Insurance question - arbitration?

[mrsparkle]

Hey all, update on my 944 S2 that was badly damaged two months ago. After much back and forth insurance offered me $15.5k for the car, which seems a little low. I argued a lot and ended up hiring an independent appraiser who valued the car at $19.25k. I'd be happy splitting the difference, but if I want to use his valuation I have to go through arbitration with my insurer, Progressive. I'm worried I could end up with less if I do this. Any thoughts, esp from people who have gone through this process previously? Is it worth the fight?
Car is a 90 S2, Red/black, 2 or 2- car, 120k miles, lots of options and well cared for (LSD, Konis, M030 parts, etc).
FYI, I cannot get agreed value on this car as it is my daily

[Vaive]

Originally Posted by mrsparkle

Hey all, update on my 944 S2 that was badly damaged two months ago. After much back and forth insurance offered me $15.5k for the car, which seems a little low. I argued a lot and ended up hiring an independent appraiser who valued the car at $19.25k. I'd be happy splitting the difference, but if I want to use his valuation I have to go through arbitration with my insurer, Progressive. I'm worried I could end up with less if I do this. Any thoughts, esp from people who have gone through this process previously? Is it worth the fight?
Car is a 90 S2, Red/black, 2 or 2- car, 120k miles, lots of options and well cared for (LSD, Konis, M030 parts, etc).
FYI, I cannot get agreed value on this car as it is my daily

Couple of things: Konis, etc parts probably won't mean much to an arbitrator unless unless you had a modification rider on your policy. If it doesn't, the extra money you put into the car vs stock components will be covered at a grand total of $0 by your insurance payout.

Second: The insurance company will most likely have a lawyer involved in this. Which means you need to hire one as well, if you want a fair fight. Which is $1K minimum to get someone competent. You want to split the difference between $19 and $15K, even if you win, you're giving away 1/2 your win to a lawyer. And if you lose, you're out another $1K. Best case scenario is you win $1000 having spent many hours dealing with it.

Personally I'd just put this in the "life's unfair" bucket and move on.

[Alan A]

Don’t they have to make you whole.
Have them find a comparable one...

[nathanbs]

Originally Posted by mrsparkle

Hey all, update on my 944 S2 that was badly damaged two months ago. After much back and forth insurance offered me $15.5k for the car, which seems a little low. I argued a lot and ended up hiring an independent appraiser who valued the car at $19.25k. I'd be happy splitting the difference, but if I want to use his valuation I have to go through arbitration with my insurer, Progressive. I'm worried I could end up with less if I do this. Any thoughts, esp from people who have gone through this process previously? Is it worth the fight?
Car is a 90 S2, Red/black, 2 or 2- car, 120k miles, lots of options and well cared for (LSD, Konis, M030 parts, etc).
FYI, I cannot get agreed value on this car as it is my daily

You will be ok. I’m guessing when you say arbitration that you are referring to going through the “appraisal clause” portion of your policy? You’ve hired your appraiser now your insurance has to hire an independent appraiser and the two of them communicate try and reach a common value for your car. If they cannot then it goes to mediation. I have never seen a case that didn’t yield a positive outcome when your appraiser has come back with a higher value. Same thing happens when progressive writes a repair estimate and I diagnose it to be 10x the amount. We get the 10x or very close to it. We just had a customer with a ‘70 el Camino 454 SS total loss get offered $16,000, then $24,000 and after hiring an appraiser insurance paid $49,000

[JMS935]

You’ll also have to consider the time it’ll take to fight this, if you need the money now then take what they’re offering you and be done with it. I had a friend go this route, contesting their value and hiring his own appraiser, and while he eventually got more money, it took the better part of a year to get it.

[Matt Monson]

Originally Posted by Vaive

Couple of things: Konis, etc parts probably won't mean much to an arbitrator unless unless you had a modification rider on your policy. If it doesn't, the extra money you put into the car vs stock components will be covered at a grand total of $0 by your insurance payout.

Second: The insurance company will most likely have a lawyer involved in this. Which means you need to hire one as well, if you want a fair fight. Which is $1K minimum to get someone competent. You want to split the difference between $19 and $15K, even if you win, you're giving away 1/2 your win to a lawyer. And if you lose, you're out another $1K. Best case scenario is you win $1000 having spent many hours dealing with it.

Personally I'd just put this in the "life's unfair" bucket and move on.

You’ve never actually been through this process, have you?

[NYNick]

Your'e talking about $3750 on an insurance claim. Personally, I think $15.5 isn't too bad for a car like yours with 120K miles. There's one on Ebay with 30k less miles for $16K.

But, have you tried contacting the insurance company and showing them your appraisal? They don't want to go through arbitration either, do it's worth a shot.

GL

[Vaive]

Originally Posted by Matt Monson

You’ve never actually been through this process, have you?

Matty.
LOL

[Matt Monson]

Originally Posted by Vaive

Matty.
LOL

We will take that as you admitting I’m right.

[pmax]

Originally Posted by JMS935

You’ll also have to consider the time it’ll take to fight this, if you need the money now then take what they’re offering you and be done with it. I had a friend go this route, contesting their value and hiring his own appraiser, and while he eventually got more money, it took the better part of a year to get it.

One year of your life vs money.

Pick one.

[nathanbs]

Originally Posted by pmax

One year of your life vs money.

Pick one.

It’s actually way easier than that. Several hours of your life on the phone

[Matt Monson]

Originally Posted by nathanbs

It’s actually way easier than that. Several hours of your life on the phone

Seanie has never been through it either.

[NYNick]

A 944S2 with 120K is worth $19.25? To whom?

[Ryan_Cunningham]

Originally Posted by NYNick

A 944S2 with 120K is worth $19.25? To whom?

I lol'd.

[pmax]

Originally Posted by Matt Monson

Seanie has never been through it either.

Happy to keep it that way.

What are insurance agents for ?

[pmax]

Originally Posted by nathanbs

It’s actually way easier than that. Several hours of your life on the phone

For you, I bet it is !

[pmax]

Originally Posted by mrsparkle

Hey all, update on my 944 S2 that was badly damaged two months ago. After much back and forth insurance offered me $15.5k for the car, which seems a little low. I argued a lot and ended up hiring an independent appraiser who valued the car at $19.25k. I'd be happy splitting the difference, but if I want to use his valuation I have to go through arbitration with my insurer, Progressive. I'm worried I could end up with less if I do this. Any thoughts, esp from people who have gone through this process previously? Is it worth the fight?
Car is a 90 S2, Red/black, 2 or 2- car, 120k miles, lots of options and well cared for (LSD, Konis, M030 parts, etc).
FYI, I cannot get agreed value on this car as it is my daily

Well, one month has flown by.

Any updates ?