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Discussion Starter #1 (Edited)
Hey guys so this passed week a lady backed into my elise (she didn't see me) while i was in the car, and a cop behind me. So i am interested on what the price of repair must be to total the car once again.

history:

salvage title

Miles discrepancy
but the odometer reads 26k and the engine looks new. but I'm sure that doesn't matter.

and its an 2006 lotus elise with touring and sports packs

The adjuster did say its damage must be 75% of the value of the car. So i know my elise is not the cleanest out there and cost less then the average one.

is there a website the insurance uses to fine the value of the car?

or whats the value of a clean lotus elise 2006 w/ sports and touring?

or the value of mine after taking everything into consideration?

also the front claim needs to be replaced for sure. so if someone is selling one then let me know?
 

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When mine was fixed about 7 months ago they put the "pre-accident value" at $33-34K. As I had zero frame and suspension damage, just front clam, headlights, crash structure etc, the car was fully repaired and no salvage title or anything like that (so title is "clean", I guess the term is). Basically, as good as new (eg. no scrapes on the bottom of the clam, headlights actually aimed right, grills are nice and shiney new looking, etc.).

FYI - it is a 2006, Canyon Red, Touring, Starshield, Traction Control, Hardtop (actually has a Gullwing Top but that was not considered in the insurance company's valuation). 26K miles and was in Excellent condition overall. It was the other person's insurance company that came up with this number, and paid in full for the repair.

Since yours is a salvage title, maybe 50% of this number.....? I mean, if salvage, at one time it must have had damage at least 75% of the value. Even if fixed correctly, I would think the diminished value is still very high.
 

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Discussion Starter #3
When mine was fixed about 7 months ago they put the "pre-accident value" at $33-34K. As I had zero frame and suspension damage, just front clam, headlights, crash structure etc, the car was fully repaired and no salvage title or anything like that (so title is "clean", I guess the term is). Basically, as good as new (eg. no scrapes on the bottom of the clam, headlights actually aimed right, grills are nice and shiney new looking, etc.).

FYI - it is a 2006, Canyon Red, Touring, Starshield, Traction Control, Hardtop (actually has a Gullwing Top but that was not considered in the insurance company's valuation). 26K miles and was in Excellent condition overall. It was the other person's insurance company that came up with this number, and paid in full for the repair.

Since yours is a salvage title, maybe 50% of this number.....? I mean, if salvage, at one time it must have had damage at least 75% of the value. Even if fixed correctly, I would think the diminished value is still very high.
but then again the car was fixed which would make the value go back up? not all the way of course. but?
 

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85% of blue book is what the local bank here uses as far as financing.

That 75% is not set in stone at all.

I just got my truck back a few months ago, it had almost $15,000 worth of repairs in the end. The truck was only worth about 10k. It has a clean title and nothing on carfax.
 

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Gamera The Atomic Turtle
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what did YOU pay for it when you bought it?
 

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kbb valued the car i was looking at as $26,700, while my bank, who also sells insurance, valued it at $23,100. Hope that helps give you an idea.
I thought that when getting insurance on a car such as this, you could agree on a value for the car?
 

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Discussion Starter #8
kbb valued the car i was looking at as $26,700, while my bank, who also sells insurance, valued it at $23,100. Hope that helps give you an idea.
I thought that when getting insurance on a car such as this, you could agree on a value for the car?
yeah but try to buy a 2006 elise for $26,700? they go for 30k plus
 

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My 05 which has a recon'd title, the bank valued at $33,000. Blue book value is 39,000.
is your 05 made of gold? or when were these values gotten? in 05?
yeah but try to buy a 2006 elise for $26,700? they go for 30k plus
the car i was looking at is an 05. An 06 with similar stats is $30,200 so it stands to reason that my bank would have valued said 06 at $26k +
 

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Discussion Starter #10
is your 05 made of gold? or when were these values gotten? in 05?

the car i was looking at is an 05. An 06 with similar stats is $30,200 so it stands to reason that my bank would have valued said 06 at $26k +
i would disagree an 05 and 06 as a big price jump for some reason the 06 is worth 5k more. because of improvement like rear led lights seats petals and such.

but my main question is how much would it take to total the car price wise?
 

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2 months ago from NADA guide when I got the loan for my car. Just go on NADAguide.com and look it up if you don't believe me. The car had just over 30k miles when I bought it.
The bank did a :confused::confused: when I was buying the car for about 1/2 that price though. No way I would have paid over 20k, never mind 30!

is your 05 made of gold? or when were these values gotten? in 05?

the car i was looking at is an 05. An 06 with similar stats is $30,200 so it stands to reason that my bank would have valued said 06 at $26k +
 

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but then again the car was fixed which would make the value go back up? not all the way of course. but?
Yes, I think for mine since fixed completely and NO frame NO suspension damage and NO salvage title or anything like that the value should go back up close to the pre-accident value (although not completely as people would normally buy a car in no accident if the SAME price, so maybe $2K lower I guess). But your car is a salvage title. Even when repaired, still a salvage title. That is why I say maybe 50% of the $33-34K.
 

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IMHO - is a fair to high value for a 2006 salvage. I mean since this is honesty center, if I were buying your car and you came to me with the number 26k... I'd toss you 20 and then you would never hear from me again (when you decline).

Looking at your responses it looks like it doesn't matter what people say, so what number are you looking for? I guess it doesn't matter. When you go see their insurance you have to walk in with a list of 'why their offer sucks'. And they better be good reasons, not my rear lights are different and the seats. You can't point at cosmetics and expect them to go "Ok, glad you pointed that out, that's clearly worth 10k". After that if the offer is still bad, you take your gun and... Oh wait no don't do that...
 

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Or do the thing Insurance companies loathe with a passion. Invoke the rule they must provide you with a quote for 3 "equivalent and available" cars which can be purchased with their quoted amount. If they cannot find 3 cars (which are actually available for purchase, not notional cars), they have to up the amount until they can. This makes them have to research and find 3 cars (which can be a pain even on a Buick, let alone a Lotus). This also opens their eyes to the actual value of the car. Most state insurance commisions have this regulation in place.
 

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Gamera The Atomic Turtle
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i'm probably missing it somewhere but did the OP ever state what he paid for it originally??
 

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I just picked up an immaculate '06 Elise w/ 19k miles on it for $28,500. Touring, starshield, hardtop, decent tire tread.

Of course, I'm now picking pieces of deer fur out of the cracks in the front and rear clams, so it's value quickly changed a few nights ago... =(
 

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Discussion Starter #17
I just picked up an immaculate '06 Elise w/ 19k miles on it for $28,500. Touring, starshield, hardtop, decent tire tread.

Of course, I'm now picking pieces of deer fur out of the cracks in the front and rear clams, so it's value quickly changed a few nights ago... =(
Man that sucks!! thats basically what happened with me. a month after i got it, i was inside my car and watch how a lady backed into me slow motion while i was beeping my horn like crazy.
 

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Discussion Starter #19
Let us know what they eventually do with your car and what they valued it at.
YOU guys won't believe it!! they didn't have the lotus elise in there estimating system so they had me buy all the parts from lotus plus i added a 10% shop charge. and install per hour charge ($60 a hour). And the total came out to $22,500.00

The adjuster couldn't find a reliable source for a price quote. So he asked me i said i had it insured for 40-50k+. Also he didn't know it was a salvage title (he never asked, i never said)

in the End he approved the ENTREE AMOUNT. all $22,500.00

I didn't even pay that much for the car. (because it was salvaged) i also keep the car (didn't buy it back just kept it). and that needs to be done to the car is some clam work and paint job.

Im blessed :)
 
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