Very Sad Day
Thread Starter
Racer
Joined: Jun 2008
Posts: 297
Likes: 1
From: laPlace louisiana
St. Jude Donor '09-'10-'11-'12-'13-'14
Very Sad Day
Hey Guys,
Last week my son spun out trying to miss a truck that was going to run into him,he hit the curb and into a pole,He calls his Mom and she calls me...No problem it's insured.I had the car brought over to the local chev shop and after a week no est on the damage.So I got the car move to another shop that I know the guys that own it.They call me and say that the front right fascia and fender were hit also the rt headlight was missing.They sad no big deal...but State Farm say the car is a total.I went and looked when I got back in town and met with the adjuster as he happend to be at the shop when I got there.What a dick,he said that the car was 9 years old and as he added the damage he got to 78% of the car value.I asked him what value and he said that he did not know that as he enters the damage it will stop at a certin value.I haven't been told what the NADA is on the car yet,I tryed to go on line but there web site must be down right now.What a damm shame,after the payout and gap insurance I will have a BIG 0.Nothing to show the 1 1/2 years I have paid on the car.I loose everything I put into the car,just does not seam fair.Not sure what I am going to do....a very sad day... Mark
Last week my son spun out trying to miss a truck that was going to run into him,he hit the curb and into a pole,He calls his Mom and she calls me...No problem it's insured.I had the car brought over to the local chev shop and after a week no est on the damage.So I got the car move to another shop that I know the guys that own it.They call me and say that the front right fascia and fender were hit also the rt headlight was missing.They sad no big deal...but State Farm say the car is a total.I went and looked when I got back in town and met with the adjuster as he happend to be at the shop when I got there.What a dick,he said that the car was 9 years old and as he added the damage he got to 78% of the car value.I asked him what value and he said that he did not know that as he enters the damage it will stop at a certin value.I haven't been told what the NADA is on the car yet,I tryed to go on line but there web site must be down right now.What a damm shame,after the payout and gap insurance I will have a BIG 0.Nothing to show the 1 1/2 years I have paid on the car.I loose everything I put into the car,just does not seam fair.Not sure what I am going to do....a very sad day... Mark
Pro
Joined: May 2004
Posts: 669
Likes: 0
From: CA
That's one of the problems with Actual Cash Value VS Stated Value policies. If you get upside down on the loan and the car depreciates, the insurance company is the big winner. I guess there is no way the insurer will get you another 9 year old Vette to replace yours with the your old auto loan applied to it.
Well, I always say, "Your NOT in good hands with ANY insurance company. They are the enemy!!
Well, I always say, "Your NOT in good hands with ANY insurance company. They are the enemy!!
Instructor
Joined: Oct 2009
Posts: 123
Likes: 0
Hey Guys,
Last week my son spun out trying to miss a truck that was going to run into him,he hit the curb and into a pole,He calls his Mom and she calls me...No problem it's insured.I had the car brought over to the local chev shop and after a week no est on the damage.So I got the car move to another shop that I know the guys that own it.They call me and say that the front right fascia and fender were hit also the rt headlight was missing.They sad no big deal...but State Farm say the car is a total.I went and looked when I got back in town and met with the adjuster as he happend to be at the shop when I got there.What a dick,he said that the car was 9 years old and as he added the damage he got to 78% of the car value.I asked him what value and he said that he did not know that as he enters the damage it will stop at a certin value.I haven't been told what the NADA is on the car yet,I tryed to go on line but there web site must be down right now.What a damm shame,after the payout and gap insurance I will have a BIG 0.Nothing to show the 1 1/2 years I have paid on the car.I loose everything I put into the car,just does not seam fair.Not sure what I am going to do....a very sad day... Mark
Last week my son spun out trying to miss a truck that was going to run into him,he hit the curb and into a pole,He calls his Mom and she calls me...No problem it's insured.I had the car brought over to the local chev shop and after a week no est on the damage.So I got the car move to another shop that I know the guys that own it.They call me and say that the front right fascia and fender were hit also the rt headlight was missing.They sad no big deal...but State Farm say the car is a total.I went and looked when I got back in town and met with the adjuster as he happend to be at the shop when I got there.What a dick,he said that the car was 9 years old and as he added the damage he got to 78% of the car value.I asked him what value and he said that he did not know that as he enters the damage it will stop at a certin value.I haven't been told what the NADA is on the car yet,I tryed to go on line but there web site must be down right now.What a damm shame,after the payout and gap insurance I will have a BIG 0.Nothing to show the 1 1/2 years I have paid on the car.I loose everything I put into the car,just does not seam fair.Not sure what I am going to do....a very sad day... Mark
Le Mans Master
Joined: May 2006
Posts: 6,774
Likes: 363
From: Midland TX
It is very sad...
