Totaled Vette Help :(
Thread Starter
Racer
Joined: Feb 2015
Posts: 336
Likes: 42
From: Grand Ledge, MI
Totaled Vette Help :(
So I totaled my Vette last night the day I was going to put it away... Does anyone know how much insurance usually pays out for a 78 SAE L-48 4-Speed. Also does anyone have any idea how much they usually want for you to buy the car back?? Thanks. Sad day today...
Thread Starter
Racer
Joined: Feb 2015
Posts: 336
Likes: 42
From: Grand Ledge, MI
Originally Posted by 3JsVette
How did you have it insured and who is your insurance company?
If not an agreed/stated value policy you may be in for a battle.
Are you sure it's totaled?
I hope you're alright.
If not an agreed/stated value policy you may be in for a battle.
Are you sure it's totaled?
I hope you're alright.
Burning Brakes
Joined: Sep 2005
Posts: 1,139
Likes: 109
From: B'ham Alabama
All insurance companies will settle a NON-AGREED VALUE claim using book value. Most likely NADA Classic car value guide. They will base it on AVERAGE RETAIL VALUE. Regardless if it had a lot of new parts.
It can't be said enough, all classic car owners should have an AGREED VALUE insurance policy. It's usually cheaper and it takes all the guess work out of the claim settlement.
It can't be said enough, all classic car owners should have an AGREED VALUE insurance policy. It's usually cheaper and it takes all the guess work out of the claim settlement.
Thread Starter
Racer
Joined: Feb 2015
Posts: 336
Likes: 42
From: Grand Ledge, MI
Originally Posted by Vet76te
All insurance companies will settle a NON-AGREED VALUE claim using book value. Most likely NADA Classic car value guide. They will base it on AVERAGE RETAIL VALUE. Regardless if it had a lot of new parts.
It can't be said enough, all classic car owners should have an AGREED VALUE insurance policy. It's usually cheaper and it takes all the guess work out of the claim settlement.
It can't be said enough, all classic car owners should have an AGREED VALUE insurance policy. It's usually cheaper and it takes all the guess work out of the claim settlement.
Burning Brakes
Joined: Sep 2005
Posts: 1,139
Likes: 109
From: B'ham Alabama
Why would you want to buy it back? A rebuild ends up being a LOT of money and a LOT of work, only to end up with a car with a salvage title.
If the insurance process works correctly, you end up with enough money from the settlement to purchase a comparable replacement. You may even be able to put a little money with the settlement and upgrade to a nicer quality '78 or to a more desireable model, (Pace Car, 82 CE, '78 L82 or maybe a chrome bumper car). Basically you have a blank canvas and a pocket full of money.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Top 10 Corvette Engines RANKED by Peak Torque (70+ Years of Muscle!)
Joe Kucinski
Corvette ZR1X Will Be Pacing the Indy 500, And Could Probably Race, Too!
Verdad Gallardo
Top 10 Corvettes Coming to Mecum Indy 2026!
Brett Foote
Top 10 C9 Corvette MUST-HAVES to Fix These C8 Generation Flaws!
Michael S. Palmer
10 Revolutionary 'Corvette Firsts' Most People Don't Know
Joe Kucinski
5 Reasons to Upgrade to an LS6-Powered Corvette; 5 Reasons to Stay LT2
Michael S. Palmer
Thread Starter
Racer
Joined: Feb 2015
Posts: 336
Likes: 42
From: Grand Ledge, MI
Originally Posted by Vet76te
Each company handles that differently. They usually figure what they think they'll get for "salvage" at the salvage auction and let you have it for that. Some insurance companies will NOT sell it back to you due to legal reasons.
Why would you want to buy it back? A rebuild ends up being a LOT of money and a LOT of work, only to end up with a car with a salvage title.
If the insurance process works correctly, you end up with enough money from the settlement to purchase a comparable replacement. You may even be able to put a little money with the settlement and upgrade to a nicer quality '78 or to a more desireable model, (Pace Car, 82 CE, '78 L82 or maybe a chrome bumper car). Basically you have a blank canvas and a pocket full of money.
Why would you want to buy it back? A rebuild ends up being a LOT of money and a LOT of work, only to end up with a car with a salvage title.
