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Discussion Starter · #1 ·
My 1st gen is totaled, and my insurance company is lowballing be in the < $1200 range when clearly dealer cars in decent shape are over $5k, so I'm trying to find "comps" or comparable vehicles for sale as proof of value.

It was owned by a mechanical engineer, around 225k, pretty clean, manual with A/C, shifting mod, new trans bearings to eliminate the growling, good tires, grid charger, nice stereo, working IMA, and all maintenance done like cleaning the EGR.

So far, I can only found the following dealer values (not trade-in/private):
Code:
Too low for comparable dealer value:
    $?       JHMZE14752T001506, 180k, TN, CVT, red, No longer available?
    $3000 JHMZE13532T001388, 334k, at very seedy looking lot, ratty looking esp rear bumper, grungy interior
    $3800 JHMZE14795S000143, 227k, MN, similar odo but CVT, NO AC, (Yarmon Ford, Paynesville MN)

Closer to correct:
    $5300 JHMZE13591T001362, 177k, CA, bad gauge cluster, hazed headlights
    $5500 JHMZE13792T001204, 156k, CA , 1 hazed HL
Waiting on replies from Bastions Auto Outlet, Cable Dahmer Kia.
 

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Off the top of my head, in the past few years I have sold a...
75,000 mile car for under $5,000.
69,000 mile car for $4,200
155,000 mile car for $2,600

I'm pretty sure a 225,000 mile car can be found today for under $3,000.

Take a look at what is here on InsightCentral in the For Sale area.

No way a 225,000 mile car would sell for $5,000. Half or a quarter of that more likely.

I see these recent ones on InsightCentral...
135,000 miles asking $2,000 sold
144,000 miles asking $2,500 sold
178,000 miles asking $3,500 included newer premium HV battery and $900 grid charger system. Sold.
95,000 miles asking $3,800 sold
195,000 miles asking $3,5000. Hybrid battery still under warranty. Sold
 

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2002 Monte Carlo Blue CVT
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What State are you in? It may make a big difference. Search my earlier posts. I did at least one or maybe two on insurance claims. I know NJ law cold on this (I am a practicing attorney, although no longer in private practice).

Find out what your State's law on this is, or you will get taken to the cleaners. Never accept the insurer's first offer. It is a negotiating starting point only.

In NJ, in adjusting a total loss an insurer has to give you a check that would allow you to replace the car at dealer retail, including sales tax, at a dealer within 30 miles of where the car is principally garaged. Same make, model, mileage, options, etc., less deductible and salvage value. Ask to see the insurer's comps. It isn't up to you to hunt comps and if dealer retail is the bench mark, you can forget private sales. So think about this: If you have to get a check that will allow you to replace from dealer inventory, and G1 Insights are thin on the ground, the insurer might just throw some cash at you to avoid the headache of having to locate one at a dealership.

If in NJ, private message me. I'll help you out. I hate to see people screwed by insurers.

If your IMA pack was recently replaced and you have warranty coverage left, that should increase value substantially if you have the documentation. Also, think about repurchasing the wreck and parting it out. Don't let the insurer know that up front though. It will affect your salvage value.

Go to the inspection by the appraiser. Point out all improvements - Scott's belly pan, uprated springs, etc.
 

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Discussion Starter · #4 ·
No way a 225,000 mile car would sell for $5,000. Half or a quarter of that more likely.
Then let me know how far you can get the dealer listing one at $7100 to come down. I doubt someone will pay $7k, but $4k and up for a clean comparable one sells pretty quickly from a dealer right now and that's what matters, not how cheap I can pick one up form a forum or Craigslist.

Yeah, Joule, they have something like that here (IL). They pay out if they can't fix it cheaper (and they'll total it, I'm sure). Then if I can't find within a comparable car for that price in a certain time, they have to pay the difference in cash, buy one for me, or negotiate paying the difference.

The problem there is that there simply aren't any on the market right now that are 1:1 comparable, which is why I'm going to end up pricing something out this way. I doubt IMA battery and such will add anything because it's considered maintenance like new tires, but I guess we'll see.
 

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2002 Monte Carlo Blue CVT
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You don't necessarily need a 1:1 comparable. They will adjust the payout for things like mileage differences and options. As far as I am aware, those include CVT vs. manual (if your totaled car is a manual, I would argue a CVT is not comparable given lack of lean burn and resulting mpg discrepancy), a/c, cd player, optional rear speakers. I think that's it. If you added grid charge capability, or an aftermarket cruise control, I'd point it out. I'd remove any OBD II C&C, etc.
 

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Of course, your best course is to take the payout at dealer retail and buy the replacement privately. Pocket the difference or use it for a new 8ah IMA pack.
 

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2005 Honda Insight Automatic
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Why don't you just show them the KBB value? Kelley blue books is how insurance usually rates cars isn't it? The kbb, private party of a really good honda insight is at least 1500 to 4k and there's still the excellent version of the car if you think your car was tip top shape.


The median price is 2.7k of they really wanna just average it out.
 

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Insurance companies do not use KBB. If anything they are more likely to use NADA Black book, but I suspect they use valuation databases (that's why you need to ask to see ALL the comps they base their valuation on). If the insurer uses comps from CCC One valuations (many do), examine the comps closely. My insurer has used them and almost none were valid comps. If any of the comps are dealer ads, call the dealer and make sure the car is still available. If not, I would argue the comp is invalid.

Plus, depending on your State's law, you would probably not be using a private party value, but dealer retail instead.
 

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Please let us know how you ultimately make out here. More insurance companies will be looking to total damaged G1's given their age and potential parts availability issues. It would be useful to have intelligence on their negotiating strategies and sources of comps.
 

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Discussion Starter · #12 ·
...CVT is not comparable given lack of lean burn and resulting mpg discrepancy ...

Insurance companies do not use KBB. ... almost none were valid comps. ... argue the comp is invalid.

Plus, depending on your State's law, you would probably not be using a private party value, but dealer retail instead.
Exactly. That's why I need clean dealer examples. In many states, it doesn't matter if they're $1000 or $10,000 on CL or Facebook if it isn't a valid dealer listing. KBB is usually absurd for anything but a common grocery getter too, so I'm glad it shouldn't be based on that.

I also have a $1500-2000 stereo and sound deadening installation, most of which isn't damaged but I think the high end sub is. We'll see how much they want to include for upgrades/custom parts.

I see a 100k mile one on IC asking $1500
On Facebook a 77,000 mile one asking $3,500
What's IC? It probably won't count for comps, but it might be easier than fixing this one.
 
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