Date: Fri, 29 Jan 1999
I do not know who to turn to, but I have a dire question, and so I am reaching out. For the last three years I have been restoring a 1972 Volvo1800E. I have installed all the "ipd" stuff, racing suspension, sway bars, performance-built and braced 2.2-liter engine, all new interior and dash, custom wheels, hood scoop, new chrome, custom exhaust and about everything else, and I just last month got a custom $3000-plus paint job. I have photos available I can email you and all receipts.
Now I am stopped at an intersection and this attorney in a new Lexus rear-ends me at 40-plus miles per hour, not stopping until his car has eaten half of mine and knocked me out. How do I go about getting a proper value on my custom 100% restored car?
I love Volvos. I love this car. I even commissioned the famous 60's hotrod artist Ed "Big Daddy" Roth to paint a painting of me and my Volvo with his famous "Ratfink" character.
The guy who slammed me's insurance does not want to pay the value of my custom car. How do I find a proper value? I am desperate. This car was my dream car since I was a kid, and now I finally got what I wanted, and I worked for years to 100% restore it. For this to happen just is not fair.
Thank you!
Emek
Hollywood, California
Emek - You are in a difficult position. Normally, insurance companies pay "book" value for a car that they have written off as a total loss. The book value is based on the purchase price of the car and depreciation based on condition and age.
The best way to prove the value of a custom car is to produce receipts showing that you paid for parts and service that added value to the car. (Not just repair and maintenance.)
Another possibility is to have the car appraised by a classic car appraiser. Even though the car is wrecked, an appraiser might be able to say what the car was worth before the wreck. You can find appraisers in the Yellow Pages or in Hemmings Motor News.
I would encourage you to discuss the matter with the insurance company. Ask them what proof of value they require. If you feel that you have proven the value of the car, and the insurance company still does not agree, you might consider hiring an attorney to file suit against the insurance company. -Glenn.