Getting the most for insurance.

[T-Keith]

My 88 Lesabre T-ype was totalled a couple weeks ago and I'm still trying to get a fair price form my insurance company. The car was in perfect running condition, with new brakes, tires, ect. The car did have minor rust and a lot of miles.

My problem with the claim is the insurance company take what they deem a "similar" vehicle, deducts mileage and condition from them, then adds value for options. They deducted $550 for mileage, and none for condition. They then added only ~$50 for leather seats and defogger. They compare it directly to a standard four door Lesabre, and add nothing for the T-type package. The difference between the two cars is huge and they made only a fraction as many two-door T-types.(100,000+ vs, 5000)

They also assume the example car is in as good condition. Anyone who has shopped for 20 year old used cars can tell you most are in semi-running condition, and need lots of work to be reliable.

The adjuster says I can give examples of cars in similar condition, which are nearly impossible to find. They are usually parts cars or show cars. I can take it to arbitration, but no one out there knows enough about the car to value it properly IMO, plus I would have to pay.

I'm not looking to make money on my car, but I think I should get a fair value for something of mine that was taken.

-T

 

[Master ACiD]

send them a letter with youre text that you just typed out. soulds reasonable to me.

 

[JHZR2]

When my pristine MB diesel was destroyed by a marginally insured driver, progressive fought tooth and nail to pay anything for it. It ended up going two years and through endless court battles to get anything near 50c on the dollar.

Hope you dont have progressive, they are the worst insurance company anywhere, IMO.

JMH

 

[DrinkDuff77]

How much are you arguing over?

You have to be realistic. It's a 20 year old Lesabre with 278,000 miles on it. You'll be lucky to get $300 for it, t-type or not. They're not going to credit you for new brakes or tires. Unfortunately this is one of the downsides of meticulously maintaining a car. If it gets totaled you're going to get book value for it. The insurance company isn't the one one spent all those hours under the car so they don't appreciate the value of it.

 

[eljefino]

You can get declared value insurance where you agree with the company ahead of time what it's worth. Your premium will then of course reflect this. Mostly applies to classic cars which as you note can vary widely in condition.

If you're trying to get a fair price from your own insurnance, I must ask, why on earth did you have collision/comprehensive on a 20 year old car with 278,000 miles? (Yes, I know you liked it, but still...) Or are you in a wierd no-fault state? And was the wreck your fault or no?

The rates you were paying were for the average 88 Lesabre, so you can expect an average return for the money. This doesn't of course preclude you from whittling slightly more out of them, particularly if they're paying for your rental car etc while you try to settle this.

 

[GMBoy]

I remember those cars. They actually had a Grand National version too, only a 214 or so made - but they didn't have the 3.8turbo motor - just paint and emblems. Anyhow - try to look in Hemmings they have just about all cars in there. Maybe someone has a T-type you can compare to. Insurance can suck sometimes.

 

[GMBoy]

Check it out:
http://www.lesabret.com/owners.php

 

[mechtech2]

My partner went through this with the insurance company with a pristine old Dodge Dart.
He tried for almost a year to get more than the pittance they offered. He got a little more. It became a batle of wills.
They are experts in court, and will wear you down with time. They already have staff lawyers and you are in their territory.

 

[T-Keith]

The other driver is 100% at fault, it is his policy. However, we do have the same insurance company.

 

[T-Keith]

Like I said, I'm not looking to make money on it, and I understand the insurance company is looking to avoid paying money. I just want to know if there is anything I can do that will help get me the fairest reimbursement possible.

 

[SecondMonkey]

What are they offering you? I don't mean to be rude, but that car is worth next to nothing. I doubt it's worth your trouble to argue about an extra $1-200 bucks. When I totaled my Jeep I told them their first offer was an insult and provided them with 10 or so other similar jeeps selling for more, and they gave me an extra two grand. If you can't provide proof that your car is worth more nobody is going to give you an extra dime.

 

[JHZR2]

Quote:

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They are experts in court, and will wear you down with time. They already have staff lawyers and you are in their territory.

