I'll explain the math here to clear up a few things.

I sent them a spreadsheet with 38 listings. One sheet had 23 Autotrader/Cars.com/similar listings, all 2008s. The average list price for a 6-speed Carrera S coupe was $64,564, and average mileage was 55,876. After adjusting downward for the fact that list price is not a sales price and people generally negotiate, and adjusting for my car's higher mileage, it yielded a price of $58,473. I used their method for adjusting both price and mileage, not something I made up.

The other sheet had 15 BringATrailer sales. This is harder because there are fewer direct comps (a lot of 4Ses, some out-of-country cars, etc), but the average sales price of direct comps was $59,313 and average mileage was 36,500, so doing mileage adjustment (no need for price adjustment since it's an actual sale) brings you to about $55,000.

I introduced some confusion in the initial post, which I'll go and edit in a moment, because I included additional value that I calculated related to upgraded parts (e.g. PCCM+) as well, since I'd either want value for those components or the chance to retrieve them from the car prior to sending off for salvage. So, the apples-to-apples comparison is their offered price of about $48,000 and my calculated price of $55,000-58,000.

 

So you really went about it fairly IMHO, if their offer is below $50K I think I echo others here in saying you may need to escalate legally. Gotta say, surprised how much these cars are now, not that long ago I was considering buying a GTS PDK Cab with 40K miles for $55K USD. Shame I didn't.

 

As a few above suggested get an Attorney. Well worth the expense if you want highest value.

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I wouldn’t, not at this point.

They gave OP a path in asking him to get a 3rd party appraisal from an appraiser, there is even one listed on the front page of this thread.

Pay the few hundred for a desktop appraisal and see how that goes, if it benefits him report back to them, if it doesn’t bin it and move on.

Just play the game.

If they are off $5k-$8k, the headache and legal cost to fight this would quickly exceed that amount.

I am in Commercial Finance and occasionally have to deal with cram-down requests on loans during a Chapter 11.

We regularly have to get third party appraisals to defend our values even though we have an internal department of dozens of valuations folks that do nothing but price new deals and assign values to our current book, the customer/trustee also does the same.

An unattached/unrelated 3rd party value from an asset appraiser carries a lot of weight.

It also shows the court that OP was acting in good faith if it ever gets litigated.

 

Yeah, I don't think it's attorney-worthy if I'm honest, at least not yet. It's not really about the money at this point, since a few thousand here or there isn't going to make or break me. It's more about the principle of it, that I feel like I demonstrated fairly why their value was low and they're just telling me to pound sand. While I'm capable of being rational about it, at the moment I've got my dander up and I'm thinking "I don't need the money to buy transportation since I have another car, I don't need to patch the hole in my bank account right away, and I feel like I've been reasonable in my approach while they've been unreasonable in theirs." In a sense, I'm a perfect candidate for pushing this toward legal action. So many of their customers have no choice but to accept a lowball offer because they need it to buy a car to get to work or whatever.

 

OP - hopefully this works out ok for you.

To anyone contemplating whether or not to go with Agreed Value insurance on your 911 - this situation is a very real example of what you could face if you don't purchase that coverage.

 

Take the 48k but tell them you want the car. Then part it out. I did that once.

 

I lost a honda accord about a 1.5 years ago. lady came out of no where and creamed it. They offered me 10, I payed 7 for the car. But since the market changed and covid shot the prices up, I refused to cash any check or accept anything less than the 12 I thought was fair. I just did nothing and called a lawyer. I told him when they get to 12 I'll take it. Dont do anything and let it drag out if you don't need the money asap. Eventually they'll want to clear the fiscal period and pay you whats fair. On a side note, i have new daily driver coming, and as soon as it gets here the carrera gets an AV policy. It just goes to show how clueless the insurance companies are, 6 speed and hard top go up higher not less.

