There are 2 types of policies. Agreed value (usually requires an appraisal) and stated value (most common). On stated value policies, the claim is for whatever you said your car is worth or fair market value whichever is less. That little piece at the end is what screwed me. My understanding that my car was covered up to the stated value was in error and I got screwed out of enough money to fix the car. I had a 25 page full color document submitted to my insurance as well as the other guys insurance showing other R/T's for sale and the rarity of the car (1 of 68) backing up my stated value, but none of that came into play because all they used was KBB. Logic and common sense doesn't come into play here as the insurance rules aren't written for us, they are there for the insurance company to make money.
My advice; get your cars appraised with an agreed value and keep lots of pictures.
I appreciate your information. I just talked with the Allstate Claim Adjuster, and she was nothing but helpful.
I told her my concerns about the situation both from the diminished value perspective and one that I felt that any body shop will have a hard time matching 35 year old paint. I told her I was not going to take it to a "regular" body shop and would instead seek out one that has done work on "older" cars.
She told me to take the car to a shop that specializes in classic and antique vehicle restoration, show them the estimate that Allstate gave me for repairs ($700), let them decide the actual cost ("they may have to paint the whole car because they will have a hard time paint matching"), and have them submit the diminished value report based on their expertise.
^ Her suggestion to me.
I am still quite skeptical that all this will work out, and I won't accept any claim until I know I am not going to get the short end.
I'd rather have a dented bumper than a fixed bumper and a tainted history. I think the new owner would prefer a dented bumper over a fixed bumper with an accident on the history UNLESS the price was low enough to offset the diminished value from the accident.
We will see ... I will keep you all updated.