---

And they are idiots, so with a bit of knowledge of physics and of your vehicle, you can essentially prove that the lawyers are useless and have no real clout in the courtroom. Make a lawyer look like an idiot a few too many times and things start to turn around.

That said, they will appeal until the cows come home, so no matter how good of a case you have, they will bleed you slowly.

Still took me from pennies on the dollar to about 50c on the dollar.

JMH

 

[MrCritical]

Those were nice cars. You won't get more than clean book value if you argue from now till doomsday. Your time is worth something.

It's the same on my '97 Nissan 200SX SE-R. I looked at over 300 vehicles before I found it. 8% of the 200's had the SR20DE engine I was looking for.

If it gets whacked, I'll be lucky to get 3 grand for it. I've got $4800 invested. So far.

 

[Win]

I don't know anything about the law in your state, but in my state damages to personal property are valued at the difference in fair market value of the property immediately before and immediately after the occurrence. The reasonable cost of repairs can be taken into consideration in some circumstances.

It really doesn't have much to do with either physics or idiots, it's mostly about simple economics: twenty (20) year old cars have a fair market value of essentially nothing.

If you want top dollar for your car, which likely won't be much in any event, you need to find an appraiser who can give you a credible, repeat, credible, appraisal of the value of your vehicle before it was totalled.

Good luck.

 

[JHZR2]

Win,

been there, done that. didnt help. Had the pre-emminent MB specialist in NJ as my expert, didnt help. Only making the lawyers look like uninformed idiots helped marginally.

Still they just try to bleed you, their legal is already paid for by overhead, mine wasnt. They had the trump card, but I couldnt settle for pennies on the dollar, regardless.

Ripoff artists is what they are.

JMH

 

[Win]

Quote:

---

Win,

been there, done that. didnt help. Had the pre-emminent MB specialist in NJ as my expert, didnt help. Only making the lawyers look like uninformed idiots helped marginally.

Still they just try to bleed you, their legal is already paid for by overhead, mine wasnt. They had the trump card, but I couldnt settle for pennies on the dollar, regardless.

Ripoff artists is what they are.

JMH

---

JMH,

Actually the appraisal advice was for the newest casualty in the case of well maintained old car versus fair market value. I know you were being jerked around not just on value, but on causation, by the insurer you were dealing with.

The insurance policies I have had provide that they will pay whatever I may be legally required to pay in damages, with certain named exceptions, to parties who may be aggrieved by my actions. They could care less about the other guy's damages; they only care about what I may be legally made to pay, and that is what they will pay. My carrier is a very good one so they will actually pay what I am legally required to pay, but it's possible some carriers might jerk a person around even over that.

The only insurance company that ever looks out for your interests is the insurance company YOU have a contract with, and if it's not in the contract, they probably ain't going to pay it, no matter how much business you do with them. although I have seen times when an agency might pay a bit to keep an insured happy and keep a lucrative account.

Insurance is an instance of getting what you pay for. Many people get the cheapest insurance policy they can get from the cheapest carrier. Woe unto you if you are ever in an accident and are looking to one of these companies to make you whole.

 

[Propflux01]

Now you are understanding why some peoples necks start 'hurting' in accidents...

 

[Panzerman]

Once my cars go over 10 years old, no matter how nice the vehicle, because I take anal care of my stuff, I drop it to liability. You gotta realize you didnt have a collectiable show car, it was a daily driver, you must purchase a special policy for such cars. Ive known people who bought cars and got them totalled and the Insurance company paid off the car, thats it.Basically they owed what it was worth. If you drive a new car off a lot a year ago and it gets totaled, new car, it would really need to be creamed, you would not get what you paid, they would probably, more like maybe pay it off, but you are out a years of payments,. Consider yourself lucky your not hurt and if its over $500 cut your losses. Consider it lesson learned.

 

[Kestas]

Insurance policies just aren't structured for these in-between cars that are old, in relatively pristine condition, and in my case they still have a lot of life left in them. Mine is a 91 Grand Marquis with 80K. It is not yet considered a "Barret-Jackson collectible", but it does draw looks from people.

Basically, we're screwed in an accident. Our cars are worth nothing.