INSURANCE CLAIM SETTLEMENT

[Shelby3]

What are the best methods to insure one gets full replacement value for a vehicle when dealing with an insurance company? I had my modified 97 GTS totaled (my opinion) while in a shop for upgrades. Their insurance company is State Farm and so far we are waiting for the adjuster to look at the car. On the phone State Farm said they will cover the replacement cost of my mods on top of the stock value of the car. What leverage do I have in negotiating making sure I get a fair settlement? Is there anything I'm entitled to recover that I'm not thinking of? Thanks

 

[iispms]

I could be wrong, but that sounds like a good settlement to me.

 

[Yves]

What about the fact that you can't drive your car ?

 

[Shelby3]

I could be wrong, but that sounds like a good settlement to me.

It will be as long as they give me a fair price so I can buy another Blue/White 97 GTS and mod it. I'm concerned that they will low ball me on the stock car value using NADA valuations which everyone knows are crap when it comes to Vipers. If that happens, what recourse do I have?

 

[iispms]

I am not an expert, but I am sure someone else will chime in. I BELIEVE that you have a fair arguement that your car is worth more then NADA. There are enough experts on this forum that can help you out with that.

What dealer was it that crashed it?

Chip

 

[Anthony - 98 GTS]

I could be wrong, but that sounds like a good settlement to me.

It will be as long as they give me a fair price so I can buy another Blue/White 97 GTS and mod it. I'm concerned that they will low ball me on the stock car value using NADA valuations which everyone knows are crap when it comes to Vipers. If that happens, what recourse do I have?

You need to do your homework and provide documentation to the adjuster so he can justify your numbers when he files the claim to the home office.

Search Autotrader, VCA Classified for going rates for similar year/color combo. Also print prices from mod vendors or have receipts for your upgrades.

For example, when a lady ran me off the road and damaged 2 of my HRE's I printed the list prices for the wheels off the internet and got full reimbursement.

 

[Fiorano]

I had a car stolen a few yrs back. It was a limited model. The insurance company wanted to give me the NADA value of the car which was far below the asking price for used examples on the market. I just cited examples people were selling on ebay and autotrader. They ended up giving me about the average asking price for the car. As blue/white cars command more money, you should be compensated as such.

 

[PRVT JET]

Shelby, I was in the same boat 2 years ago. All I have to tell you is negotiate. State Farm offerd me $49k, end it up $54k plus all taxes. I showed ads of high priced examples and said I wouldn't even sell for that. Also if your looking to replace the car, your insurance can give a piece of paper to use your claim amount as a trade in. You will save a lot of money on taxes on the new car.

Isaac

 

[FE 065]

If you're not installing all the mods on your next Viper, should 'replacement cost of mods' include the labor to install them?

 

[Shelby3]

If you're not installing all the mods on your next Viper, should 'replacement cost of mods' include the labor to install them?

I was told by State Farm that mod installation costs would be covered.

 

[SJT97GTS]

If you want to be percise, hit autotrader.com, eBay, and the VCA Classifieds for similar examples of your car. Then get retail prices on your mods and print them out.

This way, you'll get full retail on all your cars/mods from retail stores. You can't "bargain" with concrete prices.

 

[scottgf]

First off....very sorry to read what happened to your snake.
I work at a new car dealer and would hate for one of our employees to do something like that...
Anyhow, I think Jon B. could help you out on the value of your snake.
Cheers,

 

[joe117]

I think you can get a policy that will pay you an agreed on value for your car.
If you insure the car for say $57k, you will pay a rate based on that value.

If and when it comes time to collect, they give you the $57k.

If you get a policy that says replacement value, you will have to negotiate what the replacement value was at the time the car was destroyed.

 

[MichaelP]

Find a Blue and White with similar miles for sale at a dealership.

Email them asking for a quote and a full description with pictures.

Then get the links or better yet an invoice for the mods you had and an estimate for the install.

Make sure all these have contact phone numbers and names with them.

Turn it over to the agent. Doesn't sound like they are going to fight you on it. IF they do just tell them you want them to find you a car in the same condition and once you approve it they can pay for it.

 

[Tomer]

I would hope that the Sales Manager at that Dealership would at least be willing to help you out with the market value of the car!! I know it was not his/her fault, but from the dealership prospective, this is the very least they can do!

Tomer

 

[patgilm]

Shelby,

Are you going to buy your wrecked car back?

 

[Shelby3]

Shelby,

Are you going to buy your wrecked car back?

Pat, If I goes that direction, I'll probably flip it as is without parting anything out.

 

[Jay Herbert]

Here is an article on the insurance and totaling of cars:

Totaling of Cars

 

[syclone1157]

If you decide to keep the car then you are also entitled to some compensation for the depretiation of the vehicle. For example, If you keep the car and then pay to have it repaired they will pay you the difference of a "never wrecked" vs a "rebuilt" viper. My niece works for state farm and I will ask her for more details.

 

[Shelby3]

If you decide to keep the car then you are also entitled to some compensation for the depretiation of the vehicle. For example, If you keep the car and then pay to have it repaired they will pay you the difference of a "never wrecked" vs a "rebuilt" viper. My niece works for state farm and I will ask her for more details.

I would appreciate that very much. thanks