If the insurance process works correctly, you end up with enough money from the settlement to purchase a comparable replacement. You may even be able to put a little money with the settlement and upgrade to a nicer quality '78 or to a more desireable model, (Pace Car, 82 CE, '78 L82 or maybe a chrome bumper car). Basically you have a blank canvas and a pocket full of money.
Burning Brakes
Joined: Dec 2005
Posts: 1,164
Likes: 224
From: Pawleys Island, SC
My previous insurance co., Liberty Mutual, stated they would only give me about $5K for my 'condition 2' '77 L-82 4 speed if it were totaled. They suggested I go with a classic car insurer like Hagerty, which I did. Agreed value $15K.
Last edited by revitup; Nov 20, 2016 at 11:53 AM.
Le Mans Master
Joined: Jul 2006
Posts: 8,117
Likes: 104
From: charlotte north carolina
Don't be so fast to want the car just to part it. The motor and trans won't be numbers matching to your next car, and people will be very hesitant to purchase an engine without knowing if it is in good condition. Other parts on the car may/or may not sell for a significant amount of money, and even if they do, what are you going to do with the bones of the car? You'll have to pay to have it hauled away. Best option may be to just put the settlement toward the next car.
Safety Car
Joined: Mar 2003
Posts: 3,583
Likes: 504
From: Indianapolis IN
Finalist 2020 C4 of the Year - Unmodified
C4 of Year Finalist (stock) 2019
First off, it's fantastic news that you are AOK! Cars can be replaced, lives can't. 
As for insurance payout in the case of an accident, that is a question that should never be asked in an open forum such as this, because nobody here can give you an answer. Simply put, that is a number you should know on day one that your car is first insured. I have a collector car policy with State Farm, and I know exactly how much they will pay in the event of a collision where my car is totaled.
Agreed value policy. The only way to insure these cars.
Best of luck to you on your dealings with your company...I hope for your sake they treat you well.
As for insurance payout in the case of an accident, that is a question that should never be asked in an open forum such as this, because nobody here can give you an answer. Simply put, that is a number you should know on day one that your car is first insured. I have a collector car policy with State Farm, and I know exactly how much they will pay in the event of a collision where my car is totaled.
Agreed value policy. The only way to insure these cars.
Best of luck to you on your dealings with your company...I hope for your sake they treat you well.
Drifting
Joined: Aug 2015
Posts: 1,939
Likes: 477
From: NSW, Australia
C3 of Year Finalist (track prepared) 2019
Sorry to hear that. Unlike a couple above, I would look to buy it back, if you are looking for another c3 then the parts you have replaced will cost more to buy again. My MG was totalled after a ground up rebuild, and I have the wreck, and another car that will gradually get the good bits from the wreck once painted and registered. Best of luck.
Le Mans Master
Joined: Mar 2001
Posts: 5,738
Likes: 644
From: Lincoln, CA
NADA shows about $15K.
With receipts from the other work done they will pro rate a return on that as well.
LOL then again NADA shows $82,800 for my 69 vert, 427.
With receipts from the other work done they will pro rate a return on that as well.
LOL then again NADA shows $82,800 for my 69 vert, 427.
Last edited by ddawson; Nov 20, 2016 at 03:21 PM.
Thread Starter
Racer
Joined: Feb 2015
Posts: 336
Likes: 42
From: Grand Ledge, MI
Originally Posted by ddawson
NADA shows about $15K.
With receipts from the other work done they will pro rate a return on that as well.
LOL then again NADA shows $82,800 for my 69 vert, 427.
With receipts from the other work done they will pro rate a return on that as well.
LOL then again NADA shows $82,800 for my 69 vert, 427.
Thread Starter
Racer
Joined: Feb 2015
Posts: 336
Likes: 42
From: Grand Ledge, MI
Originally Posted by billschroeder5842
Any photos? I know that the insurance company wants to "total" the car, but that is the mathematical calculation.
Can you (or do you want??) to rebuild her?
Can you (or do you want??) to rebuild her?
Last edited by cdavis03; Nov 20, 2016 at 10:08 PM.
Thread Starter
Racer
Joined: Feb 2015
Posts: 336
Likes: 42
From: Grand Ledge, MI
Originally Posted by cdavis03
I probably could but I dont think I want to. Too much work... Attachment 48038362