True Market Values for 3rd Gens

[00Spork]

Well, the insurance company is telling me that the hail storm last month totaled my rig. They valued my rig at approx. $6,500. :hand:

We all know that's not right. So, now my battle will begin with the total loss department to prove a much higher value. First, it begins with all of the receipts for maintenance and modifications I have done. Check. Next I need to find SOLD prices for similar 3rd gens.

If anyone has sold their own vehicle, or know someone that has, please post up the details of the rig, pictures if possible, and selling price. This includes any and all 3rd gens. If its rusty or rust free, please be sure to mention that.

I'm hoping this thread can also help others down the road. Whether they find themselves in the same situation or just to check what a fair price should be.

The rig in question:
2001 SR5, very clean, rust free.
185K
S/C
Full armor
Led lighting
Winch
Fridge
Wet Okole
Cobra CB
Kenwood Bluetooth receiver
etc. etc.

And I'll let the picture do some talking. Let's just say I have WELL over 10K into this thing in just the last year alone.

My old rig was a 2000 SR5 S/C with about 150K. Almost the same amount of modifications but slightly less than the 2001. Also very clean and rust free.
Sold for: $13,000 cash.

 

[petron5000]

I'd look at eBay and autotrader for the most expensive 3rd gens and send them to them.


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[BrianSD_42]

What insurance company? You can usually appeal.

 

[Chim]

You are going to have to find local ads of overpriced runners. When I dealt with this a year ago they wouldn't consider runners outside my market and they have to be the same year or 1 or two years difference max. Total pain

 

[Denis_Ruso]

I would probably ask for estimates for armor from where you purchased them and send the estimates to the insurance company as well. Should tach on another 2 grand.

 

[Chim]

I would probably ask for estimates for armor and send them to the insurance company as well. Should tach on another 2 grand.

When I fought this they didn't care all that much about price of add-ons. They used OEM prices on stuff and thankfully OEM is not cheap so it was kind of a wash. You can't get that stuff covered unless you have specific insurance covering add-ons. Finding comparable vehicles is your best bet and have receipts showing yours is legit comparable.

Its sucks but I was offered about the same as you and ended up getting 13k.

so FIGHT!!

 

[sn0wrunner]

Drew, I'd be happy to put mine up for sale if it helps you at all. But I'm not actually going to sell it. :bigok:

I'm sure we can find absurd asking prices for 3rd gens, that doesn't seem hard looking at craigslist. But how would you go about finding actual sold prices?

 

[Denis_Ruso]

When I fought this they didn't care all that much about price of add-ons. They used OEM prices on stuff and thankfully OEM is not cheap so it was kind of a wash. You can't get that stuff covered unless you have specific insurance covering add-ons. Finding comparable vehicles is your best bet and have receipts showing yours is legit comparable.

Its sucks but I was offered about the same as you and ended up getting 13k.

so FIGHT!!

Yep you're right. I work for an insurance company, and what insurance companies hate are claims which stay open. Longer they stay open, the more willing they will be to negotiate.

If you have the time, drag it out.

 

[ToyoT4R]

Alternative is to have it declared totaled and they give you the $6500. Buy it back from them at a salvage value and keep it. Hail damage isn't going to keep you from going off-road.

 

[00Spork]

The insurance company is State Auto. So far they're actually really easy to deal with, nice people and all of my other vehicles that they've assessed from the hail have been spot on with their numbers.

I knew the 4Runner would be a problem. I've already got loads of receipts that I'll be furnishing to them. The point that I'm going to try to argue is that if I were to go out and buy one just like it with all of the attached items is significantly greater than what they would be willing to pay me because of the value they've placed on my 4Runner.

Chim, that's exactly what I'm doing and luckily there are some high priced 3rd gens in Colorado right now.

