JonesMechanical

I lost my car in March in Seth's shop fire. He is a great friend. The insurance situation looks like its going to have to be my own. My insurace co finally came up with a number of $20,000, and they cant tell me how they arrived at that amount. The car was a 94 glass roof, R85 single turbo, full feul systems, brand new Built motor, Autronics SM4 with wideband. Full 99 spec body kit. 70K Miles. SSR JDM comps 10.5 and 8.5's with new Pilots 245's and 285's, Over $40,000 in receipts in the last year ( I have all of them) on top of the incredible amount John Hallenberg had into the car when he sold it to me. Full suspension, Tien Flexes with edfc, rotary extreeme toelinks, trailing arms. Loads of fabrication. Oh yea, 14" rotora 6 piston brakes front, 4 piston 13" rears (one off kit). They said they would not pay replacement cost (obviosly not by their first offer). The adjuster seems to wan't to work with me, but she has no idea how to verify that my car was worth more than $20K. I told them I would take $30K. I figured that was a price that would produce a buyer, expecially with how clean the car, and the incredible list of mods that few car have. She knows that there are a few people that are asking $35K plus for their FD's, but she says that doesn't mean they are worth that much. Does anyone have any bill of sales of similar FD's that have sold, or other Sold rx7's that would put this debate with my adjust to rest? Or should I take the 20K and be done? Thanks, Greg Jones out in Utah. If you are trying to get ahold of seth, good luck, he is getting worked over right now, and I can't help you with that.

AWD-RWD racer

iTrader: (5)

i dont have a similar situation to compare with you, but wouldnt the shop owner (seth i guess) be responsible for the insurance, and if not, make up the difference of what you have into your car compared to what your ins will give you? The fire wasnt your fault and you had your car there at his shop, y wouldnt he be responsible for the damages to your vehicle.......sorry for your loss.

PDViper77

iTrader: (9)

Hell no don't just take the 20k. The shop owner is responsible for your loss, that is why they have insurance. Don't settle untill you get atleast most of your money back.

BoostedFd3s

iTrader: (3)

yeah dont settle for 20k...like PDViper77 said...the shop is responsible for it...dont let the shop get off so easily even though Seth is a good friend of yours...

but if you plan on parting out anything such as a FMIC..i'll be interested in it. pm me if you are going to sell it.

GOod luck, hope you get at least 30k.

LUPE

PM RED-RX7, he sold his for around 40K I think.

2003330i

get lawyers involved if you have too. Your insurnace shouldnt be coveriing it anyway it should be the shops. Tell the shop to give you 10 k and then take the 20 k from your insurance. Even though you still invested alot more

LUPE

If you guys haven't figured it out yet, for some reason or another, the shops insurance probably isn't covering it. The shop owner most likely doesn't have that type of cash laying around to just start handing it out.

DGblk93

^ Exactly. Also - who says the shop even has insurance? It isn't mandated. I just saw a strip of 12 stores burn down in my neighborhood and the fire started in a nail salon. The owner was on the news talking about how they have no insurance.

fastcarfreak

i have to say, im surprised your insurance company is even giving you that much. Usually they dont cover modifications to cars, and if you do modify them, they usually drop you. Good luck with everything man. I hope it works out for you. I know that if that happened to me, i would be pretty torn up about it, and try to recover as much money as possible.

AMRAAM4

Whoa, this situation could get messy IMO.

Shop should have insurance. Shop should be covering these cars. Unless customers sign a waiver, the owner should still be liable for these cars if they don't choose to have insurance. If the owner doesn't have the cash, that's not the customers fault.

As for the car, you simply cannot expect to get back what you have in receipts. insurance negotiates with seller a "fair' market price for the car. Honestly, I don't think more than $25-28k is "fair' market price for ANY FD unless it is sub-5000 miles and show room quality. I am sure Fritz Flynn would even think that is too much LOL

Super77

From my experience, it really doesn't matter which insuance comapny pays - yours or the shops - the insurance company will only pay you the blue book value. The only way to get more money from the insurance comapny is to register it as a historic vehicle (has to be 10 years or older). You get a black and white license plate and I've heard there are some driving restrictions that go with it.

Super77

From my experience, it really doesn't matter which insuance comapny pays - yours or the shops - the insurance company will only pay you the blue book value. The only way to get more money from the insurance comapny is to register it as a historic vehicle (has to be 10 years or older). You get a black and white license plate and I've heard there are some driving restrictions that go with it.

Recommend that you get your insurance company to pay you and have them go after the shop's insurance company. Be careful (very careful) if you decide to in negoitate with the shops insurance company (which I would NOT do).

Good luck.

Super 77

AMRAAM4

^^ you weren't taken down the correct path in your previous experience then.

-it does matter who pays. Damn well bet your rates will go up if your insurance pays!
-Blue Book is a measley barometer of where to start. Works well for normal cars, but not for rare cars and/or sports cars. Whichever type of car, the basis stands that they must pay you "fair market value as to what it would cost to replace THAT EXACT car". It doesn't need to be regiatered a classic.

morexviit

Most insurance companies do not raise your rates if you have a comprehensive claim (vandalism, fire, theft, etc). It's the collision claims that will make your rates go up. So, depending on your personal auto insurance company's policies, your premium might not go up.

Also, you will not likely be able to collect from both the shop and the insurance company. Most insurance settlement agreements have a subrogation clause that says that if you collect from any other source, you will pay back the insurance company.

Your best bet is to find as many comparable sales as possible and have them revalue your car. Good luck, hope you get what your car's worth.

JonesMechanical

Seths situation is a multi million dollar loss. The insurance companies are playing hardball, and basiacally saying, if you want money, lets go to court, which is what is happening. I don't expect to get all of my money, just market value if I were to have sold the car as it was. 20K isn't realistic. Believe me, if my car came up right now with my stuff, I would pay 30K no questions. Seth is getting me in touch with a dealer who has sold a number of correctly built imports, and it should help. Basically how this will work, is ideally I will get every penny back when this settles out within a year, and if my insurance company pays me, they will get the money first, and whats left over, I will get. It may be nothing, it may be $39,982 worth of hard receipts. Unbelievable. Oh how I miss my FD, and how sad these cars are getting now that many have fallen into the wrong hands. When I have the heart again to build one, I have a feeling that its going to impossible to find one that hasn't been mutilated.

adam c

iTrader: (2)

You probably already know this by now, but I will pass it along anyway.

If you go thru you own insurance company, they won't pay for your mods to the car. You didn't pay to cover them. That's why you need to get the shops insurance to pay. They have to pay what your car is worth, which includes the mods. If they want to play hard ball, thats fine. Get a lawyer, and sue the shop. They Insurance company will have to hire a lawyer to defend the shop owner ......... an extra expense they will not want to incur. In addition, you may be able to make them pay for your attorneys fees. If you get a judgement in court, they have to pay. Ask for 50K, and they will probably agree to settle for something close to what you have invested.

Thats the way it works