TurboTagTeam

My baby was stolen last month. After dealing with the insurance company for a month, they want to totall it because it needs a new engine and a radio. THis is complete bullshit. THe insurance wants to give me 12,500$ for the car. The kelly blue book is 17,500. The insurance said they did a "market survey" and came up with 12,500 for the value of the car.

It is a MINT 93 with 81,000miles on it. I also have over 12,000$ INTO THE CAR IN AFTERMARKET PARTS!!!!! WTF!!!

Help me out guys. I also have a lien on the car so the insurance is saying that I can't buy the car back.Someone help me please!!!!!

fsae_alum

Regarding the mods, did you have a provison in your policy that covered those mods? If not, kiss that 12K goodbye!
If you DID have that provision, you'd be doing good to squeeze 75% of that 12K out of the Ins company. They have a tendency to say that aftermarket bolt-on's depreciate after purchase.....which we all know is a big pile of crapola. Show them receipts and pictures installed on the car along with pics of the internet and you might have a chance. You can also show typical costs off the net for those items as a comparison and basis for justification.

Regarding the KBB value, they will typically take which ever one is more convenient for them weather it's KBB or NADA. Again, show them prices off of the internet for FD's in similar condition, age, miles, and mods and fight it.

Sorry for your loss man. Makes you wonder which ones are the bigger thieves....the guy that stole your car or the insurance company that won't pay.

Best of luck.

dis1

Sorry for your troubles. I suggest doing your own market survey and if the results support your side document them and give those results to the insurance company. Also document the extra money you have in the car but hold that info until later because you should disclose that to the insurance company before you pay your dues because it can change your rates. Also just tell them that their offer is not acceptable. Tell them how much you want for the engine and radio as I'm sure it is less than $12.5.

If all of this fails strip the car of all valuable parts before you hand it over and use the 12.5K to buy another one.

grimple1

iTrader: (1)

Same thing happened with my 240. Progressive will only give 1k max for aftermarket upgrades. They also use NADA. Which is pretty much, imo, a piece of crap price guide written by insurance companies so that they can under value items when they have to replace them.

Good luck with your situation, I know how much it sucks. I agree with the above poster. Strip off all that aftermarket stuff and give them what they paid for. A stock FD.

Will you be upside down on the lein or will it cover the remainder of the lein?

TurboTagTeam

I owe 16,500 on the car. I put 0$ down to build my credit. I know i will never get my money back for the mods. That's not whats bothering me. Even a bone stock 93 with 81000 miles in PERFECT CONDITION should be worth at least 15k right?????

I am defiantly gonna go to the body shop and strip the car of aftermarket parts. I have too much invested.

dubulup

damn son, you are in a shitty situation...you owe $16,500 and will only get $12,500 for a stolen car...and invested $12k in mods.

judging by info you've given I can probably guess your age...and this is a very tough lesson to learn

only advice I can really give makes me sound like an *******...don't buy toys you can't afford and don't modify cars you don't own.

tphan

^^^X2

And pictures.

Montego

iTrader: (1)

I will say it again. In California you are entittled to fair market price of your vehicle. Send in a bunch newspaper, autotrader clippings of the similar cars (not in mods) to justify what fair market price is. If not satisfied get a lawyer on threaten to use one. As far as your mods are concerned unless you paid an additiopnal premium you are **** out of luck.

Honestly don't rely on our info get a lawyer's advice. Insurance companies lie BTW.

SayNoToPistons

post In The Lounge, F/s Section, And Regional Section Asap!!!

airborne

Aren't there public adjusters for cars like there are for houses? Find out and get one if so. In the case of a house they just get a percentage of the additional money they win for you.

For the record I think I got about $15k in 2000 for a 94 w/40k on it so your number fits relatively. I also swapped a stock exhaust for my RB and took the cd changer I had. Plus anything else I thought they wouldn't miss like the jack.

I'm real sorry to hear it, where was it stolen from so I can never go there?

edit: i just reread that they want to total it because it needs a new engine and radio? no body damage???

here's what edmunds has to say on it fwiw
edmunds

KYLiquid

here is somethign I dont understand, your car was stolen.......did you get it back? you say you need a new engine and radio.....so it sounds like you got the car back and it was damaged.....(or the engine and radio were stolen).

They are buying the car from you for 12,500.....so I can see that they will offer you less, since 12,500 is closer to the market value for your car with no engine.

How much did you pay for the car/how long have you had it.......building your credit is great, but not at the expense of getting upside down in a loan.......

Buying a car is a good was to raise your credit, and its secured debt.....but $0 down doesnt help it build your credit any more........the fact that you have a loan your paying back is what helps.

Anyway, there are a lot of good suggestions above on what to do....you pay the insurance company, and they work for YOU....so make them work!

Just dont stop making your monthly payment yet!!!

preludesh2000

iTrader: (1)

that sucks bro.
when i totaled my first prelude (98 sh) they only wanted to give me 13 they deducted money for it being manual trans. thats when i did my own search and ended up talking them into paying it off at 15.5....and talked them into paying my tax on a new car....

when i went to buy my 93 fd about a week ago now....they would only loan me what the car is worth to them ...that was 11.5 but i bought it for 14.9...thats bone stock ...

but the lude after i totaled it, the insurance company wouldnt let me take anything off the car(nationwide)....yeah right i went down to the tow yard and the guy there was cool let me take whatever i wanted off it....

just print up autotrader fd's for sale, grab a local autotrader, and use the most expensive cars...and just hope it works...they usually need 8-9 cars..

good luck , keep us posted...

fsae_alum

Oh yeah...if you've got an R1 or an R2, you're taking it in the shorts more than you know because on paper the R1 is just a step above Base and under Touring because of the Touring model comes with leather and power accessories. I believe that yours IS a PEP or Touring, but for everybody else....be aware.

fdeeznutz

That's not how insurance works. You pay every month for them to cover vehicle if it gets stolen or wrecked. The fact that the engine is missing or blown is irrelavant.

FYI: My friend got 18k for his car when it was stolen, it was a 93 black with 90k. He called me out of the blue and said the insurance company was coming to get it and if I wanted anything to come over immediately.

preludesh2000

iTrader: (1)

i forgot to tell you also....my buddy wrecked his 72 porshe 911...just got done restoring it, so 16 year old pulls out in front of him... and he did a search like everyone else said to do ...and his insurance company ended up giving him 9grand or so....he bought the car for a grand.....but every situation is different