My LOTUS is totaled. I need fast help. - LotusTalk - The Lotus Cars Community
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post #1 of 59 (permalink) Old 07-13-2010, 06:44 AM Thread Starter
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My LOTUS is totaled. I need fast help.

Fisrt of all, we are just thankful that my son and his girlfeirnd were not injured due to this accident. Now, we are dealing with the insurance company.

We had a 2005 Lotus, with the hard top (used twice, not involved in accident). The LOTUS had 19,500 miles on it, truly a pleasure car, that was washed before it was driven and washed and never put up wet when we were finished with it for the day.

The car was in meticulous condition, inside and out. I think there was one very small scratch, where someone was putting the soft top back on and one of the bars may have scratched the top of the roll bar. There were two small scratches where someone may have driven out of a parking lot onto a lower street and scratched the front end at the bottom....you really had to look for it to see it. It had the metallic orange paint (Which was awesome....BEAUTIFUL COLOR, but I digress.....Sorry)

It had one of those Blenkeupt(SIC) radios, air conditioning and leather seats. It had the touring package.

Now down to finances. We were buiulding a home and got a loan against the car for 30,000, in December. They inspected the car inside and out valued it at 35,000 for the perfect condition and low mileage. We have looked around and see these low milage cars selling for 32,000, but we are being offered 27,000 because the only book that lists is the NADA. So, how can we get a higher value on our car? We had the banker call them and give them their report. The guy couldn't collect mileage because battery was thrown from car, so we sent copy of last inspection sticker info from last November that was 19,599 and sent the loan officer's paperwork showing mileage at 19,500. He was using that as an excuse for an even lower offer, which is now at 27,000.00. Is there anywhere we can get a higher Book Value? We live in Virginia.
Can any of you offer assistance? (And we need it quickly.)

I appreciate SO MUCH , ANY help you can give me.
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post #2 of 59 (permalink) Old 07-13-2010, 06:57 AM
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time to get a lawyer
I checked on line with kelly blue book and they don't even list the lotus, then I checked nada blue book they show a low of 21,900.average of 28,900 and a high of 32,900.

they also have grouped all cars together no touring package no add on's, not even a question of mileage

do you have any upgrades?

they may go for more if they know they will need to use their lawyers to fight it.

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post #3 of 59 (permalink) Old 07-13-2010, 07:11 AM
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I have to agree with tweaker, around $28,000.
$32,000 for one with less than 10,000 miles with all the goodies- (HT,Starshield,Touring,Sport), immaculate condition, maybe some mods? You have a popular color (crome orange) so I'd say $28,000 instead of $27,000.
The Insurance company almost always never gives you what it may really be worth, unless your really lucky.

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post #4 of 59 (permalink) Old 07-13-2010, 07:15 AM
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Get some sold auctions off of ebay that support your higher value. Use them as proof of replacement cost to the insurance company.
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post #5 of 59 (permalink) Old 07-13-2010, 07:23 AM
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You may want to contact these guys, but $27,000 does not sound like a low ball offer to me, but I don't really know what the market is either. Sorry to hear about your Lotus.

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post #6 of 59 (permalink) Old 07-13-2010, 07:31 AM
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Quote:
Originally Posted by Savet View Post
Get some sold auctions off of ebay that support your higher value. Use them as proof of replacement cost to the insurance company.
Would the Insurance companies allow EBAY sales as a Guide?
Some of them are not followed through (unpurchased at final price).

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post #7 of 59 (permalink) Old 07-13-2010, 08:06 AM
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You can get $1,000 to $1,500 selling the hardtop if that helps.
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post #8 of 59 (permalink) Old 07-13-2010, 08:18 AM
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so.... in virginia the insurance company is required to keep you in a rental until your total loss is settled.

our total loss is settled once you cash any check they write to you, do't believe ANYTHING they say about "initial payment less bla bla bla" they can send it to you all they want, if you cash it - the deal is sealed.

you have the the right to dispute the offer, have some fair market data to support it, kelly blue book online, nada, recent sales are not too much help but add ammo. in the "good faith to replace with equal" measure.

i would expect them to come up at most ..2k that could take a week or two of bickering.

at that point you still have the right to dispute the offer, and request a unbiased 3rd party that is an expert. that would probably be in this case a dealer that sells them regularly on the used market. - now whatever that 3rd party appraiser comes back with is final, whether higher or lower...

unless you have a friend... most legal consul will not get involved over a few grand dispute over a property settlement.

