True value appraisals

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Michael berger

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Joined
Dec 6, 2017
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Location
Fort Wayne, IN, United States
I need help!
I had (yes past tense) a 2006 rubicon that I had done many upgrades and invested many dollars in. So much that it was stolen last February and has not been recovered. My issue is getting a fair settlement from my insurance company's adjuster. I am $35,000+ invested in and he is only appraising at $12,900. I do want to point out that it does have a rebuilt title, but was completely rebuilt with new parts. I am ok with taking a $6000 deduct for the rebuilt title, but he does not recognize any of the additional improvements. We are no at the point of mediation. Has anyone run into this situation? Does anyone have an Appraiser that reconizes upgrades made to a jeep does increase the value compared to a stripped down version? I offered to except a lower evaluation from my original investment, but he refuses to move off of his.
Any help would be appreciated!
Mike in FW Indiana
 
If you can produce receipts and photos of the improvements that should be enough for them to compromise. Most policies aren’t written to cover improvements. If you have that much into an older vehicle it’d be best to go with a stated value policy.


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With some insurance companies you can get your car/truck appraised with all the bells and whistles you added. I've been asked if my car/truck has any modifications done which will cover you is cases like this.
 
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Yeah, unfortunately, if the policy isn't written to cover all the aftermarket goodies, then they probably aren't going to cover it in a loss. Sorry to hear about your mis-fortunes.
 
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The other thing is that no matter what you want to believe, a branded title severely affects resale value, even if it was repaired right. That's just the cold hard truth that most don't want to come to terms with (which I understand).

While I've never had a vehicle appraised, my understanding was that any good appraiser would include the value of aftermarket accessories as long as you had receipts for them.
 
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I am not sure so sure they are going to cover the aftermarket items unless they were disclosed up front to the insurance company. Otherwise you are asking for additional coverage that was not paid for...ie you were paying on a $13000 Rubicon not a $35,000 one.
 
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This is a very common issue with built Jeeps, and modified vehicles in general. Even with all the receipts and pictures and such you will be very lucky to recover 50% of what you have invested. Even with stock, but rare vehicles the insurance companies are not going to cover your loss fully. Example: Wife had an almost perfect S Class Mercedes that she totaled. Unmodified. (Who's going to hotrod an S Class?) The insurance company could only find three others like it in the US. Two were beaters. They averaged out the three available values and that is what they compensated us for. Same with my '72 Camaro, same with my '73 Chevy Cheyenne Super. You need to go with an expensive, declared value policy, to get anywhere near what you have invested in your Jeep. If you are running with standard insurance you are paying for a standard vehicle. If you drive a modified vehicle you really need to purchase and pay for insurance that is for a modified vehicle. That's the insurance companies point of view, and it makes sense when you look at it from their perspective.

Good luck!
 
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cliffish said:
I am not sure so sure they are going to cover the aftermarket items unless they were disclosed up front to the insurance company. Otherwise you are asking for additional coverage that was not paid for...ie you were paying on a $13000 Rubicon not a $35,000 one.
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Exactly.
 
Actually declared policies on the older cars are cheap....but come with restrictions. My 74 TR6 and my 81 vette only cost me $340/year and that is here in lower NY. I actually tried to put my TJ on the policy as it is my 4th car, and I would have to jump through hoops to get it covered as they know most jeeps are off roaded....especially with mods
 
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cliffish said:
Actually declared policies on the older cars are cheap....but come with restrictions. My 74 TR6 and my 81 vette only cost me $340/year and that is here in lower NY. I actually tried to put my TJ on the policy as it is my 4th car, and I would have to jump through hoops to get it covered as they know most jeeps are off roaded....especially with mods
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Ya, try getting one without all the restrictions... The specialty insurance company that I went to for my Corvette didn't exactly laugh at me (it was my daily driver) but they did let me know that while they would write the policy, it would probably be cheaper to just eat the loss if it occured.
 
I did turn in all the receipts for the upgrades along with photos of the jeep with the upgrades. Unfortunately, my agent went to work with a different company. Was assigned a new agent who never called or contacted me, but instead would just send new policies when they came time to renew. Did not know about a stated value policy until after the incident. Policy reads that we are insured for replacement value. It's just that the appraiser's idea of replacement value is warped. He used 2006 sports for comparison value, then adjusted $6,000+ off for being a retitle. His reasoning for not valuing the upgrades is that only a jeep owner would see the value of the upgrades, but not the general public and asks if you purchased an upgrade for $500 and three years later you take it off would you be able to get the $500 back out of it. My response to his rationalization was: First most people buying jeeps are jeep fanatics that is why they retain their value. The fact that they are easily modified is part of that reason and I keep telling him that if they were able to find my stolen jeep stripped of all the accessories or if I purchased a stripped down model I would have to pay $500 to upgrade the vehicle back to the way it was. This is why it is going to mediation. That is why I am asking if anyone knows of an appraiser that understands the value of upgrades.
My Jeep had a 4" lift kit, new Duratrac tires, high performance calipers, rotors and pads, new nitro shocks, new exhaust with a magaflow muffler, new LED headlights and taillights, New winch, new front and rear bumpers, Hard top, K&N air intake, air badders for towing, electric brake controler for trailer, 3 core radiator, air cooled transmission cooler, LED foglights front and rear, the list goes on and on.

I do appreciate all the responses!
 
My answer to him would also be "I was not looking to sell the jeep for the same value, I was not looking to sell at all, it was stolen. All I want back is the same jeep that was ripped off!" I really do not have many good things to say about insurance companies of any kind.
 
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Michael berger said:
I need help!
I had (yes past tense) a 2006 rubicon that I had done many upgrades and invested many dollars in. So much that it was stolen last February and has not been recovered. My issue is getting a fair settlement from my insurance company's adjuster. I am $35,000+ invested in and he is only appraising at $12,900. I do want to point out that it does have a rebuilt title, but was completely rebuilt with new parts. I am ok with taking a $6000 deduct for the rebuilt title, but he does not recognize any of the additional improvements. We are no at the point of mediation. Has anyone run into this situation? Does anyone have an Appraiser that reconizes upgrades made to a jeep does increase the value compared to a stripped down version? I offered to except a lower evaluation from my original investment, but he refuses to move off of his.
Any help would be appreciated!
Mike in FW Indiana
Click to expand...
You might try negotiating with insurance company you’ll take there payout but remove your upgrades from jeep You could sell or use items on another
 
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