My New FD got stolen today!
Sucks so bad.
Was the car equipped with an alarm?
The thief is probably reading this thread, maybe a forum member.
The thief must have some knowledge about FD's.
Keep us updated!
RX7 owners in your state, next to your state (or anywhere else) should help you out too., on the look out and stuff...
Junior Member
Joined: Apr 2006
Posts: 22
Likes: 0
From: Atl Ga
i don't mean to sound like an *** but check the last owner he probably still has keys for it and old documents with his name on it so he can drive the car even if he gets pulled over. Something like this actually happened to one of my friends
Thread Starter
Joined: Apr 2001
Posts: 2,279
Likes: 0
From: Wilmington, DE
So, I just got off the phone with my insurance company today. Even though I have "evidence" of the expensive parts on my car, they said that they only pay out the market value based on market survey as the other parts are considered "personal preference" and do not add to the value of the vehicle.
What kind of BS is that? I at least want to be able to get back what I paid for it three months ago ($15,000). When they financed it, they would not go over $12,600 at that was already 15% above market value. How do I get out of being screwed on this deal. I already send them a short list of modifications as well as the purchase price accompanied by pictures.
What kind of BS is that? I at least want to be able to get back what I paid for it three months ago ($15,000). When they financed it, they would not go over $12,600 at that was already 15% above market value. How do I get out of being screwed on this deal. I already send them a short list of modifications as well as the purchase price accompanied by pictures.
So, I just got off the phone with my insurance company today. Even though I have "evidence" of the expensive parts on my car, they said that they only pay out the market value based on market survey as the other parts are considered "personal preference" and do not add to the value of the vehicle.
What kind of BS is that? I at least want to be able to get back what I paid for it three months ago ($15,000). When they financed it, they would not go over $12,600 at that was already 15% above market value. How do I get out of being screwed on this deal. I already send them a short list of modifications as well as the purchase price accompanied by pictures.
What kind of BS is that? I at least want to be able to get back what I paid for it three months ago ($15,000). When they financed it, they would not go over $12,600 at that was already 15% above market value. How do I get out of being screwed on this deal. I already send them a short list of modifications as well as the purchase price accompanied by pictures.
At least they told you the truth about fair market price. Many insurance companies try to lowball people and offer blue book value.
For insurance companies fair market price is what an FD in the condition that yours is goes for in your area. This excludes modifications as companies hardly ever take them into account *unless* the owner discloses it. Therefore for mods one has to pony up extra coverage for them. I think it’s a fair policy… Wouldn’t you be upset if a guy with a 3 rotor FD gets 50K for his seven while you get 15K but you both payed the same in insurance premiums? Why should he get way more coverage than you for the same amount?
Think about it for a second. There are two identical FD’s insured by the same company. Both owners are about the same age, driving record and live in the same part of town. Both cars have the same milage, and are about the same in exterior condition. Except that car A is 100% stock and car B is rather modded and is pushing 400 RWHP. Now both guys should PAY the same for full coverage insurance and be PAYED out the same in case of a total loss. That is unless the guy in car B disclosed his mods and added additional premiums to cover them.
With my insurance company I paid an additional premium for my rims and sound system. Currently my car is at a shop getting the works and as soon as I get to drive it out my first destination is the insurance company. Where I can add everything that is not covered under my regular policy and therefore pay a higher premium.
I am extremely sorry for your loss. Hopefully this post has shed light on the subject and keep you from focusing on your mods and why the insurance company should pay them out to you. Hence save you from additional heartache and frustration.
M-
Full Member
Joined: Sep 2007
Posts: 240
Likes: 0
From: usa
you're in college park area, that place isn't the best part of atlanta to be quite honest. sorry to hear it, if i ever see another red FD (or any FD for that matter) i'll tail it for you, but i live up in smyrna
So, I just got off the phone with my insurance company today. Even though I have "evidence" of the expensive parts on my car, they said that they only pay out the market value based on market survey as the other parts are considered "personal preference" and do not add to the value of the vehicle.
What kind of BS is that? I at least want to be able to get back what I paid for it three months ago ($15,000). When they financed it, they would not go over $12,600 at that was already 15% above market value. How do I get out of being screwed on this deal. I already send them a short list of modifications as well as the purchase price accompanied by pictures.
