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Advice in dealing with State Farm Ins

Car is probably going Tobe a total or very close to it. The preliminary estimate is around $27,000. on a 1987 Coupe. Car was spotless

Where do we go from here? Anything I should know about State Farm? I do not have a stated value or collector policy

Need help

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Old 09-05-2012, 11:30 AM
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They will total it " buy it back and fix it
Or part it out.
Old 09-05-2012, 11:33 AM
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Hello, The value guides that they will use will not reflect the true replacement value of that vehicle, My advise to you is spend a little and ask a attorney to assist you with the claim,

Best wishes, Lou
Old 09-05-2012, 11:45 AM
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I've had good luck with State Farm over the past 20+ years on my cars and homes. However, a big factor in how you get treated is your relationship with your agent who can go to bat for you.

When my Audi allroad got rearended and totaled (driver texting never saw the red light I'd stopped at), SF initially offered what I thought was at the very low end of a fair settlement. But I was able to get them to up the settlement by presenting recent receipts for some major repairs. Then when my BMW X5 got broadsided by someone who ran a red light (text, again) my body shop who had a spectactular relationship with SF got them to put all new BMW parts on rather than used parts.

With the 911, if the estimate is already up to 27k, it's definitely totaled, that's more than the car is worth. Find other cars in similar condition and with similar mileage, use those values as ammo for a settlement. Otherwise they're going to just look up a book value for a 25 year old 911 in average condition etc. You'll have to do some homework to get where you want to be.

Good luck.
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Old 09-05-2012, 12:04 PM
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1987 Porsche 911 Carrera 2 Door Coupe Targa Prices, Values & Specs | NADAguides

She is toast.
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Old 09-05-2012, 12:28 PM
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Without regard to my personal disdain for State Farm after the way they handled my brother's claims in the wake of losing all in Hurricare Katrina, I'll simply observe that I've never found a "Book" that lists values for vehicles older than 1992. For cars older than that there is no firm guidelines that I've found, thus valuation would seem to be purely arbitrary and would no doubt break your heart more than it is already. My question is, why submit a claim to them at all? If you already have, then why not cancel it? A claim for collision/comprehensive damages to your own vehicle would seem to be separate from any liability claims if you're at fault.

My reasoning is that if the car is free and clear without a lienholder, by submitting a claim for damage to your own vehicle they are effectively buying the car for pennies on the dollar with a total. There is so much intrinsic value within the nondamaged portions of your vehicle, why allow them sharks to become the beneficiary of it? H***, the tail light lenses alone amount to $280 bucks for cryin' out loud, let alone what the assemblies would bring without the lenses. Selling off the engine as a whole would most definitely bring far less than just disassembling it entirely and selling everything off individually. I mean, what's the cost of a perfectly good crankshaft for a 3.2, let alone the individual components of the fuel injection system. How about the seats, the console, the door pockets, dash components... Assembled together you've got a car, otherwise it's a mine chock full of gold ore, and all you need is the mindset to get top dollar on every little chunk you can find. Just one man's opinion, screw State Farm!
Old 09-05-2012, 12:43 PM
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an insurer will sell you a totaled car for salvage value (e.g., assume car worth $10k and salvage value $5k, they will offer to either (a) pay you $10k and they sell the car to a salvager and they keep whatever they get for it, or (b) pay you $5k and you keep the car). so withdrawing the claim because you think a wrecked car is worth a fortune makes no sense.

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Originally Posted by donagain1 View Post
Without regard to my personal disdain for State Farm after the way they handled my brother's claims in the wake of losing all in Hurricare Katrina, I'll simply observe that I've never found a "Book" that lists values for vehicles older than 1992. For cars older than that there is no firm guidelines that I've found, thus valuation would seem to be purely arbitrary and would no doubt break your heart more than it is already. My question is, why submit a claim to them at all? If you already have, then why not cancel it? A claim for collision/comprehensive damages to your own vehicle would seem to be separate from any liability claims if you're at fault.

