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A gentleman ran a left turn signal and hit my wife’s S2000 about three weeks ago. It is an ‘03, white with tan interior, 80k miles. The damage looked relatively minor. We just received the repair estimate from his insurance appraiser: $10,300!! No frame damage...the big cost is for the safety systems. Replacing the air bags and seatbelts is over ½ of the cost. I imagine they will end up totaling it since it likely isn’t worth much more than $12k.
1. What gives you the idea the car was only worth $12K a month ago?
2. Why are you dealing with the other party's insurance company? You're paying for insurance and your's should fix it. Car should have been in a body shop of your choice "about 3 weeks ago." You'll pay your deductible until your insurance recovers the loss from the other insurance.
1) I honestly think an ‘03 S2k with ~80k miles would go for about $12k. Some might think it’s worth more, but that’s my read on the market. Hagerty has my ‘66 Lincoln Continental Convertible insured for $30k and my ‘95 NSX insured for $56k, but I seriously doubt I could get anywhere near that amount if I actually tried to sell them.
2). Given how long this is taking, I might have made the wrong decision here. Our insurance agent advised us not to file it with our company since the other driver was clearly at fault. He said that if they pay out it would likely county against me, even if they later recovered their money. Given how long this is taking, I probably should have filed anyway. But we have plenty of cars and the perpetrators insurance has provided us with a (crappy) rental car, so it hasn’t been too much of an inconvenience.
Originally Posted by Chuck S
1. What gives you the idea the car was only worth $12K a month ago?
2. Why are you dealing with the other party's insurance company? You're paying for insurance and your's should fix it. Car should have been in a body shop of your choice "about 3 weeks ago." You'll pay your deductible until your insurance recovers the loss from the other insurance.
Our insurance agent advised us not to file it with our company since the other driver was clearly at fault. He said that if they pay out it would likely county against me, even if they later recovered their money.
3. Why do you have that insurance company? (To coin a phrase.)
I've come to undrstand that a claim is a claim, irregardless whether or not the other party is eventually found at fault it counts the same against your insurance "record". So it may be good advice to work direct with their insurance.
I hesitate to give insurance advice - people need to bear in mind that each state is different and some are radically different. Here in CT, if your have a couple of claims that were 100% NOT your fault, the insurance company can still raise your rates and drop you. Other states I've lived in are more regulated and that crap doesn't happen.
Having said all that - Were it me, I'd only talk to my own insurance company. They can chase the other company, subrogate, whatever they want... but I'm paying premiums to THEM and I want them to fix it.
1) I honestly think an ‘03 S2k with ~80k miles would go for about $12k. Some might think it’s worth more, but that’s my read on the market. Hagerty has my ‘66 Lincoln Continental Convertible insured for $30k and my ‘95 NSX insured for $56k, but I seriously doubt I could get anywhere near that amount if I actually tried to sell them.
2). Given how long this is taking, I might have made the wrong decision here. Our insurance agent advised us not to file it with our company since the other driver was clearly at fault. He said that if they pay out it would likely county against me, even if they later recovered their money. Given how long this is taking, I probably should have filed anyway. But we have plenty of cars and the perpetrators insurance has provided us with a (crappy) rental car, so it hasn’t been too much of an inconvenience.
I believe you are right on the price. When I looked for my S, I stayed away from cars that had accident reports. After getting it fixed it will be worth 12k.
My S is full coverage I expect my insurance to fix or replace, but you know how they are, they will do anything to save money.
03-16-2019, 03:59 AM
Our S2000 might be on its way out...
(To coin a phrase.)