Again, the reason I started the thread is two-fold, one to possibly help my cause finding actual sold prices that can't be argued with, as well as helping people get a good baseline for what others would be willing to pay if they were to sell their rig. Just because my rig has a lot done to it, doesn't mean that the stockers can't participate. This thread is open to any and all 4Runners. Correct me if I'm wrong but this hasn't been done before.

I'll be dragging this claim out as long as possible. The damage is just cosmetic so I could drive this thing for years without caring if it's fixed or not.


Thanks Jeff, get it up for sale! I'll probably buy it from you. :boink:

 

[00Spork]

Alternative is to have it declared totaled and they give you the $6500. Buy it back from them at a salvage value and keep it. Hail damage isn't going to keep you from going off-road.

I've thought about it. Problem with this route is they deduct the $500 (deductible) from the money I'll get back. They will sell it back to me for $3,300. That leaves me with less than 3K to fix the hail and that's just not enough.

 

[sn0wrunner]

That leaves me with less than 2K to fix the hail and that's just not enough.

Almost enough for a long travel kit. Just need to buy coilovers after that. :eyebrows:

 

[19963.4lsr5]

I've thought about it. Problem with this route is they deduct the $500 (deductible) from the money I'll get back. They will sell it back to me for $3,300. That leaves me with less than 2K to fix the hail and that's just not enough.

When my wife got T boned in her 96 SR5 the insurance company (forget name) kept what they considered the salvage fee at something like 2% of value. Then mother in law totaled her 04 Grand Cherokee Limited and State Farm charged a flat fee for salvage

When I put insurance on my clapped out 97 project runner Aggie told me it's worth 5200 in their system with 258,000 miles on the clock.

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[JWaldz]

The higher they value the vehicle, the higher the buy back is going to be.. Be sure to look at it that way as well.

Some auto companies have an aftermarket add-on option that you pay additionally for that in the event of total loss they add extra to the final value pay out. It has a cap though, so you can only get so much back. It's usually no where near the value to compensate a vehicle fully outfitted with aftermarket mods BUT the extra they add on doesn't reflect towards the buy back. Meaning, you're getting more money back and able to buy the vehicle back is if it were completely stock.

If you don't have this option though, it's going to be hard to get an appeal approved for more b/c usually insurance companies don't care about aftermarket items.

 

[ToyoT4R]

Can't you remove a lot of the aftermarket items so those items wouldn't be part of the total value? If they were part of the car's total value you would only get pennies on the dollar of what you paid. Plus hail wouldn't have damaged the armor, winch, etc.

 

[Chim]

The higher they value the vehicle, the higher the buy back is going to be.. Be sure to look at it that way as well.

.

I'm not sure about this as I got 13k for mine AFTER a $300 buy back and that was dealing with the guilty parties Geico insurance! Maybe it was a fluke..

 

[4-Ripcord]

I had a similar situation with a previous car I owned. Some fixable cosmetic damage. The adjuster was telling me that cost to repair was over the value of the car.

I had some back and forth with him on the value of the car (it was a rare color and had other rare options and such) and we settled on a very fair market value.

Once a value was reached, he agreed to settle for 5% under the total value of the car (to keep it from a salvage title) and wrote me a check for that amount.

I then took that check and fixed the car myself with change to spare.





If would do that if I were you, take the check and get a re-gear.

 

[JWaldz]

I'm not sure about this as I got 13k for mine AFTER a $300 buy back and that was dealing with the guilty parties Geico insurance! Maybe it was a fluke..

Well, in most cases it's true.. Especially for a new vehicle. However, I think you got lucky lol

 

[SCRunner12]

You can PM me for my selling price (sold January 2016) and mine was similarly built. I have my build thread in my sig. Don't want to post my selling price as it was sold to a member and he might not want that out there (probably not, but respecting his privacy).

 

[JayRolla]

If you didnt pay the insurance premium to cover the aftermarket parts they wont care about them usually. Thats why they ask you how much worth of aftermarket parts you have when getting insurance.