Expert: Bennie719 - 12/15/2007

Question
Not at fault accident, totaled my '68 3/4 ton Chevy p/u. I have had this vehicle for 28 years.  It is/was a work truck and has a hydraulic dump flat bed.  Knowing that it is relatively impossible to find comps on a '68 vehicle, how would I figure the FMV for the truck?  After that, how do I figure the 'add-on' value of the dump bed?  Where do I go to find the salvage cost, if I wanted to buy it back?  The responsible parties ins co has offered a settlement of $1226.13, which includes taxes, etc. I'm having trouble finding a p/u for that price, let alone one with a dump bed.  Is there any other recourse? Or do I just bite the bullet and haul sand in my wife's Honda?  Thank you for you time, and knowledge, it is greatly appreciated.  

Answer
Hi Bob,
The odds are greater than 99% that you will not be able to find a truck like yours.
You need to visit at least 5 used car dealers, preferably ones that carry a lot of trucks.  An experienced dealer can give you a written quote for your vehicle based on his lowest 'willing to sell for' price after you describe the condition, mileage and equipment of your truck.
Sort out the 3 highest and you are now ready to deal with the adverse insurance company.  They already have a half dozen similar quotes from dealers within a 25-50 mile radius.  They have one or two salvage bids for your truck and will willingly give you copies.  This is the amount they will deduct from your settlement if you choose to retain the vehicle.
If your quotes are much higher than theirs, you should be able to negotiate a better settlement.  You need to demand the fair market value of your vehicle, loss of use for the time that you have been without a business vehicle and any documented loss of wages that you have suffered by being without a business vehicle.
If you are unable to reach a fair settlement with the insurance company, then you need to file small claims court action against the owner/driver of the other vehicle.
Texas law allows you to file small claims court action up to $10,000.  When you win in court, the insurance company is required by law to pay you the judgement rendered by the court.
I hope this has been of help, please write again if I can be of more assistance.
Your feedback by rating my answer will be appreciated.
Sincerely,
Bennie
San Francisco Bay Area 12-15-07 6:50 AM PST