ex Mercedes '87 300TD owner lost car to flood damage

[chaplainnick]

I need some help to substantiate the value of my '87 300TD. My car was flood damaged a rare flood caused by Hurricane Matthew Fayetteville NC in October. The insurance adjuster concluded that the car was totaled. Their settlement price is $2424.52 which I believe is far below market value. Of course none of this takes into account the rebuilt engine, rebuilt turbo, new A/C compressor, and the dozens of things to restore and keep the car in good working order, all it needed was a new paint job. Their salvage value is $2424.52 Property tax value was $ 3775 for car in NC tax on license registration.

https://www.hagerty.com/apps/valuationtools/1987-Mercedes~Benz-300D

shows following:

• #1 Concours $11,000
  Condition #1 vehicles are the best in the world. The visual image is of the best vehicle, in the right colors, driving onto the lawn at the finest concours. Perfectly clean, the vehicle has been groomed down to the tire treads. Painted and chromed surfaces are mirror-like. Dust and dirt are banned, and materials used are correct and superbly fitted. The one word description for #1 vehicles is "concours."
• #2 Excellent $7,400
• #3 Good $6,000
• #4 Fair $4,300

If you have sold or purchased an '87 300TD recently, I need your help to establish market value. I need:
1. Selling price
2. Date and location of sale
3. Condition of vehicle
4. Contact information of the buyer/seller.

Please post or email the information to me at: nicholas2@mindspring.com


Thanks for your help.


Nick Czaruk

[tq190]

This is indeed below the market value with the amount of work you have done on it. It is insurance company's typical tactic to low ball the value. I am currently going through it with my '87 190Dt that was lost in an accident back in September.

Here is a '87 300TDT for sale in South Florida - 1987 Mercedes Benz 300TD

Be patient and persistent and find comparable ads and present your valuation.

[Adriel]

See if you have an appraisal clause, that is what working on now (finding an appraiser).

Though skeptical, as so for both insurance companies told me the value determined is final.

[97 SL320]

I tend not to believe specialty insurers valuations as they want you to buy insurance at a higher $.

The usual other sources like NADA , Blue Book aren't of much use for a car over 7 -10 years old that rarely run through auctions as that is a major source of actual sale data. Same lack of data holds true for obscure or kit cars.

A prime example of this is the 29 "Mercedes" Gazelle kit car. Some you have you believe that they are "worth" $ 15 K to $ 20 K when in reality they have a hard time selling even at $ 4 K as the same ads keep appearing year after year. I know this because I bought one of these "piles" for $ 2 K and the 3 year old starting price was $ 8 K . ( Yes I'm going to do something silly with the body and title. . . )

Your best course of action is likely to push for the property tax value of $ 3775. If you are feeling the car is worth more than that, you are in effect admitting to committing tax fraud.

You will also be able to buy the car back, find another body and swap parts.

Keeping comp insurance on an older driver car is always a losing proposition, bank the $ would spend on extra insurance to build your own insurance.

[koooop]

If you have receipts for all the repairs you have had done, submit them to the adjuster. In California that takes car of things.

I even hired an independent adjuster to fight my insurance company one time, the guy wrecked the insurance company and made them completely restore my fire damaged car.

[wstetson3]

Your best course of action is likely to push for the property tax value of $ 3775. If you are feeling the car is worth more than that, you are in effect admitting to committing tax fraud.

Not really. The locality values your car for tax purposes. There is no fraud unless you misrepresent the car to the local government. The carrier isn't interested in the tax values for the county as far as getting anyone in trouble. We're far too busy to care about anyone's relationship with the tax office.

As far as the value, it depends on the adjuster, the source for the value, the carrier guidelines (some are better than others), and the condition of the car. IF the adjuster can back it up with comps, he has supported his valuation. He has then done his job correctly.

Adjusters want to pay what they owe. It's our job to be fair to the insured, the carrier, and the body shops, assuming it isn't a total loss. If we over pay claims, rates go up.

[wstetson3]

When was the work done to the car? If it was more than 6 months ago, some carriers don't add much, if any, value. Specialty insurance might put more weight/value on those items, especially if you pay premium dollars for that sort of coverage. What was your deductible??? I gather the settlement was AFTER the deductible? How many miles? Any body damage? The overall condition is considered. At resale, some maintenance items don't bring much monetary value. A buyer doesn't know who rebuilt it or how well it was done without docs and/or warranties. Let's say a proper engine rebuild was $5,000. I think I can safely say that the value did not go up $5,000. This isn't to sound harsh but it is what happens in the market. I will be upside down when I got done with my car.

