Before I bought my LC I got f***ed by my own insurance company on my mint '72 Datsun 240Z.
Got hit by a guy who literally had JUST arrived in the USA, he had no clue how to drive, and yet the state of Texas decided that his "for show" Singapore driver license was sufficient to grant him a TX DL. What a joke. Anyway, he failed to yield at an intersection, and I wound up with a no-rust never-been-wrecked mint condition 240Z with a crooked unibody -- totaled.
I thought (incorrectly) that I would get a straighter deal going through MY OWN insurance company (Allstate). I figured they would give me a good settlement, then it was their problem to get reimbursed by the other company, either by settlement or litigation. Thing is, your own insurance company is not on your side, regardless of what you have heard. They want you to take as low of a settlement as possible, because then it's far easier to get reimbursed by the company of the driver at fault and they don't have to waste time/money going to court.
Some people say "get control of the car ASAP," but in retrospect, I strongly disagree. If I had to do it over again, I would have had my Z left at the body shop I chose until we agreed on a total loss value (my right, as per Texas law). Body shops (especially the higher end ones, like I chose) charge a ridiculous amount for storage, on the order of $100s/day in some cases. By demanding my Z be brought home so I could "protect it" in my garage only meant that I lost all leverage for having the insurance company quickly agree to my terms. What happened next was a waiting game, and they won.
They first lowballed me with an insulting value of about 1/4 the market value as I ascertained it by looking at other sales and auction values from Barrett-Jackson, etc. I tried to hold out, but I'm a poor bastard in graduate school, and my dream car, my Z, was my only car. I needed that money, and I needed transportation. In the end I settled for about 1/2 of what I should have received.
Prior to this waiting game, I prepared myself as best I could do demonstrate the value of my car. I had printouts showing sales and professional appraisals of '72 240Zs in similar and even poorer condition than mine that were valued much higher than what I settled for.
I had receipts going back over the prior 8 years showing all the restoration work I had done, all the upgrades, etc. In the end, it was all a waste of time. The appraisal forms and sales figures were dismissed because they "use their own system" and did a "market value analysis" showing the average prices of "similar cars." What they used to justify their figures was ridiculous -- rusted out hulks being sold in Detroit (Japanese steel from back then would not hold up in a northern winter worth a damn) for $500. Lots of sales like this conveniently popped up in their figures to bring the average down to a laughable level.
The parts receipts were all dismissed as having been irrelevant because all the work had been done prior to 60 days in advance of the wreck, so their value was not factored into their "calculations." I had the original matching numbers engine completely rebuilt, only 8000 miles on it. Did that count? Hell no, because it was completed just over 3 years before the wreck (their time-limit on 'major work'), even though I kept that car in the garage and only drove it on nice days. Not even 3-4 oil changes on that motor.
I tried to buy the wreck back, thinking I'd put it in storage and use it as a parts car for my next Z project, but they came back to me with a ridiculous amount for the buyback price. I'd essentially not have enough money leftover to buy any kind of roadworthy vehicle to live my life. They claimed some salvage yard made that bid, but I can't shake the feeling that it was just a big "f**k you buddy" for putting up a fight.
Anyway, I learned a few lessons for when it's the OTHER guy's fault (for Texas laws, anyway, maybe similar in MO?):
1) Make sure your vehicle is sitting in the lot of YOUR body shop of choice, charging a good healthy storage/impound daily rate. It'll make it worth their while to go the extra mile and resolve your case quickly and to your satisfaction -- they can't close that case until you agree to their settlement, and the longer you wait, the more it's going to cost them. Throw in the expense of a rental car, all the better. I was stupid and declined taking a rental because I mistakenly thought the cost of the rental would reduce the size of the settlement I could get, and I figured I would be OK for the short term bike commuting. BIG MISTAKE. DO NOT let them move the car to their "body shop of choice" for an estimate. All this means is that they want to move it to a shop that doesn't charge them the daily storage fee, which kills your leverage on getting things taken care of quickly.
2) Wait them out. They want to close your case ASAP, and if you have (1) on lockdown, you have the upper hand. Reject their offers until they make you one you're satisfied with. When they give you a "true market value," demand to see their calculations, and how they arrived at that value. Demand to see detailed documentation on the vehicles they used for comparison (it could even be as few as ONE other vehicle). Be resolute in telling them their comparison is bulls**t, and exactly why -- point out all the differences, and how your car was FAR superior (I assure you, the example(s) they use will be a JOKE).
3) Go through the other guy's insurance, if only initially. I discovered the reason for this little gem when I went to change insurance companies afterward (I couldn't in good conscience stay with Allstate after how they hosed me, their own customer, with an impeccable driving record. Too many bitter feelings). If you file a claim with your insurance, even if it's the other guy's fault, it counts against you in the future. Yep. I applied to State Farm afterward, and apparently they make no distinction between at-fault and not-at-fault claims. My insurance rate now is significantly higher than it would have been if I had just gone through the other guy's insurance and kept it off mine.
4) Be prepared to say what you think your car is worth and what you deserve, very resolutely, and with confidence. Hell, even blow the figure up some, they probably will not give you exactly what you want, so overshoot it. Find whatever you can to justify your figure. Receipts, auction results, professional appraisals of similar vehicles, etc. This is primarily for ammunition in your waiting game, giving you a rationalization for your refusal of their lowball offers. DO NOT BACK DOWN.
You already have a lawyer in your corner, sounds like a good start. I wish I had that as a resource when I had my problem back in January.
Big hard lesson for me. I had always planned to get a classic car policy with an agreed-upon value, i.e. Haggerty. Unfortunately I never got around to buying a junker car to claim as my primary vehicle to qualify for a policy like that. Other guys in my club used Haggerty and had their Zs totaled, and they have drastically different stories to tell. Apparently they just said "yup, totaled" and mailed out a check for the full agreed-upon value. Afterward, they even helped them source cars and some parts for their next projects. Great service.
You know, you spend your whole life paying your insurance, on time, every month, and god forbid you miss a payment, because if you do, they will throw you to the wolves. The SECOND you need them to make good on their end of the contract you've been faithfully upholding your end of, they will fight you tooth and nail down to the very last penny. Doesn't matter how nice your agent is, hell, ours was the guy down the street where I grew up. All he does is sell you the policy. It's the faceless juggernaut of the insurance corporation that will be the one telling you "tough luck" when the time comes.
the crap out of it. Use the money you get from insurance to finish the build (like a rear bumper!).
It was so close to complete its killing me.
