Worth/Insurance Question

turtle64b · 11-21-2018, 07:31 PM

So...

NO PART OUT haha.

I was T-boned a little over a month ago, and they called my car a total loss. I've been "working" with the insurance company (they've really been dragging their feet / screwing stuff up) since to try and come to a settlement. I feel like my car falls into the "moderately modified" category and I'm struggling to find comparable cars to get a value. Insurance wants to say sorry about all of your mods, but we're only covering the car. With that said, and this may just be the common sense in me, but if someone smashes my stuff, I expect them to be accountable for it. I understand that I can't put 18k in parts in a car and expect the value to go up 18k. However, I feel like performance parts do add some value.

I bought the car back and have it in my possession.

I do not have any "riders" or anything like that covering the aftermarket parts with my insurance company.

They discussed calling my car a "specialty car" to try up the settlement amount, but the last mention of that was one week ago, with no word since.

My mods are mostly described in my signature line. The person who hit me is 100% at fault.

Can you guys give me any advice or tips when dealing with the insurance with regard to aftermarket? I tried the Googles, but I couldn't find good data.

I was thinking of trying for a settlement amount of 25k. They've slightly lowballed my base car value (utilizing their software/adjusters/stuff) at 17k, but that's an independent issue that we are working through.

I appreciate the help!

I intend to stay in the Z community with this is all said and done. Looking for a Monterrey Blue Z this time

Spooler · 11-21-2018, 08:25 PM

Honestly, due to the fact that you have a A2A kit on the car with lots of extra's, you have no choice but to buy the car back at a lesser value after it is has been totaled. Good luck, you are going to need it. You can then transfer those parts to your newer Z and part out the rest.

turtle64b · 11-21-2018, 08:28 PM

Quote:

Originally Posted by Spooler

Honestly, due to the fact that you have a A2A kit on the car with lots of extra's, you have no choice but to buy the car back at a lesser value after it is has been totaled. Good luck, you are going to need it.

I should have included that in the post, I'm sorry. I did buy the car back. Thanks for the luck!

CRiZO · 11-21-2018, 08:35 PM

You're pretty much out of luck. Aftermarket parts and add-on's do not add value.

If you've already bought it back, you're kinda out of power to negotiate as you've technically agreed to its value. Keep making noise though, it's their job to pay you as little as possible.

turtle64b · 11-21-2018, 08:57 PM

Quote:

Originally Posted by CRiZO

You're pretty much out of luck. Aftermarket parts and add-on's do not add value.

If you've already bought it back, you're kinda out of power to negotiate as you've technically agreed to its value. Keep making noise though, it's their job to pay you as little as possible.

Yeah, I'm with you here, but is it possible to look at the parts as just that? For argument's sake, if the impact decimated the supercharger unit, would I not be able to get a new unit?

We still haven't agreed on a car value. The reason we're proceeding the way that we are is because the amount I still owe on the car and the salvage value of the car are far below the settlement amount.

I had another adjuster from the same company come out this last Monday and point out all of the things that were screwed up on the original estimate as well as the misrepresentations of the car when it came to installed options that actually add value to the car to the tune of nearly $1800.

JARblue · 11-22-2018, 03:37 AM

I've had the insurance tack on a few extra bucks for installed aftermarket parts that were damaged in a claim I filed a few years back on the Z. That being said, it was a single part (exhaust) and a royal PITA to get the check approved. But the fact is my insurance policy covers all parts that are physically installed on my vehicle whether stock or not.

My recommendation would be to focus on the larger (more expensive) parts to try and drive the number up. Make it as simple as you can for them without selling yourself short. Of course, the fact that yours is totaled and not just a damage claim means you won't get near full price on anything. It will be a fair market value of parts since they are all used at the time of the incident.

Also, try to get as many different adjusters as you can until you find one that understands the situation. I've had to get my own insurance adjuster look at damage to contest the other insurance company's lowball settlement. Ideally you find someone that is willing and able to contest the insurance company on your behalf.

dts3 · 11-22-2018, 09:21 AM

Sorry to hear about that. I had a JCG that I put a set of $1200 tires on 45 minutes (yes minutes) before the car was totalled. I told the adjuster and she seemed very willing and happy to up my claim... When I got the paperwork they had offered me an extra $40. The little "hairs" from the injection molding didn't even have a chance to get worn off the tires.

