Hi. My 2004 S in great condition with 18,000 miles was totalled yesterday. How much should my insurance give me for this car? Is their offer negotiable if my car is worth more?

All I want to do is replace my car with a new, 2007 S2000. Is there any advice you can give me?

Edited to add that the S2000 is safer than any of you can imagine.

 

I'm sorry to hear you car was totalled. I hope you're okay.


The offer from the insurance company can be negotiable. In general, they're going to try to give you least amount possible. However, if you can find enough information about what a comparable car (year, mileage, condition before accident) would normally sell for in your area, they should consider that (less the deductible).

If the claim is through the insurance company of the at-fault party (other than you), then your insurance company should do some 'fighting' for you.

Best of luck.

 

Thanks for the quick, helpful reply. Is is fair of me to go to Kelley Blue book and expect that price for my car?

 

Not sure, as I peronally don't have a lot of experience with a totalled car. However, I would say that would be a good place to start. Be fair with the condition of the car before the accident (or at least be fair with the insurance company's perceived condition - say the car had never seen body work, but the front was plastered in stone chip that are no longer evident after the accident, well then ).

Also consider your location. The resale value of a particular car can change quite a bit depending on the market in which you live.

 

Oh, I should add this...

While it is in the interest of the insurance company to try to give you the least amount possible, and you should expect just that, you might actually be surprised. They may give you a very fair value.

Just do your homework, I guess is all I'm saying.

 

I would gather information from all sources, edmunds, KBB, local adds and ebay. Note that asking price and selling price are different animals. Come up with a number you feel is fair and then see what they offer. If you feel it is low then show them your information and see if they will raise the offer. If not you either have to accept their offer or go to court. If you want a 2007 without coming up with cash out of your pocket I think you will be out of luck. There is a big difference in the value of the cars. If you have a lien on the car remember insurance will pay them first. That may or may not leave you with any cash for a down payment on a new car. Depends on how you financed the first one.

 

By the way KBB value on your car in my area is 23,600 in good condition and about 1000 more in excellent condition. Edmunds has it worth about 1000 less then KBB. I would suspect their offer will be in a range between 2300 and 24000. Find out your loan payoff and you will know where you should end up. If you owe more then that on the car you could end up having to come up with money out of pocket to pay off the loan. If you owe less then you have cash to use for a down payment on a new car.

 

I just went through this back in July. Totaled my 2003 with 27K. I got $25,600 (Tampa Bay Area). I took the KBB, Edmonds & NADA RETAIL prices and added their totals together, then divided by 3 to get an average. I told the insurance adjuster that I would never buy this high tech car from a private party, only a registered franchised dealer. Then I supply him a list of S2K's from CarMax to prove the real cost to replace the car. They agreed and treated me like a king. And, they let me take the S/C and other mods off the car but I had to put back the other stock items.

Then I went out and bought a Laguna Blue '06. I paid 30,600 but this was the best price I could get on the new Blue. I have seen black, white, red and silverstones closing out at 29,300 for an '06. But no clue as where you get a '07 for a good price.

If you have any other issues, contact VVS (S2KI sponser) for assistance, this is what he does for a living.

Scott

 

Sorry to hear about the loss. I am interested as to what your insurance company offers you and who they are.

 

(Long reply)

Sorry to hear of your loss; glad you're OK!

This is an old case history, but there was an owner (no longer active on the board) in the Charlotte, NC area, who got above-market price to replace her totalled MY00. (Bear in mind that for that first year, dealers were getting waaaaaay above list price; usually $36-$40k for a car that listed right at $30k.)

However, her tactics were good and her research was solid; maybe this information will be helpful for you. Good luck!

Quote:

(This was a reply to folks who asked how she managed to get above market value from her insurance company).
"As for the settlement, the check is not in the mail yet, so I'll temper my comments. I won't bore you with my history of Quixoteesque
adventures but, needless to say, I love a challenge and seem to be at my best when my back is up against the wall and I'm being told, NO. I think AHM company would agree with me on that point.

The insurance company first offered msrp or what they called "actual cash value". I countered that ACV was actually market value and that car could not be replaced for that price.

I got several quotes from dealers via the internet that ranged from $34-$40k. I also went to the AHM company site and printed the total sales figures for this car thru 5/01. I then extrapolated this data state by state, taking into account my state's ranking by population and gave them an overall estimate of the amt. of s2k's in NC ,further showing it's rarity and, hence, the tentency for dealers to inflate the price.

I further researched case law regarding civil claims between individuals and insurance companies regarding "ACV" vs. market or replacement value and was able to access some cases and cited them.
(For the record, the $37,200 I received includes the $900 plus sales tax and the title and tag fees.)

Hope to be among the "lucky to be driving this sweet car" again soon!!

s2klisa
________________
(3XCHARM) 2001 silverstone/black VIN#8490"

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