How to value your FD
06-10-20, 01:27 PM
#3127
My problem with those specialty companies that offer agreed value is that they always have some exclusions for coverage. Some days I wake up and decide, i'm taking the RX7 to work today. Or on the weekend, i'm taking it to the grocery store, etc. I get why they exist but I don't want to worry about how or when im driving my car.
If anybody knows of one without those, sign me up.
If anybody knows of one without those, sign me up.
06-10-20, 01:59 PM
#3129
Rotary Freak
your insurance company likely uses NADA to value your car, I use hagerty and the mileage limit is something like 4k miles per year which is about 4x more than I put on the car in year so I am ok with it. for that I get a 0 deductible stated value policy that is much cheaper than a normal insurance company which will count on the 12.5k mile average.
Have you had any gotchas with them?
Also, have you used this "Concierge" service they have? What do you think of it?
06-10-20, 02:04 PM
#3130
Rotary Freak
Agreed value policy is the only way to go. Every year I increase the value a couple grand to keep up with the market. The insurance company reviews the new number and provide a quote based on that figure.
I use a broker for my insurance needs and they shop it out every year. I've had unlimited mileage policy in past but think my current policy is like 6k mi/year. If i planned on doing a long trip, like DGRR or sorts, i'd probably trailer it. Not because of the mileage but peace of mind I wont get stuck across country.
I use a broker for my insurance needs and they shop it out every year. I've had unlimited mileage policy in past but think my current policy is like 6k mi/year. If i planned on doing a long trip, like DGRR or sorts, i'd probably trailer it. Not because of the mileage but peace of mind I wont get stuck across country.
06-10-20, 02:07 PM
#3131
Rotary Freak
My problem with those specialty companies that offer agreed value is that they always have some exclusions for coverage. Some days I wake up and decide, i'm taking the RX7 to work today. Or on the weekend, i'm taking it to the grocery store, etc. I get why they exist but I don't want to worry about how or when im driving my car.
If anybody knows of one without those, sign me up.
If anybody knows of one without those, sign me up.
06-10-20, 02:16 PM
#3132
The term they use is "fair market price". In essence, the insurance is on the hook to provide you with enough money to replace the car with one in similar condition. This doesn't apply to aftermarket components such as wheels, stereo, mods. So if you want the insurance to pay for those extra items then you need to pay for them as part of your insurance premium. Note that this applies to regular car insurance as collector car insurance is based on an pre-agreed value.
06-10-20, 04:03 PM
#3134
The term they use is "fair market price". In essence, the insurance is on the hook to provide you with enough money to replace the car with one in similar condition. This doesn't apply to aftermarket components such as wheels, stereo, mods. So if you want the insurance to pay for those extra items then you need to pay for them as part of your insurance premium. Note that this applies to regular car insurance as collector car insurance is based on an pre-agreed value.
For those companies that are using sales history I wonder what they do for cars like the rx7 that may not have any recent sales history
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BLKTOPTRVL (06-10-20)
06-11-20, 06:31 AM
#3136
no gotchas with them but I have not had to make a claim.
maybe things have changed since I last had to make a claim but state farm uses NADA AFAIK. had to fight with them when my integra got stolen, granted that was over 10 years ago.
For those companies that are using sales history I wonder what they do for cars like the rx7 that may not have any recent sales history
maybe things have changed since I last had to make a claim but state farm uses NADA AFAIK. had to fight with them when my integra got stolen, granted that was over 10 years ago.
For those companies that are using sales history I wonder what they do for cars like the rx7 that may not have any recent sales history
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asesereker (07-14-20)
06-11-20, 10:09 AM
#3137
I had state farm when my first FD was totalled. I had a payout that I very happy with. They look for cars similar to mine around my area and paid me the average asking price, not sold price. I was also able to squeeze a couple gs out of them for aftermarket parts. Used that money to build my current FD.
06-11-20, 04:19 PM
#3138
maybe things have changed since I last had to make a claim but state farm uses NADA AFAIK. had to fight with them when my integra got stolen, granted that was over 10 years ago.
For those companies that are using sales history I wonder what they do for cars like the rx7 that may not have any recent sales history
For those companies that are using sales history I wonder what they do for cars like the rx7 that may not have any recent sales history
Like you I had a similar issue. In 1998, my first RX-7 had an engine fire that was contained in the engine bay so there was hope that my car might be saved. Hence, I had it towed to my local mazda dealership for evaluation where the service manager told me that it was likely going to be totaled. My response was great now I'm going to get blue book value and wont be able to replace my car. Luckily for me, he told me "no you are entitled to fair market price so don't take any less". Sure enough the insurance company deemed the car a total loss, Their offer was low blue book value (IIRC it was like 5-6K below of what I had just payed for 2 months earlier). I balked and we argued back and forth for a little bit on how that wasn't going to even cover what I owed on the car. Their stance was basically, that's what the blue book shows so that's what it is and if I over paid that is my business. I mustered "But I am entitled to fair market price". I'm not kidding, literally magic words. Just like that she changed her tune and then told me to submit newspaper/autotrader clippings (1998 remember) of similar cars and they would get back to me with a figure. Obviously the reason she changed her tune is because she knew she was in the wrong and the law was on my side.
I ended up getting $200 more than what I paid for my car and I actually have that service manager to thank for that.
Yup with our cars it is just better to avoid all of the frustration and go straight to an agreed upon value
Last edited by Montego; 06-11-20 at 04:23 PM.
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asesereker (07-14-20),
DaleClark (06-12-20)
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asesereker (07-14-20)
06-12-20, 09:22 PM
#3141
What's everyone thoughts on Doug Demuro's new auction site- cars and bids, think it will amount to anything? Looks like he's going straight for bring a trailer's clients with his product. He has a big presence in the youtube-auto enthusiast world and is advertising and pushing it hard.
