What's it worth?
Thread Starter
Racer
Joined: Nov 2004
Posts: 267
Likes: 0
From: Kimberling city MO
What's it worth?
My parents were in a car accident a few weeks ago, car was totaled. Other party who caused the accident only had insurance to cover up to 10k. So they're left trying to sell they're totaled vette to try and recover as much money as possible. My dad was gonna sell it for 6k but told him that was way to cheap. So I'm hoping you guys can give me a better idea. It's an 07 auto with 26k miles. From what I can tell it will need, front bumper both fenders, hood, both airbags, new condenser, and radiator. Suspension seems ok, but everything in front of motor was pushed up to the motor, and front left of frame was pushed into towards the motor. Was still running after accident and still starts and drives. So what do you guys think?
Instructor
Joined: Mar 2006
Posts: 223
Likes: 5
From: Gaithersburg Md.
Why wouldn't your parents insurance cover the claim? That's why you buy insurance. Most states have uninsured motorist insurance as well. You can look for Corvette Salvage yards that would give you a price for it.
That would suck. Best of luck........
That would suck. Best of luck........
Race Director
Joined: Oct 2012
Posts: 17,196
Likes: 6,407
From: Melbourne, FL
My parents were in a car accident a few weeks ago, car was totaled. Other party who caused the accident only had insurance to cover up to 10k. So they're left trying to sell they're totaled vette to try and recover as much money as possible. My dad was gonna sell it for 6k but told him that was way to cheap. So I'm hoping you guys can give me a better idea. It's an 07 auto with 26k miles. From what I can tell it will need, front bumper both fenders, hood, both airbags, new condenser, and radiator. Suspension seems ok, but everything in front of motor was pushed up to the motor, and front left of frame was pushed into towards the motor. Was still running after accident and still starts and drives. So what do you guys think?
Attachment 47739653
Attachment 47739653
Safety Car
Joined: Dec 2011
Posts: 3,608
Likes: 13
From: New Rochelle N.Y. 2013 Grand Sport
100% correct except I think it's the parents under-insured policy that would cover anything over and above the 10k limit of the at fault party.
Last edited by red2012; Oct 10, 2013 at 09:53 PM.
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Race Director
Joined: Aug 2010
Posts: 12,641
Likes: 463
From: Houston TX
This remedy should be pursued, assuming the parent's policy carried the proper coverage.
In many states, the uninsured/under-insured coverage is optional.
Safety Car
Joined: Jan 2004
Posts: 4,974
Likes: 14
From: Pinellas Park Fl
St. Jude Donor '08-'09 & '12, '14
Is this a Missouri thing, I've never heard of insurance that only covered a percentage of damage to another's vehicle.
I need to check my policy... that leaves you open for a lawsuit.
So, does the at fault party own a home? perhaps their homeowners policy covers something. I say this because I had some engine parts stolen out of my car, they were in the back seat, while the car was at school and my homeowners cover it.
I need to check my policy... that leaves you open for a lawsuit.
So, does the at fault party own a home? perhaps their homeowners policy covers something. I say this because I had some engine parts stolen out of my car, they were in the back seat, while the car was at school and my homeowners cover it.
Safety Car
Joined: Dec 2011
Posts: 3,608
Likes: 13
From: New Rochelle N.Y. 2013 Grand Sport
Your right Gary but uninsured/under-insured coverage is so cheap ( I think I pay about 15-20 bucks a year for 100-300k ) who would not have it? And this case is a perfect example of why you should have it.
Race Director
Joined: Aug 2010
Posts: 12,641
Likes: 463
From: Houston TX
If the at-fault party has contracted for low-value (or state-law minimum) insurance coverage,
the "damaged" party can only collect up to the limits of the at-fault parties policy. Then a lawsuit
needs to be pursued to obtain greater damages, if the at-fault party has assets.
the "damaged" party can only collect up to the limits of the at-fault parties policy. Then a lawsuit
needs to be pursued to obtain greater damages, if the at-fault party has assets.
