Everyone, please help me out -- dealing with insurance company!!

[TurboTommy]

As some of you know, my car was stolen and completely stripped (except for the steering wheel for some reason.)
The insurance company is now willing to give me $12.5K after registration and taxes, I personally think my car was worth at least $12.5K-$13.5 before taxes and licensing.

If you have recently bought or sold, or are buying or selling an '87 Buick Grand National in somewhat similar condition as mine -- could you let me know what the asking price is/was and how much it actually sold for. If possible post links to ads (completed ebay auctions, whatever.) Cars sold in California would be especially good. I would really really appreciate the input.

Cars similar to the following:
1987 Buick Grand National -- very clean
Paint still shinny repainted in '97
15K miles on motor
10K miles on tranny and diffy. (Toughened up.)
154K miles on car.
Body perfect, few tiny dings in paint
Interior near perfect, fabric separation on drivers seat, headliner starting to go bad.
Sliding sun roof.
Pioneer CD-player, polk audio speakers
Upgrade turbo, upgrade intercooler, 3000 stall conv., 868 injectors, Walbro fuel pump, THDP, hooker duals, extra guages, translator + and extendor chip, plus tons of little things that hardly affect the value.

Once looked like this!

Of course, there is no car exactly like that -- Anything somewhat similar would be great! I'd just like to get a sample of what mine is worth.
If you know anyone else who bought/sold/buying/selling please send 'em this way!
Thank you all very much!

 

[jy211]

dude,
if their willing to give you $12.5 take it and be done with it. I have fought insurance companies over accessories and such and have never come out with close to the value of the items.
I say take the cash their offering and start over....

 

[1badTTA]

I agree, take the money. You can try to fight it some more, but the fact that your car has 154K miles on it, they are being pretty generous. I understand that it had a new engine and tranny, but they don't see it that way since you can find a low mileage car with only about twice the miles on the drivetrain for the same price.

Good Luck, Insurance Company's SUCK

 

[1ARUNEM]

Ask your insurance company to show you a copy of the "CCC" (Certified Collateral Corporation) report they ran in order to determine the ACV of your GN.. This report is based on a database that researches vehicles in "simliar" shape and condition as yours in the current/recent market...

Also, as you are doing, continue to gather as much info regarding recently sold or for sale vehicles that resemble yours in order to up their payoff amount.. Search local ads/classifieds, autotrader.com, see if Kirban can provide you some sales info on his cars, etc..

However, I gotta say that $12.5 seems fairly reasonable for a 150k mile car.. (Keeping in mind I don't know your particular car).

Goodluck..


Sorry to hear about the car..

 

[2quiktocare]

I agree, take the money and run,,,,, hard. You can take your time and find something great for that kind of money. The market isnt as hot right now as some would lead you to believe. Be patient and buy smart. good luck...... Mark

 

[SinistrV6]

Take the money and run!

Have to agree w/ the previous input. I got $7800 for my '86 that was in similar condition and mileage. Granted, that was in 1999 dollars and GN's have definitely appreciated since then. Better than the $3200 they offered the first go-round!! Several ads printed from this site and others and some ads in a current "Auto Trader" magazine was all it took to get mine valued more realistically.
Can you get the car back too? Buddy of mine did that recently after totalling his GN. You might be able to get a few $$$ out of the shell or rebuild it as a "race-only" car.

 

[charleslong]

I agree with the other guys, take what they are offering you, but I will add. After you accept the money, come and buy my 87 GN.
Look up my user name and you can see what done to my car.
thanks
charles

 

[John Larkin]

Take it. BTW, what insurance company? Sounds like one we all need to have.

 

[azgn]

take the $$ and run!

you were lucky to get anything close to that with 154K mile car

you can buy a 50k mile GN for that

 

[Rogue Leader]

<--- Works for an insurance company..

I hate to say it but theres no chance you'll get more than $12.5k for it mods etc are not covered at all without an appraisal, recipts, and a stated value policy, and only in rare cases. I got $12k for my MINT 87 GN with 40k miles and even that was tough to get, $12.5k for a 150k mile car is a steal for you. Sorry to be the bearer of bad news but you'll be breaking your ass for nothing.

 

[TurboTommy]

Ok, done and done...

 

[TurboTommy]

-- oh yeah, USAA. I was told it's the best insurance company out there.

 

[Little6pack]

Take the $$ & RUN.. If you want to quibble on 1k then go ahead & let us know how you made out

 

[Blue87T]

How did they come up with the $12k? Someone mentioned CCC - that is only one method an insurance company uses. We ( the company I work for ) used to use it but have since changed to a 2 book quote method.

State laws vary alot when it comes to estimating and valuing of cars. Most policies have a clause which would allow you to dispute and estimate or value by means of an independant 3rd party ( you would have to pay costs) however their descision is binding . With that many miles the value actually is high

You also have to take note of what your policy covers when it comes to custom parts and equipment. Some allow for unlimited amounts, others cover some ( like upto $1k ) and others cover none. You are paying premium based on a stock car afterall in most cases. They only owe you the actual cash value of the car - not the sum total of the custom parts.

 

[TurboTommy]

Well, they are sending me a check for $12.5K. They have some other company collect information for a bunch of recently sold cars in the area, in my case all of California and offer me an average. The average was something like $10.9K for all GN's sold in CA over the past few weeks - it was 11.8 after taxes and such. Then I just argued a bit and he gave me $12.5. I was hoping for 12.5 before taxes and stuff. But, since you guys all suggested otherwise, I didn't bother hassling the adjuster (nice helpful guy.)