993 insurance evaluation..
06-08-2006, 03:48 PM
#1
Drifting
Thread Starter
993 insurance evaluation..
Hey gang,
So I was considering having my car appraised for insurance reasons. As we all know, KBB and Edmunds are not reliable sources for 993 value and pricing. Maybe in the wholesale market but not in the real world. It is my understanding that insurance companies write checks based on those values if something happens to the vehicle.
- I know that if something were to happen to my car, insurance would use KBB to hold me hostage on the value of the car even though I would never be able to replace my car at KBB and Edmund prices..
- So the questions are:
1) Have any of you had your vehicles appraised for insurance?
2) Have any of you had your 993 stolen or totaled and got ripped off by insurance company
3) How much does it raise the cost of insurance after it is appraised for a higher value.
- Or do you just go with the flow and if something happens to the car, argue the numbers with them then? I'm just not sure if that is practical in the case of our 993's,,
Your thoughts?
B
So I was considering having my car appraised for insurance reasons. As we all know, KBB and Edmunds are not reliable sources for 993 value and pricing. Maybe in the wholesale market but not in the real world. It is my understanding that insurance companies write checks based on those values if something happens to the vehicle.
- I know that if something were to happen to my car, insurance would use KBB to hold me hostage on the value of the car even though I would never be able to replace my car at KBB and Edmund prices..
- So the questions are:
1) Have any of you had your vehicles appraised for insurance?
2) Have any of you had your 993 stolen or totaled and got ripped off by insurance company
3) How much does it raise the cost of insurance after it is appraised for a higher value.
- Or do you just go with the flow and if something happens to the car, argue the numbers with them then? I'm just not sure if that is practical in the case of our 993's,,
Your thoughts?
B
06-08-2006, 04:09 PM
#2
Drifting
You got me thinking so I called my agent just now.
My insurance company (Allstate 17 years) would pay approx. fair market value for my car if it was totaled.The final figure is based on what the market show cars with similar miles and equipment are currently selling for, not KBB or NADA.
My agent just told me he feels that my 95' with 90k mi would be worth approx. $29k as a total loss based on everthing he knows about the car. He did warn me that add-ons, like spoilers and trick suspension or Big Red brakes are only allowed a total add on of $1000. and any amount I paid for the upgrades above that would not be figured into the final amount.
ZP44
My insurance company (Allstate 17 years) would pay approx. fair market value for my car if it was totaled.The final figure is based on what the market show cars with similar miles and equipment are currently selling for, not KBB or NADA.
My agent just told me he feels that my 95' with 90k mi would be worth approx. $29k as a total loss based on everthing he knows about the car. He did warn me that add-ons, like spoilers and trick suspension or Big Red brakes are only allowed a total add on of $1000. and any amount I paid for the upgrades above that would not be figured into the final amount.
ZP44
06-09-2006, 08:26 PM
#4
Addict
Rennlist Member
Rennlist Member
Your best resource is the Black Book "Cars of Particular Interest" guide ... this has realistic numbers, and is used by guys like Holt, Willhoit, RPM, etc., to set top value for their cars. You have to be a dealer to get it, but most dealers will have it, and a lot of body shops do, too.
When my pristine 95 C2 with 23k miles was totalled 2 years ago, the insurer offered $28k as a settlement, which was the NADA value at the time. I faxed them the CPI value, along with 10 other 95 C2 coupes advertised at that value, and the next offer was $40,100 -- the CPI price.
Typically, the high-end dealers want to buy your car at NADA wholesale, and sell it at CPI retail :-)
When my pristine 95 C2 with 23k miles was totalled 2 years ago, the insurer offered $28k as a settlement, which was the NADA value at the time. I faxed them the CPI value, along with 10 other 95 C2 coupes advertised at that value, and the next offer was $40,100 -- the CPI price.
Typically, the high-end dealers want to buy your car at NADA wholesale, and sell it at CPI retail :-)