stingthieves

Only 4000 miles --- its such a shame - Flood damage

Any one else been thru this recently? What do I need to watch for or ask for to get all possible from the insurance claim adjuster?

Best part is there in a new 09 sitting on the dealers lot, appointed just as I would like.

nycgps

iTrader: (1)

Oh , sorry to hear that.

If its me, I will try to hunt for 08 leftovers.

Oh, do you know when they gonna part ur car for auction ? I want to buy ur motor to play with.

dozer

iTrader: (3)

WOW!!!!! i thought this was a thing of the past....apparently not...ive had an 04 for almost 2 years and ive never flooded it....sorry about your loss, hope you dont leave the community and get a different car...

nycgps

iTrader: (1)

I think he is talking about a *real* flood damage.

Have you read the news lately about what is going on over there ?

To OP: if it has been under water, then there is nothing you can do, the adjuster will *automatically* total your car.

alnielsen

iTrader: (4)

We're talking about water damage here.

ODDDOOD

iTrader: (3)

Not flooded engine...flooded car, from a river. You know all the rain that the midwest and plains have been seeing.

Sucks dude, do you have to have special flood insurance for your car to be covered in such a case? If so, I hope you have it.

I'd go for the '09 R3 if you get good value for it, BB. DO IT!

Anyway, good luck and keep us posted.

Edit: Could anthing like suspension, wheels, tires or exhaust be salvaged? Those things are often subjected to water anyway, just wondering if you might get something from those. Obviously the interior is garbage...I'm just wondering out loud

nycgps

iTrader: (1)

I go for 09 if the R3 is not as ugly as it is. The update they made to the car is pretty good, JUST NOT THE OUTSIDE.

Hell my girlfriend said Mazda made the R3 Rx-8 look like a Mustang/Muscle car, butt ugly.

champi0n

iTrader: (1)

where is it you're located? i'd be interested in a bare bones frame (no interior)... rolling on wheels would help but not necessary...

alnielsen

iTrader: (4)

Have your insurance company buy you a new car. They will have to replace it with something equal to or better than what you presently have. If you take a cash settlement, they can low ball you on the settlement.

stingthieves

Thats an interesting thought --- I simply ASSumed I would get a settlement and have to eat the deductible - depreciation - devaluations etc

Details -- car made it far enough to get in so deep when she opened the door - it was like opening the flood gates - and she opened the door because the car stalled from ingesting water. Its hard to imagine how fast and how much the streets flooded. Now I thought a rotary would turn into a big pump - but when I went to get the car the next day - as I cranked it up - I cranked out what was left of the oil into the street. The motor was busted up that bad.

Testimonial to the car -- It saved her life and limb only two months before when she was stopped at a light and hit by a speeding drunk in a Chevy. It also carried her further than traditional cars made it in the flood this month.

dozer

iTrader: (3)

Lmfao!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!! Ahahahahhahahahaha My Bad....

mmats69

So she drove into a street that was already flooded?

To be named later

Don't take their first offer, the adjuster has a range to work with and will always offer you the low end first. The adjuster makes more money by keeping that insurance check as low as possible.

Do your research, find your own comparable sales. Do a wide search and find other comparable year, comparable mileage 8's for sale.

The insurance company will get an appraisal from some company paid to arrive at the lowest value. Soon as you get that appraisal, investigate every single sale, verify everything, find one thing wrong with it that questions the entire appraisal in its entirety, and kick it back to them. That will buy you an extra week.

I am a certified residential appraiser and I recently negotiated a 35% increase in value from USAA over my wifes old totalled celica convertable.......I beat their *** and got exactly what I wanted.

Soon as time allows, I am going to create a "How To Beat A Total Loss Appraisal" type thread.

rddragoness

^^^

Please do! I insure through USAA and have never had a problem in the past, but it would be nice to know the process.


I'm sorry to hear you lost your car. Flood damage is nasty to say the least. I hope it works out where you get what you want. I'd have to agree though, if you love the 8 look for a late 07-08. You might just find exactly what you had new.

stingthieves

I understand your comment and upon returning a day later considered asking her even more impertinent questions regarding the decision!

Yet you and I have no clue just how fricken hard it was raining. Her employer had booted the teams from the building as it was about to go under. The "authorities" had no recourse but to keep traffic moving. There was no "safe place" as the water came up in apocalyptic proportion. The event came and went faster and with more vengeance than most debacles.

Yes -- she drove in - she drove through - and she drove on further than most - and by recollections of many others - with no intention or anticipation of having to struggle in water as deep as it was.

Hers is not the only MX8 at the dealership this week that needs a motor from hydro lock

Simply its a pity - but its life -- now I let me deal with it - Do you have positive suggestions to help? Or do I need to deal with more ******** like you?

stingthieves

Are comparable sales equivalent to KBB book value? Retail or trade in? Or do I need to search other on line car sale web pages. If I only get a portion of private sale value I surely am in for a tremendous hit from depreciation and tax on the new purchase!

These comparable sales and the appraisal -- it that something they give me or do I need to ask for it?

