referral for a 3rd party appraiser

[kumar]

Hey guys; long time no post. I've just started negotiating with my insurance company on the value of my car that was totaled in a fire in May. I did not have a stated value policy so the settlement amount is pretty open to discussion.

I'm having a hard time finding GTs bought/sold in the last year with similar mileage (~19,000) and at least some of the same modifications (turbos, suspension, wheels, etc).

Is there a third party appraiser anyone can recommend?

I have pictures of the car and invoices for the work performed over the years but obviously the car is no more. I need a cash value for the car.

Maybe I'll be back in another GT next year depending on what is out there and how the market looks.

Thanks,
Kumar

 

[HHGT]

email sent.

 

[kumar]

Thanks bud

 

[dbk]

Don't bother asking anyone else but Shelby. He's hooked up many members looking for reference points on GT prices in the event of a total loss and will have, by FAR, the biggest sample size.

 

[jbyrnes]

So as an FYI, would the insurance company argue that the car is worth what Shelby is buying them for, or would you get what he's selling them for, i.e. replacement value?

 

[2112]

So as an FYI, would the insurance company argue that the car is worth what Shelby is buying them for, or would you get what he's selling them for, i.e. replacement value?

Good Question

 

[Fubar]

Hey guys; long time no post. I've just started negotiating with my insurance company on the value of my car that was totaled in a fire in May. I did not have a stated value policy so the settlement amount is pretty open to discussion.

I'm having a hard time finding GTs bought/sold in the last year with similar mileage (~19,000) and at least some of the same modifications (turbos, suspension, wheels, etc).

Is there a third party appraiser anyone can recommend?

I have pictures of the car and invoices for the work performed over the years but obviously the car is no more. I need a cash value for the car.

Maybe I'll be back in another GT next year depending on what is out there and how the market looks.

Thanks,
Kumar

I thought I sent you a copy of my 3rd party appraiser report. If not, let me know and I'll send it to you. I just told them to call Shelby for sale examples to base price on. I'd bet the farm that he has sold a few TT in the last 12 months. Not sure on the value of your wreck. Are you trying to buy it back?

So as an FYI, would the insurance company argue that the car is worth what Shelby is buying them for, or would you get what he's selling them for, i.e. replacement value?

Wholesale/retail... I think you would find the figure is closer than you think (if Shelby provides both).

 

[Sinovac]

So as an FYI, would the insurance company argue that the car is worth what Shelby is buying them for, or would you get what he's selling them for, i.e. replacement value?

Insurance companies will generally use private party FMV (private sale transactions) since the values are lower. This is typically an easy number to come up with when dealing with regular cars. Coming to a number is more difficult with a car like the GT because of the relatively few private transactions (this illustrates the benefit of agreed or stated value policies). Shelby's "cost" to obtain a similar vehicle is not likely to reflect a private party value since he is buying for resale. Nevertheless, DBK is right that Shelby is in the best position to express an opinion on value.

For those with agreed or stated value policies, review the values yearly and make any necessary adjustments. I recently increased the value on my GT after getting an opinion from Shelby. Thanks again Shelby.

 

[shelbyelite]

They have to pay replacement cost (retail). I have plenty of proof of what "retail" is.

 

[red gt 1442]

They have to pay replacement cost (retail). I have plenty of proof of what "retail" is.

As Shelby noted.....the replacement cost of any car (or part) will be at the retail cost + that State's tax......let's not forget that part, as it can be a real sum.........Having the experience of selling so many GTs, an insurance company would most likely use his Retail sales to gauge the value.......... remember guys, Replacement value....what would it cost you to go out there and buy another car exactly like the one you had....
plus Tax.