My reasoning is that if the car is free and clear without a lienholder, by submitting a claim for damage to your own vehicle they are effectively buying the car for pennies on the dollar with a total. There is so much intrinsic value within the nondamaged portions of your vehicle, why allow them sharks to become the beneficiary of it? H***, the tail light lenses alone amount to $280 bucks for cryin' out loud, let alone what the assemblies would bring without the lenses. Selling off the engine as a whole would most definitely bring far less than just disassembling it entirely and selling everything off individually. I mean, what's the cost of a perfectly good crankshaft for a 3.2, let alone the individual components of the fuel injection system. How about the seats, the console, the door pockets, dash components... Assembled together you've got a car, otherwise it's a mine chock full of gold ore, and all you need is the mindset to get top dollar on every little chunk you can find. Just one man's opinion, screw State Farm!
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Old 09-05-2012, 12:56 PM
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I would take $27K for that car and push away from the table and call it a night,
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Old 09-05-2012, 12:59 PM
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I'm with yelcab1....easy peazy (I hope).

Buy another one.

BEST!

Doyle
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Old 09-05-2012, 01:06 PM
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good luck

About 10 years ago my neighbors tree fell on my house. About $12,000 in damages. State Farm ended up paying about $8,000 and I had to cover the other $4,000. I had been with them for 31 years and my old agent had retired and sent me to a new agent. New guy was worthless and wouldn't do a thing to help me.
I went to Progressive online thinking agents wouldn't do anything so why pay them for nothing.
My advice is to study everything online about insurance and learn all the ways they can con you. The knowledge can save you quite a bit. Take your time.
Sorry about your car.
Check Hagerty for agreed value ins.
It can be lower than you might expect.
Old 09-05-2012, 01:11 PM
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Ask for more and be able to prove why your car is worth it. SF uses NADA guides, and they are pretty reasonable if you can back it up.
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Old 09-05-2012, 01:20 PM
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Get as many 'high-end' collector car selling prices like from Barret Jackson and Mecums for similar 911's and have State Farm factor these in. I provided these to Progressive when I had an 'incident' in my Viper that resulted in a total loss, and they were very accomodating. They didn't give me the BJ prices, but they did average them in which increased the payout by almost $10k.

I miss the Viper, had it over 10 years before that tree ran out in front of me...

Chuck.H
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Old 09-05-2012, 02:00 PM
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I'm having issues accessing my backup drive on the corp server so can't get my hands on my copy of TX regulations. IIRC TX has pretty strict rules around total losses and salvage titles. I don't think you can get around the salvage title.

I sent you an email. I do have a copy of the 2011 TX motor vehilce guide. Mostly deals with registration and taxes but there is a bit about total losses and helpful links. I have it in PDF and can email it to you. TX Sec of State website would be a good place to start for info.

You shouldn't need an attorney. Not many would want to mess with the car only. Do you homework and you should be OK with State Farm. I don't know why most folks think that insurance claims people are scared of attorneys. We're not. Many times the attorney is preferable to the customer. Attorneys are rational players trying to make a buck. Customers not so much.

You need to work up a value on the car. As much as you everyone wants their car to be a 100point car, most aren't. That being said the market for your car is likely higher than any book value. NADA gives very broad values on classics and they are not really all that up to date. Most of the time those books are a twice a year thing and the data is 120 days old before that. Base your value on comparable vehicles for sale. Sold auctions on ebay. Pull ads from Pelican and Craigslist. If you have stacks of reciepts get them in order and use them to your advantage. Use a dealer or good independent? Ask them to weigh in on the value. If you can show the car is worth more than NADA or KBB then SF should work with you.

Here's a failsafe. Your policy should have an appraisal clause in it. Short version is if you and SF can't agree then you invoke the appraisal clause. You each pay for an independent appraisal and the value comes from these. Key here is you get to pick your appraiser.

