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Discussion Starter #1
Ok, I get to start talking numbers with the insurance company. For the unfortunate few to loose their car what did the Insurance Company give you and how did they base it? KBB and NADA both "do not know". I feel this will not work in my favor. The definition of my favor is not to be out more than $1500 USD.
 

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In the case of an insurance settlement, the lack of Bullitts on the market should help you. Adjusters base what they offer you on "market value" for the car in the situation of a total loss.

I had a friend who had a '91 5.0 LX Convertible. Somewhat rare. When it got stolen, the adjuster could not find any like vehicles for sale locally to base a settlement on. My friend found and ad in the Auto Trader for a low mileage, modified LX that was asking top dollar. The adjuster gave him what that person was asking for that car. He cleared $6K over what he owed.

Rarity may work in your favor since the Bullitt is so new. Do your homework and don't take the first offer.

Also, if you had done any mods to the car, find your receipts. A good adjuster will give you credit for money spent on the car if it is reasonable. However, be careful. High performance mods can cause you some grief. An added supercharger (for example) that you did not report to your insurance company will most likely not be reimbursed.

<font size=-1>[ This Message was edited by: crs2879 on 2001-12-04 12:18 ]</font>
 

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But there have also been a few sold and for sale. That will also come into consideration. Be carefull how much information you give them;-)...

Take care.

Bud
 

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My point was that adjusters have a lot on their plate (I know, I was one at one time) and want to get the file closed ASAP. They will try to find Bullitts for sale in your area first. I have seen a couple in the $22k range, but have also seen a couple in the $27-$30K range. There is nothing wrong in your doing your own homework and showing the adjuster LEGITIMATE cars for sale at a premium price. Now if you are upside-down on your loan and hope to recoup that $, you're p*ssing in the wind.
 

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After my car was wrecked and then repaired, I filed a diminished value claim. I had to get to estimates of what the car is worth before and after the damage. The insurance company then sent out an appraiser to give his estimate. The insurance company's appraiser told me that my car, had it not been wrecked would be worth what I paid for it which was $25,500. My car has 1650 miles on it right now. He said that according to his information, the new Bullitts that were left on dealer's lots are commanding a premium and because of that a used one is going to hold it's value well. Which is good for me because I'm getting a check for $3500 from State Farm.
 

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justindal,

Thats good news as it sets a precedence for the rest of the BULLITTHEADS with State Farm and might be useable (sp) for other insurance carriers.

_________________
DONWIL - No Mods...




<font size=-1>[ This Message was edited by: donwil on 2001-12-04 17:41 ]</font>
 

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Yeah, luckily one of my friends works for State Farm and told me about diminished value claims. I had no idea what they were. But because the car was new, and might be collectible (although I played it up to the insurance company), he thought I would be able to legitimately file the claim.
 

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Discussion Starter #8
All is well. The market worked for me on this one... and having a very nice adjuster that was having a good christmas must help too... thanks for the info for an experience that nobody should go through...
 

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The insurance company had to get various appraisals from several Ford dealers because the Bullitt is too new to be in any books, so they've decided to give me $26,950 for #169. :grin:

Not bad for a 7 month old car with almost 10,000 miles on it. :smile:
 

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Discussion Starter #10
Well all went well. They do not have any prices on the Bullitt yet. That is because their sources that supply the information "Not enough data to get an estamate". I was just docked .33 a mile.. Only 850 miles... I call it good.
 
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