The insurance industry controls the "value" of used cars. It is in their best interest to devalue all cars as much and as soon as possible. Since the majority of people buying used cars must finance and banks usually will not loan over 100% of insurable value, that drives the resale price down. There is something TERRIBLY wrong with the system when a C5 which has over $100,000 in over-the-counter parts, is reliable and economical to drive, yet can be totaled for less than $15,000 in damage - you can actually total a C5 today just by "keying" the paint on the body panels (pure cosmetic damage)!!!
If you don't think the insurance industry controls everything, just imagine how many people would pay over $50,000 for a new C6 if NADA said the car was only worth $30,000 if totaled the first year!
Of course part of the problem is that is costs more just to paint a C5 than what my first 1972 454-500hp loaded Corvette cost me NEW from the factory in 1972!. Back then a "custom" paint job on a Corvette was about $800. Paint costs more today, but not thousands more and it still takes the same amount of man hours to do the job (actually less).
The insurance industry controls the "value" of used cars. It is in their best interest to devalue all cars as much and as soon as possible. Since the majority of people buying used cars must finance and banks usually will not loan over 100% of insurable value, that drives the resale price down. There is something TERRIBLY wrong with the system when a C5 which has over $100,000 in over-the-counter parts, is reliable and economical to drive, yet can be totaled for less than $15,000 in damage - you can actually total a C5 today just by "keying" the paint on the body panels (pure cosmetic damage)!!!
If you don't think the insurance industry controls everything, just imagine how many people would pay over $50,000 for a new C6 if NADA said the car was only worth $30,000 if totaled the first year!
Of course part of the problem is that is costs more just to paint a C5 than what my first 1972 454-500hp loaded Corvette cost me NEW from the factory in 1972!. Back then a "custom" paint job on a Corvette was about $800. Paint costs more today, but not thousands more and it still takes the same amount of man hours to do the job (actually less).
Race Director
Joined: Jul 2007
Posts: 18,681
Likes: 47
From: Reno is so close to Hell you can see Sparks , State Of Confusion
St. Jude Donor '12-'13-'14
The good thing is that everyone is ok.
I can feel your pain for sure, Not sure of how much damage is done, But maybe you can buy it back and fix it? Just a thought... Maybe you would be better off not having the insurance company do anything and just fix it, That way you would still have something to work with.
Just a few thoughts.
Bill
I can feel your pain for sure, Not sure of how much damage is done, But maybe you can buy it back and fix it? Just a thought... Maybe you would be better off not having the insurance company do anything and just fix it, That way you would still have something to work with.
Just a few thoughts.
Bill
Burning Brakes
Joined: Aug 2009
Posts: 836
Likes: 8
From: Wrentham Mass
2018 C2 of Year Finalist
Tell them you want to but it back for the salvage price which by thier own system is pennies, and fix it yourself.
Hey Guys,
Last week my son spun out trying to miss a truck that was going to run into him,he hit the curb and into a pole,He calls his Mom and she calls me...No problem it's insured.I had the car brought over to the local chev shop and after a week no est on the damage.So I got the car move to another shop that I know the guys that own it.They call me and say that the front right fascia and fender were hit also the rt headlight was missing.They sad no big deal...but State Farm say the car is a total.I went and looked when I got back in town and met with the adjuster as he happend to be at the shop when I got there.What a dick,he said that the car was 9 years old and as he added the damage he got to 78% of the car value.I asked him what value and he said that he did not know that as he enters the damage it will stop at a certin value.I haven't been told what the NADA is on the car yet,I tryed to go on line but there web site must be down right now.What a damm shame,after the payout and gap insurance I will have a BIG 0.Nothing to show the 1 1/2 years I have paid on the car.I loose everything I put into the car,just does not seam fair.Not sure what I am going to do....a very sad day... Mark
Last week my son spun out trying to miss a truck that was going to run into him,he hit the curb and into a pole,He calls his Mom and she calls me...No problem it's insured.I had the car brought over to the local chev shop and after a week no est on the damage.So I got the car move to another shop that I know the guys that own it.They call me and say that the front right fascia and fender were hit also the rt headlight was missing.They sad no big deal...but State Farm say the car is a total.I went and looked when I got back in town and met with the adjuster as he happend to be at the shop when I got there.What a dick,he said that the car was 9 years old and as he added the damage he got to 78% of the car value.I asked him what value and he said that he did not know that as he enters the damage it will stop at a certin value.I haven't been told what the NADA is on the car yet,I tryed to go on line but there web site must be down right now.What a damm shame,after the payout and gap insurance I will have a BIG 0.Nothing to show the 1 1/2 years I have paid on the car.I loose everything I put into the car,just does not seam fair.Not sure what I am going to do....a very sad day... Mark
Burning Brakes
Joined: Aug 2009
Posts: 836
Likes: 8
From: Wrentham Mass
2018 C2 of Year Finalist
Tell them to pay your claim then buy it back for the salvage price which by thier own system is pennies, and fix it yourself.
