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S2000 CR Club Racer EditionCR stands for "club racer," conjuring up the good old days when guys drove their sports cars to the track, raced them, and then, if the racing gods were smiling, drove them home again
Ameriprise hired a different company to do the second valuation and, ignoring my advice, made the same mistake in using 3 non CR S2000s for comparison. The offer did go up, but it's still far off. After one final call to the total loss manager this afternoon, I'll be enacting my appraisal clause and filing a bad faith practice complaint with the California insurance commissioner if we can't come to an immediate agreement. I've found an appraiser that knows the value of the S2000 CR (he's the appraiser for Honda Racing) who is confident we'll get what we think is fair.
It's sad and ridiculous you've had to jump through all these hoops just to get a fair value for your CR. I hope things work out, best of luck.
Ameriprise hired a different company to do the second valuation and, ignoring my advice, made the same mistake in using 3 non CR S2000s for comparison. The offer did go up, but it's still far off. After one final call to the total loss manager this afternoon, I'll be enacting my appraisal clause and filing a bad faith practice complaint with the California insurance commissioner if we can't come to an immediate agreement. I've found an appraiser that knows the value of the S2000 CR (he's the appraiser for Honda Racing) who is confident we'll get what we think is fair.
Good to find a reputable appraiser for yourself. That is what they did. Surely you didn't think they would find one that was sympathetic to your position... Next to the Govt' and the Devil his own self, insurance adjusters and claims personnel will be the hottest thing you touch since the stove when you were 4 years old.
Sorry to hear about the accident. It's a bummer you have to go through this many hurdles to get a check cut for the right amount.
I've heard of this kind of thing happening to Integra Type-R owners as well. The insurance adjusters will gather a value of the Type-R based on Integra base models, which is ridiculous given that base model Integra's routinely sell for $3-5K, where as a Type-R is in the vicinity of $15-25K.
If the appraiser Ameriprise hired drops this terrible example of a CR, it will bring their appraisal value up to nearly what my appraiser valued the car at. If they don't agree to drop this car and stick with their number, they will go to court to settle things once and for all.
You believe your car is worth $37,000? Were you paying insurance premiums on a car that was valued that high? You're going after your own insurance company at this point correct? Do you have any other policies with them? Do you expect to keep them come renewal?
Last I checked premiums (years ago before I went stated value) for CRs weren't drastically different than normal S2000s, which means you're paying for coverage at or close to a normal S2000s value. This is why a lot us have moved to stated value policies. You both agree on an appropriate value for your vehicle and you pay an appropriate premium for that valuation. It stops issues just like this from arising.
Your insurance company is offering you $32,000 for the car now. Do you have aftermarket parts on it? Typically insurance companies are giving you value you for your car as it came from the manufacturer. Can you pull the aftermarket parts, take $32,000 and then sell the parts to avoid litigation and come to a payment that is close to what you want? How do you explain to your insurance company, no less a court that the modified S2000 CR with less miles than yours in the exact same color is worth drastically less than your modified S2000 CR in the same color with more miles? You and I both recognize that choices in modifications can change how/what we value the car at, but does that make it real enough to prove your case in court? Your car has a documented history of being modified (if your car is the one I'm thinking of, I could be wrong I can't remember who picked up the one I'm thinking about), it's going to be a hard sell and even if you win you might be looking for a new insurance provider with a record of suing your own carrier. It's hard enough to explain this to people that own the cars these days, imparting this onto people who aren't into cars that way we are is next to impossible.
You just need to be realistic. Before the accident you expected to be able to post your car for sale and get $37,000 asking price? Try and look at all the possible ramifications of going to court with your insurance carrier and what you realistically expect to get out of it both positive and negative before you make that decision.
I'm just trying to help you work through the decision, you're in position that I do not ever want to be in. I wish you the best of luck in getting this resolved in a way that leaves you satisfied.
Edit: I just went and did some digging, your car is not the car that I was thinking of. It also looks like your car is a delete which makes it even harder to obtain a comparison value for.
Last edited by Feezy; 03-17-2017 at 10:24 AM.
Reason: Research
I wouldn't be suing the insurance company, the two appraisers would simply be entering arbitration for a fair valuation (somewhat normal when an appraisal clause is used). The most likely scenario being that the judge would split the difference of the two valuations. My car is stock and documented to be in excellent condition with a Mugen AP2 exhaust (which was damaged in the accident and would like roughly 40-50% of the new value in compensation).
The underlying issue with the opposing valuation is that they not only used this as a comparable example (which sounds like it also may have been in an accident), but valued it at over $6,000 more than my car, which is ridiculous. https://losangeles.craigslist.org/ws...043187144.html If this example were omitted from the opposing party's valuation, their research would fall right in line with ours. Non original hardtop, CR interior gone, etc...
I'm not saying my car is worth $37,000, my appraiser is (who is the official appraiser for Honda Racing, Ferrari US, Maserati US, Lamborghini US, Shelby, McLaren, etc...).
My own personal research (this is slightly outdated now) suggests similar though. This may not be the "official" method, but it does show a trend based strictly on mileage.
Last edited by TheCarGuy2021; 03-17-2017 at 11:56 AM.
Hope everything works out for you. I had a similar issue with a RSX I owned. Had to fight tooth and nail to get a fair value.
I had bought the RSX type S new and been paying premiums on it for a long time always remained the same. NO claims. then one night car was stolen from my driveway and recovered by police. Seats and stereo stolen and insurance declares it a totoal lose based on a value of $5000....... Had to fight fight fight to get the correct value. They are a business and trying to make the most money for themselves. After that I learned my lesson. NSX, 911 and S2000 all have agreed appraisal value.
We were able to make a middle ground compromise between the two appraisals and I'm happy. Took a while but I'm glad it's over now and it was worth the fight. Thanks to everyone here for the advice.
02-28-2017, 12:05 PM
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