 

I inquired about what the payout would be if I took possession of the car. I'd have to look at my notes, but my recollection is it was something like $30,000 and change. I honestly considered it because I think the powertrain alone is probably worth north of $15,000, then you start adding up easily-sold parts like wheel sets (I have two), PCCM+, Numeric Shifter, 997.2 steering wheel, and so on and you can do pretty well. Then there's harder to sell stuff like rare Natural Brown interior parts, suspension/brake components, etc. I'm reasonably sure I could come out ahead if I did it this way, but there's a big pain-in-the-*** factor and I just don't really want to deal with it unless the numbers are wildly in my favor, though it would be kind of fun in a way.

 

It's unfortunate that in today's world you have to threaten Insurance companies with legal action. My wife had accident(other drivers fault) and only way to get decent coverage for high end shop Mercedes Benz repairs and adequate rental car coverage from other driver's Insurance company was to threaten legal action.
I have friend who does my legal work so costs are very low or no costs to me hwoever just the "threat" of hiring attorney can get much more attention & better outcome when/if these companies balk.
This has been my experience.

 

There’s a thread on the 958 forum about a recent valuation battle with great success. Go read it as it has details on the approach.

 

Sorry for your loss, OP! Apologies in advance as I didn’t have time to read through all the legal mumbo jumbo or the full thread, but I saw your PM (I’m the guy from the 958 thread referenced above by @TRINITONY [summary post here] ) and wanted to reply:

Since I think you’re South of the river from us (my experiences with total losses have been in MD and DE), please see below for some of the applicable laws I was able to find on VA motor vehicle claims…
https:/law.lis.virginia.gov/vacodefull/title8.01/chapter3/article7/

Definitely give the above (and any other pertinent laws you can find) a good read-through, paying attention to and investigating the language including but not limited to…

• the equivalent vehicle rental cost after loss (not sure what they put you in, but I doubt it’s a 997 )
• the interest penalty when refusing to pay claims,
• the insurer liability for failure to pay reasonable claims, etc.
• method of valuation

Note: I didn’t see anything in there at first glance on legally required method of valuation, but admittedly didn’t read through it all…be sure to check for that, too. I’m sure you’ll find it somewhere and it will be helpful. The applicable legal code may even be referenced on their initial valuation or claim letter if you read the fine print.

Opinions (worth the paper they’re printed on):

• I’d agree with some of the folks above that an 8-10k delta doesn’t sound worthwhile to actually retain legal counsel, BUT I’ve found that a nicely worded letter of demand drafted by you and signed by a lawyer (<$200) can be money well-spent IF you don’t think it will put the opposing party in a corner that you’ll need a lawyer to help them out of.
• I’d also agree with the comment above about hiring a cheap appraisal service to see if they can get to a number that will help your case. I would also include the cost of this appraisal in your demand letter if it is in your favor.

Most importantly, be sure your demand letter is for much more (but still within the high-side of semi-reasonable) than you would actually settle for—using and referencing the laws and any reasonable basis of valuation as justification. This will let them negotiate down to the value you want/need to feel whole or—worst case—keep you looking like the well-justified & reasonable good guy being beaten up on by the big bad insurer (just in case you should need to take them to court over it, though this is doubtful given the delta).

I don’t check in on the forums often these days but feel free to “bump” the PM if you want/need me to check back in. Hope this helps! Good luck!
FR

 

Take the money, keep the car and fix it yourself. No airbag deployment means it is wrecked, not totaled. Parts are available new or used.

 

OP,

Glad that you were not injured.

Based upon some recent experience like yours, the insurance companies are not interested in fairness or even considering the information that you send in. They will stick to their number.

Easy button is to interview a couple of attorneys who specialize in auto claims. They know the state's insurance laws, and the tactics used by insurance companies. Move on while your attorney work things out. I used a small firm in Maryland who did a great job. PM me and I would be happy to share their info. I had a 24/7 job at the time and it was a relief in the end that I turned the whole thing over to them.

 

I had a situation several years ago where an insurance company didn't want to pay what I felt a car was worth and I went through the same efforts at gathering data to show the higher value and still couldn't get them to budge. I ended up contacting my state insurance commissioner and speaking with one of their people that took all of my information, including the data I'd gathered, and opened a case. I had a call back from the insurance company 2 days later agreeing to the amount I believed was fair. That might also be a worthwhile angle of approach and it was totally free.