Car flooded, advice on insurance claim please
#16
Nordschleife Master
#17
Rennlist Member
What Tom M. said is the truth and all you should really expect. You can ask them to find you an equivalent replacement vehicle. What do you think it would cost to buy a car just like yours before the flood? That's what you should shoot for.
Good luck,
Dave
Good luck,
Dave
#18
Insurance companies never ever will do that. Not what they contracted for, they are only on the hook for ACV, actual cash value or on a special policy "Agreed value". Sorry to hear that it was the repair estimate not the offer.
#19
You can pull a bunch of high dollar comps and they can pull a bunch of low dollar comps plus they discount the asking prices by an arbitrary 15-20% because "cars sell for less". You can often get some credit for the repair bills for the last year since it made the car better for longer. Dealing with your own insurance company you have little leverage. They are in no hurry to settle as it just costs them money.
#20
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For older cars insurance companies have a book. It is in most cases a generous book as 928s are very soft in price. There is a guy out here trying to sell an 85 five speed for $4900 and it has an S4 engine. It has been for sale a long while. Actually most of the 928's on CL here are for sale a very long time.
The car can be fixed even with the salt water. You just have to disassemble most every thing and neutralize the salt. There are plenty of 82 wiring harnesses around. Replacing the entire wiring harness is not that big a deal. If you get the car back from the insurance company will result in a salvage title. Sadly in some states a flood results in a non buildable title. Of course given the number of 82 cars around it is probably not worth the effort.
You did not say if they were giving you the full $9800. If you get that you are very lucky. I suspect they will offer $2500 with maybe a buy back of $700. Some companies will pay high just to keep out of a fight.
Good luck
The car can be fixed even with the salt water. You just have to disassemble most every thing and neutralize the salt. There are plenty of 82 wiring harnesses around. Replacing the entire wiring harness is not that big a deal. If you get the car back from the insurance company will result in a salvage title. Sadly in some states a flood results in a non buildable title. Of course given the number of 82 cars around it is probably not worth the effort.
You did not say if they were giving you the full $9800. If you get that you are very lucky. I suspect they will offer $2500 with maybe a buy back of $700. Some companies will pay high just to keep out of a fight.
Good luck
#21
Rennlist Member
Damn, sorry to hear about this Simon. Hope you get another one. My old one is still for sale in Montana, and it is a pretty solid car. It was the blue one Paul brought over.
#22
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Update on total loss payment
So after many phone calls, statements given, emails sent, Geico settled for $8272 and change. An excellent result I think you'll agree. Here is a pic attached of it heading off to be salvaged. A sad ish day but it is time to move on from this, those of you who I met on my xcountry trip last summer I had a great time and hope to be in a 928 again in the near future......
#24
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<Snif..>
Such a nice straight body
Probably could have been saved (would have required a complete strip job and electronics to be replaced..) , however that was a decent settlement. Best of luck!
Such a nice straight body
Probably could have been saved (would have required a complete strip job and electronics to be replaced..) , however that was a decent settlement. Best of luck!
#25
Rennlist Member
Indeed, wish I could just drop all those body panels onto my 86.5, would be cheaper than repainting that one...quarter panels don't move well, though, from my understanding.
#26
Pro
Simon, You made out like a bandit. Tell us how you did it. Any idea where the car is headed now?
#27
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Contact Geico if you want to buy it!
It was heading to Taunton, MA that is all I know. I hope it gets sold for parts too. Really didn't want to buy it back as salvage. Its time to move on. I reckon after the money I put into it before the road trip last summer, i'm probably just below break even. So a lesson learned.