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asesereker (07-14-20)
06-13-20, 10:22 AM
#3143
I am actually a theft/total loss adjuster for an Insurance company. Most companies do NOT use NADA, KBB or such. We use CCCone for vehicle valuations, they run the specs from the VIN and you can also pull up the OG window sticker to verify all options. They all pull from local market demographics, like your zip code. They also pull comps from SOLD vets, not what people are asking, people can ask whatever amount they want, it’s what the selling price is. They pull from dealerships, trader mags, etc as comps as well.
now for a FD RX7, your not going to get the higher dollar “investment value” if you have a standard policy. If you perceive your FD worth $30k or more, you need to get a specialized policy, they are called a “stated value” policy. This is used for show cars and such. Your placing a value you want the insurance company to cover and they will charge you a policy premium to reflect that. I wanted to get one for mine, but the company i used required the veh to be garaged, and i can’t garage mine all year, winter i store at my Fathers.
also, on a regular policy, we can’t tell you what we’re gone pay for the value of the vehicle until a loss happens and you run the valuation, there’s too many variables that can effect the value, or mileage, conditioning of veh, receipts of work within 1 year, etc.
now for a FD RX7, your not going to get the higher dollar “investment value” if you have a standard policy. If you perceive your FD worth $30k or more, you need to get a specialized policy, they are called a “stated value” policy. This is used for show cars and such. Your placing a value you want the insurance company to cover and they will charge you a policy premium to reflect that. I wanted to get one for mine, but the company i used required the veh to be garaged, and i can’t garage mine all year, winter i store at my Fathers.
also, on a regular policy, we can’t tell you what we’re gone pay for the value of the vehicle until a loss happens and you run the valuation, there’s too many variables that can effect the value, or mileage, conditioning of veh, receipts of work within 1 year, etc.
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GoodfellaFD3S (06-26-20)
06-13-20, 01:23 PM
#3144
I have an agreed upon policy with Hagerty, my Farm Bureau agent that handles all my other policies set it up. Price is fairly reasonable, obviously hope to never have to find out how it works. On the flip side, I'm in a lawsuit with an insurance company now for a not-at-fault rollover accident that happened to me in January. Work truck and equipment were destroyed. 5 months have passed, lots of bullshit offers, and it doesn't look like we'll setlle any time soon. When you deal with insurance companies you have to beat them at their own game. Insurance laws are so lacking in this country, and insurance companies will fight dirty for every penny. DO NOT skimp on insurance! Insurance companies laugh all the way to the bank.
06-14-20, 04:44 PM
#3145
I already have trailering/paddock insurance on my Miata with Hagerty and I tried to insure my FD with them by adding it online. They called and said they wouldn't cover it because I would use it to go to work sometimes. I have 7 vehicles so it's not a matter of mileage but usage. I wouldn't drive it every day but whenever it is nice out but that wasn't good enough. I said never mind and insured it through State Farm with my others but then Hagerty charged me anyways and added the coverage. I had to call and have them refund me and cancel it because I was double covered. I'll probably cancel my Miata policy when it comes due in August. I don't trust my coverage with them because it seems like they don't know what they're doing.
06-19-20, 10:55 AM
#3146
Fritz, I think it is time to rename this thread. I suggest "How to value your FD and why it is difficult to sell it for LESS than $25k these days". I'm not sure who all follows the FB groups but anytime an even halfway decent condition LHD FD comes up for sale between $20-25k the seller is overwhelmed with buyers. I think most clean FDs in the 50-60k mile range that are manuals are worth $30k+ now.
06-21-20, 10:41 AM
#3147
All out Track Freak!
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Fritz, I think it is time to rename this thread. I suggest "How to value your FD and why it is difficult to sell it for LESS than $25k these days". I'm not sure who all follows the FB groups but anytime an even halfway decent condition LHD FD comes up for sale between $20-25k the seller is overwhelmed with buyers. I think most clean FDs in the 50-60k mile range that are manuals are worth $30k+ now.
The FD market has dried up. Get ready for 50k plus prices for nice low mileage examples. Something basic like this could literally be a 50k car in 2 years: https://bringatrailer.com/listing/1993-mazda-rx-7-94/
The FD is the greatest Japanese sports car of all time.
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06-23-20, 04:06 AM
#3148
The seller of the 93 VR R1 is selling due to a lack of garage space for his new C8 Corvette.
Quote:
"It’s the only car I’ve ever been emotionally attached to, but it’s time to move on. I got lucky and found a C8 and I don’t have room for both."
He's either losing mobility to climb in and out of the FD or he's sick of the maintenance. He's gonna be so mad when the values of these 2 cars switch places.
Quote:
"It’s the only car I’ve ever been emotionally attached to, but it’s time to move on. I got lucky and found a C8 and I don’t have room for both."
He's either losing mobility to climb in and out of the FD or he's sick of the maintenance. He's gonna be so mad when the values of these 2 cars switch places.
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asesereker (07-14-20)
06-23-20, 12:08 PM
#3149
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06-23-20, 12:32 PM
#3150
RX-7 Bad Ass
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^Interesting car. Wonder if it actually has dual oil coolers. Has sunroof on it. I'm wondering if they did the parts swap around at the time of purchase or back in the day or what. Basically it's a non-Bose sunroof car with the R1 seats, spoilers, and strut bar. Also has cruise and the tape/CD player.
For that money they should have the battery lid!
Also they put the WORST exhaust on it. I'd be surprised if the rear valence didn't have melted sections on it.
Dale
For that money they should have the battery lid!
Also they put the WORST exhaust on it. I'd be surprised if the rear valence didn't have melted sections on it.
Dale