While I support your endeavor, i think 20k is a pipe dream. You will have better luck forcing the ins company to fix your truck.
Insurance value for highly customized '94 FZJ80
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Seems low, what's the comp pricing in your area?
As mentioned, $20k is unlikely to happen.
Anything that's considered maintenance, scratch off. Anything that is considered labor, scratch off. If your insurance is like any other one I've seen, they'll only cover parts and even then have lots of restrictions on it.
For example, say you try and claim your lift (springs and shocks). You replaced OEM parts, likely similar price or even less than OEM. At best might get the difference between OEM and your upgrade, but unlikely to get the whole thing.
Forget about the upgrades you did, unless it's something super valuable that you can't pull off the truck and reuse when you buy it back. Comparison shop dealer price for 80's in your area, find similar mileage vehicles and print out a list of them. They will likely all be within a few thousand of each other. Throw that out to them, then see what they come back with. I would not hit them with your 500 page doc just yet, keep that in reserve. If you piss them off, they can drag their feet and make life real difficult for you, so you want to do your best to work with them (polite but firm).
/me edits
Okay, found this.
http://insurance.mo.gov/Contribute Documents/auto claim brochure 9-07.pdf
Also, did a quick comp. Looks like market value is $6k-$10k depending on condition, miles, etc.
Since they are saying the damage is more than $5200 (which it probably is), I think even at that price you'd be close to totaling the vehicle.
I would make them re-evaluate the value of the vehicle based on market price (hand them a stack of dealer pricing showing value from $8k to $10k). If I had to make a counter offer (would prefer to make them re-estimate first), it would be $8k for the value of the vehicle (which likely still totals it) and the same buy back price. That would put about $6k into your pocket, should be able to fix the damage for far less.
That's a reasonable counter offer that they are likely to accept. I can pretty much guarantee you that they will go to court before accepting a $20k counter offer, and they know the insurance laws far better than you. Plus, do you really want to spend money hiring a lawyer? Lawyer will eat up the $20k fast, even if you win. They keep one on retainer, doesn't cost them much to go to court.
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Gotta agree with Ebag, I got ~$16k for a modified 96 five years ago and that took 3 months and considerable leverage.
x2 also on the comp prices, arguing the value of your mods will prove to be a dead end, keep them and call it good. Concentrate on the value of comparable vehicles in the local market. If my experience is any indication, they are undervaluing you ride, if you get the proper ammunition, that's a pretty easy argument to support.
x2 also on the comp prices, arguing the value of your mods will prove to be a dead end, keep them and call it good. Concentrate on the value of comparable vehicles in the local market. If my experience is any indication, they are undervaluing you ride, if you get the proper ammunition, that's a pretty easy argument to support.
that buy back price seems a bit high based on 3 vehicles I"ve had totaled
If you can swing it, buying a replacement ahead of the settlement can be very helpful. That way, you can transfer the best parts and mods to the one you are keeping.
x2, you might find out if the buy back changes if it's totaled.
Often the buy back is based on what they think they'll get for it selling it wholesale. I don't think $2k is unreasonable for a pretty much working 80 that just needs a front clip swap. I don't have an exact dollar amount, but when Progressive was suggesting mine was totaled I got the impression that the buy back would be around there.
Agreed, mine was $3500 but it was a 96 and that was 5 years ago. The value on 80s has dropped considerably. Also, I find it odd that they are agreeing to leave the title clean. I was told that was against the law. I wonder if they are putting a premium on the buy back value in exchange for the clear title.
Also, I find it odd that they are agreeing to leave the title clean. I was told that was against the law. I wonder if they are putting a premium on the buy back value in exchange for the clear title.
Indeed. That sounds incredibly shady if that is the case. It's possible that he misunderstood....
Agreed, mine was $3500 but it was a 96 and that was 5 years ago. The value on 80s has dropped considerably. Also, I find it odd that they are agreeing to leave the title clean. I was told that was against the law. I wonder if they are putting a premium on the buy back value in exchange for the clear title.
Laws very state to state. In OK if the vehicle is more than 10 years old and you keep it the title never gets marked.
I had a '91 toy pickup that was totaled in '97 w/130K on it, booked right at 5K - buy back was $500 wasn't as bad as your truck to fix.
Had an '01 Saturn SL totaled in '02 40K miles, buy back was $1200 - wasn't horribly bad other than the bags being punched. Funny thing there was they were trying to knock off $500 on the value cause it didn't have an auto, and I kept explaining to them you couldn't get an SL with an auto, only an SL1 - State Farm is a bunch of crooks.
They have to show you the offers they have to purchase it - at least they did in WI.
The roof rack won't be added to the value, cause it's not a perminate addition (I'm guessing)
The lockers won't add any value to the truck. It does to us, but it isn't even listed as an add on for book value. They're starting at NADA book. I hope you can do better - I hate dealing with Insurance companies.
Yes, state laws dictate settlement terms, what is required iin one state may be different from other states.
True, but insurance is basically organized crime, so, I wouldn't trust any of them.
This is curious, lockers were about a $1500 option when new. I would think NADA or KBB would recognize lockers as a valuable option.
Are they willing to allow you to keep the vehicle and still give you roughly $6k? If so grab that unless yo can realistically get more.
Ditto on this, seems shady about the the title and price. Since they are not totaling it. I wonder what the cash offer is for it being totaled?
I was able to get a 6k check and the truck back. If you look there are pics of my old truck in the classifieds and maybe in the link in my sig.
They don't care what the add on cost new was. You might be able to get them to do comp pricing with locked vehicles only, but checking his local listings doesn't seem to make a significant difference in price (but only did a quick check).
Here I was able to find enough locked 80's with similar mileage and year, and the price difference was enough that I was able to argue that locked was different than unlocked. That had less to do with the lockers and more to do with all the cheap 80's were unlocked, so I was able to filter out a bunch of vehicles that would have lowered my comp price. Really luck of the draw in that case.
But most dealers price the vehicle the same, actually got my locked 80 cheaper than the unlocked one. 99% of consumers don't care about lockers, the remaining 1% are 'Mud members.
What I have learned from my experience and this one is that next time I build a Cruiser I'm going to declare a higher value to my INS up front and pay a slightly higher premium so I will be covered for the 20k? investment I have in it.
Does it matter what you declare the value to be? I was logged into my insurance site last night and it said (paraphrased) they will pay out based on the estimated replacement value TBD at the time of the payout. It does not really matter what value I declare on the vehicle (nor did I have that choice). The only adjustment I have besides the standard coverages and deductible is the value of aftermarket upgrades (receipts necessary).
This.
But you have to do it before the accident. Progressive actually lets you declare an additional value you want covered for add on's (in addition to your base policy), have been contemplating adding a couple K of value. (They also do declared value, but you have to talk to a rep for that and show why it's worth that, more work.)
There is something called an "Agreed Value" policy - or something like that. It's meant for highly specialized cars. For example, a '32 roadster you've dropped 60K into. You have to get them to buy off on the value though, or people would be putting a declared value of 40K on clapped out datsuns and crashing them on purpose.
That is low I got 7500 for my 93 that I rolled that's after buying it back
