The Lotus Cars Community banner

1 - 10 of 10 Posts

·
Registered
Joined
·
205 Posts
Discussion Starter #1
Help with total out value from insurance company
The car was a 2007 Lotus Elise with touring package about 41500 miles new full paint job, new star shield, new rear clam, new tires, new powdered rims, and about another with about 3 to 5 K of other parts installed about 2 months ago. The insurance offered $30,000 plus taxes so it is totaled out at a little over $33,000 is that a good total out price and if not how can I get it higher from the insurance company. Thank you James
 

·
Registered
Joined
·
6,539 Posts
I doubt the insurance company takes into account at all, for a used car mid way through life, that it has a 'new' clam or powder coated wheels, or any of the $3K to $5K aftermarket parts you've put on it.

They will see it as a 2007 Elise with X miles, and use its usual datapoints to run the formula and come up with a number.
 

·
Registered
Joined
·
1,007 Posts
why are you thanking James?
anyway, kelly [blue book] says $30k. But the after market parts should drive that up some... does the insurance company know you have aftermarket parts? are they damaged? are those items 3-5k more than the stock versions? because you could replace those with the stock items and sell 'em.
Else, you probably should be getting a little bit more money, right?
 

·
Premium Member
Joined
·
2,637 Posts
Ask them if you can yank the aftermarket parts (if they are providing no extra value for them). If my car ever gets fatally smacked, my aftermarket goodies will get pulled and replaced with stock. (or at least the ECU, supercharger, intake, headers, exhaust, probably not the v2 fuel tank and oil gPan)
 

·
Registered
Joined
·
6,539 Posts
why are you thanking James?
anyway, kelly [blue book] says $30k. But the after market parts should drive that up some... does the insurance company know you have aftermarket parts? are they damaged? are those items 3-5k more than the stock versions? because you could replace those with the stock items and sell 'em.
Else, you probably should be getting a little bit more money, right?
Nope. It is extremely unlikely the insurance company would include a dime extra for the aftermarket parts in the final settlement...or at least in its offer. Aggressive negotiation might squeeze a nickel or two out of them, but that's a long shot.

As has been said, in this instance it's better to negotiate that the car's original parts can be put back on, and the aftermarket bits taken off to be used on the next car or sold to recoup a few pennies on the dollar.
 

·
He's on fire!
Joined
·
3,261 Posts
maybe it depends on where you live, but I thought you had to declare aftermarket addons that "add value" ahead of time in your insurance policy to get paid for them. Ie if you put a $3000 aftermarket suspension on the car you'd need to declare that to insurance AHEAD OF TIME, so then they value your car higher (and you pay higher premiums). If you didn't tell insurance about your aftermarket modifications, then it isn't covered by insurance and therefore is not part of whatever payout they would give you.
 

·
Premium Member
Joined
·
2,637 Posts
jds62f,
He didn't clearly state is was "his" insurance company. If it was the other driver's fault, then he does not have to worry about declaring aftermarket parts. If it was his company, then you are spot on. This is why my car is insured to a specific value, instead of by make and model. Should my car get totalled, I get a specific value. I was forced to do it because they didn't have a spot on their insurance tables for a Lotus Elise.
 

·
He's on fire!
Joined
·
3,261 Posts
good call on who is paying out. If I wasn't at fault I'd definitely be putting a value on those aftermarket items
 

·
Registered
Joined
·
205 Posts
Discussion Starter #10
I think i will take the money now, but the parts were OEM.
The insurance did not add the star shield in the first offer so that should help me out a little.
Also, the 2 month old full paint job should help. I am only going to push the star shield and paint job that should add some value.
Thanks for everyones help
 
1 - 10 of 10 Posts
Top