What kind of BS is that? I at least want to be able to get back what I paid for it three months ago ($15,000). When they financed it, they would not go over $12,600 at that was already 15% above market value. How do I get out of being screwed on this deal. I already send them a short list of modifications as well as the purchase price accompanied by pictures.
I'd still consult a lawyer, usually it is free to just talk to them about the exact situation. They will tell you if you have any options. I've had a lawyer handle an insurance claim and they got me what I paid, + their fee, + $2k more for the bother.
as the other parts are considered "personal preference" and do not add to the value of the vehicle." That is not true, as the added parts DO effect the price at which these cars sell. Find as many equivalent cars that you can that have sold in the same price range to prove the reality of the situation. Insurance companies screw over car enthusiasts multiple times a day, they know exactly what they are doing. You have to fight for it. If you paid $15k (which WAS fair value) then you should get $15k.
Thread Starter
Joined: Apr 2001
Posts: 2,279
Likes: 0
From: Wilmington, DE
Yeah, I'm not trying to screw over my insurance company. I paid $15k for a clean 79,000 mile R1. I'm not even trying to say "but I had a $5k turbo in it so I need additional 5K". I think it would be fair to at least give me what I paid for it especially considering that I was recently purchased on the open market which would indicate fair market value. It is not like they can survey thousands of cars being sold this year, as the volume of such transactions is low.
To throw a curve ball at things, I am leaving for China and Spain in a couple of days and I will be gone for over a month after which I will be moving to Philly. It the police do recover it, I have to go claim it or the insurance will not pay anything--hard to do from China. Now I have to fill out a power of attorney so that my neighibor can pick it up if necessary.
Also, I don't live in College Park, I live in the City of Atlanta. My neighborhood is in the suburbs and it is not dangerous. however, anyone can go into anyone's neighborhood and do whatever they want. There were a lot of house parties over the weekend which introduced a lot of people who don't live here into the area.
To throw a curve ball at things, I am leaving for China and Spain in a couple of days and I will be gone for over a month after which I will be moving to Philly. It the police do recover it, I have to go claim it or the insurance will not pay anything--hard to do from China. Now I have to fill out a power of attorney so that my neighibor can pick it up if necessary.
Also, I don't live in College Park, I live in the City of Atlanta. My neighborhood is in the suburbs and it is not dangerous. however, anyone can go into anyone's neighborhood and do whatever they want. There were a lot of house parties over the weekend which introduced a lot of people who don't live here into the area.
Rotary Enthusiast
Joined: Jul 2006
Posts: 831
Likes: 0
From: RAINELLE WV
Dont know that much about Insurance but I think they dont pay for any type of modification. If you had a body they wont pay for that,or any mod on the engine either. I think insurance just pay you stock value of the car. You could dump $10,000 on mods, but they will give you what the car is worth on KBB.( kelly Blue Book). I might be wrong, Good Luck!!!!
Yeah, I'm not trying to screw over my insurance company. I paid $15k for a clean 79,000 mile R1. I'm not even trying to say "but I had a $5k turbo in it so I need additional 5K". I think it would be fair to at least give me what I paid for it especially considering that I was recently purchased on the open market which would indicate fair market value. It is not like they can survey thousands of cars being sold this year, as the volume of such transactions is low.
But in reality when we pay typical insurance we are not insuring what "we paid" we are insuring what it costs to replace (modifications not included). Sometimes it works in the owner's favor. Let's say you got a great deal on an FD, say you paid $5k for a pristine FD with 10k miles, when fair market price dictates to cost $20K. A month later the car is deemed a total loss, now the insurance company has to pay you the cost of replacement which in this case would be $20K.
At this point you need to be gathering for sale ads showing how much FDs with comparable conditions to yours go for. So you can prove fair market price.
FYI: 1998 My first FD lit up like a xmas tree and was deemed a total loss. I only had it for 2 months and had 36K miles. I paid $17.5K IIRC and the insurance company first offered me 13K (blue book) after flipping out a little bit I researched and found out about the whole fair market price thing. At this point I gathered a bunch of ads and submitted them to the insurance company, my final payout was $17.9K roughly $400 bucks more that what I initially paid.
