Damaged my 308 - Total Loss, For Sale - Positive Experience with State Farm | Page 3 | FerrariChat
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Damaged my 308 - Total Loss, For Sale - Positive Experience with State Farm

Discussion in '308/328' started by Mike328, Apr 27, 2004.

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  1. f355spider

    f355spider F1 World Champ
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    May 29, 2001
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    #51 f355spider, Apr 29, 2004
    Michael,
    I went through the SAME thing...with one small difference, I had an "agreed value" policy through Grundy (underwritten by Chubb). Low speed collision, but I insisted (and the Chubb estimator agreed) that the repairs must be done "first class" by the top shop around...well, when the parts prices came in...they bailed and paid me the $37k policy I had....I still lost big, as I had WAY more into the car in upgrades, restoration and maintanence...(it was a very original 15k miles "garage queen" when acquired)...oh well, upgraded to a 328! Good luck my friend..
     
  2. thecarreaper

    thecarreaper F1 World Champ
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    Sep 30, 2003
    17,967
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    #52 thecarreaper, Apr 30, 2004
    i am going into this KNOWING i am going to loose money on the car, but to be honest i dont care, with my skills i feel this can be a R&D exercise for me and i can learn a bunch from this one carb car, i hope to buy several more fcars when possible ,once i have an operating method down. i can then do with fcars what i have been doing with muscle cars, save a few nice ones by cutting up the parts cars. there have been mondails and 400i's for sale for under $5000.00 that ran and drove, would love to get a few of those to play with, perhaps sell stuff to Trutlands since they are so close. can never have too many ferraris, and i have a nice shop with 2 bays and an alarm!!!! cheers to all!!!!
     
  3. wax

    wax Five Time F1 World Champ
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    Jul 20, 2003
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    #53 wax, Apr 30, 2004
    It's pretty well documented what Michael has been looking for + the dowry was pleasing, so there's no question he's the right man to be the caretaker.

    *weeps* I usually don't cry at weddings... *Throws rice* Enjoy the honeymoon, you car-a-zay kids!
     
  4. mk e

    mk e F1 World Champ

    Oct 31, 2003
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    #54 mk e, Apr 30, 2004
    Since it is being totaled for simple cost reasons, not because of hinden unrepairable damage, a salvae title seems like a shame if it is not required. Once it goes on, most states will never let it come off no matter how nice a job he does repairing what sounds like pretty minor damage overall....and the car will always sell about 30% below market price for the rest of it's life. You would be doing "thecarreaper" a huge favor by not titling the car as a salvage, but instead just writing it clearly in the bill of sale you give him.
     
  5. Crawford

    Crawford Formula 3

    Mar 5, 2003
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    #55 Crawford, Apr 30, 2004
    Big congrats Michael !! I'm really excited for you.

    Make sure that car is ready by Roebling Road this October and I'll be getting a ride in your horsey :)

    And I'll also take a pic of YOU crossing the finish line...

    Crawford
     
  6. thecarreaper

    thecarreaper F1 World Champ
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    #56 thecarreaper, Apr 30, 2004
    WAX, CRAWFORD... you guys rock! the damage does seem minor , and i have been wanting a car to "save". MikeP said something to the effect that only 2 78 gts cars were painted that color. the salvage title thing is up to Mike, though it would be MUCH better for me if it did not get the stain of the salvage title. i think the trans is going to take more time and money to fix than the rest of the car..... so be it!!!!! i still have a ferrari in the garage, the GM cars are all going to be outside in the rain!!!!
     
  7. thecarreaper

    thecarreaper F1 World Champ
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    #57 thecarreaper, Apr 30, 2004
    oh yea, ferrari sale...... any of these cars $6000.00 each!!!! not joking!!!
     
  8. Mike328

    Mike328 F1 Rookie

    Oct 19, 2002
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    #58 Mike328, May 1, 2004
    Sweet! Also note that, per information from "our" 308's previous owner before me, he commented only two were made with the metallic Marrone exterior WITH the brown interior (pele di toro or something like that--I have it in an email from the Ferrari Owners site what the exact color is). I've seen this brown before on other cars in pictures--400i's, GT4's, other GTSi's etc.
     
  9. thecarreaper

    thecarreaper F1 World Champ
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    #59 thecarreaper, May 1, 2004
    hi Mike, hope you had a great trip, let us know the details of the new car when you are ready. i will call you when i get off of work today. CHEERS! michael
     
  10. racerdj

    racerdj F1 Veteran
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    Jan 19, 2003
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    #60 racerdj, May 1, 2004
    I'm sorry for your misforune. Thanks for taking the time to post as I'm insurred with State Farm. It sounds like they treated you as you would expect with this kind of car. Good Luck on your search for the replacement.
     
  11. Mike328

    Mike328 F1 Rookie

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    #61 Mike328, May 1, 2004
    Hi RacerDJ,

    I'm not so sure everything would have worked out with State Farm had a taken a passive role and allowed them to bend me over. I was active and firm with them from the beginning, make some clear, strong claims about the condition of the car and had the evidence to back it up.

    In the final analysis, I think what happened was this. Because everything was documented, and my 14 page statement notarized and all that, plus 75 pictures, if this case when to court becase they lowballed me with 22k, they would likely be shown to be settling in Bad Faith. The papers don't lie.

    Let's just say I would venture a guess that there was a $10,000 swing between just sitting there and actually doing something.

    Want my advise? Keep your car original. Keep it clean. Document the hell out of it. And then go get it appraised.

    I've only been through it once, but I'm pretty convinced that if you DON'T have an agreed value policy, then you better be prepared to do what I've done if you want to get back what your car is worth.

    That said, State Farm was receptive and I thought I was treated quite fairly.


    --Mike
     
  12. don_xvi

    don_xvi F1 Rookie

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    #62 don_xvi, May 1, 2004
    This is the 2nd time I've seen reference to you getting this thing notarized. What was that about? I don't understand the significance of the notary, can you explain?
     
  13. Mike328

    Mike328 F1 Rookie

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    #63 Mike328, May 1, 2004
    You know what, I'm not really sure of the significance of the notarization either.

    Psychologically, it shows that I'm serious. It makes the document official. It also formally (not sure about legally, but I think legally, too) "dates" a document. Put another way, it would probably hold up in court.

    It's just another thing I did to show that I was very engaged in the situation; it was part of the whole package. These things are VERY human, almost subjective in some areas it seems (the final settlement amount).
     
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