Progressive is lowballing me on the value of my 911, help

[Joe78sc]

Well my car was totaled out today by progressive insurance. That is fine i have a stated value agreement on my 911 for 18,000. They tell me that the value of my car is 15,000 and the salvage cost of the car is 5000 to buy it back. so they are only willing to give me 9500 after my decutible which is 500.

Okay, so they won't give the value of my car for which i have been paying premiums on. And that buy back value of the car is 5000? that is very expensive.. Last time i had a car in an accident i had to pay a couple hundred dollars to buy it back an it ran still.

What can i do, i want the 18000 value for my car that they agreed to when i was paying them money and now they are saying its not worth that amount? and do you guys think the buy back is very high? Please all the help in the world is asked.. anybody dealt with this before? thanks

Also any insurance guys here could give some insider advice?

[tsuter]

There is "agreed upon" value and "stated" value. Which do you have?
Its different.

edit:

And here is the difference.... Another tough lesson....

http://www.vehicleappraisers.com/Insurance_Questions.html

[Dueller]

Couple of questions before I give you a strategy (I used to be an ins def lawyer...hated working for them bastages)...

Do You want the salvage or the greatest $$$? Why?

Expalin the value agreement...when, with whom, etc?

How tight are you with your agent?

Do you have other insurance with the company (i.e., homeowners, other cars, motorcycle, etc)?

[Joe78sc]

The agreement was a stated value agreement.

dueller.. Well, i plan on keeping the car and fixing it up myself so i want the car and the most money i can get. Which is 18,000 is the value of the car, thats what i have been paying towards. I called progressive on the phone and talked to somebody, i don't remember who.. IT was months ago when i got the insurnace plan. There is no agent so that is out the window and thankfully i have no other insurance options with these crooks..

[JGalt]

Joe78sc:

I had a somewhat similar problem with Progressive over an older collector car. If you look at your policy you should discover that in the event of a dispute over the adjustment of a claim you can retain your own independent appraiser. One thing that you may want keep in mind is that if the car is determined to be a total loss, this fact may be reported to your State DMV. Many states do not permit a vehicle that has been rendered a total loss to be licensed for the street without going through a process to determine if it has been sufficiently rebuilt to safely be licensed for the street. If you go through the process successfully the State may issue you a "Reconstructed Vehicle" title which may permit license for the street, but may also pose problems with obtaining insurance.

[john walker's workshop]

hold out. you don't have to settle right away, unless you need the cash. be stubborn and work a better deal out. tell them you'll quit bugging them if they drop the buyback a couple thou.

[Dueller]

Well you're SOL on the stated value...these clauses essentially mean they'll pay no more than stated value and can pay less.

Another question....I know 78's were the first year for the SC and all, but $15K (or less) buys an absolute pristine garage queen...are cars that much higher in Hawaii? Is there something unique that would make the value so much higher; i.e. , only 25,000 miles or the like? No offense...I'm sure its worth atleast 18K to you...but that seems to be a pretty stout figure for a 78 targa...

[Joe78sc]

Great.. what good is a stated value then?

Dueller.. i look on nada and value of the car was 21 for high retail low was around 14 and my car is in the middle so i picked 18, plus i have around 6,000 just in parts fixing up the car, with upgrade suspension, new carpet.. etc..

I don't know any attorneys and they would be expensive as you said socal so.. i don't know what to do, but the buy back is awfully high.. 5,000.. just want to take every last penny they can.

[randywebb]

Good pt. on the attorney - also try writing to the Commissioner of Insurance in your state. Tell them you want the forms to file a complaint. Then cc them on everything going to your Ins. Co. - a do NOT do anything over the phone. Email is good tho.

[pbs911]

Originally posted by Joe78sc
Great.. what good is a stated value then?

It's a tool used by the ins. co to limit the amount they will pay. They will pay no more than the stated value.

The stated value is given so they can adjust premiums accordingly. If you state the car is worth $18k (but it is realy worth $50k), and it is totaled, they can claim you represented the lower value. You will be bound by the stated value representation.

[K9Torro]

I really don't have anything more to add in the way of advise for your situation but would like to take the opportunity to " body slam " progressive.

