[W126 Coupe] Insurance BS..

[Dick Spellman]

Hi Jonathan:

You are between a rock and a hard place on this insurance negotiation.  If
the car was insured for resale value not 'actual appraised value' then they
offer you the book retail value and sell the car off to a salvage yard.  To
learn what they received for a salvage offer, you need to check with (3)
salvage companies that they are likely to do business with to see if you can
identify a lower bid offer for your car.  This will be needed to negotiate a
reduced cost of buying the car back.

As for the work you did to the vehicle.  The ins. co. will typically pay you
for work that was performed within 12 months that is seen as enhancing the
value of the car.  Maintenance is not a part of this valuation.  Only
'enhancements' like wheels, window tinting and such are covered.  You need
to ask them for their list of covered enhancements..  They will attempt to
depreciate some of your receipts (as new as 6 months) where possible.

To build the best case for valuation you need receipts for enhancements
within 6 months and you need to ask for a copy of the appraisers report
which will include other cars of your make, model, year and mileage that he
used for determining the $8,000 figure in your market.  You need to
negotiate a higher appraisal value directly with the appraiser if possible.

It was my experience last Spring that it's a lot of work and a lot of time
for little gain dealing with the ins. co's.   Some good news, perhaps.  In
so far as I know, MA is the only state to regulate insurance companies so
there is no free completion.  In other words, the rates are the same for
every insurer, there is no competitive advantage from one to another so they
have you by the b***s.  You may be in a 'free to compete' state where your
future business may weigh in on there attempting to satisfy your claim.  It
is unlikely the claims adjuster is going to act as an advocate for the ins.
co. to keep you.  You will need to identify someone in the hierarchy of the
ins. co. that will look at your premium payments and history to determine
the long term profitable gain they will experience by keeping you as their
customer.

Good luck.

Dick.