Bummer... any advice on dealing with insurance company?

This site may earn a commission from merchant affiliate
links, including eBay, Amazon, Skimlinks, and others.

Winston

Winston

10 Year 15 Year 20 Year
Joined
Nov 9, 2005
Threads
40
Messages
290
Location
Davidson, NC
Im probably not alone when I say that in owning my 87 for over 12 years now, my worst nightmare is someone hitting me. Unfortunately, I did not wake up. Everyone is ok but Big Red is not in good shape. Took the impact in the passenger front wheel well - drove the axle into -and shearing the oil pan. I had a 2" OME lift and the leaf springs have a 90 degree bend in them. Not sure the full extent yet. Currently sitting in the towing yard and waiting to hear the dreaded - "I think we can give you $400 for it" from the insurance. Any words of wisdom from those that have been thru this?
In addn to the normal maintenance, I had it professionally repainted 5 yrs ago - after buffing out all body rust and re-welding. Also had the OME lift and the 5-speed transmission.
I imagine I'll buy it back unless they offer me something very good.
upload_2015-10-20_13-0-20.webp
 
Damn. Sorry for the loss. If you need a comp to show the insurance company, I just bought a FJ62 in Davidson and can provide you with some details.
 
This same thing just happened to Ibis1969 just a couple of months back. You two gotta talk.
I'll alert him to this thread.
 
Hiya, Winston-
Yes, per Beachcomber Bernie's comment above, my 1986 FJ60 got nailed back in June. I had done quite a bit of mechanical work to it (JimC carb and dizzy rebuild, 5 spd trans, rear disc brakes, replaced rear transaxle, replaced shocks/spring, etc,) and have a perfect interior. I had not done a whole lot to the body. Progressive was the carrier of the person who hit me. They low-balled me as expected. While I'm not exactly sure what the law is in NC, in SC it's the whole issue of repairs as a % of Replacement Cost. Replacement cost is usually a depreciated # that is in part a Kelly Blue Book based figure. The key, however, is this # is what the insurance company says is the value of your car. It is not the value of the car in your mind or anyone on else this forum. In my case, I have a stack of invoices that I've accumulated over 9 years of ownership that have a basis in the car of >$30,000. It's like a bad habit, I know. I have an attorney who is making the case that it is a rare, restored vehicle. Worst case, SC has property arbitration court as a last resort. In the end, the carrier will base their offer off of their comparables. They will give you some value for the 5 spd, the paint, and any other major mechanical work done, but it certainly won't be full value. You can either accept that offer or possibly move to arbitration, assuming NC has that option in its legal code as well. Carriers hate arbitration as it usually does not work in their favor.
 
Appreciate the input - so your case is not settled? Was your truck driveable? Did you just have it towed back to your house? i figure when they low ball me, I can still bring it home and either part it out and make more than they'd give me or try to rebuild it over time with used parts - or use the parts if I find a cheap body that needs a good engine, etc. Of course, the hard part is trying to balance that work with the fact that unlike when I did the majority of my work 10 years ago, I now have two preteens and much less time.
So I go back and forth trying to decide what dollar value they could offer that would allow me to let her go - saying nothing of the sentimental value.
 
Online KBB only goes back to 1992 and Edmunds only goes back to 1990...maybe the insurance company has access to a bigger database? But nonetheless online you can't even select an FJ60 with either of those. My bet is the insurance is gonna offer you $2000.

But NADA is the number you need to be focused on, it's way more accurate to the current market. If you can get them agree to NADA and they offered you $11,000 I would say you would be blessed.
 
Not to hijack but do any of you guys have an "enhanced" type of insurance that protects you if something like this happens?
 
There are some threads that talk about 'stated value' insurance policies.
:banana: search
 
Hagerty.com: - classic trucks

Stock
  • 1989 and older
  • Vehicles in good or better condition
  • Trucks or SUVs under restoration may be considered
  • Minimum values may apply
  • We can consider limited towing and hauling up to 20 times per year
 
SteveH said:
Hagerty.com: - classic trucks

Stock
  • 1989 and older
  • Vehicles in good or better condition
  • Trucks or SUVs under restoration may be considered
  • Minimum values may apply
  • We can consider limited towing and hauling up to 20 times per year
Click to expand...

When I talked to Hagerty earlier this year they wouldn't insure a daily driver
 
Brace yourself right now, the process is gonna suck. A lot. Accept the fact that its gonna take a long time, a lot of haggling, and you're gonna need a lot of patience, and in the end you are probably not gonna get the amount that you should get. In my experience, Progressive is the worst car insurance company to have to deal with in every way.
 
deal with the facts and price info that you can support. as noted be prepared for the long haul and know the insurance co is not in any race to agree with you. doubtful you'll get much for items invested in the truck..I would remove misc items from the vehicle if allowed to do so. if you are dealing with progressive...then its my experience they are painful. They'll quote used parts off some salvage yard database.... round up data to support your perceived value of your vehicle.... "they" know they are dealing with an individual in a sea of millions, so its my view that progressive low-balls from the start. What I've noticed is that some people want to equate their LC price with some crazy price that some immaculate LC sold for on some auction or whatever...that's not going to be the real world answer.

Don't accept any offers / checks / money transactions....until you have what you think you can get.... make notes, ensure you know you are talking with on the phone and their role and their authority. Do not sign anything you don't fully understand from the insurance company...don't sign an arbitration agreement unless you have no other choice.
 
You must log in or register to reply here.

Share this page

Back
Top Bottom