TR6 My totaled TR6 insurance saga pt 3, advice welcome

You may remember my previous posts....was rear-ended while out on a Sunday drive a month ago in my TR6. Shop says frame is tweaked and body tub buckled, can't be straightened. Finally had the money conversation with the State Farm adjuster today....they will accept a "fair-market value" for the car at 20k.

This amount was determined by the guys at my LBC shop, who did me a solid considering I bought the car for 14k three years ago. I think 20k is basically fair; however, they want to deduct 3600.00 for salvage if I want to retain possession of the car. That would mean a payout of about 17,300k, which will not be enough to "re-create" this car on a new/used tub and frame.

My intention has always been to have this particular vehicle "re-created" because I don't want another TR6, I want THIS one! Bought it with money earned while on a combat tour in Iraq and it has everything I want in a TR6 already.

Everyone on here has said "Don't accept the first offer" and I haven't yet. Does not seem like the adjuster is going to budge at all. NADA maight have a slightly higher range for this car as it seems I have to challenge the "fair-market value" they are using from my own shop.

I could live with 20k free and clear, but a 3600k buyback really sticks in my craw. Hate to have to consider lawyering up for 4-5k, but they seem unwilling to consider my counter offer. Might get rear-ended twice after all.

Couple of thoughts....tell them $3600 is too steep but you're willing to split the difference - $1800. You won't know if you don't ask.

Secondly....how much of that $3600 could you recover by selling off any usable scraps after you're done transfering all your good stuff into the new donor car? You may have to take a hit up front but could recover a majority of it when the dust settles.....

just a few thoughts on a cold, snowy Friday morning.....

Has the car been appraised by an independent professional working on your behalf, who appraises collector cars? One qualified appraisal versus another may help you.

Carter, I don't mean to rub this in to you, by any means, but to the others out there, this is a perfect example of why a "pre-determined" value is so important in your insurance coverage.

Well, at the worst, you could take the hit (hopefully on the chin!), keep YOUR car, and take your business elsewhere when the dust settles.

Re: appraisals, I don't know how close you are to the DC metro area, but there are a lot of auto appraisers there, including Hagerty's Cars That Matter Guy, Dave Kinney (no relation...).

https://www.usappraisal.com/

The American Society of Appraisers might help, too:

https://www.appraisers.org/ASAHome.aspx

Good luck and I am sorry that you are having so much trouble.

So I don't want to rub salt in a wound here, and not knowing the exact condition of your TR6, but mid 20's should allow to to find a very nice replacement TR6. I don't think you are getting a bad shake from State Farm overall here.

I agree with Paul that an agreed value is well worth looking into going forward.

First of all I want to thank you for your sevice to our country. I can better understand your connection to the original car now. Without seeing any pictures of the car it's hard to tell what your car is worth as salvage. The $20000.00 price seems fair for a car that is in 7.5 to 8.5 condition in my opinion. As we all know the value of our cars s falling no matter how much we think they are worth. I second the opinion that you counter on the salvage price. The insurance company has no need for the car, and I think they would be hard pressed to get $3700.00 for it. Just remember a driveline rebuild could easily cost $3700.00.

Wow! Quick responses....love this place. Actually folks, I misspoke a bit...they are looking for 3200.00 as a salvage fee, NOT 3600.00. Good idea regarding offering to split that.

State Farm has accepted the fair-market value that my shop assigned as 20k. Since posting this, I went onto NADA Classic and I see that for a 76 in the "high retail value" category, they cap the resale value range at 23,900. Now, your car has to be in `excellent shape, but I think I can make that case to a jury. In addition, NADA refers to a "moderate retail value" car as a "20 footer".

My TR6 has been entered in four british car shows since I took ownership and has won an award in two of them. It is signifigantly better than a 20-footer inside and out. Wish I could successfully post pics on here but I have never been able to do it right.

At any rate, my biggest lesson learned is the "stated value" insurance play, I agree. I have learned that the hard way and won't repeat the mistake.

I am considering countering with setting the fair-market value at 23,900 per NADA. I would think an insurance company would consider those folks the resale-value gurus in spite of my LBC shops expertise. If I can end up with 20k in my pocket, I could live with that. 17+ just ain't gonna hunt. It's going to end up costing my 25k at least to re-do this car. Resto labor rate are 65/hr here. I'm in the wrong business.

I think you might have an easier time negotiating the buy back than resetting the fair value. In the current market $20k is very good for a non-original TR6. Are you still planning on repairing that car since you have such a strong emotional connection to it, or re-create with another TR6 as a base? $65/hour is cheap compared to my area.

You may well be right. A little free online legal advice says that unless your car is basically a trailer queen, no judge/jury will award max value, particularly if your own shop determines a lesser value! Oops.

Whilst I agree that 20k is indeed a fair resale value...after the salvage payout, I will only walk with 17. I would easily accept leaving the table with 20k AND the car. It appears that my only shot may be to see if State Farm will split the market value between my shop and NADA OR split the salvage fee.

Yes, I will be "re-creating" this car on another frame/tub. I want everything exactly the same as pre-crash version. My attachment runs that deep even if it borders on the obsessive to the layperson.

