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 Corolla (and other vehicles) resale values - Please ReadFirst  1 2 >  Last
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beyjer
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526 posts [99%]
San Gabriel Valley Ca

 Corolla (and other vehicles) resale values - Please Read Reply  Edit


As an owner of an older toyota, I know how much time, money and effort we pour into our cars restoring them to like new again. Some of the cars on here have taken years and well over tens of thousands of dollars to get them in the condition they currently are in. With that said, I definitely know we all have this huge fear of all this work going down the drain if the car is stolen and or wrecked, mainly because the insurance company wants to use kelly blue book and pay out $500 - $1500 as a total loss settlement.


On the flip side, i've been working for an insurance company as a property damage adjuster for a few years and I am writing this to help us get paid the fair market value of our cars in case we are put into a crash/stolen situation. Here's how the total loss process works:
-car is stolen/crashed
-value is determined
-estimate written
-estimate is greater than value = total loss

The determination of value these days is completed by finding examples of a like vehicle (body style year/make/model, so for an AE86, you'd be able to use 1984 - 1987, SR5 or GTS), finding an average mileage and options and assign typical values, then compare the crashed/stolen vehicle to the average (example, am/fm radio, or power steering, etc.)


What you want to do if you are put in that situation is as follows:

-document EVERYTHING you do to your vehicle, receipts, maintenance records, tires, oil changes, wheels, motor swap/rebuild, absolutely everythinig, the more records you have, the more serious you'll be taken by the insurance company.

-find examples of like vehicles for sale or vehicles that have been sold for a specific price and show as proof, the insurance company goes by "asking price." i've seen comparable vehicles during cars i've totaled being pulled from craigslist so our site is definitely applicable in this sense.
--For example, insurance company says your vehicle is worth $1000, but you know better than that:
---bone stock GTS/SR5 will sell for anywhere between $1500 (beat up, rust, not running in fact) to $6000 (clean paint/interior).
---Mildly modded GTS/SR5 (suspension, japanese bumpers, paint job, wheels) could easily hit the $6000 - $8000 range.
---Swapped/built motor, rare/baller parts will probably be $6500 - $14000 (i've seen a few going for $15k - $20k but i'm sure there are some that'd sold for higher than that.)

so you pull the data, with links and photos (if posted), show to your adjuster, and explain that the $1500 settlement might buy you a decent shell with some interior intact, but nowhere near the amount of money it'd take to get your car back the way it was, thereby legitimately showing him that you need a larger total loss settlement, or they must fix the car to how it was before the accident/theft. this will give us less salvaged corollas and more happy corolla owners!


This is a great site with loads of information and help. Use this knowledge as a tool to help you get a more accurate settlement. The only thing i'd advise people, especially sellers, is to leave the asking price and details of the sale posted so that we can use that data to help show the true market value of our cars. your'e obviously not going to get back everything you've spent on the car, but it should at least help you get back to where you were before your loss.



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GtsTone23




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3595 posts [99%]
Chicago IllaNoise

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Thanks for the post. Im loving your coupe too, that thing is SICK! I know its sold, I PM'd you about it hahaha.
Peace ~ Tone



"Behind every Successful Man lies a Pack of HATERS,
If they aint Hating Now, They'll be Hating Later"
~GtsTone23~


beyjer
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526 posts [99%]
San Gabriel Valley Ca

 Re: (GtsTone23) » Reply  Edit


Quote, originally posted by GtsTone23 »
Thanks for the post. Im loving your coupe too, that thing is SICK! I know its sold, I PM'd you about it hahaha.
Peace ~ Tone

thanks, actually i had just sold the exhaust, coupe is still very much mine



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ShadowH101
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382 posts [99%]
Orlando FL

 Re: (beyjer) » Reply  Edit


Thanks....I've been dreading this once the Corolla gets on the road...time to make a file w/ receipts......