11-21-2018, 07:31 PM	#1 (permalink)
turtle64b Track Member Join Date: Jun 2015 Location: Granbury, TX Posts: 550 Drives: '11 SC Blue 7AT Rep Power: 3366	Worth/Insurance Question So... NO PART OUT haha. I was T-boned a little over a month ago, and they called my car a total loss. I've been "working" with the insurance company (they've really been dragging their feet / screwing stuff up) since to try and come to a settlement. I feel like my car falls into the "moderately modified" category and I'm struggling to find comparable cars to get a value. Insurance wants to say sorry about all of your mods, but we're only covering the car. With that said, and this may just be the common sense in me, but if someone smashes my stuff, I expect them to be accountable for it. I understand that I can't put 18k in parts in a car and expect the value to go up 18k. However, I feel like performance parts do add some value. I bought the car back and have it in my possession. I do not have any "riders" or anything like that covering the aftermarket parts with my insurance company. They discussed calling my car a "specialty car" to try up the settlement amount, but the last mention of that was one week ago, with no word since. My mods are mostly described in my signature line. The person who hit me is 100% at fault. Can you guys give me any advice or tips when dealing with the insurance with regard to aftermarket? I tried the Googles, but I couldn't find good data. I was thinking of trying for a settlement amount of 25k. They've slightly lowballed my base car value (utilizing their software/adjusters/stuff) at 17k, but that's an independent issue that we are working through. I appreciate the help! I intend to stay in the Z community with this is all said and done. Looking for a Monterrey Blue Z this time Last edited by turtle64b; 11-21-2018 at 08:29 PM.

11-21-2018, 08:25 PM	#2 (permalink)
Spooler A True Z Fanatic Join Date: Jun 2014 Location: Ga Posts: 13,797 Drives: 2013 Nismo 370z Rep Power: 2684392	Honestly, due to the fact that you have a A2A kit on the car with lots of extra's, you have no choice but to buy the car back at a lesser value after it is has been totaled. Good luck, you are going to need it. You can then transfer those parts to your newer Z and part out the rest. turtle64b likes this.

11-21-2018, 08:35 PM	#4 (permalink)
CRiZO Track Member Join Date: Nov 2017 Location: Dallas Posts: 672 Drives: in traffic Rep Power: 20698	You're pretty much out of luck. Aftermarket parts and add-on's do not add value. If you've already bought it back, you're kinda out of power to negotiate as you've technically agreed to its value. Keep making noise though, it's their job to pay you as little as possible. Spooler likes this.

11-22-2018, 03:37 AM	#6 (permalink)
JARblue A True Z Fanatic Join Date: Mar 2011 Location: Austin, TX Age: 43 Posts: 36,450 Drives: 11 Z34, 98 E36 M3 Rep Power: 2684440	I've had the insurance tack on a few extra bucks for installed aftermarket parts that were damaged in a claim I filed a few years back on the Z. That being said, it was a single part (exhaust) and a royal PITA to get the check approved. But the fact is my insurance policy covers all parts that are physically installed on my vehicle whether stock or not. My recommendation would be to focus on the larger (more expensive) parts to try and drive the number up. Make it as simple as you can for them without selling yourself short. Of course, the fact that yours is totaled and not just a damage claim means you won't get near full price on anything. It will be a fair market value of parts since they are all used at the time of the incident. Also, try to get as many different adjusters as you can until you find one that understands the situation. I've had to get my own insurance adjuster look at damage to contest the other insurance company's lowball settlement. Ideally you find someone that is willing and able to contest the insurance company on your behalf. __________________ 2011 370Z 6MT Sport Gun Metallic \| ARC \| CJM \| Ecutek \| FI \| Fujimura \| R2C \| SPL \| Stillen \| TWM \| Z1 \| ZSpeed \| Last edited by JARblue; 11-22-2018 at 03:47 AM.

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11-22-2018, 09:21 AM	#7 (permalink)
dts3 Track Member Join Date: May 2018 Location: Farmington Hills, MI Posts: 599 Drives: 08 Expedition Rep Power: 6765	Sorry to hear about that. I had a JCG that I put a set of $1200 tires on 45 minutes (yes minutes) before the car was totalled. I told the adjuster and she seemed very willing and happy to up my claim... When I got the paperwork they had offered me an extra $40. The little "hairs" from the injection molding didn't even have a chance to get worn off the tires.