TR6 Totaled TR6 saga...a new beginning

As it turns out, I defied the odds a bit yesterday and was able to bring this phase to a merciful end. When talking to the LBC shop guys, I find out that they actually gave State Farm a fair-market sale range of 22-26k for my TR6 in pre-crash condition. Armed with that and the NADA high-retail number, I was able to negotiate a better deal late yesterday and come to an agreement with State Farm.

Was able to secure 19.5k PLUS the car with no salvaged title. I wish we had been driving somewhere else that Sunday afternoon in October, BUT I did buy the car for 14k in 2006, so I guess I got a good deal in a lose-lose-lose situation after all.

State Farm paid all the teardown and storage fees as well to the shop. We still have the personal injury side of the case to be negotiated, so I might make up some more ground there as well.

So.....I am back to being just the owner of a TR6 with a bent frame. Sweet! Now the very expensive era of Triumph "re-creation" begins in earnest with the search for an abandoned resto project, I suppose.

When that mystical.magical moment arrives when I get my car back, I will immediately seek a declared-value insurance policy. I appreciate all of the feedback.

Carter - VA

<div class="ubbcode-block"><div class="ubbcode-header">Quote:]I wish we had been driving somewhere else that Sunday afternoon in October[/QUOTE]

I remember thinking the same thoughts last year after we got hit on a beautiful July day. I had no frame damage, but got a car back that was better than before the crash. Luckily mine was all replaceable sheet metal.

But it's winter, Ratco is not far from you and you can start all over from the bottom up.

It sounds like it turned out as good as it could considering the situation. I think what you want is an "agreed to" policy i.e. you and the insurance company BOTH AGREE on the value of the car. A declared value policy usually means that you're telling them what the car is worth...........they don't necessarily agree that it's worth that amount. With Haggerty, for example, you tell them what it's worth, they may ask for a bunch of pictures proving its condition and the policy then states the agreed to price.

Did I get that right guys?

Yes. I have an agreed number with Hagerty that they raise every year automatically. Pictures are key to getting the REAL replacement costs in the event of a disaster.

Good to hear how this turned out. I think you owe your State Farm rep a beer!

Glad it turned out as well as it could for you.

Of course, keep us informed on your rebuilding progress.

FYI -- State Farm will do an agreed-value policy, but you have to ask for it. You may even find that the agent is not aware of it.

The endorsement that changes your standard policy to an agreed-value is "6171BC Antique or Classic Motor Vehicle".

Of course it has some use restrictions, typical but not onerous (you won't be driving it to work).

I am really pleased that at least you are getting a decent settlement from the insurance company. It must be bad enough having your beloved car damaged without having problems with the insurance.

I have a rolling chassis that might be just the ticket for you. If you can use it you can have it. I need to clear out my garage anyway. I believe the frame is strait, but it does have some rot at the trailing arms. I also have spare wings,bonnet and such that I pulled off of it that I was keeping in case of an unfortunate event that I could part with reasonably.

I am glad the "final number" the insurance company supposedly had from your shop wasn't right.

But, then, I've had exactly those kind of dealings with insurance companies before, too.

Since the "real figures" were more in line with reality, and the no-salvage-title car back, you made out the best you possibly could.

"Pain and suffering" ought to get it painted......

bricktop said:

I was able to negotiate a better deal late yesterday and come to an agreement with State Farm.

Click to expand...

I am glad to see you took up this advice and went back to the insurance company. I think the majority of people think that because the insurance company said it, it must be correct. Plus I think that insurance companies count on the consumer accepting what they are given. State farm wanted you to walk away from $3600? Nicely done on your part!

Keep us posted on the "resurrection"!

bricktop said:

I will immediately seek a declared-value insurance policy.

Click to expand...

Not to beat a dead horse here, but you want an "agreed value", not "declared". "Agreed" means the Ins co agrees in advance to the valuation;, while "declared" (or "stated value") is only a "not to exceed" amount, the actual value is determined as of the date of loss.

Both types are available, sometimes even from the same agent, so be sure you are getting what you want. "Agreed value" usually comes with substantial restrictions on usage of the car (which is why I have "stated value").

It really looks to me like the insurance company (and agent) was doing exactly what insurance companies (and agents) do:
Keep their assets and keep you from getting full value.


Allow me to quote from an earlier thread on the subject:

"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.

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". "

Now, to quote from the top of this thread:

"When talking to the LBC shop guys, I find out that they actually gave State Farm a fair-market sale range of 22-26k for my TR6 in pre-crash condition. Armed with that and the NADA high-retail number, I was able to negotiate a better deal late yesterday and come to an agreement with State Farm."

Do you see where this is going?

The insurance company TELLS your your shop told them what it was worth, how much exactly, and that was their offer.

But, that wasn't quite true, was it?

It's a safe assumption that their first offer is never their "best" offer.

Seems to me he made out VERY well, considering that he wasn't even carrying collision insurance!

Absolutely.

Wait until you have a house fire, and you will learn ALL the tricks of dealing with them guys!

I went to State Farm and got the check today. That brings the property damage peice to a close. The negotiations remain for the personal injury/pain and suffering side.

I would agree that I got fair-market resale value for the car; however, I think it will cost 25-30k, conservatively, to recreate this car. If I can scrape together the additional 5-10k, then I will have a car that will be somewhat nicer than the previous version, but not a quantum leap forward. Such is life.

If I can ever figure out how to post pics here, I will.

Carter

You have 1 year to reach a settlement,or take them to court,
if your's are the same as California.I was hit two times in (almost-
exactly two years).First time VERY fair,second time sucked.
And never settle for money on a back or neck injury.Be sure to
insist on future medical coverage.This will probably be cheaper in the
long run.

- Doug

Here in Kansas I cant sell a nice frame up restored 71 with OD and tri-carbs for a lousy 17500$ Guess it will stay where it is till the market picks up.Was going to Russo-Steele in jan but couldnt make the logistics of it work,winter being what it is here.
MD(mad dog)