QuestionHi, Richard. My husband Jim is a Pontiac Fiero aficionado, and his latest, which is his daily driver, is a 1988 GT. He had a fender bender, and the at-fault driver's insurance company is trying to total the car. The repair estimate (from their body shop) is about $1,850, and the car has to be worth $2,500 to avoid a total. The CCC report gives only one local "comp" at $1,600. Jim called the dealer; the "car" doesn't exist, and the dealer has no knowledge of the Fiero market and did no research. CCC's Pennsylvania state value was $1,800, with no information on how that number was obtained. Their latest (2nd) offer was to total it and give us $1,600 plus the car back as salvage. We do not want to accept a salvage or reconstructed title. Btw, my husband is planning to do most or all of the repairs himself.
The Fiero, particularly the 88 GT, is a collectible car, and at 20 years old, it is not in abundant supply. The prices they are going for are way beyond KBB, NADA, or Edmunds. I've compiled 22 comparable vehicles from various internet sites (including AutoTrader) ranging from $2,995 to $11,000, which I will provide to the adjuster. I also have a 2008 Fiero Price Guide prepared by a Fiero expert who has been closely following the market for over a decade. Our vehicle prices out at between $4,077 (fair) and $4,875 (average).
So I can completely discredit CCC's local comp, and I have plenty of comparable vehicles, but how do I address the low numbers in these price guides (or do I need to?):
KBB: $1,395 for good condition, private party value. KBB will only give a retail value for an excellent condition vehicle, and even that is only $2,270.
NADA: $1,706 for "low retail," which it automatically recommends for a "daily driver." The "Average Retail" is a more reasonable $3,360.
Edmunds: $1,001 (average condition, retail value). NADA. Even at "clean" condition, Edmunds gives it only $1,345.
AnswerHi Sheryl,
You have done everything exactly correct. You should refute the CCC report based on your findings. You should tell the adjuster that you called the dealer listed on the report and the fact that dealer does not have nor has he ever had this vehicle. Tell them that it appears that CCC just made this up. (that could be considered bad faith claim handling). You should also send them all of your research along with a letter from your expert stating the value of the vehcle and demanding that the vehicle as a result of the value of the vehicle obliously being repairable that they should immediately issue you a check for the cost of repairs. You should do everything in writing and demand that they respond to you in writing. That way you will have written documentation of their position in case you have to go to court.
I hope this helps
Richard Hixenbaugh