Hey Guys,
Last week my son spun out trying to miss a truck that was going to run into him,he hit the curb and into a pole,He calls his Mom and she calls me...No problem it's insured.I had the car brought over to the local chev shop and after a week no est on the damage.So I got the car move to another shop that I know the guys that own it.They call me and say that the front right fascia and fender were hit also the rt headlight was missing.They sad no big deal...but State Farm say the car is a total.I went and looked when I got back in town and met with the adjuster as he happend to be at the shop when I got there.What a dick,he said that the car was 9 years old and as he added the damage he got to 78% of the car value.I asked him what value and he said that he did not know that as he enters the damage it will stop at a certin value.I haven't been told what the NADA is on the car yet,I tryed to go on line but there web site must be down right now.What a damm shame,after the payout and gap insurance I will have a BIG 0.Nothing to show the 1 1/2 years I have paid on the car.I loose everything I put into the car,just does not seam fair.Not sure what I am going to do....a very sad day... Mark
Last week my son spun out trying to miss a truck that was going to run into him,he hit the curb and into a pole,He calls his Mom and she calls me...No problem it's insured.I had the car brought over to the local chev shop and after a week no est on the damage.So I got the car move to another shop that I know the guys that own it.They call me and say that the front right fascia and fender were hit also the rt headlight was missing.They sad no big deal...but State Farm say the car is a total.I went and looked when I got back in town and met with the adjuster as he happend to be at the shop when I got there.What a dick,he said that the car was 9 years old and as he added the damage he got to 78% of the car value.I asked him what value and he said that he did not know that as he enters the damage it will stop at a certin value.I haven't been told what the NADA is on the car yet,I tryed to go on line but there web site must be down right now.What a damm shame,after the payout and gap insurance I will have a BIG 0.Nothing to show the 1 1/2 years I have paid on the car.I loose everything I put into the car,just does not seam fair.Not sure what I am going to do....a very sad day... Mark
Last edited by M3MOTORSPORTS; Oct 31, 2009 at 11:18 PM.
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Safety Car
Joined: Jan 2009
Posts: 3,704
Likes: 2
Drifting
Joined: Aug 2009
Posts: 1,288
Likes: 2
From: Richmond Virginia
yep. I'd buy it back and get your buddy at the shop to find you used parts and fix it. Also check to see what C5's at dealers are going for with similar miles and equipment the insurance company can't screw you but so bad if you provide that information. My bet is if they total it you can buy it back for 3-6 thousand and you should have enough money to fix it if your friend can get the parts.
Administrator
Joined: Mar 2001
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From: In a parallel universe. Currently own 2014 Stingray Coupe.
C7 of the Year - Modified Finalist 2021
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St. Jude Donor '03 thru '26
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CI 5, 8 & 11 Veteran
Sorry about the car, but sure glad your son is OK. 
Race Director
Joined: Mar 2001
Posts: 10,030
Likes: 10
From: Prescott AZ
St. Jude Donor '04
I agree buy it back. Insurance companies are pretty much totaling everything especially something like a vette at 70% of value and greater damage.
As much as Fair Price is in denial about values. They can take your vette and sell it for about 50% of value and loose a whole lot less money then paying to fix it. Buy it back and fix it yourself or swap parts over to another car.
As much as Fair Price is in denial about values. They can take your vette and sell it for about 50% of value and loose a whole lot less money then paying to fix it. Buy it back and fix it yourself or swap parts over to another car.
Drifting
Joined: Feb 2006
Posts: 1,877
Likes: 1
From: Ok! So you don't believe in conspiracies, but will you acknowledge the possibility of there being coordinated activities in secret places? Texas
Trying really hard to not scold. I am just relieved that my family isn't having to pray for yet another members family that suffered tragedy. It sucks, but it is just a car! Hug your Son.
