RET

I have been advised to gather information that supports a higher value for my car by citing recent “comparable” sales in order to convince the insurance company that it is worth more than its value as scrap metal. I would would greatly appreciate specific information about recent sales or offerings as well as any advice regarding sources of valuation or appraisal and strategies for dealing with the insurance company.

The cost to repair the collision damage from the rear end collision is around $12K, and the insurance company apparently does not even value the car at this amount. Needless to say, the car can neither be repaired nor replaced for what they seem likely to offer, particularly given the extensive (and expensive) modifications.

No offer has been made and we haven't actually started to seriously negotiate, but our initial sparring indicates that this is where they are headed. The appraiser identified the car as a “928 S4 with GT package”, and the conversation went downhill from there. I was even told that they had found a 1989 GT in “very good” condition for $4K in some unspecified location.

My basic contention is that my car was in excellent condition before the accident and its base value (as a GT without modifications) was greater than $20K, and that the costs of the enhancements (six liter engine, GTS brakes, exhaust system, suspension, etc.) increases the replacement cost accordingly (and makes finding comparable cars difficult... not that the apprasier took any of this into consideration).

My current strategy is to compile information and present it to the insurance company, and if this fails to get an acceptable offer from them, turn everything over to the attorneys....

Thanks,

Bob

pjg

Recent 89GT ebay sale( 21.6K) : http://cgi.ebay.com/ebaymotors/ws/eB...ectorid=229466

A bunch of 89's here but most links are dead: http://www.usedcarsfsbo.com/asp/Used...submit1=Search

GregBBRD

Unless you were paying your insurance premium on a "declared value" policy, you are somewhat tied to the "market" value.

No one can pay insurance premiums as if they have a "regular" 928 and them scream when the insurance company treats it like that....you can't/shouldn't be able to have it both ways.

"The Dude" just sold his '89 GT for about 24K (sale pending.) That being said, it was as close to the "perfect" '89GT as one is ever likely to find. Absolutely brand new concours paint, virtually perfect interior, with a very "short" list of mechanical defects. The other end of the spectrum.....is lower than that, but I'd dare them to find an '89GT that you could even drive to the junkyard for 4K.

Where your car "falls" between these extremes, I have no idea.

Start by showing them what you have invested. Show them the receipts for your actual costs. Try to proceed from there. Let me assure you, they have more attorneys (who are full time and are paid to fight you,) than you could ever buy. Suggesting that you are going to turn this over to an attorney is a joke, to them.

SQLGuy

I would ask the adjuster to bring in an independent appraiser to evaluate the car. An appraiser should be aware of value impact from customizations as well as current market status.

I had a similar problem when someone ran over my motorcycle (while it was legally parked on private property). It's a 1982 Yamaha SECA 750, but I converted it to fuel injection with Microsquirt, a custom made fuel rail, a custom intake manifold, custom igntion, etc. The other guy's insurance (Ameriprise) came up with some BS numbers they supposedly got from Craigslist (a trashed, older, and higher mileage bike, with carburetors, of course). My insurance, State Farm, did a bit better, but was able to get a much more reasonable number after they called in the appraiser.

Bill Ball

I think this is the OTHER GUY'S insurance company saying it's not worth much. This is just based on "initial sparing" too, not an actual offer. Even something as simple as Kelly Blue Book [Ooops! Maybe not. Kelly online only goes back to 92] should be useful in furthering the argument once they do make a low-ball settlement offer. And if there are any medical bills and residual injury, this could be more complicated. I had an injury accident a long time ago. The other driver was cited. It took depositions and 3 years to settle. However, in another incident where my wife was rear-ended at high speed at a stoplight, car totalled and trip to the ER, the other guy's insurance initally made a low offer but revised it after a bit of back and forth and made a reasonable settlement offer within a month. In the latter case there were no attorneys involved, just me and the other guy's insurance representative, since I do not carry collision and comprehensive on any vehicles (on purpose). In the first case, all kinds of attorneys were involved, which is probably the major reason why it took 3 years - somebody was getting billed/paid by the hour. Also, the other guy's insurance should be paying for a rental car until this is settled. At least that's what happened when my wife was hit.

