I'm still waiting for the insurance company to give me the Lowdown on my 39' Ford Standard coupe. Their adjuster already took photos of the damage from the (3/15/12) accident. I'm wondering, if they total it...How much will they pay me? It's the typical hot rod...350/350, R&P with p/s, 9" Ford rear, good body in primer. Not a Billet Princess... it's a driver. Any Ideas?
Depends on if you have stated value insurance. That would give you the pre-agreed price. If not it anyone's guess, and may end up in court if you can't come to an agreement.
These things are always a mess, sorry about the accident. If you want to keep the car and fix it up and they total it, you can generally buy the car back from the insurance company for 10% of the payout. This is the amount that insurance companies pay (contract) their recovery (wrecker companies or wrecking yards) to purchase cars for, whether they are just scratched up or completely burned to the ground, they pay the same 10% of the settlement. Bob V.<O</O
Usually, unless you have stated value insurance, they go by book value. Here in California, DMV has a book which values collector cars to calculate tax on used collector vehicles. They use it to keep people from under reporting the sale price of vehicles.
On my policy which I've had since 1989, I set the stated value at $15,000. However, since it wasn't my fault (Do***ented by police) I should be getting paid by the other insurance co.,That's why I want to know the book value. I'll repair it if they give me enough to do it right (Rear body work, gas tank, rear spring and brackets, Frame ***embly, rear fender, rear body panel, front fenders, grille, & emblem, radiator and two headlamp ***emblies). I've saved cl***ified adds that are similar to my car (39' & 40'). They average from $20,000 to $30,000 in value, so 15k isn't enough! Parts are hard to find, unless I settle for fibergl*** stuff....NOT!
First thing you need to do once the car is fixed is to bump up that agreed to value. If similar cars are selling for $ 30K you are way undervalued and going to lose your **** if the worst happens. Don
Turk Don is correct here. Maybe if you trick the adjuster into saying current or fair market value you can use the cl*** ads to leverage some cash out of them. I know that works here bit sometimes you have to be an angry Honey badger to make it happen. You should be able to do that, at least if the fella meets the guy in your avitar it should be a step in the right direction.
I can see the first question asked. "How much did you have it insured for?" You've set your own market value. Regular insurance companies don't know these cars well enough to say the car is worth this. And if it's a driver...who knows what you'll get offered. Is this a car with 'patina'? If so, they look at these as just a rusty old car.
In M***achusetts, when you go to pay sales tax on your old car they look up book value which is usually way more than you bought it for, or what it's worth... if that accident had happened in M***achusetts I would insist to be reimbursed based on the state's valuation
Hey, Can't advise about Florida insurance law, but if they pitch a low ball figger, say $9500 demand they replace your loss with a LKQ vehicle at that price! You'll soon be in the $15K-$25K neighborhood, settelment wise. " Life ain't no Disney movie ''
Best thing to do is get a certified appraiser to look at it. Show them comps from places like Ebay. 15K in 1989 is a lot more these days. I've seen nice coupes in the 25-30 range and a little more too.
Dont take the first amount they give you. They will try to low ball you, it will take some time fighting with them but you can get the money to fix your car.
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