would have gotten more to walk away.

Also, as my regular agent explained to me, The $9000 on the policy is the limit they will pay, but not the minimum. What they do is check the current market for available cars in your area (no idea how big that area may be, but usually not state- or nation-wide).

Since market on 1980 Corvettes isn't very high (you find 1980-82advertised frequently in the $5000 - $7000 range), then you have your $6000.

So if market is $6000 average, they will only pay $6000.

So they are selling you your Corvette for $3500, giving you $2500 difference, and taking the $1000 you owe them. Thus $1500.

They aren't going to give you $9000. They aren't going to give you $5500 unless they repair the car. And they are not going to repair the car because damages exceed 50% of the value.

And you don't want a salvage title vehicle, because it will never sell for what it is worth. You will be pouring money down a rat hole from now on.

 

Well put Mark_Milner

 

A lot of you are saying he should be insured with the collector insurance companies, but remember, those are restricted policies. Several of you may be violating those restrictions and even getting away with it when getting repairs, but if too many do, those rates will go up drastically, or they will restrict it even more and refuse payment even more.


Hagerty -- Flexible Usage. Drivers can enjoy their classics with comfortable limits. Our policy allows for an occasional leisure drive, not just to parades or car events.

JC Taylor -- Be used primarily as hobby vehicles: used in exhibitions, club activities, parades, or other functions of public interest. An occasional nice day drive to keep the vehicle in running order is perfectly acceptable.

 

I went thru a similar episode some years ago...my wife was rear-ended...but..the other persons insurance co. totaled the car(no frame damage) What I did not do was demand "another" car of equal value...something I wonder even if possible to do legally....but this particular insurance company paid another company to research auto ad's in our local area to determine retail value....
Good post,btw
Rich

 

It's time to read up on insurance terms!
Read your policies...Actual Value and Stated Value mean..."you're screwed" when making a claim.
"Agreed Value" is the only policy you want on an older car of value!
JU

http://lelandwest.com/What_You_Should_Know.cfm

 

I do not classify for a daily driver policy because I live in a condo, but found this policy to be about the best there is out there for a person who drives a classic car daily.

My policy says the following...
Declarations: A classic car's value usually, but not necessarily increases over time. Because it is more likely than not that values go up, we increase the insurance rates on all classic cars by 2.5%, effective at each policy renewal date.

Loss Settlement:
A. Our limit of liability for a partial loss will be the lesser of the:
1. The actual cash value of the stolen or damaged property; or
2. The amount necessary to repair or replace the property; or
3. The maximum limit of liability shown in the declarations.
B. Our limit of liability for a total loss will be the amount shown for each scheduled classic car which is agreed to be the value of your covered auto.


Based on the above, I think I have an "agreed" value policy if a total loss (stolen and not recovered, etc.) and if it does have some partial loss then I might be somewhat screwed depending on how they identify actual cash value. I have the car appraised and all reciepts, previous bill of sales from the last 3 owners since 1990 showing it holds value and increases each time the car has changed hands, etc. for which the insurance company has also on file and I plan to get this updated every 2 years with a new appraisal.

For me...I drive my car every day I get a chance and leave the truck at home. I even get better gas mileage in the vette (6 speed Richmond) than my truck and this is even true when I drive the vette very spirited. I have driven the truck only 500 miles in the last 2 months.

 

Corvette Magizine (Jan 2006) has the following values for a 1980:
Show ready= 17,100
Good= 14,500
Average= 9,500
Needs TLC= 6,800.

Their way off base with 1500. A ratty Ford Taurus is worth more than 1500 bucks.

 

I would have to disagree out of 3 vehicles we only have one we are fighting on with State Farm. I had an agreed value of 15,000 on my 71 and when it was all said and done I had over 16,000 for my 71. Which I bought back and am restoring again.

 

I would have to disagree out of 3 vehicles we only have one we are fighting on with State Farm. I had an agreed value of 15,000 on my 71 and when it was all said and done I had over 16,000 for my 71. Which I bought back and am restoring again.