Flood Loss, NEED INPUT!!!!
Thread Starter
Instructor
Joined: May 2006
Posts: 150
Likes: 0
From: Jacksonville North Carolina
Flood Loss, NEED INPUT!!!!
So i had a pretty unfortunate accident last week. I was at work last week and we got hit with a really bad storm with heavy rainfall. Well, needless to say my car got flooded and was claimed as a total loss by the insurance company. The guy just called me back today and told me he would give me $23k to cover the value of the car. However, i asked him how much i could buy the car back from them and he told me $7500. That would leave me with a check for $15k.
So here is my question. I love this car. I want to know what am i looking at $ wise to get this car back on the road? I know i will probably have to get a new wiring harness because none of the electronics work in the car anymore. I don't think that the water got in the engine cause it didn't get up past the intake but i'm sure it came up the exhaust probably to the headers or so. The water came up to the glove box on the inside of the car. Are there some fixes that i might not think about but need to have done due to the water being in the car? Would i be biting off more than i could chew?
My other option is buying the car back and making into a race car pretty much (stripping the interior and options) and putting the money towards stuff like a new engine, suspension and such. Any input would be helpful, thanks guys.
So here is my question. I love this car. I want to know what am i looking at $ wise to get this car back on the road? I know i will probably have to get a new wiring harness because none of the electronics work in the car anymore. I don't think that the water got in the engine cause it didn't get up past the intake but i'm sure it came up the exhaust probably to the headers or so. The water came up to the glove box on the inside of the car. Are there some fixes that i might not think about but need to have done due to the water being in the car? Would i be biting off more than i could chew?
My other option is buying the car back and making into a race car pretty much (stripping the interior and options) and putting the money towards stuff like a new engine, suspension and such. Any input would be helpful, thanks guys.
Tech Contributor
Joined: Jan 2007
Posts: 19,461
Likes: 1,166
From: Dyer, IN
So i had a pretty unfortunate accident last week. I was at work last week and we got hit with a really bad storm with heavy rainfall. Well, needless to say my car got flooded and was claimed as a total loss by the insurance company. The guy just called me back today and told me he would give me $23k to cover the value of the car. However, i asked him how much i could buy the car back from them and he told me $7500. That would leave me with a check for $15k.
So here is my question. I love this car. I want to know what am i looking at $ wise to get this car back on the road? I know i will probably have to get a new wiring harness because none of the electronics work in the car anymore. I don't think that the water got in the engine cause it didn't get up past the intake but i'm sure it came up the exhaust probably to the headers or so. The water came up to the glove box on the inside of the car. Are there some fixes that i might not think about but need to have done due to the water being in the car? Would i be biting off more than i could chew?
My other option is buying the car back and making into a race car pretty much (stripping the interior and options) and putting the money towards stuff like a new engine, suspension and such. Any input would be helpful, thanks guys.
So here is my question. I love this car. I want to know what am i looking at $ wise to get this car back on the road? I know i will probably have to get a new wiring harness because none of the electronics work in the car anymore. I don't think that the water got in the engine cause it didn't get up past the intake but i'm sure it came up the exhaust probably to the headers or so. The water came up to the glove box on the inside of the car. Are there some fixes that i might not think about but need to have done due to the water being in the car? Would i be biting off more than i could chew?
My other option is buying the car back and making into a race car pretty much (stripping the interior and options) and putting the money towards stuff like a new engine, suspension and such. Any input would be helpful, thanks guys.
Tech Contributor
Joined: May 2008
Posts: 2,843
Likes: 16
From: Howell Michigan
St. Jude Donor '09-'10-'11
With Lucky, take the money and RUN really FAST! Remember the car for the good times and don't muck it up with a future of problems. Really to bad that happen to ya. I wish you the best, and let us know what replaces the good old vett you are leaving behind.
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Melting Slicks
Joined: Aug 2003
Posts: 2,786
Likes: 7
From: Iowa
sorry for your loss, I wouldn't even try with it. you'll have to spent way too much to get it running, and even then it would not be the same
from your description you would have had at least 4 computers under water. BCM included, connectors corroded, wires damaged, electronics toast...
remember the good times with the old and enjoy your new vette.
from your description you would have had at least 4 computers under water. BCM included, connectors corroded, wires damaged, electronics toast...
remember the good times with the old and enjoy your new vette.
Racer
Joined: Jul 2004
Posts: 261
Likes: 4
From: NC
I agree with not buying the "wet headache" back again.
On another note:
I have had vehicles totaled before. If the 23K is the first offer, do your homework and get comps on vehicles with the same mileage and condition. If they come to more than 23K, you can use the info. to negotiate a higher settlement with the insurance company.
Unfortunately my wife has had two vehicles totaled (not her fault) and we have gotten from $500 to $1500 more for them after I've submitted paperwork showing comps that were higher than the offered settlement.
On another note:
I have had vehicles totaled before. If the 23K is the first offer, do your homework and get comps on vehicles with the same mileage and condition. If they come to more than 23K, you can use the info. to negotiate a higher settlement with the insurance company.
Unfortunately my wife has had two vehicles totaled (not her fault) and we have gotten from $500 to $1500 more for them after I've submitted paperwork showing comps that were higher than the offered settlement.
Le Mans Master
Joined: May 2005
Posts: 6,366
Likes: 249
From: Fort Lauderdale, Florida
Aside from the repair nightmare you would have, you will also own this car forever. With "flood loss" on your title, you are assured that you will almost never be able to sell it.
Team Owner
Joined: Mar 1999
Posts: 22,025
Likes: 192
From: At the beach in little Rhody
I have to agree with everyone else. I have a friend who just picked up an 04 CE convertible for $28K with very low mileage and car was babied. The market is very soft right now so with your settlement you should be able to get a nice car.
Did you have any mods that can be removed?
Did you have any mods that can be removed?
