BigBird98

My beloved 1998 Formula (bought it new) was the victim in a crash. The insurance company is going to Total my car because their estimate of the value is less than the cost of repairs. It has over 200k miles but it is (was) in very good condition. I replaced an ailing LS1 with a new LS3 crate engine 3.5 years ago so it is barely out of the GM warranty. Over the years I have upgraded many of the parts and it is in excellent mechanical condition. The hood needs to be painted.

The insurance company needs appraisals of comparable Firebirds that have been upgraded with an LS3 engine. If I can't prove my car is worth "at least" $10,000, I'm in danger of loosing my Firebird.

Bottom line - I need help!

handyandy496

iTrader: (9)

You should be able to add the cost of the new engine and installation plus supporting parts. Especially if its still under warrantee. In the past I have called the at fault insurance company and talked up the totaled price and then a day later bought the car back from them for 500 bucks. They sent me 500 less and had plenty of money to fix the car with lots left over. Did it twice actually.

BigBird98

Thanks for the reply and the suggestions. I tried starting with the value of a car similar to mine, then adding the value of the LS3 plus other improvements. They won't budge. I probably will have my car appraised (pre-crash value) by a highly recommended professional appraiser. Insurance company will hire a 3rd party appraiser and the 2 appraisers will agree on a value which is binding. If the value is not high enough to get my car fixed, then I will follow in your footsteps ... buy the car back and have it fixed.

RPM WS6

iTrader: (3)

Unfortunately, I don't think the insurance company (or appraisers) will give you much additional value for a crate engine installed over 3 years ago. You would really need some sort of "agreed value" policy to get proper coverage for such upgrades over the longer term. If the engine had been installed 6-12 months prior, they might be willing to do more for you. At 200k miles on a '98, there isn't going to be a ton of value in the eyes of a 'normal' insurance policy, regardless of upgrades or modifications, unless you have some type of policy which specifically covers these things or lists an agreed value that includes your additional investments. These cars aren't classics, so an upgraded engine from 3+ years ago may not be enough to meet your $10k figure on a 200k mile example.

sprech

iTrader: (1)

Maybe try and find a Hagerty or Grundy or the like independent agent and ask them, they are usually in the know with this type of situation. If nothing else, they can likely point you in the right direction. That being said, it's a damn shame that you are having to deal with his, but don't rule out at least the threat of litigation, sometimes that can help, but it can also hurt. So in essence, I'm not sure I even helped you out here.

pdxmotorhead

Buy it back and buy another shell, transfer the parts you want to keep and kiss it goodby the insurance companies will outlast you in court.

My cousin just got a settlement for a guy who hit him along side the road 12 years ago while helping a lady who's car got nicked and spun off the road....

His lawyer was trying to get him long term care, (Both legs badly broken) And recover some cash for his lost ability to play baseball. He was a nationally recognized as a hitter and fielder in his senior year of high school and was getting big college and some minor league offers.

He took home 2.2M ,, but it was a long long time consuming road. was about 6 mil total but the lawyers took their piece of meat..

Mecinoid

No one wins in a car accident. You are lucky if you can break even. It is sad but, true.

I have been through many years of litigation on many rear end auto accidents. It seems to take years to get well again as they call it. However, they never take into account the stress and strain of your personal health.

The best you can do for yourself is get a reasonable settlement quickly. I would say within six months and then carry on. Get that original payoff and then sue them again for additional expenses (auto body companies do it all the time)

You get yourself back on the road then go for a bit more. Do not expect huge settlements as the courts see these as accidents. In California it is considered no fault. Which is why I get so upset about those idiots on the road with beaters. They have nothing to lose and they know it. Just give yourself plenty of room on the road and do the best you can to recover. Then, forget it, pick up the pieces and move forward.

Unfortunately, this is a difficult recovery situation.

You can choose to spend your life in court or, choose the least stressful way and just make more money to offset the loss. I learned after a lot of battles it is just better to get what you can and move forward.

Please forgive if too dry or, too unkind. I just want to save you the pain..... ;-)

Sorry for your loss.

BigBird98

I really appreciate all comments, suggestions and recommendations that several of you have shared with me. I understand that car insurance companies make a "business decision" regarding a settlement and don't care how much the vehicle has been pampered or how much it means to the owner.

I hired a local well respected auto appraiser. The insurance company has hired a 3rd party appraiser. Each appraiser will estimate a value, get together and agree to a value which is binding to the insurance company.

My appraiser inspected my Formula yesterday and really appreciated the pre-crash condition. After complimenting the car he said ... the LS3 engine is worth more than the insurance company's initial value. So, I've got my fingers crossed! :-)

blackbyrd

iTrader: (14)

best of luck to you.

I shutter to think about what I would actually get out of mine....in my case Id probably just buy it back salvage what I could and go buy antoher one.

WBO_COTTO

This scenario is no joke I had my 2000 WS-6 Totaled in 2015 and got $11,350 car had T-TOPS,6 speed, pwr seats. 87k miles. Possibly best thing to do is Salvage most of the parts and get a new roller.

FRECHKN

I agree buy a roller swap all your parts in, part out what you don't need then scrap the shell. You can buy nice rollers pretty cheap.

Spamfritter

iTrader: (1)

This is what I did. I've got a 2000 Camaro SS which is super rusty and not cost effective to save. It needs an entirely new front clip. I bought a roller and I'm swapping everything into it. A roller in better shape than my original car was $1000.

FRECHKN

^ nice!

zman1969

iTrader: (91)

let them give you there offer to settle then tell them you want to keep the car for that value less the sales tax then you can start again or part it out a good used LS3 has to be worth 4k? its the only way to get ahead of the insurance payout. you should get it cheap since their offer wont be very high
a buddy just settled his wrecked '13 ZL1 and I still cant believe how cheap he was able to keep it for! under 6k and it still ran and needed little work to make it move again