help needed re. GT3 insurance valuation
10-30-2012, 11:27 PM
#1
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help needed re. GT3 insurance valuation
My GT3 and I had an unfortunate incident at a DE at Mont Tremblant in September and its now looking like the car will be a total loss. Since this occured at a formal PCA DE, however, the car is being covered for collision.
Today I heard their initial offer for the "actual cash value" for the car which does seem a little light to me. Note this is not the wholesale or trade-in value (and their offer wasn't that low) - it's meant to be a reasonable "replacement" value.
I'm not trying to be greedy, but I am trying to build a case for a better number (or educate myself on reality).
So this leads me to a favor to ask ...
If anyone has bought (or sold) a 997.1 GT3 over the past 12 months, in either US or Canada, and would be willing to tell me what you actually paid (or received) in confidence, it would help me greatly. You could PM me and I would keep the specifics confidential but would be willing to share the overall list of prices (no names) with all who share data with me. It would help to know any headline options/features and whether it was a dealer or private sale.
To get the ball rolling I can volunteer that I paid US$72000 for my 15.8 k-mile Guards Red 2007 997.1 GT3 (no PCCB, no Sport Chrono or PCM, w carbon fiber, and deviated stitching and few other minor options) in Dec of last year. Add exchg rate & 6% for duty to import to Canada and that put the landed value at about $79000 (ignoring shipping, inspections and taxes). Back then anyway, that was a very good price in Canada considering the condition of car which was excellent.
I'm just sick about losing this car ... but need to move on ... so please help a fellow RL'er out if you are comfortable sharing this info so I can start working to acquire the replacement vehicle.
thanks in advance for any help ...
Dave
Today I heard their initial offer for the "actual cash value" for the car which does seem a little light to me. Note this is not the wholesale or trade-in value (and their offer wasn't that low) - it's meant to be a reasonable "replacement" value.
I'm not trying to be greedy, but I am trying to build a case for a better number (or educate myself on reality).
So this leads me to a favor to ask ...
If anyone has bought (or sold) a 997.1 GT3 over the past 12 months, in either US or Canada, and would be willing to tell me what you actually paid (or received) in confidence, it would help me greatly. You could PM me and I would keep the specifics confidential but would be willing to share the overall list of prices (no names) with all who share data with me. It would help to know any headline options/features and whether it was a dealer or private sale.
To get the ball rolling I can volunteer that I paid US$72000 for my 15.8 k-mile Guards Red 2007 997.1 GT3 (no PCCB, no Sport Chrono or PCM, w carbon fiber, and deviated stitching and few other minor options) in Dec of last year. Add exchg rate & 6% for duty to import to Canada and that put the landed value at about $79000 (ignoring shipping, inspections and taxes). Back then anyway, that was a very good price in Canada considering the condition of car which was excellent.
I'm just sick about losing this car ... but need to move on ... so please help a fellow RL'er out if you are comfortable sharing this info so I can start working to acquire the replacement vehicle.
thanks in advance for any help ...
Dave
10-31-2012, 01:35 AM
#2
RL Community Team
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The way to argue the value up is to do it through options.
I recently had a car stolen and no matter what I showed them, they stuck to a computerized print out from some valuation company showing how much the bean counters think my car is worth.
I was then advised that the only way to increase the payout was through option packages that came with my car.
Good Luck...you'll need it.
Al
I recently had a car stolen and no matter what I showed them, they stuck to a computerized print out from some valuation company showing how much the bean counters think my car is worth.
I was then advised that the only way to increase the payout was through option packages that came with my car.
Good Luck...you'll need it.
Al
10-31-2012, 02:57 PM
#5
RL Community Team
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10-31-2012, 03:33 PM
#6
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Al, I turned down the rental as I didn't need it. The car is still being fixed- we discovered that my car is equipped with Andial cup suspension which is very hard to find, so we have had to search far and wide for a replacement. I'll know more soon, will let you know.
10-31-2012, 03:47 PM
#7
Drifting
Ah crap!
I'd go to every dealer you can find and get quotes from each. Dealer markup should cover whatever options you had and cover duty as well.
What you do with the money isn't their concern.
I'd go to every dealer you can find and get quotes from each. Dealer markup should cover whatever options you had and cover duty as well.
What you do with the money isn't their concern.
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10-31-2012, 10:48 PM
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Thanks all for the info, thoughts, etc. Keep them coming. Getting details does help me - if nothing else, it gives me data points that let me know if I'm being silly or not. I've received 2 so far that definitely tell me I should indeed push back hard.
The cash valuation they presented was prepared by JD Power - because they could not find enough GT3 listings to base it on, they used C4S's as comparables and tried (poorly) to compensate for the difference in value. They took the list prices for 3 cars in the Ontario area, applied a delta for the GT3 vs C4S, then a delta to get an assume selling price (not sure on that formula either) and came up with their "equivalent" GT3 value ...
I have used the asking prices of C4S's & GT3's in US to highlight to them that their analysis (specifically the offset they applied between a C4S and GT3) is problematic (and not just a little - its WAY out). I have also proposed that if they must follow this methodology, a Turbo is probably a far better comparable from a valuation perspective than a C4S (again based on US asking prices).
I've also suggested they consider using the large number of US GT3 listings, estimate the selling price and add 6% duty (like many of us would do to get a better price than most Canadian dealers).
Waiting for their response.
The cash valuation they presented was prepared by JD Power - because they could not find enough GT3 listings to base it on, they used C4S's as comparables and tried (poorly) to compensate for the difference in value. They took the list prices for 3 cars in the Ontario area, applied a delta for the GT3 vs C4S, then a delta to get an assume selling price (not sure on that formula either) and came up with their "equivalent" GT3 value ...
I have used the asking prices of C4S's & GT3's in US to highlight to them that their analysis (specifically the offset they applied between a C4S and GT3) is problematic (and not just a little - its WAY out). I have also proposed that if they must follow this methodology, a Turbo is probably a far better comparable from a valuation perspective than a C4S (again based on US asking prices).
I've also suggested they consider using the large number of US GT3 listings, estimate the selling price and add 6% duty (like many of us would do to get a better price than most Canadian dealers).
Waiting for their response.
10-31-2012, 11:02 PM
#12
Race Car
really sad to see that you had an accident, didnt know it was you back in september when i was there.
let me tell you that its a long process with the insurance, be patient!
been there done that with my gt3
let me tell you that its a long process with the insurance, be patient!
been there done that with my gt3
10-31-2012, 11:54 PM
#13
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the insurance act in Ontario allows you to demand an independant appraiser assign a value, and they usually give you this. check the PAVE web site for a local appraiser and discuss it with him and then if you are happy with his view recommend him to your insurance co. Thank me when you get the settlement. And yes as I told Al the appraisers will get a value for the car and then add depreciated values for each option, and should come close to what you are asking for.