At least they told you the truth about fair market price. Many insurance companies try to lowball people and offer blue book value.
For insurance companies fair market price is what an FD in the condition that yours is goes for in your area. This excludes modifications as companies hardly ever take them into account *unless* the owner discloses it. Therefore for mods one has to pony up extra coverage for them. I think it’s a fair policy… Wouldn’t you be upset if a guy with a 3 rotor FD gets 50K for his seven while you get 15K but you both payed the same in insurance premiums? Why should he get way more coverage than you for the same amount?
Think about it for a second. There are two identical FD’s insured by the same company. Both owners are about the same age, driving record and live in the same part of town. Both cars have the same milage, and are about the same in exterior condition. Except that car A is 100% stock and car B is rather modded and is pushing 400 RWHP. Now both guys should PAY the same for full coverage insurance and be PAYED out the same in case of a total loss. That is unless the guy in car B disclosed his mods and added additional premiums to cover them.
M-
For insurance companies fair market price is what an FD in the condition that yours is goes for in your area. This excludes modifications as companies hardly ever take them into account *unless* the owner discloses it. Therefore for mods one has to pony up extra coverage for them. I think it’s a fair policy… Wouldn’t you be upset if a guy with a 3 rotor FD gets 50K for his seven while you get 15K but you both payed the same in insurance premiums? Why should he get way more coverage than you for the same amount?
Think about it for a second. There are two identical FD’s insured by the same company. Both owners are about the same age, driving record and live in the same part of town. Both cars have the same milage, and are about the same in exterior condition. Except that car A is 100% stock and car B is rather modded and is pushing 400 RWHP. Now both guys should PAY the same for full coverage insurance and be PAYED out the same in case of a total loss. That is unless the guy in car B disclosed his mods and added additional premiums to cover them.
M-
Anyway to mikeric just come back at the insurance company with a couple fd you see on craigslist or get some appraisals from speedforsale or some cool dealerships. You can always negotiate with them. Make sure you are covered for additional equiptment next time.
No matter what you should buy your car back and restore it. Don't let another FD go to the graveyard
Originally Posted by LAN;
Sucks so bad.
Was the car equipped with an alarm?
The thief is probably reading this thread, maybe a forum member.
The thief must have some knowledge about FD's.
Keep us updated!
RX7 owners in your state, next to your state (or anywhere else) should help you out too., on the look out and stuff...
face it thieves are thieves cuz thats what they do. they're pos scum of society for taking what doesn't belong to them but that's what insurance and equally worthless pos cops are for
eeer you utterly misunderstood the post. It was an attempt to break it down on why he is not going to get paid for mods that he didn't include on his insurance policy. Not about anyone getting an upperhand in life.
Pretty much any insurance company will let you add to the policy what your "additions" to the car are worth. It's works in the same way as a disclosure with homeowners policies. As someone else said earlier in this thread, it'll make your premuims higher but only minimally, unless you added an ungodly amount to the car. Of course, you will be assessed a deductible with it too. It's pointless to argue with an insurance company about paying for the extras if you didn't disclose them in the policy.
Thread Starter
Joined: Apr 2001
Posts: 2,279
Likes: 0
From: Wilmington, DE
Pretty much any insurance company will let you add to the policy what your "additions" to the car are worth. It's works in the same way as a disclosure with homeowners policies. As someone else said earlier in this thread, it'll make your premuims higher but only minimally, unless you added an ungodly amount to the car. Of course, you will be assessed a deductible with it too. It's pointless to argue with an insurance company about paying for the extras if you didn't disclose them in the policy.
i reccomend
For all of those who value your cars and your garages, I recommend a wireless camera that works with your wireless network. There is one in specific on newegg for 200$ that does nightvision as well. It e-mails you on motion triggered events or other events. It records live video on motion sensed events. People are giving them great reviews. I recently had some thievery and these combined with some of the highest powered kit motion sensor lights you can buy should work for security. Now if I could just figure out a way to make the car take a picture every time it is started and save it to my network drive, I could have a high res photo of the criminal in seconds.
I'll keep you posted on that one.
Pauli
I'll keep you posted on that one.
Pauli