Dealing with insurance for total loss car payout - Rennlist - Porsche Discussion Forums

Go Back  Rennlist - Porsche Discussion Forums > Water Cooled Technical Discussion Areas > 997 Forum
Reload this Page >

Dealing with insurance for total loss car payout

Notices
997 Forum
Sponsored by:
Sponsored by:

Dealing with insurance for total loss car payout

Reply

Old 03-13-2018, 12:58 PM
  #1  
beyondthegrave77
User
Thread Starter
 
Join Date: Feb 2016
Posts: 38
Default Dealing with insurance for total loss car payout

So I made a post last week about wanting a euro bumper after someone rear ended me. well after dealing with a bunch of ****ty insurance things they are actually gonna total the car.

Anyone who has been through this know what information I should gather or what I should have in my arsenal to get more for the payout, they called me an have said they have their own "agreed upon value" formula and of course its less then I even paid for the car which I only bought a year ago.
If you want to post it here and PM me It would be greatly appreciated.

The car was a 2009 997.2 Porsche 911 Carrera S coupe 6speed manual with 48k miles. In great condition with NO issues. They are offering 10k less then the cars value. I have told them to forward the claim to a supervisor to have another appraiser look at it.

Any thoughts?
beyondthegrave77 is offline  
Reply With Quote
Old 03-13-2018, 01:09 PM
  #2  
shekmark
Addict
Rennlist Member
 
shekmark's Avatar
 
Join Date: Oct 2017
Location: Manasquan, NJ
Posts: 459
Default

There was a thread on here that talked about a seemingly small rear bumper collision and the underlying frame damage was so significant that the car was totalled. I wish I could tell you exactly where but I don't remember. Perhaps there is some info there that would help you, or one of the OPs will see this and respond. May I ask what source you are getting your value from for your argument with the ins co?
shekmark is offline  
Reply With Quote
Old 03-13-2018, 01:12 PM
  #3  
bhvrdr
Addict
Rennlist Member
 
Join Date: Aug 2017
Posts: 499
Default

I would start by trying to locate every 2009 CS 6speed for sale across the country right now and do an average of the asking price broken down by mileage - autotrader, truecar, cars.com, carfax.com. It wouldnt hurt if you have a friend to look at what they have sold for at Mannheim during the past 12 months as well. No doubt insurance companies would use that data since it tells what they actually sold for. Thats going to be a lower number than what, you, the retail buyer would pay. Then of course you can do the usual KBB private party value as well. All of these things taken together establish a cars value.
bhvrdr is online now  
Reply With Quote
Old 03-13-2018, 01:12 PM
  #4  
DC911S
Addict
Rennlist Member
 
DC911S's Avatar
 
Join Date: Oct 2014
Posts: 2,263
Default

I would get a complete estimate of all the damage down to each part and the labor involved. If insurance companies spent money on fixing cars instead of all the dumb commercials with weird pasty women in big hair or talking lizards or other characters they might actually do their jobs.
DC911S is offline  
Reply With Quote
Old 03-13-2018, 01:16 PM
  #5  
exduluthian
User
 
Join Date: Jan 2016
Posts: 12
Default

1) The fact that the car is valued at less than it sold for a year ago should not come as a surprise.
2) It is likely that the insurer's first offer is not their final offer. You have made the initially right move in asking that the claim be referred up the ladder.
3) It is difficult to determine actual "value," as most people only have access to asking prices, not actual sale prices. You should try to find the best (closest in spec and mileage) examples, make some allowance for negotiation, and use those as comparables to submit to the insurer. AFAIK, eBay is the only place you will find actual sale prices, and they are now few and far between.
4) I do not know what the insurance regs are where you live, but some states have independent adjusters who will appraise the vehicle and make your case to the insurer.
Good luck!
exduluthian is offline  
Reply With Quote
Old 03-13-2018, 01:23 PM
  #6  
cosm3os
Addict
Rennlist Member
 
cosm3os's Avatar
 
Join Date: Mar 2008
Posts: 693
Default

Get the sales off BAT. The 997s prices have been strong, and they are actual sale prices, not asks.
cosm3os is offline  
Reply With Quote
Old 03-13-2018, 02:01 PM
  #7  
mjsporsche
Addict
Rennlist Member
 
mjsporsche's Avatar
 
Join Date: Apr 2004
Location: Central NJ
Posts: 2,198
Default

When a car is totaled, the settlement value should be sufficient to buy another 997 in similar condition, mileage, etc. Take any mods off the car if possible. And note any recent significant maintenance performed. And it should also include sales taxes you would have to pay to buy that replacement 997. As others have suggested, you need to do research and present a proper market value to replace the vehicle.
mjsporsche is offline  
Reply With Quote
Old 03-13-2018, 03:26 PM
  #8  
beyondthegrave77
User
Thread Starter
 
Join Date: Feb 2016
Posts: 38
Default

So they sent me the appraisal estimate and are using the Nada values, and of course the lowest "retail" of their values, like for example the fact its manual shows "lower" value.

shekmark/dc911s , That is essentially the deal with my car, was hit at 20/30mph while I was stopped at a traffic light. The damage from the outside looks like just the impact bar/rear bumper needs replacement. The car was hit at a weird angle, where the licene plate area (bumperettes were almost not touched...) is where the impact area was. this pushed the impact bar and crossmember forward. The parts are only for new bumpers/impact bar etc. But the labor bill is huge(25K+) because the estimate includes the engine/axles/suspension taken out to verify the cross member integrity and measured within 2mm of porsche spec. Which is why its being totaled since the quoted time is a few months and the insurance company thinks once work starts it will only go up in price.

