PaulP

Well it looks like ins. wants to total the turbo. You might remember it as the white TT that had the rear end burnt off from DE event with my son driving.
They have offered 75k and change, which based on FMV is probably the best I could hope for. Car had just under 19k miles and was near perfect. I had recently installed PSS-9 w/adj sway, Fikse Profil 10 wheels w/Corsa tires. Sport Seats, BMC filter, Fabspeed muffler bypass and misc. alum trim pieces on interior.
My question is this; has anyone had experience with settlement on a totaled vehicle? Can I get any additional money for Sales Tax that I'll be out if I purchase a replacement turbo for the 75k? I know the aftermarket additions are a loss and the claims guy says "no pulling off" of these parts. Third party appraisal supposedly gave me compensation for them. Yea, right!
Any opinions? Thanks

KeithR3

Sorry about your car. Atleast no one got hurt! Please let me know if you are interested or able to sell your wheels. I am very interested.

993Power

Hey Paul, if your Insruance covers full coverage of the car. I mean FULL coverage, you could give them reciepts of how much you paid for all the aftermarket parts on the porsche and see if they can give you the compensation for it. Thats uaually what happens here in CA when cars are like that get into an accident. hope that helps

chris

johnfm

Clearly, if you cannot get another TT with all your mods for $75k INC the tax, don't accept their offer. Clearly, they will try to get out of this as best they can, so you probably need to fight your corner hard.

I intensly dislike 'insurance', as you need to bleed to get any fair payout from most insurers.

I hope you have a good experience with them & find a new TT.

Anir

Paul,

When I totaled my Ducati last year, State Farm did increase the payoff amount significantly based on the value of several aftermarket components (exhaust, carbon fiber accessories), but we had to haggle a bit.

State Farm also offered to let me buy the bike back from them - the payoff was $8,000, and I could have purchased it for about $2,500. I chose not to do it, because I didn't need the parts and didn't want to hassle of selling individual parts. However, for a 993, it might be worth it?

Kevin

Paul you have rights, you might want to have your car appraised in stock form, before your mods. And then sell the parts to recoup your investment! A recent turbo Total in the northwest with aftermarket rims was initially adjusted for $62K for a '96. Please email me, or call me (800)838-3064..

Rick in Portland

Never accept their first offer! Get lots of ads off of the Internet to justify a higher price. It took me over a month to settle with Farmers, but I got the price I was after. I showed them the higher-priced TTs for sale.

It basically comes down to whoever blinks first. Be a bulldog and forcefully hold your ground. It works!!

Remember, they are NOT your friend and are being paid to get the lowest settlement price as possible.

Rick
www.993tt.com

993TTaddict

Just a suggestion - definitely work the insurance Co as much as possible - THEN - Negotiate the price that you can buy the salvage for (by then they will have let you know how little it is worth). Take the parts you want and sell the rest. With a little patience, my experience is that you can recoup several times the salvage price by selling the bits and pieces through the Pano or e-bay.
Shiny Side Up,
Bruce

viperbob

Paul,

I had as similar situation with a 3.6L Turbo that was totalled. As with yours, they told me they gave me compensation for the other work that was done with the inital offer. Then I gave them TRUE stock fair market sales of recent cars, and THEN gave them my receipts for the car work that was performed. They would not reimburse for consumables (clutch, brakes, etc) and there was some depreciation for items purchased 6 months prior. But they did PAY quite a bit. The diff between their initial offer and the settlement was almost $30K. Then they were nuts on the car buyout. They wanted $45K. It sat as a salvage yard for 6 months. A guy bought it finally for $25K, saw some papaerwork with my name and came and bought some of the stock parts that I had in my garage.

That is another good point, they never asked for any of the stock parts back that were replaced by the new mods. So it worked out OK.

Good luck, and let me know if I can answer and questions for you...

pig4bill

The good news is that they're are paying for a track incident since many insurance companies won't. If you don't mind divulging the insurance company, it would be good info to have.

Carrera GT

Is it State Farm? Do they cover track damage? Is there another insurer that covers track days (non-competition but maybe there is timer equipment or whatever) ?

I'm going to drop AllState (cheap through my broker, but they're not covering any "off road" ? damage) and I'm down to insweb.com and statefarm.com but the process for getting a quote from both companies is onerous and yet so vague as to leave me wondering if I'm really covered.

viperbob

pig4bill,

Not quite sure if you are asking your question to Paul of myself. My insurance company was State Farm. At the time it was a DE event and since it was non-timed, they covered it (even had a letter from the regional office stipulating this in writing prior to the incident). In addition, the problem was caused by a mechanical failure (sway bar link snapped in the front doing 120 in a turn) so I was not even charged with an accident and had no increase in rates.

PaulP

Thanks for all the feedback. I have considered the buy-back/salvage angle and am waiting for a $$ amount. My son's insurance is covering most of the cost with his "Property damage liability coverage". which is max of $50k and my insurance is covering the balance with my "underinsured motorist".
His is Farmers and mine is Windsor. Before calling in my insurance I checked my policy and could find no mention of track or racing being excluded. The claims guy even told me they couldn't believe their std policy did not mention or exclude racing, etc. Trying to explain and get them to understand what a DE is requires lots of patience!
The asking prices for a 96TT is all over the board. I've seen high mileage for 79k and low miles for 72k. I've even found some asking high 80s'. Of course without first hand inspection nothing can be compared, but you guys have given me good fodder for my canon. Thanks again.