Race Director
Joined: Aug 2010
Posts: 12,641
Likes: 463
From: Houston TX
I agree completely, especially on a car that has a MSRP of $50,000...
Safety Car
Joined: Apr 2004
Posts: 3,732
Likes: 10
From: Austin, Texas
So let me get this straight. It is legal to carry liability with a limited coverage amount? Does this minimize the premium one would be paying?
If so, I'm changing my liability coverage to $1K...
I suppose the OP's parents could sue for the remainder??? But that would probably end up costing more than it is worth.
Good Luck...
Oops! Just read Gary '09's post, a couple back. Looks like he already mentioned a law suit...
If so, I'm changing my liability coverage to $1K...
I suppose the OP's parents could sue for the remainder??? But that would probably end up costing more than it is worth.
Good Luck...
Oops! Just read Gary '09's post, a couple back. Looks like he already mentioned a law suit...
Last edited by roscoe118; Oct 11, 2013 at 08:53 AM.
Drifting
Joined: Aug 2010
Posts: 1,404
Likes: 43
From: Anderson SC
So let me get this straight. It is legal to carry liability with a limited coverage amount? Does this minimize the premium one would be paying?
If so, I'm changing my liability coverage to $1K...
I suppose the OP's parents could sue for the remainder??? But that would probably end up costing more than it is worth.
Good Luck...
Oops! Just read Gary '09's post, a couple back. Looks like he already mentioned a law suit...
If so, I'm changing my liability coverage to $1K...
I suppose the OP's parents could sue for the remainder??? But that would probably end up costing more than it is worth.
Good Luck...
Oops! Just read Gary '09's post, a couple back. Looks like he already mentioned a law suit...
I know it varies state by state but in SC we have the uninsured/underinsured in our policy
As for the limits of your policy or who ever hits you that is ALL you gonna get, that is when the uninsured/underinsured part comes in. I do not think it is optional in SC but I am sure that varies state to state
I am betting anyone carrying that low of coverage has ZERO assets so a lawsuit or judgement probably not worth the paper it is written on
Not to dump on OP Parents but WHY IN HELL would you not carry FULL COVERAGE on a car like that. Heck I have looked into dropping full coverage on the Wife's 02 Trailblazer with 125k miles but it only makes about $100 year difference. Not with the risk to me but I am not a gambler
I am betting that car sold as is and not parting out, from the picture i can see, is not going to bring much more than was offered
I realize as a parts car it is worth a LOT more but you have to do the parting out and selling yourself to make that money back. I guess the engine would be biggest value then after that little here and there
Team Owner
Joined: Oct 2007
Posts: 26,745
Likes: 694
From: PA
My friend bought a 2006 that was hit like this and it had about 35k miles but it was about 4 years ago. He paid 12k for it and it was a convertible. He fixed it and sold it for 18kafter he drove it for a year. He had most of the parts from other cars he fixed so it wasnt a big deal.
That car to me is not worth more than about $7,500 as it sits.. Lots of things you dont know that are broken will need fixed. Plus the issue with the title could be a pain if any issues come about.
You want to make some money?
1. Sell tranny.
2. Sell rear.
3. Sell engine.
Part the rest out and then take the rest to the junk yard. If you could fix it yourself I would say do it, but I am guessing that is not an option.
That car to me is not worth more than about $7,500 as it sits.. Lots of things you dont know that are broken will need fixed. Plus the issue with the title could be a pain if any issues come about.
You want to make some money?
1. Sell tranny.
2. Sell rear.
3. Sell engine.
Part the rest out and then take the rest to the junk yard. If you could fix it yourself I would say do it, but I am guessing that is not an option.
Drifting
Joined: Mar 2013
Posts: 1,841
Likes: 21
From: toms river new jersey
I just added a 06 z06 with 14,00 miles to my gieco policy...full coverage to 300,000 (I have additional umbrella policy for both cars to 1,000,000 for 300 a year) it cost 600 dollars..