Non-Running 997tt PPI
11-15-2018, 01:24 PM
#32
Intermediate
Thread Starter
11-15-2018, 01:34 PM
#33
Intermediate
Thread Starter
now this will drive you nuts. When I bought my viper it had a clean car fax. 2 years later re ran car fax and it shows an accident 10 years ago and 4 years ago. Carfax said their warranty is only against salvage car title. I was not a happy camper. So just because the car fax is clean today doesn’t mean it will be clean tomorrow.
So so you are saying the insurance company paid the original owner but the claim wasn’t enough to total out the car but was high enough to trigger a car fax accident notice.
Then the original owner cashed the check (assuming car had no loans since bank would Be lien holder and they won’t sign over an insurance check without car being repaired) and original owner had the dealership sell the car as is. New owner lives in California has car transported and titled the car in California.
If it happened like what I wrote above it would make sense. Still would affect diminished value claims and difficult but not impossible to get agreed value policies (aka collectors insurance policy). Stated value would be easier to obtain.
Thanks - Sid
I have already fully insured the vehicle with both collision and comprehensive coverage as I would with any of my vehicles. To my knowledge this coverage is no different than if the vehicle had never been in that collision in 2009 (as all the damage has been repaired). What would diminished value claims be in this case? I believe I have a policy that is based on the "cash value" of the vehicle at the time of a loss, so I imagine that it will depend on a few factors determined by a claims adjuster in the even of a loss.
Last edited by ctglass; 11-15-2018 at 02:27 PM.
11-15-2018, 04:48 PM
#34
ctglass- can you clarify fully paid out?
IE. car worth 150k, car gets into accident damage is 50k... not enough to total a car. 70% value is what it takes to total a car in most states. Owner gets the 50k then sells the car for whatever he can get vs fixing the car then selling the car for whatever reasons IE- dealing with tire kickers on a wreck P-car.
or 150k gets damaged 120k worth an insurance company writes off the car. Hands the owner a check for 150k, he turns around and wants to sell the car as is, so he buys the wreck car for wreck car FMV. Then sells the car?
THose two examples greatly changes the outcome of the title. I'm guessing option 1 happened.
Now onward to insurance. Diminished value claims are claims that you file when you are NOT at fault. Say you car is pre accident was worth 150k. Then after a 20k wreck, you try to sell the car and the dealership gives you 100k. You would have a diminished value claim for 50k. INsurance companies will run a carfax and the moment they see a wreck, they will come back and say the car isn't worth a diminished value claim. I had this happen on my viper i was referring too. Had to get two independent appraisals PITA and barely got 1/6 of what i should have gotten.
On all of my fancy cars, i have Agreed Value coverage. Both parties agree on what the car is worth, and when there is an accident involved, we do not have to established the value of the car. We work from the agreed value down. If you have stated value coverage like progressive, then it is your job to prove the car is worth X instead of Y during a claim. My beloved 95 Toyota Supra 800RWHP car caught on fire in my garage due to a battery exploding. The insurance company had to pay me my full Agreed Value of the car. There was no depreciation instead they had to pay 2% premium. Then i bought the car back for junk value $3k and parted the car out and sold it. They paid me out, and requested i give them the title. Once they got the title, they filed it as salvage and the state sent me a new title with salvaged on it. I sold the car to a pilot in Texas. Once he got the car in working order he got it inspected and the title went rebuilt status. He moved to Nevada and now I believe the title is clear. If you are getting non-collector policies put on your car, i would highly recommend a stated value if you can't get agreed value. much less headaches with the adjuster when you have the right coverage.
It's crazy i know. Good luck and have fun!
IE. car worth 150k, car gets into accident damage is 50k... not enough to total a car. 70% value is what it takes to total a car in most states. Owner gets the 50k then sells the car for whatever he can get vs fixing the car then selling the car for whatever reasons IE- dealing with tire kickers on a wreck P-car.
or 150k gets damaged 120k worth an insurance company writes off the car. Hands the owner a check for 150k, he turns around and wants to sell the car as is, so he buys the wreck car for wreck car FMV. Then sells the car?
THose two examples greatly changes the outcome of the title. I'm guessing option 1 happened.
Now onward to insurance. Diminished value claims are claims that you file when you are NOT at fault. Say you car is pre accident was worth 150k. Then after a 20k wreck, you try to sell the car and the dealership gives you 100k. You would have a diminished value claim for 50k. INsurance companies will run a carfax and the moment they see a wreck, they will come back and say the car isn't worth a diminished value claim. I had this happen on my viper i was referring too. Had to get two independent appraisals PITA and barely got 1/6 of what i should have gotten.
On all of my fancy cars, i have Agreed Value coverage. Both parties agree on what the car is worth, and when there is an accident involved, we do not have to established the value of the car. We work from the agreed value down. If you have stated value coverage like progressive, then it is your job to prove the car is worth X instead of Y during a claim. My beloved 95 Toyota Supra 800RWHP car caught on fire in my garage due to a battery exploding. The insurance company had to pay me my full Agreed Value of the car. There was no depreciation instead they had to pay 2% premium. Then i bought the car back for junk value $3k and parted the car out and sold it. They paid me out, and requested i give them the title. Once they got the title, they filed it as salvage and the state sent me a new title with salvaged on it. I sold the car to a pilot in Texas. Once he got the car in working order he got it inspected and the title went rebuilt status. He moved to Nevada and now I believe the title is clear. If you are getting non-collector policies put on your car, i would highly recommend a stated value if you can't get agreed value. much less headaches with the adjuster when you have the right coverage.
It's crazy i know. Good luck and have fun!
11-15-2018, 05:47 PM
#35
Intermediate
Thread Starter
ctglass- can you clarify fully paid out?
