Date: Thu, 23 Dec 2010 11:31:42 -0800
From: Ron Calkins <[email protected]>
Subject: [alfa] 88Verde Totalled. Need true market value
My parked 88 Verde was seriously hit & totaled by a drunk
driver. Dealing with his insurance company to get a true
market value for this car is proving a little difficult.
Given the fact that 1 900 Verdes were imported from 87 - 89
and that few exchange hands it is hard for the insurance
company, or me for that matter, to find current sales
information. WA state insurance laws only allow the
insurance companies to use current sales information..NADA
price guides or others are not used. Well, low and behold
the insurance came up with a couple of obscure sales on
Craiglists for $1500 and $2000. They are offering me
$1800 for my car....
Wow. Did you have your insurance company get involved? Do you have a policy
with them which provides you a better recovery? (the name of such a policy is
"agreed value" or "stated value" or something like that, and the name/wording
are real picky items)
What does one do with a unique car, like a Studebaker Metropolitan or similar
low-number car, but which is still used for transportation? It sounds like the
Great State of Washington has disallowed any real valuation for rarely traded
cars. Have you asked your state legislator about the problem with state law?
With all of the Microsoft money in WA, one would think collector cars might be
almost littering the sidewalks, and that there would be mechanisms in place to
prevent problems like yours. As you state the issue, the law would prevent the
use of appraisals to set the value of a car in the appropriate agreed/stated
value policy. (yes, I know they are not the same, but I can't remember the
Right One To Use, and don't want to restart the discussion over which word is
the Right One.) I'd think that there -must- be a mechanism to correct this,
but then again, the topic is "legislation"....
Michael
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