Help! Insurance company says totaled Viper $42,830

[BillS]

My Insurance Company says that my totaled Viper is worth $42,830

Here are the facts:

Bought:
 1997 Blue/White GTS Viper on 2/15/2002.
 Paid $59,000.
 Had 1 curbed wheel. (replaced before wreck)
 Had 2 small marks where someone mounted ft license plate.
 Otherwise in perfect shape. (no scrapes on ft fascia)
 12,900 miles. (50% left on original tires)
 All original.
 Not tracked.
 I had the car checked out by Viper mechanic before I bought it.
 Bought car from private owner ~50 miles from my house. (Seattle area)
 Insurance agent saw and took pictures the day I bought it.
 CarFax was OK. Dodge records OK.

Before wreck:
 Had 1 nick on driver’s door. (barely visible)
 Had car worked on by Viper mechanic the day it was totaled (can verify condition)
 Totaled at 18,253 miles.
 Owned car 8 months, 22 days when wrecked.
 Not tracked.

After wreck:
 Body shop stopped estimating damage when cost hit $71,500. (at least $10,000 more damage)
 Did not get a ticket. (Road was wet)
 No tickets or claims in >15 years.

A 27% loss in value for a used viper that I had for only 8½ months and 5,353 mile seems unacceptable.

I would like your input to as what it should cost to replace my car with an exact copy. I am most interested in resent sales in the Washington State area. I have already done an Internet search, but would like more info.

Thanks,
Bill Sand

PS: Skip Barber’s driving school is in my future. What a bad subject for my first post to this forum.

 

[Lee00blacksilverGTS]

Hang in there, help is coming, you are not the first to have this happen and there are resources available here. JonB who runs Parts Rack may be your best resource as to what to do. Before he and the other guys with the insurance backgrounds and similar experiences check in, you might want to do a search for similar situations in the archives. This reminds me to do what we all should do, switch our insurance to Haggerty or Grundy or another insurance vendor who GUARANTEES agreed replacement value, rather than depreciated value. I'm coming back with an edit as I just noticed in your profile that you're in Washington state, so is Jon B look for Parts Rack advertising on this site, call him now! You will sleep tonight.

 

[JonB]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Lee00blacksilverGTS:
...JonB who runs Parts Rack may be your best resource as to what to do. <HR></BLOCKQUOTE>


I just got off the phone with yet ANOTHER WA Viper (not this one) totalled in the line of duty.

Call me for a discussion on REPLACEMENT VALUE of the 97 GTS/Blue.

Bill S. you say you have found 4-5 to BUY, but none at 42K!
That alone is your best ammo vs. yur insurance.

Do an AUTOTRADER SEARCH and DUPONT REGISTRY and AUTOWEEK and give Ins co a list of ACTUALS. Have them call your VCA prez for help........

 

[Paul Fischer]

Been there, done that. Interview the sources of your insurance company's report. My company interviewed four people, when I visited them three disclaimed the results and the fourth was a wholesaler (only retailers are allowed under my company's rules).

Good to see Jon B. on this thread already, thanks again for your help in my situation Jon.

 

[Leaf001]

edit

<FONT COLOR="#ff0000" SIZE="1" FACE="Verdana, Arial">This message has been edited by Leaf001 on 12-10-2002 at 08:35 PM</font>

 

[Birvini]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BillS:
My Insurance Company says that my totaled Viper is worth $42,830

Here are the facts:

Bought:
 1997 Blue/White GTS Viper on 2/15/2002.
 Paid $59,000.
 Had 1 curbed wheel. (replaced before wreck)
 Had 2 small marks where someone mounted ft license plate.
 Otherwise in perfect shape. (no scrapes on ft fascia)
 12,900 miles. (50% left on original tires)
 All original.
 Not tracked.
 I had the car checked out by Viper mechanic before I bought it.
 Bought car from private owner ~50 miles from my house. (Seattle area)
 Insurance agent saw and took pictures the day I bought it.
 CarFax was OK. Dodge records OK.

Before wreck:
 Had 1 nick on driver’s door. (barely visible)
 Had car worked on by Viper mechanic the day it was totaled (can verify condition)
 Totaled at 18,253 miles.
 Owned car 8 months, 22 days when wrecked.
 Not tracked.

