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Has anyone here had the misfortune to need to find out what insurance values your car at? I have very low cost insurance through AAA for my 2006 Exige with 24k miles but I can't get a clear answer on what they would pay if the car was stolen or destroyed. I could go to a named price policy but it would be 3x the cost. I am hoping that the data on classic.com showing that every recent sale has been >$50k is worth something if I needed to make a claim.
 

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You can look back thru the sold Exiges here on LT and also go to BaT and go to "Results" then plug in exige and look back two years as well
 

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Curious to see what others say about this. I'm planning to buy an Elise soon and have noticed that a named price policy is quite a bit more than a standard policy. I worry that the covered value would be quite low with a standard policy.
 

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I have State Farm. They provide current value replacement coverage for my 05 Elise. $800/year.

I totaled my new BMW 340i after owning it for 8 months. They gave me $1500 more than I paid for it (and I put 10,000 miles on it) because the cost to replace a 340i had gone up so much since I bought mine. State Farm rocks.
 

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Discussion Starter · #7 ·
Thanks for the feedback but has anyone had to make a claim for total value of an Exige from a regular policy? The value of most cars is easy to determine from sites like Kelly Blue Book but they have no data for the 2006 Exige. We can look at sales on this site to get an idea of the value but do insurance adjusters accept that for valuing a payout? I can get a named price $60k policy for $860/y which is $500 more than my current policy at only $360/y. I am trying to get my head around what the extra $500 gives me.
 

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Thanks for the feedback but has anyone had to make a claim for total value of an Exige from a regular policy? The value of most cars is easy to determine from sites like Kelly Blue Book but they have no data for the 2006 Exige. We can look at sales on this site to get an idea of the value but do insurance adjusters accept that for valuing a payout? I can get a named price $60k policy for $860/y which is $500 more than my current policy at only $360/y. I am trying to get my head around what the extra $500 gives me.

This is dependent upon state. Most states allow you to hire an appraiser to dispute the total loss valuation. It is handled much like a home appraisal w/ comps etc. Pretty straight-forward process and seen every case done this way always settled. If they dont agree, it can go to court. But court costs being what they are, it never does.

If your state is as such, just drive the car and enjoy. Insurance is so much more than just insured value of the auto. Liability coverage, and under/uninsured are very important.

Or you can go with a specialty insurer, and just do stated value coverage. In that case, you will likely pay more for less coverage (but you are covering the value of the car). It all depends on what is important to you.
 

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This is a guy who does quite a bit of work around here. You can read each 'story' of how he gets the insurance co to pay up.

His fee is only like $600 and he only charges if you get more money.

[edit] weird link comes up like that. Seen that a few places around the site. But it is just a link to his FB page. If you want to type it in directly
www DOT facebook.com/profile.php?id=100003747193561

 

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Scott M
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This is dependent upon state. Most states allow you to hire an appraiser to dispute the total loss valuation. It is handled much like a home appraisal w/ comps etc. Pretty straight-forward process and seen every case done this way always settled. If they dont agree, it can go to court. But court costs being what they are, it never does.

If your state is as such, just drive the car and enjoy. Insurance is so much more than just insured value of the auto. Liability coverage, and under/uninsured are very important.

Or you can go with a specialty insurer, and just do stated value coverage. In that case, you will likely pay more for less coverage (but you are covering the value of the car). It all depends on what is important to you.
^ This, and I am pretty sure it will even vary by carrier.
For my totalled out '12 X5M a couple years ago, NY Central Mutual claimed they have no available comps (recent sales or anything for sale within a TINY radius to my ZIP) and hid behind their interpretation of the regs as to what was even permitted to assess value.
I decided I was likely to get what I paid for and shifted both (now all 3) collector/niche vehicles to declared value policies for a ~1.5-2x higher premium.
 
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2006 Lotus Exige, Solar yellow
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I had a 2006 exige insured through geico, I was daily driving it. I don't remember the exact number, but after fighting with my insurance they paid out around 56k. This was sometime in August of 2021. At first they offered me about 11k less. I actually contacted the guy @itsagoodday suggested, and was about to use him when insurance came back with the 56K. I may have gotten more if I went with him but I was ready to be done arguing with insurance about things like factory LSD's, and lifestyle paint. My understanding of it is, since it is such a rare car there are very few publicly available "comps" for insurance to compare market value to, and that's why it was a fight.
 

