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Valuation for Insurance after Total Loss

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maldav
Posts: 84

Valuation for Insurance after Total Loss

Post#1 » Thu Sep 03, 2020 12:42 pm

My 91 300GE LWB (titled as a 92), while parked, was hit by a distracted driver (it flipped his car and he walked away). All indications are it is totaled. His insurance carrier accepted liability.

I would appreciate anyone's thoughts on valuation to substantiate my valuation claim.

The details on my truck are low odometer (66,ooo km), grey over tan, fully mechanically sorted, nearly complete documentation since delivery and no known rust (I had just waterproofed the doors, and replaced the wiper caps, windshield and windshield seal).

Since I bought it, I installed OE black 16-in Ashtaroth wheels, new BFG tires, OE black side steps, Fox shocks, ORC Eibach springs, Goodridge extended lines, JW Speaker LEDs, grille guard, front and rear light guards, new audio, backup camera and alarm.

I can provide details from the datacard if that would be helpful.

Thanks so much.

dcurbet
Posts: 6454

Re: Valuation for Insurance after Total Loss

Post#2 » Thu Sep 03, 2020 3:51 pm

They will scour the classifieds in an effort to find comparables. They will probably go back to the purchase $ number you gave them when you insured the truck. Chances are you may be offered a low value, so be prepared to justify your number. Insurance companies use a third company appraisal service which compiles a report of the market for the particular car. What that report comes up with is what you get offered. You can obviously contest / reject the offer of the insurance company, then you hire an appraiser (at your cost) - and supply your report. You may end up with a third and final appraiser (cost of which you split with the insurance company) and what that appraiser comes up is final.

Do you have a picture of the before the accident truck? Do you have receipts or records of what you paid for everything you added? May want to just have an idea of what your value is according to you. Ultimately you may end up underpaid....

How bad is the truck damaged?

maldav
Posts: 84

Re: Valuation for Insurance after Total Loss

Post#3 » Thu Sep 03, 2020 4:51 pm

dcurbet, thanks for your input.

Because the other party is at fault and accepted liability, my insurer is not involved.

I have complete documentation since my ownership began.

The damage to the sheet metal, suspension and drivetrain is extensive. The driver did not brake before he hit the truck at 30-40 MPH. The truck moved six feet and the remaining force of the other vehicle was sufficient to flip that vehicle (a Toyota crossover) completely upside down (deploying all airbags).

dcurbet
Posts: 6454

Re: Valuation for Insurance after Total Loss

Post#4 » Thu Sep 03, 2020 6:01 pm

It doesn’t matter what insurance company pays the value. They all work the same as far as valuation goes. You can certainly claim it through your own full coverage if you choose to (if you have it) and then your insurance company would deal with the other insurance company to recover their payoff to you.
Anyway, I m sorry this happened to you and to your G. Your truck could very well be ok. Take it to a Mercedes body shop to get the correct appraisals, part numbers etc. They may offer to repair it.

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Gelande
Posts: 5327

Re: Valuation for Insurance after Total Loss

Post#5 » Fri Sep 04, 2020 8:11 am

We have had good luck and aweful luck getting money from G accidents.
Depends on the carrier and also whether or not someone was hurt.

With my mom's 300GE, State Farm totalled it out at $5,000. I had a letter from Russ at Europa stating it was $65,000 replacement value. I had $38,000 in parts receipts (not service, just parts!!). I fought with my mom another whole year. We got about $4k more, not worth the fight.....which they know.

With our totalled 280GE we had about $60k in it within a year before accident, they wanted to give us $20k

With our T-boned G320 we had about $35k in it, there was $15k in body damage, there was no issue and it got fixed even though the cab co. was self insured that drove into it (I wasn't moving) and refused payment.
Yes that is right, companies like (in this case) SF Yellow cab....self insured!!! what a joke! should be illegal that have nobody regulating

I can go on and on...

If you have a gray market car, get agreed value insurance IN ADVANCE

I cannot emphasize this enough people!

I have been hired by more than a hundred folks to help them with this situation so this is not just coming from my experience. Europa Russ has also likely been asked for help hundred maybe more than 200 times you would have to ask him.

Sometimes you luck out. We have helped several owners that were denied or getting terrible claim results to obtain excellent results, some more than double. But I will tell you there is a big difference if you are dealing with a company like Chubb or Llyods, USAA, etc which are decent vs companies like SF or similar which will sweep you under the bus and fight tooth and nail to give you as little as they can. SF was always easy with "insuring" the gray market cars. But like our US health insurance, being "insured" is not really insured, its just that they allow you to carry a little card in your wallet.

Good luck using it!

dcurbet
Posts: 6454

Re: Valuation for Insurance after Total Loss

Post#6 » Fri Sep 04, 2020 11:10 am

Gelande wrote:being "insured" is not really insured, its just that they allow you to carry a little card in your wallet.

Good luck using it!

Isn’t that the truth... :cry:

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inkblotz
Posts: 8203

Re: Valuation for Insurance after Total Loss

Post#7 » Fri Sep 04, 2020 12:59 pm

When a guy t-Boned my 70 280SL I found 5 high comparables and they gave me more than I thought I would get. Of course they could sink their teeth into what an SL was.

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Gelande
Posts: 5327

Re: Valuation for Insurance after Total Loss

Post#8 » Fri Sep 11, 2020 5:11 am

you lucked out inkblotz

and that does happen mostly when the other side wants to set you up so that you will sign the release of liability because 2 years later you can say hey I got whiplash and then they have to pay more than an SL in costs even if they win.

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Gelande
Posts: 5327

Re: Valuation for Insurance after Total Loss

Post#9 » Fri Sep 11, 2020 5:14 am

get usaa if you can

or if classic grundy or hagerty or Chubb (the best) and they do agreed value.

I use USAA and they treat me like a real human being and trust me and I trust them.

What a difference from State Farm as soon as any claim happens they always acted like we were victimizing them. They will pull anything to not pay or pay some joke amount. We have over 40 years experience with them, not just a couple policies. They treated my elderly mother like a dog and treated my wife and I as if we didn't deserve to live, and that happened twice, on two very different claims.

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inkblotz
Posts: 8203

Re: Valuation for Insurance after Total Loss

Post#10 » Fri Sep 11, 2020 5:16 am

USAA x2 that’s who I have.

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