Thanks alot for the info,

John



"TOYOTA - the one-word summary for my driving infraction record......."
;) :thumbup:

1991 Toyota Celica ST (R.I.P.)
1986 Toyota Corolla GT-S Hatch(Current project/Moneypit/Daily Driver)

touge_g35




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1779 posts [98%]
lancaster ca

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wow!! very informational, thank you for that, too bad there was no way I could reverse the "salvaged" title on my gts coupe that I just picked up=(



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gekishibu86




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1426 posts [99%]
Ca

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


Our cars are so old my insurance(Allstate) won't do full coverage. I was forced to do liability only and it got stolen. I got nothing back. Could you comment on this?
RIX
I'm watching you.



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2183 posts [100%]
BOROgarage

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great write up. im sure people can go off this
beyjer
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526 posts [99%]
San Gabriel Valley Ca

 Re: Corolla (gekishibu86) » Reply  Edit


Quote, originally posted by gekishibu86 »
Our cars are so old my insurance(Allstate) won't do full coverage. I was forced to do liability only and it got stolen. I got nothing back. Could you comment on this?

I have Allstate on my corolla ('85 gts coupe) and have full coverage, did you purchase from an agent or directly from Allstate through the internet? what year was your car? if you used an agent, i'd check out another one...



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gekishibu86




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1426 posts [99%]
Ca

 Re: Corolla (beyjer) » Reply  Edit


Well, it was a misunderstanding on my part. Yes you can have full coverage according to my agent. It has to be checked by an agent to check for damages before it can be fully covered. The stolen AE is an 87 coupe.
RIX
I'm watching you.



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2183 posts [100%]
BOROgarage

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This should be a thread thats always at the top.

what do you guys think?

oldeskewltoy




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13133 posts [99%]
Portland

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stickied.......



Information is POWER... learn the facts!!

http://www.toyodiy.com/parts/ USE it!

I've been wrong before... and at somepoint in time, I'll be wrong again

beyjer
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526 posts [99%]
San Gabriel Valley Ca

 Re: Corolla (gekishibu86) » Reply  Edit


Quote, originally posted by gekishibu86 »
Well, it was a misunderstanding on my part. Yes you can have full coverage according to my agent. It has to be checked by an agent to check for damages before it can be fully covered. The stolen AE is an 87 coupe.

Ya, that's sounds about right. Sorry to hear about your car though, for the next one make sure to follow the above, it's REALLY helpful should anything happen again.



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jackyxiong313


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113 posts [97%]

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Can somebody over price the **** out of an ae92 gts with levin front so i can get some n's for my ride.... plz over price the **** out of it and SELL it to someone. Key word SELL.. Haha.. foreals too.
tymarbry
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519 posts [95%]
Kansas City MO

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


You are awesome thank you for the write up.



--1977 Datsun 280z--
Slang


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605 posts [100%]
Los Angeles CA

 Re: Corolla (tymarbry) » Reply  Edit


Just curious, wouldn't you need to let your insurance company know the market/ restoration value and you have to be paying for the higher insurance rate before the loss or damage occurs?
beyjer
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526 posts [99%]
San Gabriel Valley Ca

 Re: Corolla (Slang) » Reply  Edit


Quote, originally posted by Slang »
Just curious, wouldn't you need to let your insurance company know the market/ restoration value and you have to be paying for the higher insurance rate before the loss or damage occurs?

as far as i know, you do not. we had an agent insure a carrera GT as a regular carrera, the GT owner crashed it and still got paid, i believe it's up to the insurance company to do their homework on values/rates prior to insuring you.



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Slang


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605 posts [100%]
Los Angeles CA

 Re: Corolla (beyjer) » Reply  Edit


Thanks. Good info!
beyjer
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526 posts [99%]
San Gabriel Valley Ca

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keep in mind, if you have a lot of custom parts on your car, it's better to check with your agent/insurance company about potentially adding additional coverage for these items (eg. wheels/motor/suspension etc.)