To be named later

They will call you and say "Great News! The process is moving right along and we have the appraisal, sign this document we just need to know whether you want direct deposit or a check in the mail! "

They are relying on the fact that most of people will just say "Uh......ok......my car is worth so little? Uh....ok.....you guys are the experts. Where do I sign?"

When the fact is, again, the insurance company hired that 3rd party independent appraisal party to always give them the lowball value.

If they don't offer to give you the written appraisal, request it, and don't sign anything until you verify each sale.

Find your sales by going thru autotrader.com and dealer listings to fine the "best" comparables. And by best, I mean those most similar to your car in condition, AND.........those that will give you the best value (ie: highest $$)

Use private party and dealer prices, not trade in, because trade in is lowball to begin with. And don't forget that some dealer listings are lower in order to entice you into the dealer.

Start getting your comps NOW. Do the research now.
Gimmie a day or two and I will get started on a thread on fighting the appraisal and getting a better value.

rddragoness

Ya know I just refinanced my house...My appraisal was one thing, but in a conversation the mortgage broker let a higher number slip...I'm curious if this is the same process of low-balling as you mentioned. The difference is only 7K but If I wanted to take out a HELOC, wouldnt I have more equity in my house to be able to pull from? End hijack. Sorry......

Huskyfan23

Uh, car insurance isn't like homeowners insurance. Flood damage falls under comprehensive coverage. If he's got comp, he's covered in this situation. No special insurance is needed.

To get the "most", be sure that the adjuster has all the options and the correct trim (base, sport, touring or grand touring). Make sure (and I can't stress this enough) that your vehicle is spotless. Vehicle condition significantly affects the vehicles value, if you have junk and crap all over the place and the floor need vacuuming, the adjuster will run a value for you that is less than what you would get with a spot free vehicle.

With flood damage, it might be difficult for the interior. Be sure the exterior is spotless, and tell the adjuster the interior is normally in "perfect" condition, but the water caused all the stains, etc.

I am a licensed motor vehicle appraiser (aka, claims adjuster) for a very large auto insurance company. If you have any specific questions, please send me a PM. I'd be happy to answer them.

ken-x8

Settlement should be based on the retail price - what you'd have to pay for one from a used car dealer. Do some research - KBB for starters, then maybe Carmax. Call some new car dealers that also have used car lots.

Besides the price of the car, you're entitled to the sales tax that would apply.

A negotiating stunt an insurance company can pull is to take your info and say it looks interesting, and they need to research it. Then they'll take their time, while you're stuck without wheels.

Good luck.

Ken

Razz1

Wow!
That's the best thing I've read about the 09 RX8

To be named later

True. In addition to thinking the public is dumb and trust whatever offer they make, they are also relying on the fact that the rental car coverage expires a few days after they make a legitimate offer.

In other words, they know that most people will accept the lowball offer rather than dispute it, knowing that many people will fear having to pay the cost of the rental car (+/- $300 per week) once that rental coverage expires.

In my case, their rental car coverage expired 3 days after the offer.

So.........soon as they gave me the offer and the comparables, I immediatly verified each sale and found several flaws, and argued that since there were several flaws, thus, it was not a legitimate offer, and thus, the clock was still running on the rental car coverage.

Bottom line........I got 3 1/2 weeks of rentals coverage because I kept finding flaws in every updated appraisal they sent, and I kept throwing a crapload of comparables at them to keep them occupied. That gave my wife and I a total of 4 weeks to search for her new car and eventually settle on an RX8.

stingthieves, I will write something up in the next day or so, but in the meantime if they start pressuring you or you have any questions, gimmie a holler.

To be named later

Interesting.

It probably had something to do with the loan to value ratio.......the lender may only lend on 70-80% of the value.....he may have been referring to the higher number (They loan $80K, but the house is worth $100K) Did you get a copy of the appraisal?

mmats69

Wow. It was a simple question that warranted just a simple answer. You obviously took it the wrong way. I guess you thought I was gonna run my mouth about how stupid she was, blah, blah, blah. But since I'm an "*******", I"m gonna say that I'm glad she made it out ok rather than just keep agging it on. Hope everything works out with the insurance company

stingthieves

To be named later:
Thank-you for all the lucid advice. You have made my task much easier. I didn't expect pressure from the settlement adjuster and I didn't rent a car yet because of the backlog in the area. I now have a better grip on what to expect and will begin working on my comps and quotes today! Your advice is just what I was looking for!


mmats69:
Yes, yours was a simple question! Too simple for the public internet. The lack of face to face interaction that would have given me a clue as to its intent could have helped. You might imagine that already have been asked many times how she could have killed a new car so quickly - to the point that the question is no longer simply annoying!

Thank-you for your well wishes mmats69, and thank you to all others who have done the same. I also found a new Grey 07 40th anniversary in the area last night - but boy that red is ugly in the interior. Wish I could pull some of the complimentary parts from my junk Zoomie and replace those ugly red parts! But White is a good color for an old mans hot rod.

More drama to follow - as it unfolds!