After wreck:
 Body shop stopped estimating damage when cost hit $71,500. (at least $10,000 more damage)
 Did not get a ticket. (Road was wet)
 No tickets or claims in &gt;15 years.

A 27% loss in value for a used viper that I had for only 8½ months and 5,353 mile seems unacceptable.

I would like your input to as what it should cost to replace my car with an exact copy. I am most interested in resent sales in the Washington State area. I have already done an Internet search, but would like more info.

Thanks,
Bill Sand

PS: Skip Barber’s driving school is in my future. What a bad subject for my first post to this forum.


<HR></BLOCKQUOTE>

That's just wrong!!!! I agree with the others, REPLACEMENT is not even close to that number.

 

[ntmatter]

The other place to get values is the VCA classifieds. Make sure to make the point that Blue/White is a limited color, and start showing actual values. Most of the cars on the classifieds for '97 seem to be going for 46-50K.

 

[Tom and Vipers]

Also consult the NADA Special Interest, Collectible, and Exotics Appraisal Guide. They will quote a low, med, hi number.

Even though the market is soft in these cars, insurance companies are supposed to pay more than what you could actually sell your car for.

 

[VIPER1996]

The only book price I can find is a Kelley Blue book and retail value is $49.845. I know here in Iowa you are entitled to that amount plus the state sales tax of that amount and the title fee.

 

[malcoll]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Tom and Vipers:
Also consult the NADA Special Interest, Collectible, and Exotics Appraisal Guide. They will quote a low, med, hi number.

Even though the market is soft in these cars, insurance companies are supposed to pay more than what you could actually sell your car for.

<HR></BLOCKQUOTE>

If you read the Loss Settlement language in your policy I am sure it reads that the insurance company owes you the amount of money it would cost to REPLACE your totalled vehicle... with a vehicle of comparable mileage, condition, age, etc.
They are not "supposed to pay you more than what you could actually sell your car for."!

In other words find out what you can buy the EXACT replacement vehicle for RIGHT NOW..... add sales tax (if applicable in your state). Document the vehicle you are buying as a replacement and why IT is the comparable vehicle.

Then call your insurance adjuster and tell him the amount of money you are owed THE AMOUNT IT WILL COST YOU TO REPLACE THE TOTALLED 1997 BLUE/WHITE GTS WITH 18,000 MILES.

The adjuster will probably want the name and telephone number of the comparables.... he/she may even try to negotiate a lower price with that person... but what do you care as long as you get a replacement vehicle that is exactly like the totalled vehicle?

Don't take a penny less than what it would cost to replace your vehicle with another JUST LIKE IT. If the insurance adjuster does not budge at first, as for the telephone number for the Department of Insurance in your state... follow through and call in a complaint.

Just make sure you have documentation to support the dollar amount you demand.

Good Luck, Lance Malcolm

 

[Hoosier Daddy]

I just recieved a little time bomb in the mail from my Nationwide Insurance carrier. They no longer recognize or will pay out any Diminution value claims for being in an accident.

 

[malcoll]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Hoosier Daddy:
I just recieved a little time bomb in the mail from my Nationwide Insurance carrier. They no longer recognize or will pay out any Diminution value claims for being in an accident.

<HR></BLOCKQUOTE>

Yep, and you can bet that all the standard carriers are going that route across the country.

I have been a Nationwide agent for three years.... and I spent 10 years in claims before that.

Diminution of Value is a very tricky subject. And according to the insurance contract there was no clear deciding language on Diminution of Value for policyholders. Basically the policy indicates we will repair or replace your vehicle after a covered incident.

The policy did not specifically say.... we will return you to the same financial position you were in prior to the accident....which would account for DV.

Now as a third party... in the event a Nationwide insured causes damage to you.... I think you would still get DV. In that scenario you are not the policyholder, but another party damaged by a policyholder.

DV is clearly owed in a liability situation... where warranted obviously..... as that coverage indicates the insurance company will pay those sums of money you are legally obligated to pay due to your negligence, or ordered to do so.

Lance

 

[Bonkers]

BillS - Was your carrier State Farm or Royal? Royal totally screwed the previous owner of my car. There is no law over in VA that demands an agreement be reached on a claim so they refused to pay anything more then what THEY thought was approprate. (I think it was $45k for a 99 gts w/11k) Anyway he ha to keep making payments on the car so it was only a matter of time before he was forced to sign off.

