All my performance mods MIGHT be for sale
#26
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Sept. 22 Update - No News
I left my insurance adjuster a voice mail message yesterday that I saw the car torn down and I think it is totalled. The body shop says a frame rail needs to be replaced!
The insurance co. ignored my call all day Wednesday. I won't be in my office on Thursday, but hope to reach the adjuster at some point.
I have not answered most of the PMs I have received about the mod parts, because I still don't know if the ins. co. will total the car. Someone asked for the name of the ins. co. Sorry, I am actively engaged in a legal dispute with them and can't divulge the name. But if the reason for the question is if you are wondering if track events would be covered under your ins. policy, read it. If there is no specific exclusion, and you were not racing or using timing equipment, you are probably OK at any HPDE event where instructors are available. That's just my idle opinion, NOT legal advice.
One thing has become clear. I should buy the wreck back from the ins. co. if they agree to total it. That is good advice, hfm. BTW, all you have to do is say 2 little words, "I'm sorry" (for the BB5 mess), and all the animosity between us is over.
The insurance co. ignored my call all day Wednesday. I won't be in my office on Thursday, but hope to reach the adjuster at some point.
I have not answered most of the PMs I have received about the mod parts, because I still don't know if the ins. co. will total the car. Someone asked for the name of the ins. co. Sorry, I am actively engaged in a legal dispute with them and can't divulge the name. But if the reason for the question is if you are wondering if track events would be covered under your ins. policy, read it. If there is no specific exclusion, and you were not racing or using timing equipment, you are probably OK at any HPDE event where instructors are available. That's just my idle opinion, NOT legal advice.
One thing has become clear. I should buy the wreck back from the ins. co. if they agree to total it. That is good advice, hfm. BTW, all you have to do is say 2 little words, "I'm sorry" (for the BB5 mess), and all the animosity between us is over.
#32
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Keep in mind, in order to total the car, the cost of repairs must exceed the vehicles value. It's pretty hard to exceed $30,000 on a rearend hit like that. (I'm a claims adjuster)
Oh yeah, I already have first dibs on the wheels.
Oh yeah, I already have first dibs on the wheels.
#33
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Sept. 23 update
My adjuster called me back. I explained that there is a lot of damage, including structural/frame damage. I think its a $20,000 repair. That's less then the market value of an '03 Track with NAV and 19,000 miles, but with that much damage, I hope they will just total it. She was non-committal, and was going to talk to the guy who inspected the car after it was torn down. I think this is going to take at least a week to sort out.
If not, it's at a great body shop, and I'm sure it will come back in excellent condition. New frame rail and all.
Stay tuned.
If not, it's at a great body shop, and I'm sure it will come back in excellent condition. New frame rail and all.
Stay tuned.
#35
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Kinda off topic but, I just crashed my Z (enthusiast model) and the damages are around $19,200 give or take. From my understanding, there is a certain cut off point in which the insurance company declares the not worth fixing and just paying it off and I'm real close to that cut off line. I still do not know if my car is going to be considered totalled or repaired but the guy that checked the car out from the insurance company said they will probably fix it.
#37
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Here is a formula alot of insurance companies use.
vehicle value
+ sales tax reimbursement
- salvage value
=========
~~~~~
~~~~~
estimate
+ any supplements
+ rental car costs
=========
~~~~~
~~~~~
if the second is greater than the first, they will total the car
vehicle value
+ sales tax reimbursement
- salvage value
=========
~~~~~
~~~~~
estimate
+ any supplements
+ rental car costs
=========
~~~~~
~~~~~
if the second is greater than the first, they will total the car
#38
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Actually they usually total when repairs hit about 80% of market value. Something of the nature of that hit wherein more damage is as yet unknown but likely (until the repairs start) will make them more prone to total it out sooner.
I feel for ya; I've been through a few of those with LOTS of mods and I fortunately had the car totalled. I got about $19k for the mods on the car and a bit below payoff on the car itself. The mods came to about what the payoff was so I got darn near twice street value out of it, etc. <shrug>
Lots of time lost but now you have a chance to try something else if you like. I have an EVO right now that I am putting to stock to sell and considering a Z/G. If you are into handling (as you seem to be from the nature of the crash), I'd say that you are looking in the right direction for a very fun car on the track. Glad to hear no one got hurt. Bent metal can be fixed or replaced.
Mark
www.Quantum-Racing.com
I feel for ya; I've been through a few of those with LOTS of mods and I fortunately had the car totalled. I got about $19k for the mods on the car and a bit below payoff on the car itself. The mods came to about what the payoff was so I got darn near twice street value out of it, etc. <shrug>
Lots of time lost but now you have a chance to try something else if you like. I have an EVO right now that I am putting to stock to sell and considering a Z/G. If you are into handling (as you seem to be from the nature of the crash), I'd say that you are looking in the right direction for a very fun car on the track. Glad to hear no one got hurt. Bent metal can be fixed or replaced.
Mark
www.Quantum-Racing.com
#39
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Ouch! I was wondering what had happened to you since you kind of disappeared a few weeks ago Richard. Sorry to hear about the on-track incident.
I'd be interested in taking your Nismo wheels, Koyo radiator, and the popcharger.
As for the Evo, I'd be weary of running one at track days. I've already seen two blow up, and it wasn't nearly as hot those days as what you see out in SoCal.
Regardless, hope everything works out...
I'd be interested in taking your Nismo wheels, Koyo radiator, and the popcharger.
As for the Evo, I'd be weary of running one at track days. I've already seen two blow up, and it wasn't nearly as hot those days as what you see out in SoCal.
Regardless, hope everything works out...
#40
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Originally posted by John
Ouch! I was wondering what had happened to you since you kind of disappeared a few weeks ago Richard. Sorry to hear about the on-track incident.
I'd be interested in taking your Nismo wheels, Koyo radiator, and the popcharger.
As for the Evo, I'd be weary of running one at track days. I've already seen two blow up, and it wasn't nearly as hot those days as what you see out in SoCal.
Regardless, hope everything works out...
Ouch! I was wondering what had happened to you since you kind of disappeared a few weeks ago Richard. Sorry to hear about the on-track incident.
I'd be interested in taking your Nismo wheels, Koyo radiator, and the popcharger.
As for the Evo, I'd be weary of running one at track days. I've already seen two blow up, and it wasn't nearly as hot those days as what you see out in SoCal.
Regardless, hope everything works out...