TRQ QTRHRSE

Some of you may recognize this car from Halibrand’s advertising or from it being on the cover on Mustang Monthly and Hot Rod and various other media over the years. I just recently sold this car to a young man down in OKC. Sadly on the 15th of January she was retired to the scrap heap. There is a lesson in this to be learned…keep all your receipts when you perform modifications on your pony as they may be need to prove the value of your car to Insurance. I’m helping the kid out with all the receipts I had for this car. Insurance is only offering him $4000 for the car. I know you can’t tell from the photos but it is a extensively modified pony with well over $30,000 in upgrades to it. CHP short block, Kenne Bell Flowzilla, Air Ride Technologies air bags, Steeda suspension components, Edelbrock heads and the list goes on and on. RIP BOSS [img]style_emoticons/<#EMO_DIR#>/nonono.gif[/img]

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1 COBRA

<div class='quotetop'>QUOTE(TRQ QTRHRSE @ February 2, 2006, 1:59 PM) Quoted post</div><div class='quotemain'>
... Insurance is only offering him $4000 for the car. I know you can’t tell from the photos but it is a extensively modified pony with well over $30,000 in upgrades to it. CHP short block, Kenne Bell Flowzilla, Air Ride Technologies air bags, Steeda suspension components, Edelbrock heads and the list goes on and on...
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The receipts might not be enough. The insurance companies base their premiums on the value of the vehicle. If the insured does not report the upgrades and does not pay the additional premium, the insurance company will not pay for or replace what it is not charging for. If the insured is paying the additional premium, the insurance company has to pay.

A good example which can relate to cars with upgrades is classics cars. Insurance companies usually require a legitimate appraised value by a professional in the field, then premiums are based on the agreed value. Another example is tuner cars, for instance, a top of the line Roush retains the vehicle ID# of the Mustang GT and the premiums are based on it unless the insurance company insures it as a Roush.

Brad had a recent topic relating to insuring his vert with all the upgrades. If my memory serves me right, he ran into some unexpected resistance.

TRQ QTRHRSE

Evidently from what was relayed to me the accident was not his fault. Another driver turned in front of him. The other driver was ticked for the accident I guess. Whenever I build a car at my shop I have an appraisal done on the vehicle and insure it for the full amount of the appraisal. It makes no deferent’s if it is a new or old piece of tin. Yes the premiums are higher somewhat but in the end you don’t have to negotiate with the Insurance companies for a settlement. Unfortunately, Steven is going to have to negotiate with the other drivers insurance company on the value of the car. The receipts from all the modifications will help him get a better settlement on the vehicle he still risks losing some money because the car was not insured for a stated value with his insurance company. I am by no means an insurance expert nor do I want to be. I like building wheels better.

Knight

To bad that happened.

I have that issue of Mustang Monthly... thats awesome that it was your car!

jgsmuzzy

looks like it was a very nasty accident. I am sure that the alternator is not meant to be there!

I agree with George, you gotta get an "agreed value" policy on any modified/classic car. I feel sorry for the guy....he is likely to lose quite a bit if he had not declared it's value.

THRUST_

I don't fully understand this situation. If the accident is not his fault, then it shouldnt matter how much he was paying for insurance seeing as it would be the other insurance company that would have to pay him for the value of the car. Had the accident been his fault, I could see his insurance company saying they wouldnt pay more that what he had insured the car for.

unless the question here is the actual value of the car, I dont understand why he wouldnt get payed back in full from the other insurance company.

1 COBRA

<div class='quotetop'>QUOTE(THRUST_ @ February 2, 2006, 4:10 PM) Quoted post</div><div class='quotemain'>
I don't fully understand this situation...

... I dont understand why he wouldnt get payed back in full from the other insurance company.
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Since the chances of his insurance company paying the cost of repairs which are greater than the vehicle's average market are slim to none, the alternative is retaining the services of a good attorney and sue the person who caused the accident as well as his insurance company, who will have to reimburse the Mustang's insurance company anyway.

Rob O

<div class='quotetop'>QUOTE(1 BULLITT @ February 2, 2006, 7:47 PM) Quoted post</div><div class='quotemain'>
Since the chances of his insurance company paying the cost of repairs which are greater than the vehicle's average market are slim to none, the alternative is retaining the services of a good attorney and sue the person who caused the accident as well as his insurance company, who will have to reimburse the Mustang's insurance company anyway.
[/b][/quote]

I'd definately agree w/getting the attorney. It all comes down to proving the value of the vehicle and regardless of the modifications the other company is going to try to total the vehicle for the least amount of value. Having values of comparable vehicles could help out but you have to prove the value and modifications to the car or they'll definately take the upper hand. Having the atty. could give you a little more leverage. Sorry about the accident & hope it all works out for you--go get em!!

