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salvage of a classic

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sxymarie

Junior Member
undefinedWhat is the name of your state? CA
I an just wondering how the insurance company's can do so much damage to a person's life and get away with it. My vehicle was legally parked in front of my place of employment, when it was backed into and pushed into another vehicle. It took them 2 weeks to contact me and then another week or so to get an adjuster to come and look at the vehicle. I told the adjuster that I had rebuilt the engine and saw him mark it down. The insurance person stated that they would only offer me 257.00 to take the car off my hands. I just about had a heartattach. The estimate to repair the vehicle is a little over 1300.00. The repair shop states that this should not total the vehicle. Most of the damage is mostly cosmetic, however, I was to paint and do the interior this year to complete the restore. They had since upped the offer to 875.00. I then began to ask for documentation of how they were calculating their offer, she faxed me 3 pages of information. The mileage was incorrect, the engine was listed as fair, the zip code was incorrect. The mileage they has stated that in 3 months I had but 15K on my vehicle, for which I may drive in a year. I have sent them the most recent smog which proves that the engine is in perfect mechanical condiditon. They state that would only bring the offer lower. How can that be? I hope that someone out there can give me some answers to assist in bringing this nightmare to an end.
 


Curt581

Senior Member
Here's the problem. One man's classic car is another man's junker.

Insurance companies base their pay-off rates on 'book value', mostly from the NADA Guide. Those values don't take into account unusual circumstances, like exceptionally clean, original condition, or a $30,000 full-tilt restoration. They won't pay $1300 to repair a car that's worth less than $1000... according to the book.

To them, a 1970 HemiCuda convertible (a rough one recently sold for $425,000) is just another rusty old Plymouth... unless it has documentation proving real collector market value.

If you own a vehicle that over 25 years old, and doesn't show 25 years of wear and tear, you have to have it appraised and it has to be insured for that value.

Another problem is that many appraisers won't give a very good value on a car that's only partially restored... meaning the engine work is done, but the body and interior is still rough shape. Your future plans to paint it will not be taken in account.

You have the option of declining the insurance company's offer, and/or negotiating for more. Keep in mind that if you allow them to 'total' it, THEY will now own the vehicle. If you want to keep it, they'll let you buy it back from them.

If the car really means alot to you and want to keep it, you're going to have to accept the fact that whatever they offer will not even come close to paying for whatever repairs the car needs, especially if the car is uncommon or parts are hard to find.
 

sxymarie

Junior Member
Curt

CA Thanks for the input. It does have a bearing on how many miles the engine has on it, right? Why are they giving me such a hard time? Thanks again, Curt :eek:
 

Curt581

Senior Member
sxymarie said:
It does have a bearing on how many miles the engine has on it, right?
No. There's no way to tell by looking at it how many miles the engine has, if it's not the original VIN matching engine.

I assume this is a local or self rebuild, and NOT a factory assembled crate engine?

It could also be argued that an engine has the number of miles it since it was first started way back when at the factory, not just since the rebuild.
Why are they giving me such a hard time?
Hahahaha...

Silly girl.

The insurance company doesn't want to pay one dime more than they absolutely HAVE to... giving people a hard time is what they DO.
 

sxymarie

Junior Member
not different engine

CA
Curt - engine has not been replaced, just rebuilt. Have a great day and thanks for the input.
 

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