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post #9 of 59 (permalink) Old 07-13-2010, 08:25 AM
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Quote:
Originally Posted by XoXoX View Post
Would the Insurance companies allow EBAY sales as a Guide?
Some of them are not followed through (unpurchased at final price).
there really is no sales guide... the adjuster will take a variety of data (typically just the base in nada) to work up a price. everything else is a negotiation. they will more use guides to deny high estimates, more than to establish high estimates.

in this case odds are he will go back and ask for 32k because of xyz, the insurance will say they a re limited by published values that top out at 27.5 final offer... something like that is the usual song and dance.

#1 thing is the op does not need fast help, he needs to negotiate fair and reasonable market data with the adjuster, that takes time and does not happen fast - the insurance will typically look to drag it out... i had and old alfa in VA that took over a month to settle the property claim.

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post #10 of 59 (permalink) Old 07-13-2010, 09:32 AM
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Quote:
Originally Posted by XoXoX View Post
Would the Insurance companies allow EBAY sales as a Guide?
Some of them are not followed through (unpurchased at final price).
A family member successfully negotiated a higher payout after totaling her Sebring Limited. There were no recent limited sales in the area, so she used ongoing and completed ebay auctions to show the going rate for her model.
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post #11 of 59 (permalink) Old 07-13-2010, 10:15 AM Thread Starter
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Thanks for your prompt replies.

I needed information in a hurry because the guy told us that once we received notification of a settlement, that he would be by to pick up the top and give us the check. Settlement was posted online while I was writing to you folks.

EDITED TO ADD They gave us 1400.00 for the top and the touring package. The offer after my 500.00 deductible was 30,545.90. We still think the car is a 32,000 car. It was in EXCELLENT shape. (Such a waste)

Should my husband say, we will accept the offer IF we can keep the top? Kelly Bluebook says vehicle was worth 32,900.

Is that out of line?

Edited to add, we were offered rental, but declined because it was a pleasure vehicle. Should we remind them of the money we saved them?

Agent calling us tomorrow.
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post #12 of 59 (permalink) Old 07-13-2010, 10:22 AM
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Give them the soft top and keep the hard.
Any pics of the car, as long as no-one was hurt?

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post #13 of 59 (permalink) Old 07-13-2010, 10:24 AM
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So basically you are arguing over $954.10?

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post #14 of 59 (permalink) Old 07-13-2010, 10:45 AM Thread Starter
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WE WON'T ARGUE, BUT WE WILL ASK FOR 945.00, YES. NOTHING VENTURED NOTHING GAINED.

ooPS.Sorry for caps. Yes, we have pics. I will post later.
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post #15 of 59 (permalink) Old 07-13-2010, 11:04 AM
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Sorry to burst your bubble but you're lucky to get that much. An 05 Elise with that many miles on the open market (even perfect with all options) is not going to fetch 32K. More like 28K. If you needed that 30K to build a house then you probably shouldn't have purchased the Elise as a pleasure vehicle.

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post #16 of 59 (permalink) Old 07-13-2010, 11:44 AM
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Make sure you post the VIN number here !!!!!!!!

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post #17 of 59 (permalink) Old 07-13-2010, 12:01 PM
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Quote:
Originally Posted by CosmosMpower View Post
Sorry to burst your bubble but you're lucky to get that much. An 05 Elise with that many miles on the open market (even perfect with all options) is not going to fetch 32K. More like 28K. If you needed that 30K to build a house then you probably shouldn't have purchased the Elise as a pleasure vehicle.
+1 Count yourself lucky to get that much. I don't think I have seen an '05 go for over $30K in awhile. Hopefully this will not put you upside down on the loan. Since the car was collateral, the lein holder will most likely demand the loan be paid off in full before they release the title to the insurance company.

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post #18 of 59 (permalink) Old 07-13-2010, 03:19 PM Thread Starter
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We didn't use the money for the Lotus to build a house. That's my bad, I understand that's what it sounded like. We had a deadline to put in the Solar Energy System, in order to get a 16,500 rebate from the state. There was a deadline in order to receive rebate. We then decided to also kgo with a geo-thermal unit. We only needed the money for three months and paid off the money in three months. The car was lien free when wrecked. THANK GOD!

I told my husband what you said, so he said he is going to ask if he can keep the hardtop and take their offer. If they say no, we will accept check and (after what you have said) smile all the way to the bank.

I'm kind of dumb here because we have never totaled a vehicle before...Is there a reason that I would post VIN number?

I really appreciate your help and comments.

Last edited by JOYCEg; 07-13-2010 at 03:26 PM.
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post #19 of 59 (permalink) Old 07-13-2010, 03:38 PM
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If you post the VIN then it helps prospective owners not buy a totaled car without knowing about it if they search the internet beforehand.
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post #20 of 59 (permalink) Old 07-13-2010, 03:56 PM
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Their offer is more than fair considering the current market. And I'm not one to take an insurance company's side. You would have been very lucky to sell your Elise prior to the wreck for that.

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