Hagerty sells agreed value policies. Their guides may or may not be "fair market value". Using their guidelines is fine but it carries more weight if they actually insure your car. I will likely insure my car with them for the "agreed value" policy provisions. My carrier won't pay those figures if my car is totaled.

"I tend not to believe specialty insurers valuations as they want you to buy insurance at a higher $." Agreed. They may also restrict where it is parked, when and how it is used etc.

[Dieseldemon1]

What you have to remember is the car belongs to you and the ins is for you do not settle for less than you have in it just keep the claim open They will settle just to get the claim closed

[lorainfurniture]

I have my daily driver insured through grange with an agreed upon value of $10k. Most insurance companies offer it, you just have to ask for it.

I don't remember the exact cost but it's nothing significant. It's the cheapest car to insurance out of all of them. There are no driving restrictions either.

[Adriel]

Originally Posted by lorainfurniture

I have my daily driver insured through grange with an agreed upon value of $10k. Most insurance companies offer it, you just have to ask for it.

I don't remember the exact cost but it's nothing significant. It's the cheapest car to insurance out of all of them. There are no driving restrictions either.

None of the major companies offer and agreed value is not available for daily drivers. Bet you have a stated value policy, scammed like I was long ago.

It has been three months and still not budging. So did the appraisal clause of my former policy and gave me a value less than half of the other party's and less than a quarter of A.C.V.. I have been waiting on mine for about a week and a half, refuse to talk to me anymore.

Can one sue their policy company in small claims?

Hope this helps.

[barry12345]

Originally Posted by Adriel

None of the major companies offer and agreed value is not available for daily drivers. Bet you have a stated value policy, scammed like I was long ago.

It has been three months and still not budging. So did the appraisal clause of my former policy and gave me a value less than half of the other party's and less than a quarter of A.C.V.. I have been waiting on mine for about a week and a half, refuse to talk to me anymore.

Can one sue their policy company in small claims?

Hope this helps.

Of course you can sue in small claims court. They limit the amount in cases they handle. Your claim should be well below their threshold. Document well though as the judge or adjudicator may know nothing about cars.

[Adriel]

Originally Posted by barry12345

Of course you can sue in small claims court. They limit the amount in cases they handle. Your claim should be well below their threshold. Document well though as the judge or adjudicator may know nothing about cars.

Barry, thank you so very much!

Actually it is less in the non-jury court for my case here in Arizona. And have most of the service records, a witness to value, and good number of examples sold. Plan to do an appraisal once get the bread together to replace my cellular (no means to make calls).

Was trying to get creative and thought maybe this give Nick another option.

[wstetson3]

People seem to think insurance companies are out to get people. I have yet to have that happen to me.

[Adriel]

wstetson3, great post, however there is misinformation information.

Insurance companies sell stated value (standard policies) either by the market or the owner. Meaning, they will insure up to this Actual Cash Value.

They will not pay what is fair.

No matter if you use N.A.D.A., Hegarty, or even actual examples. Actual Cash Value means what the lowest a vehical of the same make, similar age, condition, and milage. They don't even use the same model.

Most insurance companies use a computer program to find these low market figures and make the calculations. No human can change this value.

Meaning, asking for a supervisor does nothing.

Know this from experience from both the previous insuring company and the one that insured the party at fault.

If you like, can provide the emails from my adjuster and you will see A.C.V. is just that: lowest value.

The worse misinformation, as already known you have to have a stated value policy to have an agreed value policy. Meaning, you have a daily driver that is on a stated value policy and the other on an agreed value policy. This then allows you to have a agreed value policy.

Know this, because agreed value policies are not available for the primary vehical, B.T.T.T..

Though I be ecstatic if I was wrong.

On the policy I currently have, I put the value at a low $10,000. Risky, as know be lucky to see even half that. Insurance companies are only to screw people hard with the backing of government.

Interesting how when one pays a $1 in premium, they pay out a $1.20. Thank you for finding that out.

Again, please correct me and thank you in advance!

[wstetson3]

OK