I had nothing but bad experience with them and ended up changing to USAA insurance after I lost three vehicles to Hurricane George, progressive was a real PIA and I had been with them for years with both home and auto.

I got super service and a better price with USAA ,

Good luck on your dealings with Progressive,

Todd

[Dueller]

What good is the stated value? It protects the insurance company from having to pay MORE than 18K. (Told ya they were bastages)...

I tried to go online with NADA and it wouldn't give me anything earlier than 1986. Then I went to Hemmings and their average price on a number of 78-80 911 Targas was 13,750...highest was 16.9K...lowest was 8500.

Soooooo....they may have a good case for something less than 18K.

As someone else pointed out, if they declare it salvage, then you have to go thru the problems with salvage titles, etc. NOT having to do that is of some value, agreed?

Here's what I'd do for starters. Go get two estimates showing what the repair would cost. Tell them you don't want it declared a salvage title...you want it repaired. If the estmates come in between 10 and 18, tell them you'll opt to repair it with the money they pay you less your deductible provided the car is not declared a total. I don't know about the formula in HI or the languqage in your insurance contract, but there is a certain ratio between the value of the car and the value of the repairs where it likely will have to be declared a total. May be too late for this since they've already stated it was totalled.

second option: Get an estimate on the salvage value from a few different sources to show $5K is too high....which it does seem to be excessive. Truth is...they know you want the salvage back which is why they set it so high. If they think you are willing to give them the salvage and take your $14.5K, they'll get lower on the salvage and possibly slightly higher on the valuation...they really don't want to be in the salvage parts business. I'd bet if you were willing to take net $13-14.5K and the salvage, to put an end to this deal, they'd go for it.

Final negotiating tool...get them to admit know they didn't insure the improvements in suspension, stereo, or whatever else you added to the car after they wrote the policy, so tell them you'll remove those bits you want and give them the original parts thast were on the car when you insured it. Take their 14.5K and your parts and buy you another SC and slap 'em on it.

I dunno...I know it was your baby, but something around $14.5k will buy a nice SC with a clean title and none of the work you'll end up with rebuilding this one.

GOT ANY PICS OF THE DAMAGE???

[Joe78sc]

second option: Get an estimate on the salvage value from a few different sources to show $5K is too high....which it does seem to be excessive. Truth is...they know you want the salvage back which is why they set it so high. If they think you are willing to give them the salvage and take your $14.5K, they'll get lower on the salvage and possibly slightly higher on the valuation...they really don't want to be in the salvage parts business. I'd bet if you were willing to take net $13-14.5K and the salvage, to put an end to this deal, they'd go for it.


This is what i want to do. I want the car back and i'm looking around 13 after the buy back. SO how can i get them to go for giving me 13 to 14. 5.. just say that i'm thinking about just taking the settlement and they keep the car.. or should i just be like look give me 13 and its done deal with the car? no more headaches? thanks

[real550A]

Go figure....Progressive is headed by one of the largest contributors to the so called progressive party.

[randywebb]

Here's a fun negotiating tool... file suit and then subpoena their policy manual. You can do it pro se (on your own behalf) - they'll be spending $10-30k to make you go away...

I guarantee they will scream bloody murder about their policy manual getting out amongst the public - you won't get the whole thing, but you will get it with a waiver saying you die if you divulge it. Thing is: an attorney would normally do this and faces some big problems if they do divulge. Your problems would be less and you are 'less controlled' than an attorney.

Can you tell I hate these rip off artists??

[Joe78sc]

[Dueller]

Only problem is I bet they have a clause requiring arbitration/mediation clause before you can file suit.

[Dueller]

Lookis largely cosmetic.....NOWWWWWW I see why they value the salvage so high. AND why you wanna keep it. Of course to repair it with new, genuine Porsche parts at a dealer, it could easlily cost more than the value of the car.

Frame straight? Still drives?

[Joe78sc]

Yeah that car runs perfect, they just didn't want to pay the money to have it fixed correctly.. no frame damage.. the damage was an act of vandalism.. So any idea on how to drop the price of the salavage?

[Dueller]

Tell me one more thing....were there any estimates showing how much t5he repairs would cost?