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xose
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fsafsa

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


great post





slipNslideae86
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133 posts [100%]
Vancouver BC

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


i find it hilarious how the ae86 owners just know this value of the corollas by heart because i was on the dot when i sold my ae86 and am selling for the right price.
i sold my complete OEM under 200k km paint on one fender looked more orange than red and the exterior wasnt perfect which is why i sold for 5500 haha.
Now im selling my panda ae86 under 200k km all mods under 2yrs old for 7500 since its got the panda paint done, trueno bumper, full adjustable suspension, cf hood, strut tower bar and momo seat and steering wheel.




AE86 - because you really don't feel like getting laid any time soon
Stock4AG


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SF Bay Area

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


Kind of want to know if it was totalled is it easy to buy the car back and how much would it be deducted from the settlement?

Definitely want the car back to get the stuff like sway bars LSD back instead of losing everything.

kona
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201 posts [100%]
Rendondo Beach ca

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


Hagerty's
beyjer
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526 posts [99%]
San Gabriel Valley Ca

 Re: Corolla (Stock4AG) » Reply  Edit


Quote, originally posted by Stock4AG »
Kind of want to know if it was totalled is it easy to buy the car back and how much would it be deducted from the settlement?

Definitely want the car back to get the stuff like sway bars LSD back instead of losing everything.

you always have the option of keeping your car, the cost to keep it depends on the insurance company and the salvage quote they get for your car. fairly easy process



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Integi Boy
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High Point NC

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


thank you this is going to help me tremendously my sr5 i was planning on swaping just got wreaked by a drunk driver, it had very clean mint original super white paint, and very clean interior i resotred my self, aswell as a brand new 4ac with 9k on it, and a new weber carb. i really hate it but I dont think i want to spend the money to get it repaired not worth it. i just want to get enough back to buy another nice AE86.

thanks !!!



a slow car makes for a fast driver most of the time :thumbup:
shannon




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2631 posts [98%]

 Re: Corolla (kona) » Reply  Edit


Quote, originally posted by kona »
Hagerty's

i recently got my car insured by hagerty which gives you an agreed value. it's not for everyone though and their rates are great for what you get. i'm paying about $300 a year for 18k in coverage. i will probably bump it up to 25k next year.

being approved is definitely a case by case basis and is entirely up to the agent's discretion for approval. remember, this is specifically a car collector insurance company so if your car is a garage queen and you can prove it, more than likely you'll be insured. i was really surprised they agreed to insure in because 1. it's an import -- technically not a 'classic' to it's domestic counterparts and 2. it's a TOYOTA COROLLA!

restrictions/guidelines
-must have an other daily driver (motorcycles do not count)
-insured car must be in an enclosed/locked garage
-limited to miles driven. you can tell them your average per year and they will adjust the cost
*purpose of vehicle
-obviously not allowed to race/track vehicle

includes other things like free flatbed towing (with the option of upgrading distance) and insurance coverage at car shows.





oldeskewltoy




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13133 posts [99%]
Portland

 Re: Corolla (shannon) » Reply  Edit


Quote, originally posted by shannon »

i recently got my car insured by hagerty which gives you an agreed value. it's not for everyone though and their rates are great for what you get. i'm paying about $300 a year for 18k in coverage. i will probably bump it up to 25k next year.

being approved is definitely a case by case basis and is entirely up to the agent's discretion for approval. remember, this is specifically a car collector insurance company so if your car is a garage queen and you can prove it, more than likely you'll be insured. i was really surprised they agreed to insure in because 1. it's an import -- technically not a 'classic' to it's domestic counterparts and 2. it's a TOYOTA COROLLA!

restrictions/guidelines
-must have an other daily driver (motorcycles do not count)
-insured car must be in an enclosed/locked garage
-limited to miles driven. you can tell them your average per year and they will adjust the cost
*purpose of vehicle
-obviously not allowed to race/track vehicle

includes other things like free flatbed towing (with the option of upgrading distance) and insurance coverage at car shows.


Hmmmmm, when I inquired, I was allowed to take it to track events, as long as they were "events".

