When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.
I've been a claim rep for about 6 years, so I'll pitch in on the conversation. I can't give you legal advice, but I think hiring an attorney at this stage would probably be premature.
Most insurance companies don't use kbb or NADA anymore. They use software to pull info about recent sales within a certain mileage radius of your zip code. CCC and Mitchell are the most common. Then they adjust these comparables to account for differences from your car.
The first step is to talk to your adjuster and tell them your concerns. Explain the unique market situations that exist for the S2k. A lot of auto adjusters are not car enthusiasts. You probably have a much more intimate knowledge of the S2k than the adjuster or appraiser who inspected the car. Try not to think of it as a 'fight', even if it feels that way sometimes. Most adjusters would rather help you and keep you happy than piss you off. Always be professional and friendly as you are more likely to get any leniency they may have that way.
A lot of them are just shuffling paper, reviewing information, and following guidelines. Ask for a copy of their full valuation report. Then make sure they have all of the info/options/condition correct. Let them know about any changes that need to be made and present your own list of comparables for them to consider.
If the adjuster still won't work with you, then discuss it with their manager. If the manager is uncooperative, then maybe talk to an attorney about your options. I suspect you won't have to go that route though.
I rarely see a vehicle claim need to be settled through an attorney and the ones that do have a bodily injury component.
I sent the following note to the adjuster last night:
Thank you for taking my call today. In the call, I stated I would be happy to take any 2003 white/tan S2000 with 80k miles you can find for me given that I do not believe I can purchase one for the $10,600 buyout you are offering. You invited me to show you pricing in my market so you can send the data to the company that values cars for you.Below are my search results from the most prominent selling sites. I included both 2002 and 2003 models for sale since they are fairly similar. I searched an area 100 miles around my house. I did not hide any results; every search result is included below.
CarGurus.CarGurus rates the prices of specific models against other examples in the marketplace. It pulls from a broad list of sites to find cars. As you can see, the most comparable car to ours has 10k fewer miles, is judged to be at a market-correct price ("fair market"), and is listed at $16,990. The highest-mileage car, with 45k more miles than ours, is judged to be at a market-correct price of $13,999. The least expensive car, at $13,995, is one year older and is judged to be at $2,529 below market value. None of these cars is a white/tan, which fetches a premium in the market.
AutotraderAn identical search on Autotrader yields only three cars. The most similar car to ours is a year older, but has almost identical mileage--79k. Autotrader judges it to be a "great deal", meaning it is priced significantly below market at $13,995. There IS an S2000 for only $10,500, but it has a whopping 158k miles and is a year older. The seller is not willing to negotiate on price.
Craigslist The most similar car posted on Craigslist is a 2003 model with 80k miles. It is listed for $18,950. While this seems high, it does have a rare color combination like ours. The others range from $13,399 to $22,000. As you can see, it is absolutely not possible to find a similar S2000 at anywhere near the price you are offering me, either at dealers or in the private market.
I look forward to your response.
I followed up with this letter when I opened an email containing their "comps":
I received a package showing the estimate from CCC One. It appears to be a highly selective list of suspect cars. Here are the main issues:
Mainly higher mileage cars—the lowest mileage of the comparable cars was 50% higher than the mileage on our vehicle. The mileage adjustments are quite modest.
Our vehicle received a -$1,353 adjustment against each of these cars. Frankly, there is no way these high-mileage vehicles are in even comparable shape. One of the comps is even at a very low rated, buy-here-pay-here rural lot that has horrible reviews and is known for selling junked vehicles.
While you told me to stay within 25 miles, their search stretched as far away as 271 miles and as far back as last year to find vehicles that were priced so low.
I have searched the web sites for all three “comp” cars. None of them are currently available. The screen shots in my previous note are from today’s listings within 100 miles.
Again, I will repeat my offer for you to provide me with a comparable car in exchange for mine. I look forward to your prompt response.
I love Hagerty. Three of my eight cars are insured through them (NSX, 1966 Lincoln Continental Convertible, and Nissan Pao). At the time we purchased the S2000, they were not insuring them. Frankly, I never thought to go back and check if they started.
I have agreed value insurance with Hagerty for my 2000 S2000 with 45000 km for 30K Canadian. My 03 NSX with 18.5K miles has 90K Can. agreed value. I wouldn't be comfortable relying on an insurance company coming up with realistic values on these cars.
I have agreed value insurance with Hagerty for my 2000 S2000 with 45000 km for 30K Canadian. My 03 NSX with 18.5K miles has 90K Can. agreed value. I wouldn't be comfortable relying on an insurance company coming up with realistic values on these cars.
My NSX is a bit different—‘95 with 130k miles. Excellent shape. Purchased it from the original owner. Agreed value is $52k, but I doubt I could sell it for much more than $42k.
You have given them plenty of details to work with. Best of luck to you with getting a more favorable payout. By the way, how much is your deductible? Do they figure that into the final payout amount?
With Hagerty I tried to set the value of my car as realistically as possible. I got the impression it would not have been difficult to set the value higher, but I would end up paying more as a result. I just need to make sure that I keep tabs on the market and adjust the value of the car accordingly. As you have demonstrated, one of the key pieces of the puzzle is figuring out just how challenging it would be to find an equivalent car. Chances are when I renew I will bump up the value a bit more the next time around.
03-22-2019, 07:14 AM
