What to do?

[CAR3NUT]

Yep, I highly doubt the valuations there take into account the loss of 30 roadsters and the recent pricing increases...but in the end, it's a matter of what you want in return for the cost. Very unlikely to be able to replace a car that is a total loss.

I don't see the "cherished salvage" option anywhere, but that would definitely be worthwhile at any valuation to be able to keep the car and perhaps send it to be restored if at all possible at whatever cost...

Just got off the phone with Hagerty to increase the premium on 673 and asked about the "Cherished Salvage" and they quoted me $226.00 for increasing my premium to a valuation of $107,000.00. The BOSS is thinking about it so will let you know what she thinks. As I told her they give you a check for the insured value plus you get to keep the car, she looked at me kinda funny. Like @eHorses posted above a BAT salvaged sold for $135,000.00, amazing these cars are worth so much even salvaged.

 

[im4uttx]

Just got off the phone with Hagerty to increase the premium on 673 and asked about the "Cherished Salvage" and they quoted me $226.00 for increasing my premium to a valuation of $107,000.00. The BOSS is thinking about it so will let you know what she thinks. As I told her they give you a check for the insured value plus you get to keep the car, she looked at me kinda funny. Like @eHorses posted above a BAT salvaged sold for $135,000.00, amazing these cars are worth so much even salvaged.

Obviously salvage value will depend on the condition of the remains, some may be "better" than others. Could have been an under/poorly insured car that was totaled for low value and reclaimed when in actuality, it was possibly worth more than the insurance value. That is one reason it may be in everyone's interest to check their insurance valuation for totaled car.

USAA says they will go by current/recent sales, but that can also mean they may cherry-pick what is used for the comp.

The difference between normal and "cherished salvage" insurance price is going to be a choice for us to make for valuation of a "burned out hull/ashes" cash payment vs. a wrecked/expensive repair totaled car that can be rebuilt and put back on the road.

 

[OakvilleMYP]

Just got off the phone with Hagerty to increase the premium on 673 and asked about the "Cherished Salvage" and they quoted me $226.00 for increasing my premium to a valuation of $107,000.00. The BOSS is thinking about it so will let you know what she thinks. As I told her they give you a check for the insured value plus you get to keep the car, she looked at me kinda funny. Like @eHorses posted above a BAT salvaged sold for $135,000.00, amazing these cars are worth so much even salvaged.

If you look at that BaT auction, that car was supposedly totalled due to the front bumper not being able to be painted to match the rest of the car. It’s all in the comments. So that was a ‘technically’ totalled car. Making the bidders, including the buyer treating it like it was never totalled.
I know the lotus elise is very easy to total in a front end impact due to the aluminum frame, but at a large vehicle valuation, it may be worth while to repair it on a Tesla, where on an Elise it would just be totalled.

 

[IslandRoadster]

USAA says they will go by current/recent sales, but that can also mean they may cherry-pick what is used for the comp.

And "recent sales" may not include private sales. They only can use what's publicly available. They might be missing quite a bit in their "comps."

 

[CAR3NUT]

If you look at that BaT auction, that car was supposedly totalled due to the front bumper not being able to be painted to match the rest of the car. It’s all in the comments. So that was a ‘technically’ totalled car. Making the bidders, including the buyer treating it like it was never totalled.
I know the lotus elise is very easy to total in a front end impact due to the aluminum frame, but at a large vehicle valuation, it may be worth while to repair it on a Tesla, where on an Elise it would just be totalled.

If I couldn't match the paint then I would consider a full wrap which alot of people are doing these days.

 

[OakvilleMYP]

Wrap is good for protecting/preserving the paint as well.
The BaT car was white, so it was repainted red. I think they had original colour and damage puc in the post. Going from memory here.

 

[OakvilleMYP]

Last pic on BaT. This is the original paint they couldn’t match. That is what totalled it.

 

[CAR3NUT]

Last pic on BaT. This is the original paint they couldn’t match. The is what totalled it.

WOW, Medlock would look at this and say I'll have it back to you in a couple of weeks, kidding of course, probably 3 weeks.

