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Update on Totalled 90 K5, need advice

Madbomber88

Madbomber88

1/2 ton status
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I am in need of this forum's infinite wisdom.
Well I have now heard from the insurance company and they are only going to give me $1750 for my black and silver 90 K5. I paid $6300 for it only two years ago and it is (was) in better shape now. The entire floor from the front to the front of bed is brand new and rust free. What should I do, buy it back and part it out? The front frame is all bent, and the fenders and bumper are trash. Aside from that, the cab is in great shape, interior is great, all sheetmetal from cab back is mint (doors have slight pinch marks where they met the fenders), power mirrors, engine still runs fine (high miles, but runs like a top and was always strong), tranny is fine, and the axles are fine as well. Do you think there is enough demand out there, New England to take the risk parting it out to do better than $1750? Looking for any and all advice.
Thanks
 
Do your own adjustment on it.
They have to let you do that they have no choice legally.
They are fully aware that at auction your rig will bring in $6-7000. I know cause that was my job for a few years, hauling them for the salvage auction (the guys I worked for) I helped out on auction days alot and the fullsize 4wd if they were rebuildable brought in big money. The guy that buys it most likely has a frame laying around and will build it and sell it for about as much as you paid for it.

First they are way undervaluing your rig. Find a higher average for retail of a rig in the same condition as yours was, in the same geographic area. Prove that it's worth a lot more than they claim. Thats not too hard to do, I used autotrader to prove my rig was worth more than the 2K they claimed it was. You are also legally allowed to figure in major repairs to the value of your rig, ie major rust repair, engine or driveline replacement, as long as you have reciepts to prove the work was done.

Then find the parts for you rig however you have to, and get the prices in writting so they can be verified. And then figure in most of your own labor rather than shops. If you do it this way you can get the cost of repairs below the value of the truck and avoid it being totalled. If you do it right they will cut you a very nice check.

If all you really need is a frame I'm sure that can be located without a lot of trouble, you just have to be willing to do the labor yourself or have friends do it really cheap.

I did the same thing a few years ago with my '87 Burb and finally got the insurance to cut me a check for around $5000, I put a new body and rear end into it, figured painting and a few other things through Macco but never did those because the money was better spent in other areas. /forums/images/graemlins/thumb.gif

Good Luck, and keep very detailed records on this!
 
Tuff situation man... Sounds like it is a very nice clean truck. Can you get it fixed or is it "totalled" beyond actual repair? I hate insurance companies just for reasons like this. /forums/images/graemlins/mad.gif

well you could probably get...
500 to maybe 800 or 900 for the good 700/241 combo
30 spline 10B, posi? 3.73's? if so maybe 300 to 500 bucks.
300 to 500 for the 350
couple hundred maybe for the tbi setup.
good windows, couple hundred after for all sold.
good interior with power everything, I know if I were near you I would give you a decent chunk for your door panels, steering wheel, good dash, seats, etc. /forums/images/graemlins/thumb.gif

I'm going to say you might get around 2K maybe more maybe less depending on the market in your area for used parts and condition of the parts.

I feel terrible for you man. /forums/images/graemlins/frown.gif /forums/images/graemlins/frown.gif /forums/images/graemlins/frown.gif
 
I'm with skratch on this. As long as you don't need the vehicle to drive, do NOT accept their offer, you do NOT have to. They know though, that most peole just want to get it over with (because most people have to replace the vehicle ASAP) so they are betting you will be the same.
 
As far as I can understand, the frame is crap right? Just get another frame and do a full swap and just get a new front clip. If you have the time and means of course. I wrecked my 89 Christmas eve 2002 and totalled it, like you, the front end of the frame was badly bent and I shopped around and found a 84 k5 that was all torn up and I just swapped all the good stuff from my 89 and parted out the rest and I came up even pretty much, it just took time..
 