You need to decide if you want to deal with the salvage. Even if the car is rebuildable it will have a branded title. Plan on keeping it forever or making a track car and this isn't a big deal. Parts worth more than the whole, maybe you make a few bucks parting it out. Maybe you move your goodies over to your replacement. Maybe you just walk away and start with a fresh car.

I don't know how SF will determine the salvage value they will want you to pay to buy the car back. Sometimes it's a set %. 17/20/25%. Salvage values are pretty crazy right now. Maybe SF will shop it around and you end up bidding against dismantlers.

Let SF do their thing and see what they offer. Don't agree to anything until you are happy. Don't send them the title or sign POAs. Do your homework and have YOUR value ready for SF. Be nice but firm and make them work for you. The person you are talking to at SF spends their entire day talking to people upset b/c their car/house/boat has been damaged. If you are the one that yells, screams and cusses you will be put to the back of the line. If you are not getting anywhere then ask to speak to a supervisor and then their supervisor etc. Someone else mentioned it before. Get your agent on your side. A good long time agent with a big book of business can sometimes get the wheels turning for you.

J
Old 09-05-2012, 02:44 PM
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From my personal experience dealing with state farm.....get a lawyer

I was not their insured and it showed in how they "took care of me". I was rear ended by a state farm insured and even with police paperwork they tried to say i was at fault and would not a pay a dime. Contacted my insurance they told me that they have had lots of problems dealing with state farm in the past and my insurance took care of me, my agent told me that it might be in my best interest to get an attorney for any other compensation which i did. I guess everyone has a different story about insurances and agents, thats just mine.
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Old 09-05-2012, 03:38 PM
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EXCELLENCE magazine recently published a Porsche Buyer's Guide. Their price range for a 1987 - 1989 coupe is $19,400 to $25,900.

Al
Old 09-05-2012, 05:25 PM
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I am another who has had terrible issues with State Farm home insurance and think they are crooks.

I feel safer with Hagerty for insurance on my collector cars.
Old 09-05-2012, 06:00 PM
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Wait for State Farm's value figure. Meanwhile, do some research and find cars like yours that are for sale. If you don't like State Farms value. Take those comparisons to your agent and have him go to bat for you. I've worked for State Farm for over 10 years and have done this for our insureds several times. Also receipts for upgrades and repairs can help also. I still say, wait for their value first. You may be surprised.
Old 09-05-2012, 08:41 PM
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Quote:
Originally Posted by si Banker View Post
Car is probably going Tobe a total or very close to it. The preliminary estimate is around $27,000. on a 1987 Coupe. Car was spotless

Where do we go from here? Anything I should know about State Farm? I do not have a stated value or collector policy

Need help
Quote:
Originally Posted by yelcab1 View Post
I would take $27K for that car and push away from the table and call it a night,
Quote:
Originally Posted by dshepp806 View Post
I'm with yelcab1....easy peazy (I hope).

Buy another one.

BEST!

Doyle
He didn't say that SF was going to pay him 27K. That was the damage estimate according to his post. Of course that's a total loss. I don't know about the lawyer bit, but I'd get every piece of documentation on the car, condition, recent repair, any special factory equipment and simply tell SF to bring an equivalent car as a replacement. It's your right to ask for a replacement. When they can't, you can begin negotiations. Most cases like this take a few months, but some take a year or more.

I've been in this situation and am in this situation presently. As a result of these experiences I drive cars bought on the cheap. I don't from this point on intend to ever own a car that I can't afford to write off as they say about taking one to the track.

Insurance companies in the US are the scourge of our society. Try Allstate if you want some further proof.
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Old 09-05-2012, 08:59 PM
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Are you a PCA member? They will help establish a value.
Old 09-06-2012, 04:52 AM
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If you keep the car it will be with a salvage title, which will affect the value for the rest of the car's life, but you can neg with SF for 10-20% of the total to keep the car. They expect to get 15% of the car's value at the salvage auction so they are more than happy to do that deal with you.

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Old 09-06-2012, 05:37 AM
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