The one big negative I encountered.... *IF* you use the car outside of the coverage (for example.... to enjoy the car on occasion to work....) and it gets damaged and if they determine that you were using it outside of the policy parameters... you are NOT covered!

My advice for those who want to consider classic car insurance.... be ABSOLUTELY sure you have a reliable daily... and that when you use you classic, it is used within the policy limitations





Information is POWER... learn the facts!!

http://www.toyodiy.com/parts/ USE it!

I've been wrong before... and at somepoint in time, I'll be wrong again

Nicknack121292
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sun valley ca

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


Thats good to know !! im sellin My
'86 if anyone is interested!
DTM_Dreamworks
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PaloAlto CA

 Re: Corolla (and other vehicles) resale values - Please Read (beyjer) » Reply  Edit


I think it's a very slippery-slope the very least.
As a collector of not only Motorports vehicles but also production going cars
it's hard.

1. Values differ especially depending on the market you are emphasizing on.
A lot of people post cars for 6, 10,000 and I just laugh at them. I am like are you serious? You can't just put a bunch of JDM bling or rare parts on a car and think it automatically increases the value.

There's a big difference between a perfect grade Corolla GTS that is parts correct, factory original with the owners manual and has no accidents or little incident vs a highly modifed creation. Now there are acceptions, if a given vehicle has notoriety like let's say god forbid but Tsuchiya dies and his 86' goes up for sale I mean it's going to have a astronomical value.

I'll be honest, I have seen a lot of cars that are not in sync with the real maket.
Remember what most people think is acceptable and considerd a good build is very different from what a collector is going to expect, some of the cars I have seen on forums in the past or for sale are terrible, and the owners should be ashamed of themself for asking for 10,000 for a car with a cracked dash, and rust and and a bunch of other items and un knowns. So remember the build quality should be top notch. Just because you have a swap does not automatically equate this car is XXXX-amount of currencey.

Notoriety is one thing, but trying to sell a car as a mint machine with zip ties is un acceptable when asking big money. It's rediculious.


2. I highly recommend not suddenly showing droping a huge list on you're agent and adjuster after a incident has taken place. The best thing to do is discuss and confirm the list of modifications that you plan to have completed and to be sure and very clear that the company you are working with is going to cover you.

There have been situations where friends had a incident take place, and a lot of money was invested into a vehicle and the insurence company said, and they went in with a long long list of very extensive documents and reputable firms that did the work and well, insurence company said look were not going to conver this and that and so on because it's for off-road usage and or show me the DOT/CARB approved. To my knowledge, most insurence angencys do not warrenty off road race use only items. It would be a liability they aren't going to put their necks on out the line for.

However it's a slippery slope as I mentioned, some friends have had no problems and the insurence company did not care one way or the other. So it depends, not all insurence companys are the same. I have complete coverage on ever vehicle I own even the ones in my display room. God knows the house or facility burns down.


3. Things to remember :

The condition. Milage, Accidents, History, etc
The Quality of the build or restoration.
The Notoriety if so, then what and does it have solace.
The items, and if so what are they and and the condition and quality.
If there is a swap or modification made, the quality, condition, it's kind of
hard to sell a car that is 110% not streetable. Just because it comes from
Japan does not make it Gold.

I tried to add something as a opposet the the main poster. To create a perspective. Not battling or anything, rather adding a additional perspective.
And trust me totally understand frusteration of owning a car with very elaborate or expensive parts and or restoration. However this does not always reflect the total value of a vehicle.

Good luck-

Djsborlasa
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207 posts [100%]
Stockton ca

 Re: Corolla (slipNslideae86) » Reply  Edit


what grade tint are you using on the panda? cleaannnn



everys days goes to schoos to be da goot boy
kitsune
There is no charge for AWESOME

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3808 posts [100%]
Seattle WA

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LOL

nothing new...

http://hachiroku.net/forums/sh...rance

I have been giving insurance advice since the mid 2000's

Mike

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