insurance issues - Team Camaro Tech
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post #1 of 7 (permalink) Old Jul 10th, 01, 05:00 PM Thread Starter
Join Date: Jul 2001
Location: Jarrettsville, MD USA
Posts: 1

I am having some trouble getting a fair price for my son's (and my) 1983 Z-28, which was totalled on 7/4 (to our great dismay). The insurance company has offered us a little more than the "blue book" value for the car, but we feel that it cannot be replaced for the $$ they offered.

The car was a 1983 red, mint-condition, Z-28. We purchased it from the original owner several years ago, and we still have the original window "sticker price" list, as well as the marketing ad/book provided by Chevrolet. The original owner also provided us with detailed documentation of all maintenance and repairs. (She even replaced a headlamp prior to turning the car over to us because it had some condensation in it!)

The car has a 305 V8, 4-speed automatic with overdrive, 342 rear end, custom catalytic converter, new tires, steel wheels, custom dash, flawless exterior, 105K original miles, CD player.

My research has not turned up any cars of this model year, and I am loathe to try to negotiate with the adjuster without more information.

Please advise ASAP!! Thanks.
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post #2 of 7 (permalink) Old Jul 10th, 01, 05:13 PM
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Join Date: Dec 1999
Location: Meridian, Idaho
Posts: 321

This is from NADA: 1983
Coupe 2 Door Z28 Low $1,550
Average Retail: 2350.00
High Retail: 2950.00

I can get IROC's for 3500.00 here. I would take their offer.

68 SS 396
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post #3 of 7 (permalink) Old Jul 10th, 01, 05:20 PM
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Location: caldwell,id,usa
Posts: 73

the problem with 3rd gen f-bodies is that there are a bajillion on the road. so by simple ecomonics (supply and demand) the price for them is very low. espically if it is totaled. you probably would get more $$$ if you parted it out. i have no idea what it is worth, but i know it isnt much. the only problem with that is, that it is worth more to you than a few bucks.
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post #4 of 7 (permalink) Old Jul 10th, 01, 05:31 PM
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Join Date: Jul 1999
Location: Metro Chicago
Posts: 235


Hindsight is alway 20/20. In the future, a purchase of such should be with an insurance company that specializes in classic or collector cars. You can get coverage for an agreed amount that the car is valued at. You and the carrier "agree" to a value.

Unfortunately, the insurance companies use the "Blue book" value as the industry standard practice. It would be the same if you totaled a new car.

Now for the help. Provide the following to the insurance adjuster:

Independent appraisal, if available.
Receipts of all parts and work completed.

You can bring suit against the person(s) who caused the damage to your car, if it was someone other that a listed insured. You would seek the value of the car minus what your insurance company gave you. The hard part will be having some documentation of what the car was worth before the damage. I hope you had lots of pictures and receipts.

Your insurance carrier will subrogate against the person(s) who caused the damage to get back what they paid you. Again, if someone other than the insured (you) caused the damage. Good Luck.

[This message has been edited by Silver69 (edited 07-10-2001).]
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post #5 of 7 (permalink) Old Jul 10th, 01, 08:18 PM
Join Date: Feb 2001
Posts: 925

I hate to say it but regardless of the modifications, it is still a 8 3, not a very desirable, or valuable car. i would say even with the good condition a good price for you would be 2500.
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post #6 of 7 (permalink) Old Jul 11th, 01, 09:23 AM
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Join Date: Nov 2000
Location: M.D.
Posts: 304

I think the milage is whats really hurting you .At 80,000 the value really drops.
sorry to hear your misfortion though!

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post #7 of 7 (permalink) Old Jul 13th, 01, 11:12 AM
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Join Date: Sep 2000
Location: Washington, Michigan USA
Posts: 7,728

Silver69 hit the nail on the head - unless you have collector insurance with agreed value coverage, you're at the mercy of the adjuster and the NADA/Kelley value books, just as you would be with a normal daily driver. If your car is unusual from other similar cars in terms of what you've spent on it and as a result you feel it's more valuable, you need collector insurance for it, which normally requires photos and a professional appraisal before the collector insurer will "agree" on an insured value.

'69 Z28 Fathom Green
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