Insurance value vs market value question

[Owen Lucas]

With the new tires, struts, & new front brakes I have ~$5K in it, but book is a paltry $2500, maybe.

If totaled, the $5k in repairs would be considered as a refurbishment, you'd be lucky to get an extra $500 added to the value. A vehicle with this level of care should fetch a premium, on the high end of the spectrum. Insurance won't do that by default but an appraiser will.

 

[PandaBear]

I would tell them to buy me an identical car instead if they lowball like that.

 

[Skippy722]

They have their own opinion on what a "comparable vehicle" is.

Funny thing is many policies allow for the insurance co. to also purchase a replacement vehicle for you. Almost no one takes it up, and I've seen it happen only once, and they paid more for the replacement than they offered initially.

Going 3rd party is usually a take-it-or-leave-it scenario. If you have collision, you can at least invoke the appraisal clause.

Ins adjuster doesn't care about condition or or pictures etc, they mark everything as average.

Yep. When my truck got totaled they used "comparable vehicles" with over 100k miles, I had 75k. They also had the options all wrong, showing I had vinyl seats, no uconnect, etc like it was a base spec stripped down Tradesman. They initially offered me $21k for it, my friend who's an independent appraiser said absolutely not and got me $25k.

 

[AZjeff]

Thanks for the ideas and offers to help. I now know it's possible to get closer to true value if the "no good deed goes unpunished" clause would kick in. I'll print some comps off just to have a starting place.

Take the collision off of it or just don’t declare accidents and repair it yourself if something happens.

I'm no bodyman and driving this car with mismatched panels or rattlecan paint isn't happening. It's not a daily driver beater.

too many people think they have an old car in “pristine” condition when in reality it is far from it. The insurance appraisal serves as a dose of reality with respect to the value of old cars. Driving a paid off car is a savings in terms of depreciation and insurance cost but if it gets hit expect it to be totaled. Thats just reality.

I don't "think" it's in pristine condition. Just turned 49k miles, garage kept, not 1 door ding, OEM glass, not a flaw in the interior, ZERO rust. A 19 YO nothing special car in really really nice condition. Some may remember the back story of this car https://bobistheoilguy.com/forums/threads/gifted-a-2007-fusion-what-preventative-maintenance.406089/ At some point I'll donate whatever money the car generates one way or the other to the animal rescue I volunteer at and she supports in her memory. She's declining slower than expected right now but the outcome is inevitable. It stinks.

 

[RBT]

Thanks for the ideas and offers to help. I now know it's possible to get closer to true value if the "no good deed goes unpunished" clause would kick in. I'll print some comps off just to have a starting place.


I'm no bodyman and driving this car with mismatched panels or rattlecan paint isn't happening. It's not a daily driver beater.


I don't "think" it's in pristine condition. Just turned 49k miles, garage kept, not 1 door ding, OEM glass, not a flaw in the interior, ZERO rust. A 19 YO nothing special car in really really nice condition. Some may remember the back story of this car https://bobistheoilguy.com/forums/threads/gifted-a-2007-fusion-what-preventative-maintenance.406089/ At some point I'll donate whatever money the car generates one way or the other to the animal rescue I volunteer at and she supports in her memory. She's declining slower than expected right now but the outcome is inevitable. It stinks.

Didn’t mean to insult you/. When I say repair it yourself, hire a body shop and pay them, no insurance involved. I have done that with older cars and honestly it’s refreshing not dealing with the insurance company. Easier to get a better quality repair without all the BS.

As far as my point about “pristine” condition, it’s not directed to you specifically. Insurers will definitely do what they can get away with but it is a regulated business and they cannot grossly underpay you with respect to the value of the car. And many people, perhaps not you, are somewhat uninformed or not objective when it comes to condition, so then they say the insurance company “robbed” them when the car really was not worth that much objectively. Your car may very well be different but again an older car unless collectible will have lower value.

My real point is that owning an older car can be worthwhile financially- really smart in fact (can be reliable and can pay cash) just keep the insurers out of the equation if there is an accident or they will try to total it.

Have a good weekend.

 

[Owen Lucas]

I don't "think" it's in pristine condition. Just turned 49k miles, garage kept, not 1 door ding, OEM glass, not a flaw in the interior, ZERO rust. A 19 YO nothing special car in really really nice condition.

IMHO that would be indeed pristine condition for an 07, especially as an Arizona vehicle. As good as it gets other than a museum piece.

 

[Peteco]

See if your state has an insurance commission. Take the issue to them. They should back you. When they see you have the state involved they may settle quickly. I'm in Virginia and I have talked to a state commission office. They want to back the residents was my take. Let us know how it turns out.

 

[JTK]

I would carry liability only on a 20yr old Ford Fusion or any daily driver type vehicle for that matter. The last thing I'd want to do is file an insurance claim on it, but I get it, everyone's situation is different.