AO

unless you have and agreed value policy, they will likely total it. They are obviously trying to low-ball you. Stick to your guns. Then when you get it all settled and fixed, get yourself an "Agreed Value" policy.

just so you don't get hoodwinked, "Stated Value" is not the same as Agreed Value.

Read this:
http://www.lelandwest.com/stated-val...-insurance.cfm

Randy V

Need more info.

What is the model year? is it an S4 or a GT? It can't be both.

Specifics on the accident?

Who is your insurance company?

IrishLegend

Check NADA too.

danglerb

If you were rear ended isn't that automatically 100% the other drivers fault? If so why would the terms of your insurance matter a hoot, they are obligated to make you whole, fix the car etc.

A shop knowledgeable in the 928 needs to look it over and decide what the damage is and if it can be repaired.

Worst case sounds like a lot of your investment is in the motor which you can swap into another 928 without a "lot" of trouble. Find a clean straight body and swap your stuff over.

Green Goblin

If they total it dont you have the option to by it back at a low price. maybe this will work to your advantage and get repaired and enjoy once more.

.02

Andy
83 Euro

rgs944

After just going through a claim with American Family over my daughters jetta I hope its not them, but I am sure they are all crooks and theives. They love to get the premium check but try to screw you in every way when its time to pay. Go off of Ebay auction prices and autotrader guide and do not accept one penny less. I would also make him prove to you he found a comparable GT for $4000 before he goes any further. If he can not prove it go immiediatly to his supervisor and tell them he is lying to you.

rgs944

I guess I should correct that, Go to his supervisor when he does not prove it to you because he has no chance of actually proving it.

dr bob

If the other guy's insurance is paying, do what you can to keep your carrier out of the process unless absolutely necessary. It is the other guy's insurance that is obligated to make you whole again. Actually it's the driver's responsibility, underwritten by his insurance carrier. So all claims go to the driver, copied to his carrier as a courtesy.

Suggestion: Decide what it will take to make you whole again. Fix your car to as-it-was or find a duplicate, or a cash amount that brings you whole again. Gather all your documentation, including the picture book that describes all the things done to it. Copy the book and share it with the insurance carrier as part of your claim. "Sparring" on the phone is them feeling you out for what they can do to satisfy you. I recommend that you, in the most expeditious way possible, put together your numbers and conditions, and submit a written claim. Strike first and fast, so the initial discussion amount starts from your number, not theirs. If they say they have a car that meets the requirements, hold it up against your written list of requirements, and it's an easy yes-or-no decision for all. Make sure your claim includes your cost of being without the car, including a rental replacement, plus all costs associated with the replacement car like taxes and registration fees. If part of your settlement requirements include having the old car back, put that in there too. The insurance guys want you out of their hair and off their books, and the lingering expense of rental car and such is another incentive for them to settle quickly. Be reasonable but firm, everything in writing, and continually remind them that their insured stole the car from you, and that a jury will see it your way.

For the rest of us playing at home, this is a wake-up call to bring all your documentation current and more. You watch the Barrett-Jackson, Meekum, and R-M auctions on TV, and see that the 'collectible' cars have binders of documentation, receipts, photos, etc., to support their value. It's just as important for us mortals to keep similar records for our cars, so that it's clear to all what it took to get here and what it takes to get here again. That POS yard-find project in the Pennysaver is only $40k away from matching my $22k collector-quality example. The books tell why just writing me a $22k check and giving me my old car is such a bargain.


That's my too sense...

NordicSaab

How about a nice 1980 928 GT...

http://cgi.ebay.com/ebaymotors/1979-...item257254cd6b

This is probably a more accurate showing of market:

http://cgi.ebay.com/ebaymotors/ws/eB...ectorid=229466

Beautiful car.

jbrob007

I wrote our local PCA Valuation Rep to get a valuation on my 928S for agreed value insurance with State Farm. My agent recommended an appraisal / valuation and thought my car was worth much more than what I would collect if it were totalled... To my surprise the PCA Valuation Program doesnt "support" the 928 model... WTH!?!?! I am now back to square one! Good luck!