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Had this exact issue with Travelers when I totaled my 01 M Roadster two years back. I fought tooth and nail and showed them multiple examples comparable to mine. But they'd only accept within 100 mile radius IIRC and they had to be sold (not for sale) as they didn't count "asking price". That car was even rarer than the Elise with only like 1,500 US examples. I lost about $7k on that one. Learned better for the Elise and got guaranteed value with Hagerty. Highly recommend.
 

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Had this exact issue with Travelers when I totaled my 01 M Roadster two years back. I fought tooth and nail and showed them multiple examples comparable to mine. But they'd only accept within 100 mile radius IIRC and they had to be sold (not for sale) as they didn't count "asking price". That car was even rarer than the Elise with only like 1,500 US examples. I lost about $7k on that one. Learned better for the Elise and got guaranteed value with Hagerty. Highly recommend.

What is your states law regarding totaled vehicle value calculation? What state are you in?
 

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Scott M
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The question might not have been to me per se, but here’s NY in order of preference within the applicable regulations:
1) Black book type data file of recent comps within my geographic area (none exist, kinda like all Lotus sales)
2) Current comps for sale at a dealer (see above)
3) Comp for sale privately (see above, and even being off by a single model year wasn’t applicable)
4) Something else, which in my case I couldn’t believe: two random dealers with no apparent knowledge of my unusual vehicle (I now sell cars for a living- the dealers they used are absolute nobody places) where asked what they WOULD sell my vehicle for if they had it.
NYCM claimed they couldn’t look at anything outside my 30 mile radius. Basically, they have zero reasonable way to value anything outside the high volume vehicles. My separate, related issue was their apparent failure to actually follow the regulations. My legal folks agreed. Ultimately got a few more dollars after filing a complaint with the Department of Financial Services. Complete effing nightmare
 

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@Molez93 sounds similar statue to NC, (where you can get 2 dealers if none are available as comps) HOWEVER it states first.

If withing 100 miles there are no local for sale, you can use "regional". If region does not work,...

"d. If a substantially similar motor vehicle is unavailable within a 100-mile radius, the insurance company may increase the radius in increments of 50 miles until a substantially similar motor vehicle can be found "


At the end, you can demand a formal appraisal (from a licensed appraiser) and you can submit your own appraiser and the decision will be made by 3rd party. (each party responsible for paying their own appraiser). With appraisers, they are state licensed. If they give some bogus appraisal you can submit a formal complaint to the state board. (which is why appraisers usually cant be 'bought' or swayed). They have to show full support how they arrived at their value. (even if it means expanding the search basis to provide such data). They cant just make it up.


If you are not happy with that, you can go to court.

Our regs are pretty cut and dry. Just have to hire the right person. The guy I referred is an expert in the field. Not sure about what is required in different regions.
 

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From my experience in california an agreed upon value is not required.

Admittedly it was a pain in the but to argue with the insurance for over three months when i got hit regarding the value of the car. However, at the end of the day I think I got a fair settlement for my car. You need to be consistent and cite the insurance codes for your state, if the insurance is not abiding by these codes you can report them (or threaten to) to your states insurance board.
 

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Or you can go with a specialty insurer, and just do stated value coverage.
I just want to point out that stated value coverage is not the same thing as agreed upon value. You can choose a stated value below the actual market value and pay a lower premium, for example. Agreed upon value, though, is what we're wanting for a collector car. Put another way, stated value puts an upper limit on your coverage, but doesn't guarantee that valuation in the event of a total loss. Agreed upon value puts a lower limit on your coverage, and guarantees that valuation in the event of a total loss. Stated value does not guarantee the insurer will honor that value!

@Wulfspade It's certainly not required but it sure makes things easier for someone who stupidly modified their car (that would be me). Also @spikeisgr8 I had an M Roadster total loss. I had agreed upon value, zero hassle on the payout. Funny thing was I had gotten the agreed upon value for the Lotus and didn't realize the agent wrote it up for the M Roadster as well.
 

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A friend is currently negotiating with State Farm for his 1 owner 2008 S240 with 8600 miles, was offered $63000 to start, this is where things are at today.

My 2006 Exige is insured with Allstate for replacement +20k.
 

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So if u guys are paying $1000 a year for Haggerty I guess over the last 17 years I've saved about $15,000 since my standard carrier coverage for the year only costs about a $160 with with regular insurance.
 
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