Insurance related question: Diminished Value

Bernie Baake · **Posted:** Thu Dec 30, 2010 4:17 pm

BretLuter wrote:

Buyback is $500?? That car has a hardtop right?

Aren't they worth like $1000-1200 alone?

Damage doesnt' look that bad, but if you're a perfectionist you probably won't be happy unless it's fixed perfectly- but I'd buy it back, do a cheap repair job sourcing as many good used parts as possible, then keep driving it with some $$ in the bank.

Yeah, it's not your fault, etc etc, but in the end it's just a car, and it's not worth losing sleep over what it used to be or what should/could happen. Make your best argument to the insurance company and they'll probably bump the payout up at least a little, just to get you to settle.

Quote:

Am I missing something? Why would you pay a deductible, considering this shouldn't be a claim against your insurance policy? - AB

I agree with both statements you should not be paying anything and your insurance should be going after his company for reimbursment. Worst case get a lawyer and go after him and his insurance co.

If you don't want to repair it and are not going to buy it back let me know, I'll repair it and sell it.

Andrew Jonell · **Joined:** Mon Mar 23, 2009 6:43 pm **Posts:** 1350

B-B-B-B-BONUS ROUND: His insurance is also State Farm. I've already made the necessary calls to get the claim settled with his insurance.

Like a good neighbor, State Farm is protecting their ass while screwing everyone involved.

I'm definitely buying it back because the frame is definitely straight. I'm getting in contact with a body shop to see how much it will cost to get the quarterpanel fixed up. A new door and fender is less than an afternoon's worth of work.

I'm just hoping that I don't have to go into my own money to fix this damn thing.

JohnByers · **Posted:** Thu Dec 30, 2010 4:53 pm

Andrew Jonell wrote:

I'm just hoping that I don't have to go into my own money to fix this damn thing.

and I think this prob what is bugging you the most. Would be me in the case fwiw.

In the end I suppose you have to decide if you are okay with the "shit happens" mindset and do the best you can with the money you have to fix it as best possible considering the situation.

Crappy? Yes, very. I wish you the best of luck and would utilize the boards for advice on the best for the money body shop to use on the repairs.

Good Luck.

JamesShort · **Posted:** Thu Dec 30, 2010 5:44 pm

Ummmm why didn't that price breakdown have a line item for the hello kitty sticker? That would have been at least another $250

.

Andrew Jonell · **Joined:** Mon Mar 23, 2009 6:43 pm **Posts:** 1350

It's rare and JDM; the eBay auction said so.

RobLupella · **Posted:** Thu Dec 30, 2010 10:53 pm

So why are you not going on his insurance? Since you know who he is and unless he doesn't have insurance you would have a bit more leverage to push for with them. Even if you use yours, you ought to negotiate with SFarm on your car. They don't want it, so talk them down on the $500. You can also negotiate (try to) on the price they offer you. Send them listings from Autotrader/cars.com/dealers etc if they show that what they offer is low. (From a quick check it looks like it is a bit low, especially with the hard top)

Buy back the old one, hell you can get more than $500 from parting it out.

ROb

Andrew Jonell · **Joined:** Mon Mar 23, 2009 6:43 pm **Posts:** 1350

The claim is being transferred over to his insurance policy ASAP. I'm going to get my 500 dollar deductible back no problem.

Two years ago when my 96 was totaled out, I looked online and came up with 9-10 cars that were in similar condition, averaged the price out and it came to $5726. The other guy's insurance cut me a check for $5725; not bad.

When I told my adjuster this, she came back saying that it was a logical argument, but if I wanted to provide evidence to support my claim, I would have to find 1994 Mazda Miatas in similar condition, with similar options, and similar mileage.

Between Autotrader, CL, and cars.com there is exactly one 1994 Mazda Miata for sale. It's in Charlotte with 130k (versus 186k on my car) and the asking price is like $6500.

The stipulations that she gave me are ridiculous considering that Richmond is closer than Asheville.

clinehall · **Posted:** Fri Dec 31, 2010 8:36 am

Andrew Jonell wrote:

The claim is being transferred over to his insurance policy ASAP. I'm going to get my 500 dollar deductible back no problem.

Two years ago when my 96 was totaled out, I looked online and came up with 9-10 cars that were in similar condition, averaged the price out and it came to $5726. The other guy's insurance cut me a check for $5725; not bad.

When I told my adjuster this, she came back saying that it was a logical argument, but if I wanted to provide evidence to support my claim, I would have to find 1994 Mazda Miatas in similar condition, with similar options, and similar mileage.

Between Autotrader, CL, and cars.com there is exactly one 1994 Mazda Miata for sale. It's in Charlotte with 130k (versus 186k on my car) and the asking price is like $6500.

The stipulations that she gave me are ridiculous considering that Richmond is closer than Asheville.

Hey, but State Farm has great commercials! :twisted:

Andrew Jonell · **Joined:** Mon Mar 23, 2009 6:43 pm **Posts:** 1350

clinehall wrote:

Hey, but State Farm has great commercials! :twisted:

The worst neighbor.

Preliminary quote for pulling and fixing up the QP: $425
New door shell: $20
Alignment (with new cam bolts if necessary): $100

JamesMilko · **Posted:** Fri Dec 31, 2010 2:35 pm

Good, now put a proper suspension on it and come play in CSP.

RobLupella · **Posted:** Fri Dec 31, 2010 6:51 pm

Keep bitching at them and sending them evidence. You can escalate up until you either exhaust your options or get exhausted. :-)

Andrew Jonell · **Joined:** Mon Mar 23, 2009 6:43 pm **Posts:** 1350

I just told them flat out that I wanted a few extra hundred bucks and the woman I was working with was like, "I need to justify the increase in value."

OK, the hardtop on the car can go today on CL in about 3 hours for $800 dollars.

I got the estimate back and it listed the front fender replacement, door replacement, pull the quarter panel and replace the rear crossmember. I called up the owner of the shop I took it to and asked if that was his doing; he confirmed.

I was pretty bummed a couple of days ago, but now I'm just straight up pumped.

http://fyad.org/11nza

THE CSP ARMS RACE BEGINS NOW (please wait up guys)

Steven Carter · **Posted:** Mon Jan 03, 2011 6:27 pm

nice... the headers cost nearly 3x the cost of the motor! Good luck with repairz and modz, yo!

JamesMilko · **Posted:** Mon Jan 03, 2011 6:48 pm

The motor is a trade, my leaky 1997 motor for his 1994 motor with an undiagnosed noise. The early motors are fairly undesirable because the heads are a pretty terrible design. I just want to hold on to an early bottom end for when everyone deserts me for SSM (lower compression).

JamesShort · **Posted:** Mon Jan 03, 2011 9:16 pm

If I may suggest that you do NOT get an ebay timing kit again

. Get OEM belt/pulleys (not necessarily from Mazda, but the same mfgs. ie Niken or NSK).

Also that guy at Fat Cat likes to know ALL mods before he designs spring rates and/or damper valving. So figure out what tires and of what size, will you ever do a rear bar? Wheel offset, alignment etc.

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Insurance related question: Diminished Value

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