smonster0516

My car was declared a total loss due to underbody damage from thieves. I am keeping it and the shops insurance company is offering my $5,600 minus $2,000(salvage value) so I would receive 3,600.
Should I negotiate that? The car's condition is of NO relevance because of the way they asses the market value, only the reason it is totaled is considered....this would be "other".

Any opinions?

Thanks!

vanz

didn't you buy it for 20 grand just a couple of years ago?

Mandy

Sucks, but there is not much you can do. Insurance companies will stick it to you. Good luck, try negotiating....check edmunds.com for current market value.

KrayzieDxC

dam havent seen you for awhile..hows the biz doing?

01tl4tl

If you have receipts for tires or other repairs that show the car is above book value- I would always fight the insurance
Their job is to delay payment and minimize payouts
Read you policy carefully to see what rights you may have

smonster0516

Thanks for the advice. I did pay over 20k for the car, but the insurance company doesn't care about that at all. When I asked the shop's insurance company about what I am entitled to they straight refused to tell me over and over and over. I have done much research on the subject of salvaging a vehicle as an insurer and I have found that the GRR (gross return rate I think) is about .13 for vehicles that are damaged like mine. This is to say that I should only be charged 13% of the market value of the vehicle, around $800. I am sending this info as well as all my receipts to the insurance agent right now, I am hoping for more like $5k, this claim has taken over 6 months.

My business is going well, thanks for asking!

This is what my TL has been reduced to....I am prepping it for paint and other repairs. Pretty sad sight I must admit.

Capricho

If I recall you had invested something like 50k into this car?? Is that correct? Well, I think the moral of this story is that you need to not think of used cars as investments but as liabilities. Take what the insurance company is willing to shell out and get on with your life. And on't pour so much money into a used car again (unless it truly is a collectable with investment potential like a vintage Corvette, Challenger, Tiger, etc).

smonster0516

I got 7,000 for it. AND my rims got replaced with 1k over that I used to pay the suckers. My new rims suck but I finally didn't get shafted after all. Took 6 months but I win....almost.
I am going to invest a few hundred $ to smear the name of the shop that shook me. Any suggestions?

I also need a left fender and headlight asymbly if anybody has any extra parts laying around.

Moral of the story is this.....being stubborn will cause you to fill your life with difficult situations and painful choices. Sometimes you win and sometimes you lose but at least when it all comes down to it you got it your way. I keep this car because I decided I would take this car to at least one car show and take a trophy home with it. The way things are going it might be a demolition derby trophy but f$## it. This car will end up taking enough to buy a small house, a wise investment indeed!

smonster0516

oh yeah, I think its more like 60k but who is counting. I love spending money on my car to have it broken in the driveway, chicks love that .

Ken1997TL

For $60,000 I could have made my TL a RWD car and bribed a Honda official for the upcoming V-8

racerock

Only if the work is very recent, like a month or two. Keeping up with tires, shocks, battery, alternator is part of maintenance, keeps it in that segment of retail ready. Most cars are in the KBB "Good" If all the above have been recent, and there is no evidence (and the adjusters look for any little bit of blems in the paint) of bad paint, etc. you can push for "Excellent"

Going through the same thing right now on my Expedition. 4 months ago did Bilsteins, sway bar bushings and a battery. I might be able to get compensation for the starter that was put in 2 weeks ago. Preliminary discussion said they would consider looking at receipts.

However, if they give me "Excellent" Retail Book value - I would be extremely happy, and lucky.

racerock

Couple things - Did you actually leave the vehicle at the body shop while this was going on? I would have kept it at my own facility.

Second - Did you end up with a salvage certificate? If not , you are lucky

Third - many insurance companies have gotton out of the bus of selling back to the owners when they settle - they take them straight to the auction houses. Around here, they are getting top dollar there, and many are going straignt into a shipping container for overseas shipment. The buyers for offshore sales of salvage cars has driven the auction prices through the roof.

teekay3001

If thats what your tl looks like presently then it still looks okay but who can know better than the owner....lol, i like your grill, i'm having one made costs like $400 without tax, should be ready by monday or tuesday i should believe, but hey nice car tho man take it easy...1

smonster0516

NIce, imade that grill by hand! I have come a long way in custom fabrication.

teekay3001

damn, thats true talent, wish i knew how to make one that woulda been 400 saved, coming to think of it the tl is addictive, i wouldnt spend that much on anyone really, but it'll look good i'll make sure when i'm thru with all my mods to take pix of everything so you guys can see how far i've come from stock

smonster0516

Thanks, that is encouraging. I have my whole sh$t gutted and I am waiting on the payout, that was supposed to be overnighted 3 days ago! Once I get it I am going to go get supplies and get down to building the interior again.
I will be giving free cups of shut the F up to all of the haters who thought that I was waisting time and money on "just a car"... served fresh and hot.

teekay3001

yessir....lol

racerock

You are right to do whatever you want. Whatever makes you happy.

Did you see my post above on the insurance questions, curious to see what/how they dealt with you... In addition, did they consider it a total, or not?

One of the reasons is that I'm going through a total loss claim on my Ford Expedition, and while I would like to get the sucker back to part it out, if my payout is good enough, I will just say seeya to the whole thing, and be glad it is done with...