Tom R.

Here is an FYI for you guys (and gals).

Geico hired a company CCC. they brag about their database, and found an S2 advertised in Bargain News in July to use as a comparable car which they said was exactly the same as mine.

They didnt check the local paper (newsday) which has a large circulation and had a more expensive S2 advertised while they were appraising my car.

The car was listed at 8900. they added 1700 for 65000 miles, and that was it! zero for the motor, rims, seats, etc.

I called the seller. turns out he is a wholesaler. his car has 139000 miles, a few fenders were painted, some wear on the seats, dash cracks were not big, some curb rash but not major, some bodywork needed.

no service records, original shocks and clutch he believes.

didnt ask about the air conditioning.

i took their value added 1000 for new shocks, 1200 for belts & water pump, 1400 for clutch, 400 for tune up parts, and went on. i stopped counting at $21000, and told them the car is still not "substantially similar". i wrote about the rustproofing process, and how the repainting killed it.

i prepared a proper appraisal using their car and five other cars. guess which car came out to be the most expensive in order to make it substantially similar to mine. you guessed it, the CCC car. every other car brought the value down.

i used Pete, andy, and Noahs S2 as actual sales, and two othe ads.

i will fax it to them tomorrow, and keep you guys posted.

User 462021

Wow, goodluck...

xsboost90

gotta love ins. companies

Tom R.

gotta love the paragraph in my letter mentioning the appraisal company's shortfalls, why geico should perform an internal audit of the appraisal company because if my case isnt isolated because of the low production the insurance company may be setting themselves up for a class action, or action by the state insurance board.

i didnt mention my qualifications and training in valuation. im gonna wait to tell them that, not that it matters.

Marc Gelefsky

Tom,

Good luck, Gawd I HATE insurance companies!!

Sach951

Luck!

Riff

Go get 'em!

Ahmet

Good luck, and please do keep us updated.
Ahmet

Dan87951

wow $8900, I'm doomed if anything of mine got stolen. I better make a call to see what it takes to get declared value on this car expecially after all that has happened.

Ahmet

Yeah, one of my cars got stolen last wednesday... I'm having to cut my "vacation" short.

That was the only car that I've ever NOT insured against theft...
Ahmet

Z-man

Tom:
I've kept quiet about your whole unfortunate experience until now.
While I understand your predicament, IMHO, the bottom line here is your perceived value of your car vs. their perceived value.

Sure, you had a mint-condition, immaculately maintained 944S2 (your perception), but they saw a 15 year old no-too-speical sports car. (their perception).

You put a lot of $$ into maintaining the car, but to them, it doesn't matter. New H2O pump? New timing belts? In their eyes, those are costs of ownership, which are not part of the cost of purchase, and therefore, aren't typically factored into the market value of a car.

Scanning the local wantadpress, I found a 92 968 coupe with 74k miles selling for $18k, 18" wheels, leather, in 'very good condition.' If I can get a low-mileage 968 in good condition, there's no way your car is work the same amount!

I'm not trying to rub you the wrong way, Tom, especially since your baby was stolen. Just trying to show you the reality of insurance and market value.

Unfortunately, the big guns always seem to win out when it comes to stuff like this. I say try to get them to give you a little more $$, but then at some point, count your losses and move on.

Just my $0.42,
-Z.

Rich Sandor

I have to agree with Zoltan,

even if you think you have the finest concours 951 or S2 in the world, to which you're probably close, there is always someone with a nicer one. And even if you spend $50,000 on it, it's still not worth $25,000!!!! That's just the way it is man.

HOWEVER - I for one WOULD like to see you milk as much as you possibly can for the car. If anything it'll bring the value of our cars up too!!!

Good luck with it and let us know the results asap!

DinoEck

Tom:

Remember, this is a negotiation. Consider their figure the "floor" and continue doing the things you're doing to raise the price. Not sure you can get to $20k but I bet you'll be able to move it up from $10k.

Be patient and relentless. Time is money to them and they want to settle.

Good luck!

Noah

Tom R.

you guys are all correct, and also very incorrect. i agree with the fact that i am not getting all my money out.

i just wanted to point out what they consider a substantially similar car.

a substantially similar car to mine is not a car with double the mileage, evidence of bodywork, the need for bodywork, and the need for all new "maintenance" items.

a substantially similar car is a car that had the required maintenance done within the last 10k miles (considering most is needed every 30k). etc.

thats all i pointed out to them. there are a lot of 944s out there that are much closer to being substantially similar then the dog they chose. i just had to show them the light.

Z-man

Tom: I never said that your car compares to the types you mention above. It's just that there's not a huge amount of difference between a fair condition car and a good condition car: one can only go up so much before the price is more than the car's value.

Not to mention that the 944 used car market isn't very active, so the insurance company has to go by what they can find, and they don't know all the resources that you do!

In my case, I bought my car for $8k. In the two years I've owned it, I've put in at least another $12k - $14k on maintenance items alone! (stuff like timing belt, gaskets, seals, H2O pump, new clutch, brakes, power window micro-switches & gears, fan switch, power locks, A-arms...etc). But when all is said and done, I'll never sell my car for $20k: no one is gonna want to buy my car for that price! (Any takers here?!?)

So why do it? 'Cause like you, I believe in preventative maintenance. When I put my car on the track, I want to be confident that nothing will go wrong. When I pull my car out of the garage, I don't want to see any fluids on the floor. (BTW, my garage floor is bone dry!). When I start my car after it's been sitting for two weeks, I want it to start up right away. THAT is why I pay so much to keep my car in tip-top shape. And I tell you, based cars I've seen not as well maintained, and broken down, the price is worth it.

Just my $0.42,
-Zoltan.