Hey guys, havnt been on the forum since the s2k got stolen from infront of my house in chicago but i miss this community and im asking for help. The insurance did an investigation and concluded is has been stolen ( DuHH) and now their at the point of pricing it. there problem is that their only offering to pay me 12k for the car. The car was an AP1 with only 54k miles on it.. i paid 17k for it and i dont want to take a loss. They said they based their price off comparable s2000s in my area but i find that bs . its nearly impossible to find a ap1 with 54k clean title for 12k. I am trying to figure out what should my arguing point be? The only thing i can say is that its worth around 17k on kbb and thats it. any help would be appriciated


heres a quick pic of what used to be .... The car was MINT




sorry for small pic please click on it to enlarge

 

red,

The problem is that most insurance companies use only dealer listings. So craigslist, ebay, and other book values are sort of a lost cause.

What you should do is request to see what comps they're using to determine the value of your car. Start there, and if they can't supply you with at least 3 vehicles in your area of the roughly the same year and miles, than you can ask for a re-evaluation.

 

AP1 54K for $12K almost seems reasonable (depending on body work). I got my '01 43K for $15K. This is why they have gap insurance so you don't take a lost in these scenarios.

 

This. Best bet is to ask them to show what they are comparing to. You can also try to do a similar search yourself.


Good luck!

 

Wait, $3000 less for 11,000 more miles ?

I was planning on getting my car appraised this summer mainly for this reason. The more proofs you have about the vehicle condition, maintenance, etc. the better it is when you need to deal with insurance companies. Now, like someone already said, I'd spend a bit of time looking around car dealers in your area. Then, ads on the Internet. Try to find another S2000 that was like yours and take this argument to your insurance.

 

How long have you had it? If you purchased it recently, show the insurance company your receipt and photos of the car. Like others have said, ask to see the comps.

 

Really? AP1 with 54k in socal I see listed at dealerships for $16k-$19k. I guess the demand in socal is high.

 

I'd give them a list of comparable cars being sold by dealers within the same year and mileage in your area, they should be more around $13.5-15k ish at least. If not then your area is getting some pretty good deals on low mileage S2000's

 

They always give a low offer. You have to argue. You should get a minimum of 14 IMO.

I'll send you a link to a comparable listing you can use (a car I just bought).

 

My 2001 with 34k miles, average exterior condition and excellent interior condition was 15k. I would expect 14k, that sounds reasonable to me. Good luck!