Can't help you with the insurance question per se but my guess is you are correct that if you didn't carry additional insurance via your own policy then you may have nothing left but a civil suit against the owner over and beyond what his insurance pays.... Assuming he was at fault and I know you said you were t-boned but you didn't specify who was at fault.
Then, ya start your search for a good body
Insurance expertise needed!
He won (as our state requires disclosure of any frame damage at sale time). With carfax etc disclosure requirements may not be an issue.
You discribe an apparent totaled situation. What it will come down to is what you can show the car was worth. Win any shows? Turn down any offers?
Hate to say it but you're likely SOL. You should have grabbed your neck at the time of the accident (try not to jump up and down yelling "I'm rich, I'm rich"). It's the only way to get a fair deal from the insurance industry, the only thing they ever do on time and to the penny is collect their premiums.
Anytime you are dealing with an insurance company you need to make them fear how much the payout will be unless they make you happy. Otherwise they will just deny your claim as a policy matter. I know of one insurance company that had a policy of denying any claim under $2k (no doubt a larger number now), They know it's not worth it to you to hire a lawyer and that they won't pay extra for denying you if and when they lose.
I am sorry but my guess is that unless you have a special policy,which is either expensive or very restrictive as to how much the car can be driven,it will be adjusted for what it books at.
Wah. I figured you would understand having seen it. Even us cheap Chevy guys care about performance.
I'm an insurance agent in Ohio. The purpose of insurance is to put you back in the same financial position that you were in at the time of the accident, no better on worse. Future considerations - collectable values, future race winnings, ect are pure speculation and cannot enter into a settlement.
The other person's insurance company should put the car back into the same condition that it was at the time of the accident.
My son's 87 Camaro Z-28, 32000 original miles was t-boned the only time he took it out last year. the other person's company (Progressive) worked for a month with him to redo the car to it's orignal (at time of accident) condition.
The other company's obligation is to leave you no better or no worse off than you were at the time of the accident. they are not out to screw you. Good luck, I hope that you can be satisfied.
ygm, or will momentarily; talk to my diminished value consultant/assessor.
Bummer. Big time bummer.