Hot Rods Still seeking info. dealing with a totaled claim on my 32

Appreciate info. in negotiating...... totaled designation requires a compromised title at 75% of value & substantial out of pocket.

 

They will do what to the title? Not fully understanding your question.

 

In Illinois a vehicle rebuilt after a “totaled” insurance payout has a title marked Salvage Vehicle and I believe there is a sticker applied to the windshield in front of the driver stating the same.
The rebuilder must have an inspection done before the Salvage Title is issued. Other states may do the same.

 

What I have seen on these old cars is that a salvage or rebuilt title would have basically no effect on value. However, I have seen insurance companies that won’t put full coverage on a rebuilt title car at least on later model stuff.

 

Who is the insurance company? I don't know anything about other states, but I'm Kentucky, if the cost to repair, parts & labor, exceed 75% of vehicle taxable value it's considered total loss, and you recieve the value of the vehicle. If you strike a deal with the insurance company for a certain amount of money, plus you keep the car, in most cases, they won't touch your title. A rebuilt title isn't a bad thing, seeing as we construct them from parts anyway. I suggest buying insurance from Grundy, Hagerty, American collector, etc.... because you put an agreed value on your car, progressive or state farm isn't gonna look at a 32 Ford as anything but an old car in my opinion.

 

Fighting insurance is always a pain. You show NEB as location, so only others that live there and have had to deal with this are going to be useful.

If this has a large value and a big gap between what you are expecting and what they are offering, your best bet is to hire a pro to advocate for you. If it's small value or gap, it's up to you to determine if it's worth it.
Old curse; May you have a lawsuit where you KNOW you are right.

EDIT: NE defines a salvage as a nearly new car with a value over a set amount.
You need to check what is actually going to happen IN YOUR STATE with this.
https://dmv.nebraska.gov/dvr/title/motor-vehicles-salvage-titles

 

Pictures are needed of the car. Before and after. (It helps you here) Then we need a clear question about what you are look for as far as help.

 

I'd say that all depends on if you plan to keep the car and rebuild it or ??
It doesn't really matter if it is a 32 or a 2022 Mercedes if it is totaled and rebuilt after being written up as totaled it gets a branded title stating it is rebuilt with the actual wording depending on what particular state you are in. If I am buying a hot rod I could give a rip if it has a branded title or a title with no notices on it. It's a hot rod that I know someone built from the ground up.
On the other hand I looked at a 32 a while back that had a custom chassis and Wescott body and the seller went on and on about the "has the original 32 title with the 32 serial number on it. I would have to stop and think what actual made in 1932 part was actually on that car plus it was way too street roddy rather than hot rod.

If you want to buy the car back from the insurance and rebuild it and can live with a branded title do it. If the branded title is going to eat into your brain. Sell it out and be done with it.

 

I've owned a couple of cars with a salvage title and never had any problems with it. HRP

 

26,000 in damages exceeds the 75% in Nebraska as in most other states, my insurance provider quoted 5200 buy back then salvage guru say more like 12,000 buy back, a meeting with the at fault provider forth coming.

 

So whose price do you have to pay? The insurance company’s or the scrap dealer’s? I’m not familiar with how this works.

 

is your insurance paying or the other driver's insurance paying? I would think that is who will set the buy back amount.

 

Both quotes were from my provider (2) different claim adjusters apparently battling for promotions at my expense, meeting with my agent tomorrow, however as previously discussed on my original posting several months ago, I don't expect I'll get satisfactory results as the trend seems to hinge on current auction results etc. Tread lightly guys as you might realize I'm more than a bit p.o.'d & on the defensive side more than I'm comfortable with. it's tough to think a 93-year-old survivor vehicle can be rearended at interstate speeds.

 

If you have collision coverage (which basically all collector coverage includes), then your car damages are covered by your insurer first, they'll set the values.

 

It won't help the OP BUT, Hagerty offers "Cherished Value Coverage" for very little more per year. With it you receive the agreed upon insured valued of the car if totaled and you retain the car at no additional cost. Total my roadster? I get a check for the insured value and whatever is left of the car to salvage myself. That is a good deal! I have it on all my Hagerty cars just so I can have my drive train back.

 

Too many if's, and's or but's, too many what-if's, should of, would of and could of's to answer with any kind of relevant advice on this.

At this point it's in the hands of the insurance companies and until they decide something and pass any relevant information on to you its all speculation on something that can have multiple outcomes.

My wife likes to micromanage and worry about stuff out of her hands, I tell her it's hard to micromanage speculation and until she knows something for sure and of relevance she is just wasting her time....


