Ouch, my poor Z28

[TimG]

He wrote the estimate with the prices his computer generated for parts. He said to take it to a shop that works on classic cars and have them provide a better estimate. He said they will not total the car, but he was leaning more to that when he left. I want the car to be a total. It is a never hit car, very original with one repaint. I want to hold off having my carrier get involved and see where they go. I paid $36,000 for the car one year ago, have it insured for that much and registered it with DOT for that much. I can verify the value and I'd rather have them take the car and pay me the money. If I keep the totaled car, they run the title through Texas DMV and I get a salvage title.

[Kim_Howie]

The insurance works diff in Iowa. When the car is totaled & you keep the car. You are given a check minus what you and the company agree on for salvage value. Most the time that is between 6 & 15% of the value of the car at date of loss. You keep the title. There is no salvage listed on the title. The only time it will have salvage on the title is when the Ins. co. keeps the car. They then have the state put salvage on the title.

[njsteve]

[ QUOTE ]
He wrote the estimate with the prices his computer generated for parts. He said to take it to a shop that works on classic cars and have them provide a better estimate. He said they will not total the car, but he was leaning more to that when he left. I want the car to be a total. It is a never hit car, very original with one repaint. I want to hold off having my carrier get involved and see where they go. I paid $36,000 for the car one year ago, have it insured for that much and registered it with DOT for that much. I can verify the value and I'd rather have them take the car and pay me the money. If I keep the totaled car, they run the title through Texas DMV and I get a salvage title.

[/ QUOTE ]

Tim, I see from your bio that you are in insurance sales. I don't know if your collector policy is with your own company but as a lawyer I'd offer you this info:

The stated value you have of $36,000 is with your insurance company. The girl's insurance company has no obligation whatsoever to follow that valuation. If they total it, they may end up offering you a check for $10,000 and not $36,000.

So unless you contact your insurance carrier or your lawyer there is most likely going to be a big problem.

If it was me I'd contact my insurance carrier immediately.

By the way buried in the fine print of most of the collector car policies is a requirement that you contact them within a specified period of time when a loss occurs to an insured vehicle regardless of who is at fault, under penalty of them not covering the loss at all. This is because it's their lawyers that end up suing on your behalf to recover the money if there is a discrepency in the repair price/total value. Otherwise without them being involved, the legal fees are going to come out of your wallet.

SO, PLEASE CONTACT YOUR INSURANCE CARRIER ASAP.

[SuperNovaSS]

I'd listen to Steve. They are going to find out one way or the other anyway.


Jason