IE. car worth 150k, car gets into accident damage is 50k... not enough to total a car. 70% value is what it takes to total a car in most states. Owner gets the 50k then sells the car for whatever he can get vs fixing the car then selling the car for whatever reasons IE- dealing with tire kickers on a wreck P-car.
or 150k gets damaged 120k worth an insurance company writes off the car. Hands the owner a check for 150k, he turns around and wants to sell the car as is, so he buys the wreck car for wreck car FMV. Then sells the car?
THose two examples greatly changes the outcome of the title. I'm guessing option 1 happened.
Now onward to insurance. Diminished value claims are claims that you file when you are NOT at fault. Say you car is pre accident was worth 150k. Then after a 20k wreck, you try to sell the car and the dealership gives you 100k. You would have a diminished value claim for 50k. INsurance companies will run a carfax and the moment they see a wreck, they will come back and say the car isn't worth a diminished value claim. I had this happen on my viper i was referring too. Had to get two independent appraisals PITA and barely got 1/6 of what i should have gotten.
On all of my fancy cars, i have Agreed Value coverage. Both parties agree on what the car is worth, and when there is an accident involved, we do not have to established the value of the car. We work from the agreed value down. If you have stated value coverage like progressive, then it is your job to prove the car is worth X instead of Y during a claim. My beloved 95 Toyota Supra 800RWHP car caught on fire in my garage due to a battery exploding. The insurance company had to pay me my full Agreed Value of the car. There was no depreciation instead they had to pay 2% premium. Then i bought the car back for junk value $3k and parted the car out and sold it. They paid me out, and requested i give them the title. Once they got the title, they filed it as salvage and the state sent me a new title with salvaged on it. I sold the car to a pilot in Texas. Once he got the car in working order he got it inspected and the title went rebuilt status. He moved to Nevada and now I believe the title is clear. If you are getting non-collector policies put on your car, i would highly recommend a stated value if you can't get agreed value. much less headaches with the adjuster when you have the right coverage.
It's crazy i know. Good luck and have fun!
IE. car worth 150k, car gets into accident damage is 50k... not enough to total a car. 70% value is what it takes to total a car in most states. Owner gets the 50k then sells the car for whatever he can get vs fixing the car then selling the car for whatever reasons IE- dealing with tire kickers on a wreck P-car.
or 150k gets damaged 120k worth an insurance company writes off the car. Hands the owner a check for 150k, he turns around and wants to sell the car as is, so he buys the wreck car for wreck car FMV. Then sells the car?
THose two examples greatly changes the outcome of the title. I'm guessing option 1 happened.
Now onward to insurance. Diminished value claims are claims that you file when you are NOT at fault. Say you car is pre accident was worth 150k. Then after a 20k wreck, you try to sell the car and the dealership gives you 100k. You would have a diminished value claim for 50k. INsurance companies will run a carfax and the moment they see a wreck, they will come back and say the car isn't worth a diminished value claim. I had this happen on my viper i was referring too. Had to get two independent appraisals PITA and barely got 1/6 of what i should have gotten.
On all of my fancy cars, i have Agreed Value coverage. Both parties agree on what the car is worth, and when there is an accident involved, we do not have to established the value of the car. We work from the agreed value down. If you have stated value coverage like progressive, then it is your job to prove the car is worth X instead of Y during a claim. My beloved 95 Toyota Supra 800RWHP car caught on fire in my garage due to a battery exploding. The insurance company had to pay me my full Agreed Value of the car. There was no depreciation instead they had to pay 2% premium. Then i bought the car back for junk value $3k and parted the car out and sold it. They paid me out, and requested i give them the title. Once they got the title, they filed it as salvage and the state sent me a new title with salvaged on it. I sold the car to a pilot in Texas. Once he got the car in working order he got it inspected and the title went rebuilt status. He moved to Nevada and now I believe the title is clear. If you are getting non-collector policies put on your car, i would highly recommend a stated value if you can't get agreed value. much less headaches with the adjuster when you have the right coverage.
It's crazy i know. Good luck and have fun!
Your assumption and example #1 above is my understanding as well. The vehicle was in the collision only 1.5 years after the original owner took delivery, and its my understanding a claim was filed and paid out, but that it did not exceed the threshold for totaling the car out, and thus the title has remained "clean" and not branded. I hope and expect that to hold true once I am able to tile it in VA.
As far as insurance, it sounds like i have standard coverage where the claims adjuster will determine value post-loss and I would need to fight in the event of a claim to get what I feel the vehicle is worth. So sounds like i have some more research ahead of me to switch insurance providers and get myself one of these agreed value policies. Open to suggestions if anyone has a provider they prefer that grants coverage in VA.
Thanks again to all for the replies and opinions. Once this thing is in the garage I'll provide some better photos. It was loaded on the truck last night and is making its way across the country to me now.
02-22-2019, 05:29 PM
#36
Rennlist Member
Just saw another post that this project is now "for sale" w/o a list price. There was some damage during transport.
02-22-2019, 05:32 PM
#37
Intermediate
Thread Starter
Correct, damaged by the transport company. Asking $28,000 which is massively below what I paid, which you can see from above. Still a great deal for anyone with the knowledge and skills...
02-23-2019, 08:23 PM
#38
Rennlist Member
I saw the post for sale. Transport damage to roof in addition. The attempt to make it an RS clone just turned my stomach with regards to what I would have to do to the body. The interior looked stellar. I wonder what a full interior with no body or engine is worth? I guess asking price is $28k.
03-01-2019, 09:20 PM
#39
Instructor
What a rollercoaster - I saw that RSR project when it was originally on 6spd and ebay, and then found this thread today and was hoping to see finished pics. Ouch. Hope you got made whole from the shipping company ctglass!