.

 

$26k is 75% of value? That puts the value at what? $3475.00? Where do you find a running 32 Ford for $34750.00? Is it a more door?

 

Triple A took good care of me when I was rear ended in my 47. The total cost to repair was more than 75% of agreed on value, closer to 90%, and they didn't hesitate to pay it, and even waived the deductible for me.

 

No 26K is 25% of the value.

 

Thats where my short fall began, stated value at $26200 damages exceeded that amount, I've all required parts at hand with exception of both rear fenders, the only items undamaged are the right-side door, 3/4 of the hood, & right-side head lamp all else damaged requiring replacement or metal work. The first adjuster says ok to rebid with parts I have, to get below the 75% & save the title & buy back, while the 2 nd. adjuster has a differing opinion.

 

Thanks Bandit Billy, in conversations after the fact a friend lost (3) cars in a local flood & Hagerty paid out on his agreed value & as you mentioned he retained ownership, rebuilt (2) & sold the third as it was.

 

As long as it’s a rebuildable title and not a parts title

I could care less about a rebuilt title. Had a few

for old cars, seen em bring the same as clean titles.

 

I don't know how or why they do it, but it may be the best coverage I have ever heard of. I hope you get your claim figured out. We pay so much for insurance; car, home, medical, etc, nice to see it pay off once in a while.

 

I was fortunate that the stout Chassis Engineering boxed & 'X' member frame held up well, the doors open & close well & have retained good gaps, as I've said before I have always been a fan of original 32 chassis but rethinking my preferences.

 

A little while back there was a guy raving on a Facebook 60's Impala page about his coverage that allowed him to get the car back should it be totalled. His wasn't Hagerty, and he eventually revealed that his insurance premiums were more than double for that luxury, so it was a significant amount of money per year. He got a lot of questions on why he would want it back.

For your roadster drivetrain or something with unique parts that are likely available for reuse it makes sense. For a lot of people, it's best to just cut ties and move on.

 

My dad was side swiped in his 64 Impala SS about 8 years ago. The car was insured on classic insurance but was insured at about a then 15-year-old appraised value of around $12K. The insurance company was clear that they understood the value was much more now and they didn't write-off the car, even though they could have. The car got a new appraisal after the repairs and is now properly insured.

Hopefully your adjuster and insurance is willing to work with you. If you get an adjuster that sees salvage auction dollar signs you will have to fight. I am in the insurance industry, what an adjuster tells you isn't as set in stone as they tell you, if you don't like what they're telling you then keep fighting.

 

Thanks, 05snopro440, appreciate your input the agree value & owner retention is what my friend had on the flood cars, while after the fact rest assured, I'll pursue accordingly.

 

I have had a couple of old classic cars with a rebuilt title. the first one I bought knowingly that it did have one. I didn't care because It was local, a project and what I was looking for. Years later the second car (also a project car) I purchased unknowingly . I made a deal ,paid for the car, picked it up and waited for the seller (a local nice guy I know, kind of a friend ) It was weeks later when he got me the title I found out it was a rebuilt title. In both cases they were project cars, never actually wrecked, fire or any damage, just branded rebuilt title (The state I live in used to be very bad about issuing rebuilt titles for classic cars that had lost their titles along the way) I thought well I'm keeping them, I'm not fixing to sell.
In the first cars case, I spent many years fixing it up and spent thousands and thousands of dollars , 16 years later I decided to sell it. same with project #2 in both cases the rebuilt title was an ISSUE when I went to sell. I know a lot of people say, well it doesn't matter, its a classic car , well IT DOES MATER to a lot of potential buyers.

 

Thanks lilCowboy, I have the same opinion & if the issue can possibly be avoided, I'll pursue in that regard.

 

I think someone at the insurance company wants your car.
Do you still have the title in your possession?
Is the car in your possession? The insurance company is banking on it not being. They will use storage costs against you.
If your car was under insured, that could be a problem. The Insurance payout will be based on the current insured value of the car (what you agreed was the value of your car), less the buy back price. Any amount the car was under insured will come out of your pocket. It will be deemed as your acceptable personal loss (you chose to under insure your car).

Our insurance commissioner prompted the insurance company to move forward to close the case on my son's car after it was totaled (it was properly insured). The time frame involving his case "far exceeded the normal time frame to settle the case." Your case has drug out longer then his did. With the insurance commissioner breathing down the insurance company's neck, they became much easier to deal with, very quickly.