Ouch - what a sad story
First off let me say I'm sorry for the trouble you're having to go through.
I'm new here, read about this thread in a different forum (news travels quickly) and felt I would chime in too.
My brother is an adjuster with your insurance company (CSAA - Triple A), formerly based out of the Bay Area (they're now locating all their claims adjusters in CO, NV & UT). I spoke with him at length just now regarding this situation and he let me gave me the following information;
* Based on information provided a claim has been added to your insurance - you will note that your policy number has a two digit number following a dash (e.g. E30481-01) . . . the "01" in the example is how many claims you've had on that policy. You'll note former bills/information have one number lower than they do now (e.g. went from -01 to -02).
* The claim/deductible is appropriate though this is not a collision accident or no fault of your own. Basically, no different then if you were to have someone "key" your car in a parking lot. They are waiving the deductible because they can seek the damage/loss from the dealership's insurance (insurance companies negotiate fault in percentage . . . in this case CSAA will be reimbursed 100% from the dealerships insurance company anyhow so there's no need for a reimbursement . . . of note, if you're ever in an accident with another CSAA member they also waive the deductible).
* For the above reason, it is most beneficial to you to take the dealership's insurance companies settlement if the vehicle is considered "a total loss." Reason for this is to help keep your insurance rates lower (as the dealer suggested). While my brother couldn't answer the question of whether a comprehensive claim would increase your rates he said that it most likely would (he doesn't deal with sales, just claims and he specializes in Bodily Injury & Fraud Claims). He also noted that other insurance companies would see the settlement amount if CSAA paid the claim for up to 5 years (he thinks it may be just 3 but wasn't sure). This could increase your rates if you were to switch as they wouldn't know the details and would require a "no-fault" letter from CSAA (which would be relatively easy to get considering the details).
* Unfortunately, even though you had a special bond with this inanimate object, the car is "worth what its worth to the public." Sentimental value would have to be approached at a civil level, insurance companies do not deal with these intrinsically (sp) values when it comes to vehicles. CSAA uses a 3rd party called "CCC" to give them the actual value of the vehicle (they don't use NADA, KBB or Edmunds). He's told that CCC uses a combination of "book value" and "actual sells in the area for 'similar' vehicles." He's worked in litigation where people have taken CSAA's offers to court. . . in nearly all cases the judge awards less then CSAA's "Final Offer."
* There was a comment about "Trade-in" and Tax. Settlements through CSAA include both Tax and unused License amount. They also take into account modifications if you have the receipts. So, the $17,300 would be increased by your 7.75% (or so) tax and license amount (pro-rated) . . . unless this was already in their offer. As for modifications, they are not dollar for dollar reimbursement. Say you had $8,000 in modifications . . . realistically they don't make your car worth $8,000 more when you go to sell the vehicle. Unfortunately, as noted in the bullet point above, your car is worth what its worth in a fair market.
* Whatever insurance company is making the decision (total loss vs. repairable) usually uses the same rule of thumb. 80% of estimated value in repairs is an automatic salvage (they'll usually try at 70%). In your example of a $17,300 value this would mean repairs have to be under $14,000 (again, assuming the $17,300 does not include tax or license). The reason for this is two fold; They can retrieve more than the remaining 20% in "Salvage Cost" by selling off the vehicle. And, it avoids "future problems" that often come up after repair that can drive the vehicle over the actual value. The other unadvertised reasons are its usually more profitable for the insurance company and alleviates headaches from future call-backs. Most adjusters would just prefer to write a check and close the file.
* And, on that last note, to close a file the insurance company will usually adjust their offer by 5% or so. In other words, if you were to say, make it $18,000 and I'll take it - you'll probably get the $18,000 (again, ensure the $17,300 included tax/license already, if not adjust accordingly). Another point you may want to make is to offer to buy the salvaged vehicle back for its "sentimental attachment" you had to it (yah, they'll know you just want to part it out for more money). Some insurance companies will let you do this. My guess is the dealership will want to do this from their company if you don't (they'll make money off that engine/tranny . . . the engine probably wasn't running at the time and I know I'd love to have it!). You should note that insurance companies do not HAVE to do this, but some will (I forgot to ask if CSAA allows this and my brother didn't answer his phone when I just now called).
Best of luck, keep us posted, I'm curious of what the final result will be. I'm sure Stewart Auto will come out better financially in the short term than you will on this . . . you'll be the one that will have a difficult time finding "an identical vehicle for the same price." Stewarts loss is in increased WC insurance (if there were an injury), increased insurance (for the company who pays you) and potential loss of business. The biggest loser is the insurance company on this . . . I know the argument "that's what they get paid for" and "they make a big profit" . . . but, their profit would have been $17,300 less Salvage higher had this not happened. The insurance company is making the offer, not the dealership. Of note, you can ask the dealership (as many have suggested) to share the pain with you (besides just the cost of the loaner they're giving you and the man-hours spent on this). Maybe, just maybe, they'll give you the opportunity to purchase a vehicle (hopefully a new Vette - but of your choice) at their employee cost (Ford would call that an A plan price) or at least at a "partnership price" (Ford would call that an X Plan price). Both are less than "Invoice" per Edmunds. That would help a lot with your "perceived loss" of $10,000 (note that he didn't have an offer to purchase for more than $17,300).
Hope at least a piece of this was helpful,
Todd
Northern California Car Enthusiast
Edited to fix spelling errors