 

[Sig72]

If you look at that BaT auction, that car was supposedly totalled due to the front bumper not being able to be painted to match the rest of the car. It’s all in the comments. So that was a ‘technically’ totalled car. Making the bidders, including the buyer treating it like it was never totalled.
I know the lotus elise is very easy to total in a front end impact due to the aluminum frame, but at a large vehicle valuation, it may be worth while to repair it on a Tesla, where on an Elise it would just be totalled.

Yeah, 1458 is a very special car, salvaged for a silly reason that others have mentioned. I’ve seen this Roadster in person and I would absolutely describe it as “concours” condition, title status be damned. It’s stunning. If it was clean title, 1458 may have been able to break the $200k barrier

Signature 38 is the current high water mark for public sales at $182k

I would say the bottom of the Roadster market is about $100k now, especially after the latest Gruber incident. A 2.5 w/ 50k miles sold recently for $82k and I’m kicking myself for not bidding more. It needed $6k in paint/clearbra work, but I would say any sub-$100k Roadster is now a good buy

 

[Gremlin]

Yeah, 1458 is a very special car, salvaged for a silly reason that others have mentioned. I’ve seen this Roadster in person and I would absolutely describe it as “concours” condition, title status be damned. It’s stunning. If it was clean title, 1458 may have been able to break the $200k barrier

Signature 38 is the current high water mark for public sales at $182k

I would say the bottom of the Roadster market is about $100k now, especially after the latest Gruber incident. A 2.5 w/ 50k miles sold recently for $82k and I’m kicking myself for not bidding more. It needed $6k in paint/clearbra work, but I would say any sub-$100k Roadster is now a good buy

My losing out on that bid still a sore spot. The good news is that I saved 15k saved towards new battery pack : P and way lower miles.

 

[hanknum]

I just got off the phone with Geico... asked them about adding my 16yo son to the policy. Currently I have the Roadster on this policy. I asked if they have "agreed value" policies. She said they do, but only for collector cars. I said the Roadster is collectible, but she said it was not old enough. So, I asked what would happen if the Roadster was totaled, how would they determine the value. She said the the adjuster would research KBB, Edmunds, and other sites to determine the value. I told her those sites would not be a true reflection of the value of the car... conversation didn't really go anywhere from there. After I got off the phone, I went to KBB and they did not have the Roadster in their database. I then went to Edmunds and they said a 2008 Roadster in excellent condition was worth about $26k... YIKES!

 

[im4uttx]

I just got off the phone with Geico... asked them about adding my 16yo son to the policy. Currently I have the Roadster on this policy. I asked if they have "agreed value" policies. She said they do, but only for collector cars. I said the Roadster is collectible, but she said it was not old enough. So, I asked what would happen if the Roadster was totaled, how would they determine the value. She said the the adjuster would research KBB, Edmunds, and other sites to determine the value. I told her those sites would not be a true reflection of the value of the car... conversation didn't really go anywhere from there. After I got off the phone, I went to KBB and they did not have the Roadster in their database. I then went to Edmunds and they said a 2008 Roadster in excellent condition was worth about $26k... YIKES!

I guess that is how a paint job can total a roadster...guess I better look harder at Haggerty...

 

[OakvilleMYP]

I just got off the phone with Geico... asked them about adding my 16yo son to the policy. Currently I have the Roadster on this policy. I asked if they have "agreed value" policies. She said they do, but only for collector cars. I said the Roadster is collectible, but she said it was not old enough. So, I asked what would happen if the Roadster was totaled, how would they determine the value. She said the the adjuster would research KBB, Edmunds, and other sites to determine the value. I told her those sites would not be a true reflection of the value of the car... conversation didn't really go anywhere from there. After I got off the phone, I went to KBB and they did not have the Roadster in their database. I then went to Edmunds and they said a 2008 Roadster in excellent condition was worth about $26k... YIKES!

Since those sites don’t have cars currently for sale, they would look at recently sold ones that are logged. Auction sites represent true street values, as opposed to ‘asking price’ by dealers of cars sitting on lots. So in theory you should get full street value at time of loss, but it could also lead to an arguement since there is enough money on the table for them to start quoting the fine print.