To everyone else after the person was found at fault 100% I took it to a porsche certifed place with excellent reviews so I know their estimate is probably correct , the person who hit me was under insured so their insurance wouldn't cover most of the cost of this repair, so for now I had to get my insurance involved and they are the one who are totaling it and they called with the offer , I am having them move it up to another adjuster/manager and I am naturally torn up since I only bought the car a year ago at the market prices and fully paid it off in january 2018 .......
beyondthegrave77 is offline  
Reply With Quote
Old 03-13-2018, 05:01 PM
  #9  
sober_owl
Addict
Rennlist Member
 
Join Date: Jan 2015
Posts: 227
Default

wow that sucks..if i was you i would also try to buy it back..and sell it for parts make double ur money back
sober_owl is offline  
Reply With Quote
Old 03-13-2018, 05:05 PM
  #10  
myw
Super User
 
myw's Avatar
 
Join Date: Jun 2013
Location: richmond hill
Posts: 3,904
Default

VERY sorry to hear.

Originally Posted by beyondthegrave77 View Post
I am having them move it up to another adjuster/manager and I am naturally torn up since I only bought the car a year ago at the market prices and fully paid it off in january 2018 .......
myw is offline  
Reply With Quote
Old 03-13-2018, 05:26 PM
  #11  
jeffleept
Addict
Rennlist Member
 
jeffleept's Avatar
 
Join Date: Jul 2016
Location: Pasadena, CA
Posts: 106
Default

Originally Posted by shekmark View Post
There was a thread on here that talked about a seemingly small rear bumper collision and the underlying frame damage was so significant that the car was totalled. I wish I could tell you exactly where but I don't remember. Perhaps there is some info there that would help you, or one of the OPs will see this and respond. May I ask what source you are getting your value from for your argument with the ins co?
That was me.
https://rennlist.com/forums/997-foru...n-freeway.html

I will say I had no say in determining the payout value of the car, not for a lack of trying. My insurance company is USAA. They determined the value based off their own metrics, and they took care of me (paid me out) BEFORE negotiating the the other party's insurance company, which I greatly appreciate being kept out of.

To the OP: I'm very sorry your car was totaled. Hopefully a better 911 is in your near future.

- Jeff
jeffleept is online now  
Reply With Quote
Old 03-13-2018, 05:36 PM
  #12  
Fined
User
 
Fined's Avatar
 
Join Date: Feb 2016
Location: Raleigh
Posts: 883
Default

Diminished Value

I'd be learning about how to get after them for it.

One other thing, I've had the insurance company try to do something like this to me, I forced the issue and demanded to know how they came to the valuation. Come to find out they were looking at all Audi TTS on sale for valuation. When I told them to take out the convertibles and only look at the cars which were the same color as mine.. well I came out of it with $1k USD more than I paid for the car in the first place.
Fined is online now  
Reply With Quote
Old 03-13-2018, 06:06 PM
  #13  
beyondthegrave77
User
Thread Starter
 
Join Date: Feb 2016
Posts: 38
Default

jeffleept, I just clicked on your thread and my car looks EXACTLY like that from the rear and even your description is exactly like mine except it wasnt on the freeway but on a normal morning traffic main street where speed limit was 20/30mph. Everyone was stopped ahead at the traffic light including me. When someone (who was probably on their phone) slammed into me. I was also wearing my seatbelt and it became very tight when it happened so my body was stuck to the seat and not near my steering wheel so airbags didnt go off, but I smelt smoke from the seltbelt after and the drivers one seemed like it was broken to me.

Since the person who hit me was underinsured I had to file a claim with my own insurance, I bought the car summer of 2016 with 50% downpayment and paid the other 50% in 2017, so the car was officially paid off dec 2017. So I understand the cars depreciate, but theres no way this car has depreciated by 10-15k in a year when the few ones that are even listed for sale/ sold are selling for the same price I paid for mine.
beyondthegrave77 is offline  
Reply With Quote
Old 03-13-2018, 06:35 PM
  #14  
verboten
User
 
verboten's Avatar
 
Join Date: May 2004
Posts: 370
Default

You will undoubtedly get a low-ball offer. If want the best price for your car you are going to have to do the work and prove their numbers are wrong. Make a spreadsheet of all the cars listed on autotrader.com or cars.com for the same year, make, ~miles and model and calculate the average price. This should be your target buy-back/totaled price. If they question your pricing methodology, you might consider 5% less than ask price, which may be a more accurate selling price.

Insurance metrics for other car manufactures don't always agree with used Porsches. Porsche are not like other cars and are very strong in the used car market.

Good luck.
verboten is offline  
Reply With Quote
Old 03-13-2018, 06:39 PM
  #15  
Splitting Atoms
Addict
Rennlist Member
 
Splitting Atoms's Avatar
 
Join Date: Mar 2017
Location: Clemson, South Carolina
Posts: 396
Default

What a bummer. One of my co-workers had his car totaled last week. The insurance representative started off with a low value and told him they were taking 20% off because they said he was 20% at fault. He asked them how he figured that. He was not speeding and was not cited for any violation by the police. The insurance company individual said that he was driving the speed limit which they felt was too fast for conditions. Of course my co-worker called bull and when the insurance company found out he had been to a chiropractor, they offered 100% of what my co-worker valued the car at. It's all a big racket. As an aside, when he went to the chiropractor, the first question they asked him was who was his attorney. They were shocked when he said he didn't have one and they offered to refer him to some good ones who would get him maximum payout.

The good news is that he is about to replace his Honda with a 2011 911.
Splitting Atoms is online now  
Reply With Quote

Thread Tools
Search this Thread
Quick Reply: Dealing with insurance for total loss car payout


Contact Us Advertising Cookie Policy Privacy Statement Terms of Service

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
 
  • Ask a Question
    Get answers from community experts
Question Title:
Description:
Your question will be posted in: