scdfndr

Sadly I was rear-ended last week and the other driver's insurance company says they expect to consider the car "totaled" because the value of the repairs will exceed 75% of the value of the car, which means they will pay me the value of the car.(I'm waiting for the actual number.) Like most of you I suspect, I love my car more than the dollar amount their algorithm will spit out. I plan to repair it. (Rear bumper, trunk, floor underneath dented, front bumper also -- I was hit in the back and pushed into the car in front of me.) They will sell the car back to me, with "salvaged" title if I want to keep it, which I do.

1993 SC300 5-speed, excellent condition, just replaced all leather seats from wrecked '96 in near mint condition. New Michelin tires, not even a month old. 160k miles. Second owner, bought from stepfather. Body has minor scratches only, alloy wheels. I think this car came with every extra available down to the factory cell phone.

I've used Kelly, Edmunds, and some other sites. I get inconsistent results. (Edmunds told me less than $2k, NADA told me something like $7k) My Lexus only mechanic says maybe $3k, but adds I cannot replace it for that because it is a 5 speed and highly sought after. (Does the insurance company not consider this?)

So, any ideas on value and how to haggle with insurance company, especially as to rarity of the 5-speed which my mechanic says increases the value but which I worry insurer will neglect?

t2d2

iTrader: (8)

Less than $2k??? It's worth that much wholesale in poor condition. $7k is probably a bit high, considering add-ons and upgrades add virtually nothing to appraised value, according to insurance formulas. Lower than average mileage is the biggest factor in your favor. You'll need to do a lot of legwork research on comparable cars (5-spd, specifically) in your general area and what they sell for, then have the insurance co. do dealer quotes of the minimum price they would accept for that car if it were on their lot. I think $5-6k is where you'll end up.

scdfndr

I'm hoping that's right. A quick search finds few (unmodified) 5-speeds for sale anywhere, much less in SC. I'll keep looking though. Thanks for the reply.

CatManD3W

iTrader: (18)

Should be able to get $3500-4000 for it...FYI insurance companies dont care about rarity of cars....they only go by what the book value is regardless

t2d2

iTrader: (8)

Book value doesn't much matter (if you put up a good fight) if you can demonstrate that there are no comparable cars nearby for the average prices they come up with. They'll probably ding you for the 5-spd, as A/T is generally considered an add-on value, so you need to be proactive in showing it's backward in this case.

I just went through this three months ago and got them to go up more than 50% from the original offer.

KahnBB6

iTrader: (5)

I had such a fight over my previous car, which was rear ended (not an SC) and with a lot of work and producing receipts for all permanent modified work done to the car (mostly suspension related) I was able to get KBB valuation plus those receipts.

The 5-speed SC's and certainly 98-00 SC400's fall into a special case and KBB values absolutely don't reflct their true current market values.

If it helps, here is what I have done, knowing this can happen: I had this discussion with my insurance agent and have an extremely detailed list of everything permanently added to the chassis and drivetrain with figures for all. Also I used the actual year-by-year 5-speed production numbers compared to other SC's and all for sale ads within local and statewide searches for 5-speeds. It truly does go to the insurance adjuster if something happens but having had multiple full-disclosure discussions about the low production, asking prices and modifications with every insurance agent since I bought the car it's not a question in my mind that a standard KBB figure won't cut it for "replacement". I should note I have full coverage on mine.

To be honest, I have been seriously considering Hagerty for an agreed value policy in the not too far future. Usually those companies require a locked/gated garage and limit to 3,000 or so miles per year. I understand there is a higher mileage bracket for them as well.

OP, you should find as many records as you can and look up production figures for these cars. You may not get a significant increase depending on what you have done to your car (you really have to go out of your way to prove any modifications with receipts-- clutches for instance do not count even if you have a $10k Tilton because it is a "wear item")... but you should be able to claim a reasonable value based on relevant comparable for sale ads within your area and surrounding areas. $3k-$4k doesn't "replace" an SC 5-speed in the same undamaged condition. Get some facts and figures, study them, remain calm and polite but firmly argue your case.

YMMV but it is absolutely a sound argument when an original manual transmission car is actually valued for more than the common-as-sand automatic version in the open market.

OG Dada

iTrader: (10)

To be honest, below 95 5 speeds isn't worth it. Just find a 95+ 5 speed and part ways with that.

KahnBB6

iTrader: (5)

^^ Why do you say this? They are all fundamentally the same with only minor differences year to year. Nothing truly major changes other than the shifter mechanism in '95 and the body in '97.

Biddles

iTrader: (2)

It really depends on your insurance company. If you have a good reputable company like Geico, Progressive, State Farm, you'll probably get a high value back, if you have cheap crap you will probably get much less. For example this is specifically for 1993 SC300's here are some ACV's(Actual Cash Values).

Insurer - Mileage - Payout

State Farm - 248K - $4400
USAA - 146K - $3300
Progressive - 173K - $4297

scdfndr

Thanks all. Adjuster (Geico) came in just under $4k, which is better than I expected. They will sell the car back to me for $200. So I will have around $3,800 for the repairs. I think I can get it done for that, maybe less.

t2d2

iTrader: (8)

Consider yourself lucky that the buy-back isn't $1500-2k. Anything you can get them up to on the cash offer now is a bonus! Look the offer sheet over closely and see what adjustments they've made, what cars they've compared to, etc.

KahnBB6

iTrader: (5)

This is very true. The "similar" cars they compare the SC to probably don't hold much in common with swapped examples. I wouldn't be surprised if it's compared to the Acura Legend Coupe (very good but not at all an SC) and even 90's era Buick Regals... which are truly unwanted trashmobiles today. I'd be more impressed if the BMW 840 were compared to the SC400 in such figures.

RobertMuir

Just keep fighting them if they try and total it out, I have a 95 5 speed and got hit in the side, for 2 months state farm(the guy that hit my cars insurance) and american family (my insurance) tried to give me less than 4k for it.

Considering I bought the car a month before it was hit for 5700 on tein suspension and with a carbon fiber hood, I called bull****, didnt accept the offer and proceeded to do my own research.

Eventually they found a very close match to my car in my zip code for on auto trader for 7900. Then my car magically went from a 3800$ car to a 7200$ car.

Insurance is not trying to do you any favors.

Ramblerman

The other thing you can do is convince them to give you 100.00$ less than totaled value, then your title stays clean, you have money to work with then. Buy back value for a totaled car is usually 30 percent of book value. That is what the salvage yard will pay.

Vrank

iTrader: (4)

My customer who just wrecked his 97 factory 5spd got 8k. When I totaled my IS wagon, douche tried to offer me $5200 (sedan pricing). I found every wagon within 3 states of me and proved that it was a 11-14k car due to rarity/mileage which factors out to market value. Next thing you know, I got a 13k check.