TRQ QTRHRSE

I think the one thing that Steven does have going for him is that he purchased the car from me less than 3 months ago and he got a loan for the full amount of the purchase price. So hopefully they might be able to help him out on the pressuring of the insurance company. He is roughly sixteen thousand short in what they are offering him.

TDS

Have had a similar experience, lucky that the car took a drive to the local State Farm office on it's first day of my ownership.
They looked at their "charts"? then asked about all mods, and the cost of installation. Then gave me a figure for insurance. The wife and i shopped that number $$$$$ with Grundig, Progressive and etc.
State farm was cheaper, gave us a multiple line discount. (Home, Boat, Life, and the stable of cars.)

Some 2 years later when we sold to new owner he just did the "call on the phone" thing with his insurance agent. Supplied VIN, miles and year, make model.

After his wreck, he came to me wanting some help. State farm supplied his attorney with the needed info.

He was having to sue Allstate for the difference in the book value and the actual value in the car.

He finally settled out of court with Allstate, he had developed a strange neck & back problem. They got the picture and forked over the money. [img]style_emoticons/<#EMO_DIR#>/icon_mrgreen.gif[/img]

1 COBRA

<div class='quotetop'>QUOTE(TDS @ February 3, 2006, 4:10 PM) Quoted post</div><div class='quotemain'>
...He finally settled out of court with Allstate, he had developed a strange neck & back problem. They got the picture and forked over the money. [img]style_emoticons/<#EMO_DIR#>/icon_mrgreen.gif[/img]
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[img]style_emoticons/<#EMO_DIR#>/rofl2.gif[/img]

Another triumph for civilized persuasion.


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tesgt350

Two Tribute Edition Shelby Mustangs got hit in the rear about 3 weeks apart. The first one was a Stock G.T. 350 Coupe and the Insurance Company wanted to pay out just $3,500.00 and walk away. The owner fought it and the Insurance Company researched it and ended up paying out almost $14,000.00 and let him keep the car with title. The other one was a G.T. 500 Vert with a few mods. The Insurance Company tried to pay out just $4,500.00 until the owner threatened Court. They recearched the car and decided that it would be cheaper to fix it. If that Boss is a Badged Shinoda, it should be fixed. Talk to Jim Klock at Team Shinoda.

teamshinoda

<div class='quotetop'>QUOTE(tesgt350 @ February 12, 2006, 9:25 PM) Quoted post</div><div class='quotemain'>
Two Tribute Edition Shelby Mustangs got hit in the rear about 3 weeks apart. The first one was a Stock G.T. 350 Coupe and the Insurance Company wanted to pay out just $3,500.00 and walk away. The owner fought it and the Insurance Company researched it and ended up paying out almost $14,000.00 and let him keep the car with title. The other one was a G.T. 500 Vert with a few mods. The Insurance Company tried to pay out just $4,500.00 until the owner threatened Court. They recearched the car and decided that it would be cheaper to fix it. If that Boss is a Badged Shinoda, it should be fixed. Talk to Jim Klock at Team Shinoda.
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Dave is Correct if it would have been built to Shinoda specs with our certifacation it would have been rebuilt like badge number bos-96-003 was totaled but the owner recived 22,000+ for his supercharged level 3 shinoda about 2 years ago.

We work with insurance companies when somthing like this happenes and we also get people upset when they claim they have a boss and it is not but they tell the insurance that it is.

TRQ QTRHRSE

<div class='quotetop'>QUOTE(teamshinoda @ March 3, 2006, 7:04 AM) Quoted post</div><div class='quotemain'>
Dave is Correct if it would have been built to Shinoda specs with our certifacation it would have been rebuilt like badge number bos-96-003 was totaled but the owner recived 22,000+ for his supercharged level 3 shinoda about 2 years ago.

We work with insurance companies when somthing like this happenes and we also get people upset when they claim they have a boss and it is not but they tell the insurance that it is.
[/b][/quote]

There’s a good story....Back in ’96 this Mustang was built for the SEMA show. Ford Motor Company asked us to build this BOSS along the lines of John’s car without the exotic power plant. Ford for the Mustang provided the Boss graphics. If I’m not mistaken this Mustang was built before you guys were officially established. In the package that went with the car there were photos of Larry taken with the car at SEMA that year in '96, and also in ’97 when the car was used again in our booth. If you recall Cragar also had their White and Blue car on display in ’97 and that was just shortly before Larry’s passing but he did attend the show that year. We tried to have you guys certify the car after your organization began but could never get any replies back to us. I’m not trying to bash Team Shinoda here; you guys do a good job and have some nice cars and an outstanding organization. It is great that someone is caring on the banner of the Shinoda BOSS name. This young man who purchased the car from us has settled with insurance now and we had to get involved to help him out. He received a fair settlement and it was in accordance with the pedigreed history of the car. He purchased the car back from the insurance company. Unfortunately the car was beyond repair and will be destroyed but only after he has removed the still useable pieces.