davidjr
Have you been following GP1007 for sale. He wants 26,000 for the car!!!!!
His post is on NAM. You should check it out. Fla. car

 

SOOOOOO sorry to hear about this. I pray things will work out, and God will greatly punish the morons who did it. It just sucks....period.

 

I'm so sorry to hear this.

I hope the weenies are brought to justice and that your insurance company understands what they are compensating you for. It seems like a good idea to ask them how they came up with their number.

Good luck.

 

The insurance company gives you a figure based on what a similar car like yours is selling for. Hence they look for a used GP with similar mileage and condition. I wouldnt be surprised if they looked on this site. I doubt you will get $33k. My suggestion is find a used one that meets your requirements and tell them you found one. They might cut you a check.

Good Luck.

 

You don't get a refund of the price paid. You get what the car is worth at wholesale at minimum or true cost to replace at maximum (limited edition GP aside).

 

Hey the insurance company said that the $ 29,300 is based on dealer ranking what ever that is.

 

For my totalled MCSC (which I guess your insurance company is handling this as a total), they broke down what my car was worth (probably based on something similar to Kelly blue book) taking off and adding money for mileage and extras, respectively. Then then saw what a similar car was selling for from a local dealer (which happened to be around what the car was worth) and thats how they came up with the number.
As said before, they won't give you what you paid or what replacing the car with something new would be.

 

Dude......tell you insurance company to get you another GP with similar miles.....make it their problem. At least show them where they may find one as there are a few on the market.

Moving forward I would ask them what's a guy to do as far as insurance on it; is there another way they can insure such a car?

I hope those ***** who did this get whats coming to them...threefold. I no longer leave me keys where anyone can find them.

I love my GP and hope you can get another...you deserve it !!

 

Has anyone ever seent that show on Discovery Channel called It takes a thief? They do mock break-ins to teach people lessons about security. I learned from this show not to have keys hanging on the wall or in a bowl on the counter.

 

That show was the main reason I bought the key safe I mentioned in post #40

 

That just blows. I can't relate, but hope you recover something besides your composure.

The thugs will have even worse karma.

 

Thats really a nasty thing to do, steal someones car. I just moved my key to a hiden spot. I have never lived anywhere I thought my car would get stolen, I guess times are changing

 

A few misinformed people on this thread about how insurance companies compensate a person when their vehicle is determined to be a total loss.

No, the insurance company isn't going to find you another car.

No, the insurance company is not going to determine the value of your car by looking at what other people are asking for similar cars they are selling. Again, that's just silly. People ask for high end prices, of course. And what they ultimately sell the car for is usually far from what they are asking.

What they DO is use a source for determining the value. Most companies use NADA as a starting point. Then they add or subtract from the book value based on the mileage, condition, and installed options.

And, while I'm at it, one more misconception that I often encounter: If your vehicle is declared a total loss, you cannot file a Diminished Value claim. That only pertains to cars that are repaired by the insurance company.

 

Thanks for your response CR&PW&JB. The car is valued at 34.900 on NADA, should I try and negotiate this price with the insurance company or just take their offer of 29,800. Are should I just ask the average which is 32,350. Thanks David

 

Check your PMs.

 

You have to look at wholesale valve of your car or trade in valve. Insurance won't give you retail for your car. Their offer of 29,800 seems very good to me. Have you talked to GP1007 in Fla about his car? Goodluck.

 

I think David is saying the NADA value is the one the insurance company gave him, not one he looked up himself. The price they're offering him is after their adjustments to the NADA value.

Correct me if I'm wrong about that, David.

 

They said the offer was based on dealer ranking, but I'm going by NADA which is $ 34,900

 

Ask them for info on the "dealer ranking". We don't use that where I work, so I'm not sure what that means.

Maybe another NAMer has suffered a total loss, has an insurance company that used "dealer ranking" and they can help out (??).

 

My insurance company gave me $29000 for my 2004 MCS using a system which includes the dealer ranking. Interestingly enough, none of the dealers listed on the report were MINI dealers, mostly CarMax and toyota/honda dealers which had MINIs on their used car lots. It seems like a GP should be slightly higher, but I agree with CR&PW&JB, you are not going to get NADA value for it. What you should be looking for is the KBB private party value. That was within a few hundred dollars of what they gave me.

On a side note, if you own a collectors car it is best to find a insurance company which will let you insure it for declared value. That way, should you ever have this sort of problem, you will not be hit with depreciation or someone else's percieved value of your car. It will cost more to insure this way (possibly alot more) but you will be covered.

 

My insurance company did this (I posted it earlier in this thread). After they came up with a number of what my car was worth, they found a local dealer selling 2 similar cars to mine (model, year, mileage, packages, etc) and listed what they were selling for.
In my case, the number they had come up with for my car was right between the two prices they got for similar cars in my areas. So they made no adjustments. However, I would assume if the number they came up with was higher/lower then the selling price of comparable cars, there would have been some adjustments to their initial number of what my car was worth.

 

just saw this... Sucky!! sorry to hear, I have now put my spare keys in a safe place. On the topic of theft, I was thinking the other day as I had my other vehicle out in the driveway, how hard would it be to break a window in a car and use the garage opener to get in the home, I now take it out just in case.

 

have you seen this article yet?
http://www.motoringfile.com/2008/01/...g-up-in-value/

 

i got $21,000 - $21,500 trade in value on my GP. i shoulda burned it!

Carmax gave $21,000.

and i dont know where in the world you are seeing a value of $34,900.00 for the GP. Thats more than msrp.... thats more like a dream. Hopefully you get it though.

When you find the thief, the judge can hit him with a monetary punishment that would increase what you got for your car ( insurance $ + judgment $) . When my Acura Integra Type R was stolen we explained to the judge that this was a rare car not in production any more and he mandated the theif pay us $5000.00.

Good Luck.

 

[quote=gp1007;1970088]i got $21,000 - $21,500 trade in value on my GP. i shoulda burned it!

Carmax gave $21,000.


I just can't fathom why you were not able to get the bottom line price you were asking.... This is going to trouble me for a long time that I couldn't afford a 2nd GP at this time, so sad so cheap.