Reality bites.

If they won't split the difference with you on the salvage value, then perhaps try to find out what they will do with the car, once they get it. Perhaps a salvage yard can buy it for you; but of course, it will then have a salvage title. Might be worth asking a few questions.

I dunno, if you can document that this was a show-winning car, then I would think the top NADA value would be a slam-dunk. I'd go after that rather than trying to beat them down on salvage value (though it wouldn't hurt to ask for estimates on salvage value).

Depending on state law, it may have a salvage title anyway.
Here in the other Washington, if an insurance company declares it "totalled", and you buy it back, you will get a letter in the mail in a month or two telling you your title is revoked.
I know several that has happened to, including my brother, who was still driving the pickup!

On the comment of "jury", having been there, you will spend more un-collectable money proving your point than you will ever get from a jury.

Take the money and run, and if at all possible, make certain your negotiations do NOT include the insurance company reporting the car as "totalled".

What branch of service?

ET(SS), qualified submarines, qualified 637 class, qualified SeaHorse (SSN 669)

Dave

Virginia:

https://www.dmv.org/va-virginia/salvaged-vehicles.php#Declaring_a_Vehicle_as_Salvage

"If an insurance company takes possession of a damaged vehicle and pays the owner (or lienholder) for the value of the vehicle, the company must apply for a salvage certificate within 15 days of paying the owner or lienholder. If the owner retains the vehicle, the insurance company must let the DMV know by submitting a completed Notification of Owner-Retained Late Model Vehicle."


and:

"Salvage vehicles may not be operated on Virginia highways and may not be registered as long as there is an active salvage certificate. However, if the vehicle is rebuilt, a salvage certificate may be reassigned to a licensed rebuilder."

and:

"How much damage the vehicle has will determine if the title must be branded. If so, the brand will be permanent and carried forward for each title issued in the future, for the life of the vehicle.

If the vehicle record says the damage is 75 percent or less, the title will be branded "Salvage Repaired." There is no need to notify future buyers that this was a salvage vehicle.

If the damage is 76 to 90 percent, the title will be branded "Salvage Rebuilt." Every time the vehicle changes ownership, each new buyer must receive the title and be notified on a Rebuilt Salvage Vehicle Disclosure Statement.

The world of salvage and rebuilt salvage vehicles is complicated, and the Virginia DMV imposes a number of regulations and processes to protecet consumers from fraud and theft. If you're thinking of salvaging a vehicle you own or buying one that has been salvaged and rebuilt, you'd be wise to read all the DMV has to say about salvage, nonrepairable, and rebuilt vehicles."

One other thing:
Personal experience:
When dealing with Insurance Companies or the Gummint, the first words out of your mouth set the end result, and there are no "take-backs".

If you presented a $20K valuation, my experience is that is the maximum you will ever get for the vehicle from the insurance company.

The ONLY avenues left for bargaining are A) do not brand the title as "salvage", and B) the buy-back amount.

But, that is only first-hand experience.

All good points about the legalities of "salvage vehicles"; however, I'm assuming here that you (Carter) would NOT be considering "recreating" your car around the original commission number? If so, you'd likely be adding a whole new set of legal issues, as swapping ID between cars is very much frowned upon in most jurisdictions!

you have yet to mention your back and neck pain you have been suffering from since the wreck. Maybe you should mention that to the adjuster I figure its worth at least 5000 more for you to sign off that there will be no other medical claims submitted to state farm in the future

Hondo

My son had a 1967 Galaxie 2-door in high school (he wanted it.....).
Cream puff.

He was letting a passenger out at a mall, Honda next to him found reverse, didn't look and backed (high rate of speed) into the open passenger door.

Passenger was out, both feet on the ground.
Pitch the passenger back into the vehicle, from a standing position.

No real injuries, but the insurance company wanted to settle for $1000 total.

No arguing.

Until I said, that they would be hearing from the attorney for the PEDESTRIAN that was in between the two cars..

Suddenly, the amount jumped to what I was asking.

That is a bargaining point, however, personal injury and property damage are specifically separated in every over-the-counter policy I have ever seen, and they won't give you "more" property damage to compensate for "personal injury".
That said, if the PI settlement comes to a big enough Pain and Suffering amount, over and above Doctor's visits, you might have something.

Andrew Mace said:

as swapping ID between cars is very much frowned upon in most jurisdictions!

Click to expand...

Ah, but the point is he wouldn't be swapping IDs, merely replacing the panel that happens to have the commission number tag fastened to it. That is permissable in most jurisdictions (although some may require you to file a statement to that effect before performing the work).

My reading of Bricktop's situation is that his body tub and frame are beyond re-use. He want's the motor, gearbox, wheels & whatever else is customized and salvageable, to use in the re-creation of his car on another frame/body. If that's correct, the title of the present car shouldn't be a big issue. The twisted tub, frame and VIN are destined for the crusher, eventually.

Won't the parts that you could salvage from the car
save you much,much more than $3,200?
I'd try renegotiating,& if that doesn't work,accept
the offer.

- Doug