Insurance Total Loss / Valuation

Jascha · 10-06-2004, 11:13 AM

Pelicans:

Q1. How does one establish the true replacement or market value of a nearly pristine 1985 Targa (before it got stepped over) for the insurance company if they declare it 'Total Loss' ?

Q2. What would be the customary salvage value (if it came to that) ?

Jascha

BURN-BROS · 10-06-2004, 11:36 AM

The salvage guy I talked to a while back says 25% of blue/market price.

Crachian · 10-06-2004, 12:06 PM

I was told "$2300." That's right. My car is an 89 coupe with 71k miles.

If you're preparing to go toe-to-tie with the insurance company, there are several things you can do. An easy first step is to get a PCA valuation. They are usually pretty high. Then start collecting data points. A "third party" appraiser working for the insurance company will take comparables in your local market to arrive at his estimate. You can do the same, but gather better quality data.

Jascha · 10-16-2004, 06:24 PM

I was told that the Salvage value for the Targa ('85) is $6400

(seems high...no?)

tsuter · 10-16-2004, 07:02 PM

Another guy without "stated value" ???? When will it end???

Paulporsche · 10-17-2004, 05:52 AM

What Crachian said. Get the local PCA appraiser to do it. He will be able to counteract the lowball figure the insurance guy will try to give you. And if you get a replacement Pcar, get an appraisal right away and send a copy to your insurer. Depending on the age of the car, you would be able to get a policy to cover replacement value.

anthony · 05:57 AM

Get collector car insurance so that you are covered properly. I recommend:

www.hagerty.com

Quote:

(seems high...no?)

The engine alone is worth that much. Everything else would be gravy. I guess it would greatly depend on how damaged the car is and how many parts are sellable.

Jascha · 06:21 AM

Agree with the admonition… precisely what I did for my 993 but left the innocent ’85 Targa 'exposed'

(btw, the USAA folks are very reasonable and will re-calibrate the first estimate if you provide the documentation as advised above)

I just had it in my head that the Salvage will be lower (~ $3K)

I guess, I only get partial credit on my Finals.

Cheers,
Jascha

imcarthur · imcarthur's Garage

I concur with the PCA appraiser. I had to have mine appraised & he valued it @ $35K CDN. 87 Cab 62K miles. Even though it's wrecked, he still might be able to help with average valuation etc.

See Insurance Policy Endorsements for some info.

Ian

Dan Owens · 10-17-2004, 01:17 PM

I was told by my apprasier when it happened to me that most insurers "total" a car when the repair exceeds 75% of the "determined fair market value". Often the buy back value for salvage is 25% value. The trick is to move the determined value up as high as you can to be fair. You'll need to get 3 comparable values for replacement cars in your geography to use to show fair market value. Cars from dealers don't count the same as dealers add cost to the car value for advertisement etc and the appraisers will deduct an amount from those comparisons. Don't forget to add in value for life extending improvements like trans rebuilds or engine rebuilds etc that improve the condition of your car.