QuestionIn 1989 my husband purchased a 1988 Chevy Camaro IROC-Z. It had all available options including 5.7liter V8 engine, T-Tops. It's a rare vehicle in many aspects. It has been in a garage for 17 years. The past 6 years the vehicle was not registered or inspected because after the birth of our son, we never had time to drive it. It has always been insured though. We only had liability on the car because we never drove it. This past June, we decided to get it registered and inspected. We finally took the vehicle on the road on September 16, 2006. The next day, another vehicle lost its brakes at the top of a hill and plowed into our car. My husband sustained a minor injury. The other drivers insurance company is very much devaluing the vehicle. They only want to give us $3,477 for the car. Our car was in excellent condition with only 30,000 miles on it.
I've checked alot of resources online which tell me the value of the car is alot higher than what they are offering. I was told they use the NADA and a Red Book guide and take the average of the two. That's how they say they are coming up with their figure. I checked Redbook.com. Online web site does not list up to 1988. It only goes up to 1985. Also, our Nada.com printout shows a high retail at $4,650. This Redbook issue concerns me as I cannot locate our car on their website. We would like $5,000 plus keep our car and not have to obtain a reconstructed title. Also, the other insurance company claim rep shows a possible repair cost at $6-$7 thousand dollars in repairs. Our own auto body company looked at the car and said approximately the same amount to fix the car. By accepting $5,000 we are still taking a $2,000 loss at the least. Any advise on how we can obtain a higher settlement offer from the other persons insurance company?
AnswerH Lauren,
The only way to combat the insurance company's offer is to prove them wrong. You will need to check your local market to find other vehicles like yours for sale. In this case, you may be better off to hire a professional vehicle appraiser. This may cost you anywhere from $150.00 to $400.00. However, you will then have the documentation to negotiate a fair settlement.
Many states do not require the insurance company to obtain a salvage title if the vehicle is over a certain age. You should contact your state DMV to find out the rules in your state.
When a vehicle is declaired a total loss, the insurance company is basically buying the vehicle from you, then they sell the salvage. If you chose to keep the car, the insurance company will make a deduction from your settlement equal to what they could have sold the car for at salvage. So if you do chose to keep the car and they tell you what they will deduct for the salvage value, make them provide you with verifiable salvage bids so you can call to verify the amount is accurate.
I hope this helps
Richard Hixenbaugh