I'll pipe in on this one, When we got in an accident (other guy's fault) both insurance companies offered about the same amount which was about half of what I thought it was worth. The other guy's insurance even tried to tell me that I was partially at fault because I was "on the road" that day!!
Anyway I called the adjuster and told them all about the vehicle and talked them up to within $300 of what I thought it was worth. I would start checking out ebay and local ads for valuation of trucks in the same condition, I paid $6200 for a rust-free '91 last year. If you don't need the money right now -- fight for it, don't let the idiots win!!
 
I totaled out a cherry IROCZ and bought it back from the insurance company for only $250 bucks. I got more than my moneys worth out of it. If you have the room and the time, I would buy it back.
Good luck.
 
By the way, I suggest checking your state law regarding your rights in regards to this situation. It is pretty tricky, and varies among states, but I would *imagine* there is some sort of wording in there that you should get what the vehicle was worth BEFORE the accident.

Even if you buy it back, you are getting screwed. If it was worth, for instance, $4000 before total, and they give you $1600, and you buy it back for $400, and make $2000 off of parting it out, you've still lost. You should get the value of the truck back, THEN have the option of buying it back if you want to part it.

It is still your vehicle, don't let them tell you otherwise. Until you sign the insurance settlement, they do not own it, although most make it appear that way.
 
man insurance companys will screw you every time i had a rig totaled that i put almost ten grand and years of hard labor into and they told me it was worth 1200 dollares because it was a 77 chevy truck i had to fight them tooth and nail for six months about it before i finally 4500 out of it and i was still pissed as hell i had reciepts for about half the parts and the alesxs alone were work 3k so the moral of the story is fight them as much as you can find some rigs similar to yours and show them how much they are selling for and use that for all you can and try to come up with all the reciepts you can.
Rick
 
Here is some advice that might help you out. I have State Farm and I had a custom built car that got totalled when my wife rear ended me. Yes I know that is funny. Totalled one car and did over $3500 damage to my S-10 Jimmy. Anyway, the insurance company didn't want to give me $1500 for the car. I had over $10,000 in reciepts and told them I wanted someone that knows about custom cars come out and give a price of what the car would of been worth before the accident. After a couple of Months fighting with them, they did do it. The guy came out and asked me what I wanted out of the car. I told him $8,000 since I had been driving the car for 3 years after building it. He told the insurance company it was worth $8200. I gave him $200 for comming out and got my $8,000 I wanted. This might now work or help you out with your problem, but it might. Good luck.
 
Here is some advice that might help you out. I have State Farm and I had a custom built car that got totalled when my wife rear ended me. Yes I know that is funny. Totalled one car and did over $3500 damage to my S-10 Jimmy. Anyway, the insurance company didn't want to give me $1500 for the car. I had over $10,000 in reciepts and told them I wanted someone that knows about custom cars come out and give a price of what the car would of been worth before the accident. After a couple of Months fighting with them, they did do it. The guy came out and asked me what I wanted out of the car. I told him $8,000 since I had been driving the car for 3 years after building it. He told the insurance company it was worth $8200. I gave him $200 for comming out and got my $8,000 I wanted. This might now work or help you out with your problem, but it might. Good luck.
 
My mon is a insurance agent and I work part time for her when I find time...Ok you say the insurence company???who's THE..is that your company or a nother party's...If it was your company are you 100% at fault, did you consult with your agent about the value of the vehical before singing the policy...And do you run full coverage on your k5...

I don't want to be the negitive one, but someone got to ask ...No affence.....there is nothing worse then a totaled K5...it can't get any worse...if it were my wife my K5 my house it would all be a close count... /forums/images/graemlins/k5.gif
 
You bring up good points.

I think most of us just assumed full coverage and not his fault.
 
Good question. It is my insurance company (USAA through the military). My girlfriend was driving, I was at home at the time, roads were snow and ice covered, and there was thick fog that night. I am 100% sure the weather was a factor but I am also sure my girlfriend was going faster than she should have been. I have full coverage on it.
 
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