CUTLASS Valuation of a 1987 Cutlass

O

olsmobill

Not-quite-so-new-guy
May 16, 2020
18
3
So some space cadet rear ended my baby, my 1987 cutlass supreme and Now im dealing with insurance companies, of course they are sending low ball offers.

i had a 383 stroker motor, 4000 worth of music. etc. but they supposedly added all that value in with their valuation of 6300.

Now my only problem is i cANNOT find one that looked as good as mine without having to spend at least 10k. Their stupid *ss reply to that is " We dont pay you to go get another vehicle"



Can someone point me in the direction of an OLDSMOBILL CUTLASS SUPREME EXPERT?

Someone with judging expertise that can attest to the value of my car? I am told by my lawyer that this is the only thing insurance companies will accept because thy are only obligated to give "fair" market value.

I dont have excellent interior pictures but i do have plenty exterior.
 

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lilbowtie

lilbowtie

Comic Book Super Hero
Jan 7, 2006
3,059
113
Canton Mi
Here you but you should have had it insured for a specific $$$ amount. Good luck !
 
565bbchevy

565bbchevy

Geezer
Aug 8, 2011
7,510
113
Michigan
IMO agreed value with a buy back option is the way to go, maybe for your next Cutlass.
Also I would look for a non vinyl car.
 
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O

olsmobill

Not-quite-so-new-guy
May 16, 2020
18
3
IMO agreed value with a buy back option is the way to go, maybe for your next Cutlass.
Also I would look for a non vinyl car.

you mean accept the amount they offer AND keep my vehicle? and what do you mean by vinyl vehicle?
 
C

ck80

Royal Smart Person
Feb 18, 2014
1,233
113
1) search auction results for similar cars. As vehicles get older the radius of sales data they will accept for valuation increases. Don't just provide what was sold and when, also show what was better on your car than the comps you find.

2) find some diminished value appraisers in your local area. Interview them about their work history, familiarity with older vehicles, etc. Some will say just find a classic car appraiser, HOWEVER, those reports are considered skeptically and often seen as made to order. A longstanding diminished value adjuster has relationships with the valuation experts and insurance depts to where they carry a bit more weight. Often times an insurance policy has provisions to settle valuation disputes where the steps are each side gets an expert at their own expense and prepares a report; if still a disagreement then the two experts attempt to reconcile and arrive at agreed valuation; if still disagreement experts testify before a 3rd party that decides value. This is where the appraisers working history and relationships grease the wheels. Expect $300-500 to get the report made and have the experts talk. If you go all the way to a valuation hearing expect an extra $200-400.

3) You may come out ahead by claiming under your insurance then letting your insurance get reimbursed by the other company (called subrogation).

4) Ask for your "owner retained salvage" or "buyback" costs to keep the car. If they give a favorably low number then keeping the drivetrain/stereo/etc may make up for things. Get creative in what you feel is fair. If you would've taken $10,000 for the car with then keeping everything, OR, can get $5,000 plus keep the car with your 4k stereo, engine, etc, value wise you come ahead buy keeping the car and taking the $5k.

5) If you haven't been provided or taken a rental ask about "loss of use" compensation. They don't have to offer it, but, if the car is disabled and the owner has requested they will pay for either a daily rental of a comparable vehicle (mid-size/full size car in your case) from the date of accident until the car is determined to be a total loss (doesn't need a settled value, that can still be in dispute, just need to be deemed totalled by adjusters) or give the cost to provide that rental at their negotiated rates, per diem, to the claimant.

6) ask if your registration, taxes, fees, etc are being included in the loss payment. Some states require the owner to be reimbursed for those values because of how policies are written.

7) ask them to provide what their comperables are and how they arrived at their values. Then try to compare and differentiate why and how yours is different.

8) look at copart and similar websites for nationwide comparable tial loss vehicles and see what the ACV assigned by companies was... if you find similar or inferior cars, ESPECIALLY by the same company, you can argue why your loss value should be higher.
 
O

olsmobill

Not-quite-so-new-guy
May 16, 2020
18
3
1) search auction results for similar cars. As vehicles get older the radius of sales data they will accept for valuation increases. Don't just provide what was sold and when, also show what was better on your car than the comps you find.

