Insurance valuation for my totaled S85

[Electroman]

My S85 was totaled last week (more on that later).

Geico has come back with a $45K evaluation for my car with the following specs:

2014 S85
Leather
Tech package with Autopilot
No other options
52K miles on the odo.

I bought it for $64k, 2 years ago with 19k miles on the Odo. Wanted to know if this valuation from Geico is in the ballpark of what you think is a fair number. Appreciate your inputs.

 

[HX_Guy]

What’s Autotrader say?

 

[Electroman]

What’s Autotrader say?

How do I find out? Simply go to Autotrader.com and enter the specs?

 

[b team]

You might want to ask them what vehicles they are relying on to value the car. If they are looking at pre-AP1 2014 vehicles, they are low balling. Even the NADA book fails to distinguish between the AP1 and pre-AP1 2014s, but the former are worth thousands more. In my opinion, $45K sounds slightly low. No harm in pushing back a little.

 

[BLKMDL3]

Ugh. That sucks. Pics please! Id push them, 45 is lowwww.

 

[Electroman]

You are correct and thanks for pointing it out. The two vehicles they compared against do not have AP.

Here is a screen shot of their comparison:

 

[b team]

Let me know how it turns out. I have a 2014 with AP1 and use Geico. If they won't value the claim properly, I need to switch insurers.

 

[cab]

Is yours an S85 or P85... they seem to be showing it (and the comps) as the latter.

 

[Electroman]

Mine is an 'S' and not a 'P'

 

[b team]

Is yours an S85 or P85... they seem to be showing it (and the comps) as the latter.

Mine is non-performance. And sorry about the loss...

 

[cab]

It could be a wash then...if they are overvaluing your car as a "P" version. I would suggest it is worth closer to $50k though. Find more for sale on autotrader to get more comps.

 

[jaguar36]

Seems fairly reasonable to me. Maybe a grand or two low, but not out of the ballpark or anything.
Consider this one Its at $53k, but has 10k less miles, is a CPO, and has the air suspension and Subzero. That easily seems like a $10k difference to me.

 

[b team]

Seems fairly reasonable to me. Maybe a grand or two low, but not out of the ballpark or anything.
Consider this one Its at $53k, but has 10k less miles, is a CPO, and has the air suspension and Subzero. That easily seems like a $10k difference to me.

The insurance company seems to be valuing miles at around 30¢ each, so that seems well short of $10K to me. Also, that price is before tax and any delivery fee.

 

[jaguar36]

The insurance company seems to be valuing miles at around 30¢ each, so that seems well short of $10K to me. Also, that price is before tax and any delivery fee.

Sure, so $3k for miles, $4-5k for CPO, and $2-3k for the options. I could be wrong but I don't think tax or delivery fees are accounted for regardless.

 

[dseapy]

Just bought a 2014 S85, tech pkg, cold weather pkg, air suspension, pano roof, leather, 78k miles for $39k+tax. That said, it doesn't have autopilot (built in March), and from what I have seen ap1 adds a lot of value. I have yet to see AP1 cars going for under $50k, but then again there aren't that many made in 2014. I would say $45k is in the ballpark, maybe a bit low.

 

[demundus]

@mkjayakumar

Ask them to produce recent listings of like-kind vehicles in your area for sale. They should be able to show you between 3-5 Teslas that are for sale in your area for which they based the value off, DO NOT accept valuation websites. This is part of your right to total-loss evaluation.

 

[XxCyberHackerxX]

Just bought a 2014 S85, tech pkg, cold weather pkg, air suspension, pano roof, leather, 78k miles for $39k+tax. That said, it doesn't have autopilot (built in March), and from what I have seen ap1 adds a lot of value. I have yet to see AP1 cars going for under $50k, but then again there aren't that many made in 2014. I would say $45k is in the ballpark, maybe a bit low.

I bought a used 2014 model S for 48k with autopilot but it was through a private sell with high miles.

 

[b team]

Sure, so $3k for miles, $4-5k for CPO, and $2-3k for the options. I could be wrong but I don't think tax or delivery fees are accounted for regardless.

Bottom line is I have never seen an AP1 car of any kind in the 40s unless it has extremely high mileage. For $45k, OP is going to end up in a non-AP car unless he adds $5K+ out of pocket.

 

[croman]

@mkjayakumar -- Sorry to hear about the loss of your beloved car. I think that $45k is low but its not unreasonable. I'd definitely get them to $50k though because AP1 is definitely a driver of value.

 

[Russell]

Don't settle for their valuation, it will be low. You won't be able to buy a comparable S for that price.

Check if Tesla's CPO inventory has a car similar to yours and insist on that price.