Mraxg7

iTrader: (2)

I'm hoping to find someone here who may have some experience buying a previously stolen but recovered FD, or might be in the business of insurance.

Background: I found a real clean looking 1993 rx7 with 91k on the clock, "clear" title with a bunch of mods. I saw a pic of the title and it's not salvaged. Problem is, when I checked the history, it had been stolen but recovered 14 years ago. It showed that it was stolen for about 6 months. Since then it was owned by one guy for 12 years and the guy who owns it now has had it for 2.

My question is, in the eye of insurance companies, how does this affect the value of the car? I've been seeing that it may reduce the pay out value to 60% max if it were to get totaled. I'm trying to cover myself if I buy this. I don't want to make a mistake on buying this car and god forbid totaling it out and paying the difference that the insurance won't cover.

I've tried calling my insurance company and asking them but they won't give me a definitive answer. I think it's because they want my money and don't want to tell me. They just say that the adjuster will have to make a decision of the value of the car when it totals which doesn't make sense to me. Any thoughts or advice is welcome. I'm going to take a real good look at it this coming Monday.

Marty

Mazderati

iTrader: (3)

An agreed value policy may be an option if the RX-7 will be a second car.

adam c

iTrader: (2)

I owned and operated an insurance agency for 25 years, primarily dealing with car insurance. When you buy the car, you will have a bill of sale that shows the purchase price. Any insurance company will have a difficult time disputing the value with that document. As mentioned above, a stated value policy would be nice.

Many insurance companies wont provide comp/collision for vehicles over 15 years old. Make sure yours will before you buy the car. If they wont, you will need a new insurance company.

tt7hvn

iTrader: (5)

Hagerty

Mraxg7

iTrader: (2)

Perfect. Good info. Thank you.

Unkachabull

iTrader: (7)

how would this work if you don't have a bill of sale?? when I bought my fd all I got was a title and a signature of the seller saying that he sold the car/ released liability on xx/xx/xx date... no where does it say how much I paid for it, and since I paid cash there is no trace...

I have geico, they have me covered full coverage but I still don't know if they will go off of blue book value if something happens to the car... from my understanding the damage has to be more then 70% of the worth of the vehicle in order to get totaled out.

tt7hvn

iTrader: (5)

^on that back of the title there should have been a section where you filled out how much you paid for the vehicle for tax purposes when registering. Not necessarily used for insurance or anything else since the title will be reprinted anyways reflecting you as the new owner.

Geico will go off KBB or NADA value of the car to assess a totalled claim. I have them too. You can call them and ask, since you as the customer have a right to know what system they use to assess the value of vehicles.

Unkachabull

iTrader: (7)

On Virginia title and Illinois title there is no spot for the purchase price. When I went to the currency exchange they just asked how much I paid... but like I said earlier, no proof of actual amount.

I do know that Kentucky has a spot on the title for price because it was a issue with the person that bought my subaru. We ended up getting a piece of paper notarized stating the price.

Sgtblue

iTrader: (16)

The OP didn't specify, but would a salvage title make any difference?

adam c

iTrader: (2)

Jim: He said the car was not salvaged. A salvaged car will have a lower value.

Make up your own bill of sale when you buy the car. Its very simple to do. Here's a sample:


Bill of Sale


December 8th, 2013

For valuable consideration of Six Thousand Four Hundred ($6,400.00) dollars,

Adam C (Seller) sells to John Smith (Buyer),

a 1994 Mazda RX7, Vehicle ID #XXXXXXXXXXXXXXXXXX. Vehicle is sold on an “as is”

basis, with no warranty.




_______________________________________________ ____________
Adam C

San Luis Obispo CA



_______________________________________________ ____________
John Smith


Both parties sign and date it, and you are good to go. Ask to see drivers license of seller to confirm identity.

Unkachabull

iTrader: (7)

Except for that doesn't mean anything to anyone with out being notarized... that will not hold up in court, I know because I've been through the situation selling a car that had a blown motor.

Oh and also, no one will notarized It unless the piece of paper has a designated area for notary stamp. .. so you can't just type one up and print it...

I think we officially got off topic. Sorry oo!

Mraxg7

iTrader: (2)

No harm no foul. I had my question answered by Adam so all is good. But this does bring up a good point. I just got off the phone with a place that notarizes bills of sales in my state. It's not required in Ks to have a notarized bill of sale but the lady I spoke with says that they will do it. I know this doesn't help you now but for future reference, she said all you would have to do is draft up a BOS and take it to them with the seller then sign it in front of them.

Unkachabull

iTrader: (7)

The bank, dealership, and currency exchange all would not notarized a piece of paper Yat I typed up because it did not have a designated area for the stamp. I ended up just printing some rough draft I found on Google and using that..

Mraxg7

iTrader: (2)

Oh I see. Sorry to hear. Maybe it's just because of where you're at. Do you have a recovered car or were you just asking for piece of mind?

Unkachabull

iTrader: (7)

When I sold the subaru it was for piece of mind, he was out of state and paid with cashier check, I held the car and title until check cleared so we both wanted paperwork to cover our asses.

But in my previous experience, I sold a car that had a blown motor "as is" and signed, dated, and scanned licenses for both of us to have. Guy took me to court because after he put a motor in the trans was bad also which I didn't know cause the car never ran. Since the bill of sale wasn't notarized it didn't hold up in court and I took the car back and had to give him refund + money for engine.

Sgtblue

iTrader: (16)

Got it. Sorry, I missed that in his first post.
And yeah, I'm VERY familiar with handwritten bills of sale...but for other reasons. They're legal proof of ownership in my state during the 30 day intransit period. So they get played with a lot. Many buyers will fudge purchase amount since sales tax is based on it....writing in an amount lower than what was actually paid. And that could come back and bite someone wanting to claim their car is worth more in the event of a total loss.

Many states don't require a notary. And yeah, we're officially off-topic now.