I feel really bad for him, but on the bright side, that **** company isn't going to get this car to part out...

 

[BillS]

Good guess! My Insurance carrier is State Farm, I’ve paid for my own appraisal, and I’m starting in on the negotiation/litigation process. I have accumulated lots of interesting data, facts, Insurance Company courses of action, and legal information. I will report as much as I am allowed (Confidentially agreements) when this process is complete.

 

[Jay Herbert]

Use the Classifieds as a reference, prices range from $48,500 - $60,000 with two cars similar to yours in mileage priced at $48,500 and $49,500. It looks like it would take about $50K to replace it today.... but remember, Dec/Jan is the bottom of the annual Viper Market, prices usually jump 10% to 20% in the spring (this is why Viper dealers are out buying cars right now), the classifieds show this trend every year.

Here is one just posted:

Ad Information

Category:New/Pre-Owned GTS's

Subcategories:'97 GTS
Price $50,000
Year 1997
Model GTS Coupe
Mileage 6,500
Exterior Color Blue with White Stripes
Interior ColorBlack leather
Accessories Hard Top
For Sale By VCA Member

Description
97 GTS Blue with White stripes. Car has only 6,500 miles. Never been driven in rain or bad weather. Have new SRT arriving.
Contact Information

Contact: Sam Pearson
Location:Reno, NV 89523

 

[KepRght]

this is a good reason to finance a car. when you insure the car they have a lien holder who must be paid off in the event of a total. then you never dropped your 10,000$ down the toilet, but now your paying interest.

will save your a$$ every time you wreck

 

[ruckdr]

Bill,
Also go to your Viper Tech/Dealer, and have the dealer owner provide a "value" of your Viper as they know it, and the amount they would sell it for. This helped me (son-in-law) in the past.
Later,

 

[pdmracing]

I know this is after the fact , but an agreed value policy is a cheap way around this pain & suffering. Every insurance company I have dealt with offers this option.

 

[pdmracing]

On a value note, One of our members recently bought a 96 GTS, 18k miles , concourse condition, with brand new pilot sports, 6k in new stereo, 5 points, borla cat back for much less than your insurance settlement quote. Its not a 97, but a good indication of the current exotic car market & the economy in general.

I am in the mortgage business & I can tell you that I have many a customer who ends up paying a car payment, after his car was totaled & the Insurance company would only pay low book. Many of my leasing agent friends tell me the insurance co's always low ball. He constantly has to battle them to pay his claims. It becomes business as usual. But to the layperson who only files a few claims in a lifetime, as opposed to a few claims a month, the layman is easily rattled. Treat it like a business negotiation & leave the emotion & legal threats aside. I read a good article written by an insurance adjuster in the Lancia club magazine, I will look for it & email it to you, if you like.
He states that when an adjuster hears the words "I'll call my lawyer" your chance of an easy settlement go's out the window. Remember they have legal teams on staff. Make it easy for the adjuster to approve the claim. Do the research for them, and make it hard to dispute your value. Good luck.

 

[NCVCA]

Good luck on the negotiations. It's about the only thing worse than the negotiation when buying a car (usuallY).

When you get the check look on the VCA classifieds. Looking at the numbers in this post you could buy a 2000 GTS with stripes for $5k less than you paid for your 97 with similar miles and have a 3 year newer car.

Just a thought...

 

[Bonkers]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by slaughterj:
I see you have an avatar, but no revised sig, and from your post it seems you got a viper you had been looking at, yes?<HR></BLOCKQUOTE>

Just waiting for Royal to give up the Title and a few other issues to iron, but yes I'm set to take delivery next week. Signature will change by then as well

 

[slaughterj]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Bonkers:
BillS - Was your carrier State Farm or Royal? Royal totally screwed the previous owner of my car. There is no law over in VA that demands an agreement be reached on a claim so they refused to pay anything more then what THEY thought was approprate. (I think it was $45k for a 99 gts w/11k) Anyway he ha to keep making payments on the car so it was only a matter of time before he was forced to sign off.

I feel really bad for him, but on the bright side, that **** company isn't going to get this car to part out...

<HR></BLOCKQUOTE>

I see you have an avatar, but no revised sig, and from your post it seems you got a viper you had been looking at, yes?