My IIA 109 5 door couldn't swim!

[Joe Gallatin]

The flooding here in Atlanta claimed my IIA (under 12+ ' of water/mud). State law requires a vehicle that has been completely submerged have a salvage title. The insurance company's offer is $7,200 (I paid 12k in 2000, & have put in new engine, exhaust, clutch +++ all parts from RN). I'm not sure what it's worth - but I know it's worth more than 7.2k. They also would "sell" me the truck back for $1,300. So what do you guy's think? Has anyone (successfully) contested an insurance valuation? Would it make sense to keep the truck? A salvage title precludes it from being easily sold.

[scott]

joe my bro drives an old ugly powerwagon, it was totalled in a collision. he was dealing with the other guys insurance not his own. they offer him an insutingly low amount of money. he pulled out receipts for the tires, tranny, and just about everything he put into it in the last couple of years. they increase their offer and just before he took the check he said "and i keep the title". they gave him the check and the title so he didn't have to buy it. now he has an even uglier powerwagon.

[LC_rover]

Its been my experience that there are usually two prices... one including the salvage, which means they keep it and sell it for salvage... and one not including the salvage, which means they subtract the salvage value from the amount they offered you.

In your case... that would look like $5900 and you keep the truck? That's how I've seen it work anyway.

Of course, you may be able to argue on the amounts.

[Eric W S]

The flooding here in Atlanta claimed my IIA (under 12+ ' of water/mud). State law requires a vehicle that has been completely submerged have a salvage title. The insurance company's offer is $7,200 (I paid 12k in 2000, & have put in new engine, exhaust, clutch +++ all parts from RN). I'm not sure what it's worth - but I know it's worth more than 7.2k. They also would "sell" me the truck back for $1,300. So what do you guy's think? Has anyone (successfully) contested an insurance valuation? Would it make sense to keep the truck? A salvage title precludes it from being easily sold.

Easy. Provide them with documentation - receipts and be reasonable and you will find common ground.

In the future, buy a stated value policy. I have one through State Farm. Every quarter I update my agent with costs spent and that way i will not be out of pocket...

[Mercedesrover]

There can be some negotiation but you probably won't be happy in the end. Check out your state's laws about "salvage" titles. You will probably have to go through a re-registration process.

Like Eric state: BUY A STATED VALUE POLICY WITH A GOOD INSURANCE COMPANY!!! My 88 is Insured for $30k and my 109 is insured for $60k with Chubb. It costs $631 a year for both. Well worth the money to sleep at night.

[thixon]

Jim,

Does your policy through chubb limit the mileage you can drive each year?

[thixon]

Here's a relevant article from an Austin Healey site. Maybe it will help some folks on this board.

[Mercedesrover]

Jim,

Does your policy through chubb limit the mileage you can drive each year?

They've never asked the mileage on either truck.

[NepentheSea]

Stated value is the way to go if you've got something older, that the Blue Book value doesn't touch. Most companies offer something like this. Depending on your valuation, its usually not very expensive.

Joe-
Argue the valuation, do NOT settle with them yet. You can always get more than their fist offer. We've had many customers argue their settlements. Most got more, many got what they wanted.
-As far as settling with the insurance company, get every receipt you can find. Show them your bill of sale if you can find it, especially if it has 12k listed as the selling price.
-Try to find other IIA's similar to yours for sale and give the info to your adjuster. This is common practice in a case like this. It helps out alot to prove the value of an unusual vehicle.
-Im sure Rover's North can help you with the receipts for your engine, exhaust, clutch and all. If you put the parts on yourself, estimate how long it took you for each job and give yourself an hourly rate the same as you would have paid a mechanic to do it. Do this for all the work you have done on your Rover.

I work for Farmers Insurance. If I can help with any insurance questions, send me a message.
I'd be inclined to keep the Rover.