2) find some diminished value appraisers in your local area. Interview them about their work history, familiarity with older vehicles, etc. Some will say just find a classic car appraiser, HOWEVER, those reports are considered skeptically and often seen as made to order. A longstanding diminished value adjuster has relationships with the valuation experts and insurance depts to where they carry a bit more weight. Often times an insurance policy has provisions to settle valuation disputes where the steps are each side gets an expert at their own expense and prepares a report; if still a disagreement then the two experts attempt to reconcile and arrive at agreed valuation; if still disagreement experts testify before a 3rd party that decides value. This is where the appraisers working history and relationships grease the wheels. Expect $300-500 to get the report made and have the experts talk. If you go all the way to a valuation hearing expect an extra $200-400.

3) You may come out ahead by claiming under your insurance then letting your insurance get reimbursed by the other company (called subrogation).

4) Ask for your "owner retained salvage" or "buyback" costs to keep the car. If they give a favorably low number then keeping the drivetrain/stereo/etc may make up for things. Get creative in what you feel is fair. If you would've taken $10,000 for the car with then keeping everything, OR, can get $5,000 plus keep the car with your 4k stereo, engine, etc, value wise you come ahead buy keeping the car and taking the $5k.

5) If you haven't been provided or taken a rental ask about "loss of use" compensation. They don't have to offer it, but, if the car is disabled and the owner has requested they will pay for either a daily rental of a comparable vehicle (mid-size/full size car in your case) from the date of accident until the car is determined to be a total loss (doesn't need a settled value, that can still be in dispute, just need to be deemed totalled by adjusters) or give the cost to provide that rental at their negotiated rates, per diem, to the claimant.

6) ask if your registration, taxes, fees, etc are being included in the loss payment. Some states require the owner to be reimbursed for those values because of how policies are written.

Thank you for the VERY detailed reply. Ill be showing my lawyer this maybe he can help me with some of this sh*t


I forgot to add that im having to deal with the person who hit me's insurance company. NOT my own.

The music and car already have been deemed total loss. Music was deemed a loss by me, car deemd a loss by insurance, so my rental time is over with pretty much. As for the music i was only able to recover my amp,
speaker and box are gone.

They had me send comps from other 1987 cutlass supremes then these *ssh*les came out and told me that my valuations were TOO high. IS that not the point of providing comps?
 
565bbchevy

565bbchevy

Geezer
Aug 8, 2011
7,510
113
Michigan
C

ck80

Royal Smart Person
Feb 18, 2014
1,233
113
Thank you for the VERY detailed reply. Ill be showing my lawyer this maybe he can help me with some of this sh*t

I forgot to add that im having to deal with the person who hit me's insurance company. NOT my own.

They had me send comps from other 1987 cutlass supremes then these *ssh*les came out and told me that my valuations were TOO high. IS that not the point of providing comps?
I added a couple addtl points above by edit because I hit reply before I was done.

You're quite welcome, and yes, it is a very frustrating process.

You don't NEED to use the other insurance company. If you have collision coverage you can choose to go through your own if you prefer, but, they will withhold your deductible until the other company tells your company they accept fault (doesn't matter you are told they accept fault, it has to go between the companies.) Depending how it all goes that is a consideration.

Not sure of your living situation, or where the car is, BUT, if possible you should consider whether you need to try to regain/secure possession of it if you expect to be arguing value for any length of time. Once the insurance decides it's total loss, if they continue to have to pay storage charges on it because you delay the process they may try to offset your recovery for those expenses. If you can store it yourself then you can fight as long as you want and they lose that leverage.

Typically you're going to get stuck in the middle on values. You'll find high end comps. They'll go for what's cheap. Pull out nadaguides.com, grab some issues of old cars price guides and the like. Get some sale listing from hemmings - cars sold by businesses may show sold on their websites with a price, especially consignment ones. Private seller if you notice a car was there last month and now gone may be happy to tell you what their car sold for or even write an email stating it to help a fellow enthusiast out. Look for recent results if any cars went through mecum or barret jackson.

They may have said they thought yours were too high, but, make them say why and how.

Your state govt will have an insurance commisioner, and it can be buried in a weird sounding department. (Here in Georgia the title is the Office Of Insurance and Safety Fire Commissioner, weird right?) Anyways, most states have penalties insurers are subject to if they done process and offer to settle claims in good faith, and, when you invoke the language in the right way - explaining why what they do is bad faith - typically results suddenly change. This is why you need to get their actual basis for their valuations. Did they find other cars they thought were comperable? Have them send the data on it. Did they discount something working down from the comps you sent? What?

Remember - the person you're talking to is basically just doing their job. If you find yourself getting emotional or voice rising, feel free to take a second, stop what you're saying, and tell them you're sorry if you come across angry, it's not them, you're just frustrated by what happened and the process. More flies with honey and all that. Their job is to try to settle claims for as little as they can.
 

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