Theft recovery - need advice
#16
Race Director
Glad to hear your Porsche was recovered, and apparently with only minor damage. Sounds like a good plan to repurchase the car from the insurance company and starting your ownership over again. As mentioned, don't accept their first buyback offer. Best of luck.
#17
May I ask how did they stole the car? I mean, how did they open the doors and eliminate the alarm. Maybe that could help us for take some additional cautions
Thanks in advance
Thanks in advance
#18
Rennlist Member
Join Date: Apr 2010
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#19
RL Community Team
Rennlist Member
Rennlist Member
I always worry when my wife forgets and leaves her keys at home when we go somewhere.
Maybe I should swap her a key with the key I have without the sensor pill since she has only driven my car once in the last 12 months.
That way they could get inside and take the V1 and dashcam, but wouldn't be able to take the entire car.
Hmmm...
#20
RL Community Team
Rennlist Member
Rennlist Member
Apparently house was broken into and the keys were in the kitchen. https://rennlist.com/forums/996-foru...seattle-2.html
You need to learn to type slower!
At least this one I was closer, so I'm either typing faster or you're slowing down a bit.
#21
Rennlist Member
Hello, here is a way to value the car for the buy back, I presume that it will say salvage on Title which is normal for stolen and recovery, it may say stolen and recovery depends on state.So as another member has said it is worth less money with a "branded title".
At this stage you just want to buy it back, at a good price,repair the cosmetic damage and drive it. In the future you may want to sell it, so it is important that you have the full story, with photos, bills etc.
Dont forget there are two pictures you have to paint, one for your satisfaction so you are happy with the deal, the other is to the insurance company so you can buy it back at the lowest price.
For You
1. You have all the records of service etc before the car was stolen.
2. Document with photos all the damage etc done during its non authorized drive around town.
3. Know how much you can get repairs done to bring the car back to where you want it.
The story for the Insurance company and I have worked with them before and they will try to get max out of it.
1. Ask them how much they want to buy back and what are they basing there assumptions on.
2. Make sure you have slightly over budgeted quotes on wheels,one may be bent or cracked, paint restoration, interior damage to seat, carpets out to get ride of smells etc, maybe brakes are "warped, bad pads etc
3. Use that Durametric report, saying maybe engine needs to be dropped and looked at? Possible IMS issues
4. Dont go silly but make sure all quotes are top end.
Here is the tricky part with the Insurance comapny.
If car is worth $20K with mileage and condition, I would not pay any more than the following formula.
Take 30% of that which now makes it $14K with "branded title"
Then deduct below
- Wheels restored $1000
- New Tires due to being scrubbed $1000
- Alignment due to curbing $150
- Make sure no suspension damage $500
- Total paint restoration and paint touch up $1500
- Interior repair and clean up $1000
- Now the tricky part, drop engine , do some repairs $1500
So the total is around $6750 so try and buy for around $7500.
If the above actual repairs are only $3000 then you may go to $10K for the car
How long have you been with Insurance company, do you have a good relationship with them, try and see what they are thinking, they sometimes just want to get of the books asap and keep your business for the future.
Bets of luck hope this helps.
John
At this stage you just want to buy it back, at a good price,repair the cosmetic damage and drive it. In the future you may want to sell it, so it is important that you have the full story, with photos, bills etc.
Dont forget there are two pictures you have to paint, one for your satisfaction so you are happy with the deal, the other is to the insurance company so you can buy it back at the lowest price.
For You
1. You have all the records of service etc before the car was stolen.
2. Document with photos all the damage etc done during its non authorized drive around town.
3. Know how much you can get repairs done to bring the car back to where you want it.
The story for the Insurance company and I have worked with them before and they will try to get max out of it.
1. Ask them how much they want to buy back and what are they basing there assumptions on.
2. Make sure you have slightly over budgeted quotes on wheels,one may be bent or cracked, paint restoration, interior damage to seat, carpets out to get ride of smells etc, maybe brakes are "warped, bad pads etc
3. Use that Durametric report, saying maybe engine needs to be dropped and looked at? Possible IMS issues
4. Dont go silly but make sure all quotes are top end.
Here is the tricky part with the Insurance comapny.
If car is worth $20K with mileage and condition, I would not pay any more than the following formula.
Take 30% of that which now makes it $14K with "branded title"
Then deduct below
- Wheels restored $1000
- New Tires due to being scrubbed $1000
- Alignment due to curbing $150
- Make sure no suspension damage $500
- Total paint restoration and paint touch up $1500
- Interior repair and clean up $1000
- Now the tricky part, drop engine , do some repairs $1500
So the total is around $6750 so try and buy for around $7500.
If the above actual repairs are only $3000 then you may go to $10K for the car
How long have you been with Insurance company, do you have a good relationship with them, try and see what they are thinking, they sometimes just want to get of the books asap and keep your business for the future.
Bets of luck hope this helps.
John
#22
If you can negotiate a good buyback price, definitely buy it. Make sure you account for diminished value. I too would be interested in buying the car if you decide you don't want it since I am local as well....However, unless you bought another car, seems like this may be an opportunity for you. Additionally, You could contact Norspec and see what they would pay and just flip it to make a couple of grand real fast. You have tons of options.
#23
Instructor
Are you a PNWR member? There have been some articles in the last few Spiels about accidents and diminished value, not sure if any of that will be helpful in dealing with a theft recovery.
#24
Hey guys:
My stolen C4S was found on Friday night - need some advice as I contemplate keeping the car, maybe buying it from the insurance company (as salvage)?
I've been paid out by the insurance company, car apparently totaled though its still registered in my name, and I'm apparently still recorded as the legal owner (verified by the police). The car seems to be in reasonable shape, it was abandoned when it ran out of gas, so I assume the thief drove a few hundred miles around Seattle (less than a tank).
I drove it home and it seems the same as when I lost it, some new scratches, ash all over the interior, curbed wheels but nothing absolutely terrible. I checked over the engine using Durametric and first off, I wanted some feedback on the results.
For range 2, I have 3/3672.4h and total hours now 3753.2:
So does this mean that 81 hours ago, there was a range 2 event?
I don't think that the thief would have been able to put 81 hours on the car during its absence ... and I'm a pretty cautious driver so this is a weird result.
Thoughts on buying the car back? My motivation is mostly all the work I've done on this car over the 4 year period I have owned it.
Cheers,
Michael
My stolen C4S was found on Friday night - need some advice as I contemplate keeping the car, maybe buying it from the insurance company (as salvage)?
I've been paid out by the insurance company, car apparently totaled though its still registered in my name, and I'm apparently still recorded as the legal owner (verified by the police). The car seems to be in reasonable shape, it was abandoned when it ran out of gas, so I assume the thief drove a few hundred miles around Seattle (less than a tank).
I drove it home and it seems the same as when I lost it, some new scratches, ash all over the interior, curbed wheels but nothing absolutely terrible. I checked over the engine using Durametric and first off, I wanted some feedback on the results.
For range 2, I have 3/3672.4h and total hours now 3753.2:
So does this mean that 81 hours ago, there was a range 2 event?
I don't think that the thief would have been able to put 81 hours on the car during its absence ... and I'm a pretty cautious driver so this is a weird result.
Thoughts on buying the car back? My motivation is mostly all the work I've done on this car over the 4 year period I have owned it.
Cheers,
Michael
Now regarding the 81 hours when the over-rev happened. That is a lot of time in the car. Did you check the mileage. How many miles did the thief drive the car? Could the over-revs have happened during past ownership?