Fast81

They are offering $9300 for my car based upon appraisers market analysis (although i do not understand how they find comps for a 400hp restored 81 with a race-built 700R4) - I have ~$18k in it.
The only mitigating factor is they are willing to let me keep it for the $410 scrap value. Given the building fire destroyed only the top 50% of my car, the entire drivetrain/frame/brakes/and suspension should be salvagable. Body/interior is GONE.
Most of my $$$ upgrades were in the drivetrain.............

Do i take it and move on or fight for more????

ptroxx

well do the math... What do you think you can get out of the parts from your 81 if you part it out..?
Drive line? wheels, glass, stereo ? Not sure what the car looks like from the fire, cant remember if you showed us..
5k maybe drive line. ?

palmbeachvette76

Having been an adjuster for close to 16 years before I retired I would say the offer is fair but not as strong as what you would like. Though you made upgrades that cost a lot, from the insurance companies point of view it doesn't matter since a car is suppose to have an engine, transmission and a rear end, body and wheels.

A stock engine or a $10k race worthy engine doesn't increase the value to them just means the car was complete. Now if the engine was out they would have decreased the value of the car for a missing major component.

Obviously the improvements you made were for your enjoyment and would be appreciated by another enthusiast and if these items are in sellable condition than you'll probably be able to make up the difference in the value that you feel the car had from what your insurance provider is willing to pay.

Hope that made sense, and good luck

bashcraft

What do you think the car was worth?

7T1vette

If you did not have "Agreed Value" collector car insurance on the car, take the money (and the remains of your car) and run to the bank. IMO, you aren't going to get a better offer from a homeowner's insurance policy without going to court. And, what will that cost you?

From your thread, I'd guess that you have close to $10K in 'still good hardware' from the totalled car. That and the $9K insurance coverage sounds fair to me.

Just another "opinion", though....

Marlin

I would at least send back a request for a higher amount. Worse case they say no and you keep it, best case they bump it up a little. Middle you fight for more. I am not sure about OH but many states have way to appeal without going to court. In NC there is a State insurance comm. office.

Write out a simple and brief letter detailing the improvments above factory spec and cost you have in it. Then request a increase and see what happens.

ptroxx

+1 add all reciepts you have with this... and like you said all they can say is no..

Fast81

Bash - I was expecting them to initially come in around low NADA = $12650

Marlin: I've just done this but they are claiming that anything done 1+ yr ago cannot be considered -- since the car's been stored there since 2005...........WTF?

I'm now planning on stripping at least the upgraded motor/trans/exhaust/rearend and maybe brakes for my next C3 project.....

bashcraft

Did you show them this?

Fast81

The Appraisal Co used STOCK 81 and 82 comps from MN, WI, and IA.
I advised them of the NADA values on more than 1 telephone call............

Marlin

Contact the "The Ohio Department of Insurance". Here is the website...

http://insurance.ohio.gov/Pages/default.aspx

They should have a way to request a appeal. I agree you should get at least low NADA if not much higher due to mods that are above factory spec.

Did you ask if the 1 year rule was something they made up or law?
Sounds like BS to me. I would write them once more and ask if that is the highest they will go. Tell them you do not agree with that and if they can not make a better good faith offer you will file a complaint with the Ohio insurance Dept.

Oh and do this in writing, no more phone calls. Tell them you want all offers in writing.

noonie

Usually they let you keep it for the payoff less the salvage value. So 9300 less 410 and you keep the car.
Is that not the case?

Fast81

Marlin: car was stored in MN, not OH.

Noone: Yes, i would get a check for $8900 and get to keep whats left of Fast81.

Marlin

Ok then that will be the "Minnesota Department of Commerce"

http://mn.gov/commerce/insurance/

But send a letter in writing appealing the value. Ask for the full $18,000 you have in it, detail everything, plus tax and tag fees when you buy another.
Tell them you do not believe the last offer of $9,300 is in good faith or even close to the true value of the car. Send it registered mail.

EDIT
here is one thing that MN has on their site that backs you up more...
"Claims reimbursement must reflect reasonable value or replacement costs within the insured's or claimant's local market area."

also minor but as well...
"•Include in their determination of total value, any applicable transfer fees, taxes, or prorated license fees"

Unless they can show the cars they used for value have the same aftermarket mods as yours then their number is low.

Fast81

Just got off the phone with MN Ins Consumer Response Team member - she echo'd some of those same aspects WRT appraisal comps not matching my car.
Now back on the phone with Ins Co and they now KNOW i've been in contact with MN CRT !!

SIXFOOTER

See if you can get them North of $10k and take the deal to keep the car

The13Bats

It's the way it is....they do not care one obese rodents rectum what mods are done they pay off what going rate is...and going rate is down,

But you know the scrap leftovers are just that the title will be changed to reflect a total loss so the stuff is pretty much parts now.....

keithinspace

I hate to be a stick in the mud, but the insurance premium paid on a vehicle is partly based on the value of a vehicle. Of course, aslso the other parts the risk associated with the type of vehicle, age of driver, prior record, etc.

Point is, if it is a "regular" insurance company, they will treat it as a "regular" car. Granted, you should get some type of NADA/KBB-type reimbursement for the car, but these are the folks that see your supercharged 700hp engine as a "non-original replacement" which diminishes the value. And if you pay premiums based on a car that is "worth" $9k (in their eyes), why should it then be perfectly reasonable for them to shell out $25k if premiums have not been paid that reflect that type of value?

My brother is in the same bind with his 2005 Mustang GT. After the $25k in paint and body work, $6k in Saleen supercharger, $5k in wheels and tires, plus whatever other incidentals he has, it is going to be a REALLY BAD DAY if someone wrecks it and he gets the standard $12k or whatever for his car. He drives the car too much to get specialty insurance coverage. Not a daily driver, but not a "pleasure vehicle" either.

The unfortunate point to all of this is that if the car isn't your daily driver and you want/need an honest replacement value for the car, there really isn't any other way to go than a specialty insurance company with an arranged vehicle value.

vettebuyer6369

Are they aware that:

-modifications made by you basically have zero value in the real world market?
-NADA is usually laughably high?

If you dont have one of those agreed-value contracts that "appraises" your modified car at some amount that reflects what you thought it was worth based on what you put into it, instead of what it really would be worth in the Corvette market, you should take the very generous offer of the amount you quoted plus keeping the car. It sounds like you are way ahead.

spf72

I don't want to be the jerk here but unless you have a stated amount policy that is the best they will do and, in my opinion, all they should be obligated to do. The fact that you decided to add all of the upgrades isn't their issue as that is not what you were paying for (is it?). I learned the hard way that "you get what you paid for" is very true in these instances. I now have a special policy on any of my older cars that states what I have in it and what they will pay if I lose it, and in most cases it doesn't cost much more than the "regular" policy. If you were paying for insurance on an 81 Corvette then that is all you are insured for and all they should have to pay for and there are many cars of that year to be had for around $10k. I am sure they are not as nice as yours but again unless you were paying the premium you don't get the money.