insurance totalling the 500E out, how much is it worth BEFORE accident? - PeachParts Mercedes-Benz Forum

hedpe · #1 09-29-2003, 09:08 PM

Alright guys, i spoke to insurance and they're going to total out the 500E

My dad knows the supervisor and he wants to know how much the car is worth (before the accident of course)

He understands its a rare and special car and wants to take it in to consideration

How much do you guys say its value would be?

1992 500E
83,600 miles on it

paid $24k in early 2002 for it with 73,000 miles on it

What do you guys think I should ask them for?

Please be reasonable and not rediculous.

#2 09-29-2003, 09:36 PM

well, you will get varied opinions of value here.

sure, its a "rare" car, but as with all cars, it has a "book" value.
and the ins co will start to arrive at a value there.

try- nada.com or kbb.com or edmunds.com for a starting point.
they will vary wildly. also start recording sales prices on ebay.

theres not many 500's changing hands, so actual sales values will be hard to find.

my best advice is to arrive at a price that works for you, and as long as its not unreasonably above book values, stick to your guns that the price you want is the $ it will take to replace the car.

be proactive, be the first to name the price. show the ins co youve done your homework and expect to receive very close to the value you want.

best of luck. - ben

example NADA (atlanta ZIP) says:

low/avg/hi retail = $18 $20.5 $22 (including $866 added for low milage)

Gilly · #3 09-29-2003, 09:53 PM

My wife has worked at a large insurance company in policy writing type of work, (headquarters, not a small office) for over 25 years.
She says they will give you Blue Book (Kelly Blue Book) for it if they've totalled it.

Gilly

Gilly · #4 09-29-2003, 10:02 PM

Oh Man, KBB on it, in the area I'm in anyways, even in excellent shape, 85,000 miles, is only a little over $15,000. That seems too low to me, I wonder if they take into account supply and demand? I would think they would. Let us know how you're doing with it.

Gilly

www.kbb.com

sfloriII · #5 09-29-2003, 11:49 PM

I hope you're not with Allstate. They completely hosed me years ago when my '83 Celica was stolen and never found! I live in the DC area and when I called to complain to the "independent" company that appraised the car, the excuse the guy gave me for the small compensation I received was, "Well, sir, cars in the DC area usually sell for less than the average car in the US."''

Yeah, right.

DslBnz · #6 09-30-2003, 12:59 AM

I think Kelly Blue Book is useless. I thought the banks go by NADA. NADA seems to be more accurate. The prices that kbb has on their site are unbelievably low for any MB! They are FAR from realistic, and I think they're a joke, quite honestly.

Gilly · #7 09-30-2003, 05:10 AM

That's what she said. Please post if they offer you more than that,I'm sure she'd like to know. She also thought it was somewhat curious that because the father knows a manager that it would make a bit of difference what you would be compensated for the car. Says it shouldn't matter if it was the CEO of the insurance company what you get paid for the car.
Yes, KBB will vary from area to area. I didn't try entering KBB under a DC zipcode, but that's wht the first thing the KBB site wants to know is your zipcode, to determine the value for your area.

Gilly

el presidente · #8 09-30-2003, 07:05 AM

Hedpe,

Here's a thread about a totalled '94 E500. You may have to hire an independent appraiser for getting the highest value.

Good Luck!

E500 owner in trouble! Help Help!

Q-Ball · #9 09-30-2003, 10:03 AM

Here are some figures from the wholesale( Auction ) arena, where blackbook in fed data.

Average wholesal 1992 500E- $18,950 ( high of 32,5-low of 12,2)
Average Retail 1992 500E- $21,125

This is based on transactions at Auctions Nationwide. Average miles was 89,665 for these transactions.

Hope this helps.

Q

blackmercedes · #10 09-30-2003, 10:36 AM

I assume that number would be less than $24,000, since that is what the car was worth 1.5 years and some miles ago, unless you took a car in poor condition and renewed it.

It would be in your interest to find similar cars for sale, even if it's in other regions. You should also talk to an independant appraiser.

Also, the car is rare, but not a collectible asset type of car. People often confuse rare with collectible. Take an AMC Hornet as an example. They are rare, and worth nothing.

If there is a similar car for sale in your area, you might make a case for the insurance company replacing your car with that one. Keep in mind that if it in "better" (lower mileage) shape, you might have to pay.

I would fight to get retail instead of wholesale value. Who can replace their car at wholesale? If you haven't spent money on substantial improvements to the car, I would think $21-$22K would be very fair. That's only a couple thou in depreciation in 18 months.

hedpe · #11 10-05-2003, 12:27 AM

Ok guys, they made their first offer of $22.8 for it

That's definately more than I expected on their first offer. You have to keep in mind, and i forgot to mention this. That the accident was last december, that's almost a year ago. The car went back and forth from shop to shop for nearly 8 months trying to be completely fixed.

It was pure torture without the car for that long, but I really wanted it fixed correctly, but...oh well.

So basically, I'm pushing for them to give me the value of the car of the time of the accident. Which would be correct. That was december of last year, I purchased it in March of that same year, so it was about 10 months old.

$22.8 sounds fair for 10 months old since i got it for $24. BUT, i don't know if they're expecting my EVOII wheels with that price. I paid a good penny for those wheels and they've only been on the car for a little over a thousand miles. Other than that, no hard upgrades, just front clears and 94 tail lights. Though we did pay an extra $800 to get the rest of the right side painted that they didn't feel needed repainted. I'm gonna push for some money out of that.

Alright well I'll keep you guys updated. Thanks for the help.

The Godfather · #12 10-05-2003, 03:29 AM

So what's the next car?

hedpe · #13 10-05-2003, 10:48 AM

to be honest with you, probably a beat up probe or civic

i want a beater car for another year and a half until i finish college

then I don't know what I want but i've been leaning towards the M3, if not then either an AMG or an S4

Mr. BILL · #14 10-05-2003, 06:48 PM

hedpe,

Take the $22.8 and tell them you want the salvage (your car). I'd guess that car's salvage value is over $5K, or you could part it out for more than that. Heck, the engine and tranny is worth more than $5K.

Remember, they have to either replace your car with a comparable one, or compensate you in a way that allows you to be whole.

Take the money AND demand the salvage vehilce. Nothing less

hedpe · #15 10-05-2003, 08:15 PM

I'm not sure I understand what you're saying. You think I should be demand the 22.8 AND my car back? Is that possible?

the problem is the car was "repaired," they already spent $17k in repairs on the car. I think your concept applies to it having not been fixed yet. Am I correct?

If i'm not correct me, I want all I can get from this. Thanks!