Can I FMV my wrecked NB Miata?

I totaled my NB. Not much left of it:

Prior to the accident, it had a mildly built motor with an old FM turbo kit on it.  It was definitely worth much more than Challenge money.  Now, it's not.

I am trying to make a decision what to do with it. 
 

Option #1 would be to sell it to someone else to build as a Challenge car. I would sell it to a GRMer for less than Challenge money. They'd have to find a body donor.

Option #2 would be to build the same car myself.  I really did enjoy this car, and have a lead for a good tub. I don't have a shop now, and the idea of a project is completely daunting, so I probably won't do it. But it is worth exploring. 
 

Can I FMV the car for Challenge money?
 

Option #3 would be to start building an Exocet! 

Ouch! How is your body?

In reply to wheelsmithy (Joe-with-an-L) :

Not quite as bad as the car, but pretty banged up. 

In reply to SV reX :

Did the airbags deploy?

In reply to Indy - Guy :

Yep

That sucks, man.

I happen to have a rough NA that needs a VIN and title...

Repair well. The fact that you're typing means you're not totally berked. Take care of you. 

In reply to wheelsmithy (Joe-with-an-L) :

Thank you. 
 

I also have a rough NA that has a title, but I'd rather start with a cleaner tub. 

I'm glad that you're better off then the car, but I wish that you were much better off than the car. 

Do you have full coverage on it? If so when they total it whatever the amount they offer you to buy it back for works as the value for me. If you do but choose to not file the claim, I understand as well. I definitely want to see you utilize it as a starting point for a project, as from what I see and from what you've shared about components, it had a lot of the "right bits". 

In reply to Captdownshift (Forum Supporter) :

Nope. Basic insurance only. 

Would one of our insurance guys care to offer an opinion of the buy-back value after totaling it?

I'd be tempted to separate the hardtop from the car before starting the insurance conversation.

And that's totally an Exocet donor.

In reply to Keith Tanner :

The hardtop was cracked in the crash

Exocet

In reply to AngryCorvair (Forum Supporter) :

I hear you. I'd prefer a kit with skin and a roof. 
 

Don't know a good one...

Even a cracked hardtop is worth real money. Heck, that glass window...

Roofs are hard. The Catfish had a skin but it's NLA. You can skin most of an Exocet but they rarely get any better looking - which is saying something :) 

Oooo, Ginetta. You want a Ginetta G40.

In reply to Keith Tanner :

Haha!  You're right!  I do!!

I just want you to pay for it!! Haha!

Still wondering if I can FMV this...

SV reX said:

Still wondering if I can FMV this...

Can you find 3 of similar build in similar condition?  That's the main hurdle, right?

In reply to Mr_Asa :

Similar build?  You mean totaled?

Pretty unlikely. 

In reply to Mr_Asa :

No, I don't think that is the main hurdle. 
 

The main hurdle is that I own it, so I am FMVing to myself. 
 

I could sell it for anything I want to, and some other GRMer would benefit by the Challenge friendly price I would put on it. But I am not sure I can reap the same benefit if I try to FMV to myself. 

This is where the challenge rules become a little tiresome to me... 

If the "don't be a dick" rule is agressively applied I say you tabulate a fair price, because I'd be pulling off at the accident scene to buy it for $300 doesn't mean it's worth $300, because you can't have exactly this deal done and loaded into your garage between 3:45-4:15 in Sunday for $2000 doesn't make it worth more. 

Going fast cheap has always been about doing things your competition can't or won't do. The challenge is in danger of forgetting that and it worries me. 

You're a good dude and I want to see you bring something competitive. Call it $800 no recoup for the top. Let's see a fast Miata powered Miata show up see if it quiets the "stock Miatas should win every event" people. 

$50 off for every installed Yugo body panel

In reply to SV reX :

I mean, there are rules for establishing fmv last I checked. Either you come up with comps, or you produce your value and ask 5 forum members to agree to it. 

I think either method is possible, why wouldn't they be?

SV reX said:

In reply to Mr_Asa :

Similar build?  You mean totaled?

Pretty unlikely. 

So insurance companies don't care about what aftermarket bits are on there, unless there's a previously agreed upon value. They just sent them to auction where they're bid on and sold mostly to recyclers. I inquired about insurance as once it's in totalled condition the bits and value and cost of them really don't matter on that side of the equation after the fact. Totalled out cars with aftermarket bits hit yards all the time, I've scored two MS PNPs out of cars in the yard. Find the value of any totalled NB, as for it being available to anyone, it'd be no different than any other totalled NB insurance buy back offer. 

(Yes I know insurance isn't in play, but it's still a valid method, IMHO at least, as it pertains to evaluation of value in this instance. Would it create a potential loophole? Well I don't think anyone would be foolish enough to build a project vastly over budget then intentionally total it with the intention of getting it FMV at the insurance buy back amount for challenge purposes.) 

In reply to Robbie (Forum Supporter) :

Hmm... you're right. I was mixing up something in my head from some old fmv rules. The calculation is clearer in the current version. 
 

Ok... anyone agree with an fmv of $1000 as it sits?  It's a 22 year old totaled car with 140,000 miles on it.   It's got a lot of goodies on it, but it is still just a smashed up Miata.