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Thread: Electronic organ value

  1. #1
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    Default Electronic organ value

    I repair electronic organs as a (barely) paying hobby so I am considered an expert by some in surrounding counties. An elderly couple's home was damaged by fire and their 1970's organ was slightly charred and covered in soot. Their insurance company wants an estimate to repair or replace it, and they asked me to appraise it. They think that since they paid $1800 for it 30+ years ago, it should still be worth that. However, similar models of the same age and technology are for sale on craigslist for $50 to $300 with a couple "free" and $500+ outliers.

    How should we legally and ethically estimate its value?



  2. #2
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    Quote Originally Posted by smokinleroy View Post
    I repair electronic organs as a (barely) paying hobby so I am considered an expert by some in surrounding counties. An elderly couple's home was damaged by fire and their 1970's organ was slightly charred and covered in soot. Their insurance company wants an estimate to repair or replace it, and they asked me to appraise it. They think that since they paid $1800 for it 30+ years ago, it should still be worth that. However, similar models of the same age and technology are for sale on craigslist for $50 to $300 with a couple "free" and $500+ outliers.

    How should we legally and ethically estimate its value?
    "Legally and ethically" have nothing to do with it.

    It's what the policy covers that counts. Did you read their policy?

    If the owners have Replacement Cost coverage they are entitled to the current cost of an electronic organ of like kind and quality. In other words, a new one that looks like the old one and performs the same or similar functions of the old one.

    The thing about consumer electronics is that the technological advances is likely to result in a similar functioning organ costing only a few hundred dollars and that's all they would get.

    As for appraising the old one, you've already got your appraisal. With an average price of $300 on Craigslist, the value is going to be what you can buy a used one for on Craigslist.

  3. #3
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    Adjusterjack, let me present a slightly different situation. Somone I know had their car (2000 Jeep Wrangler) broken into and the interior console and glove box were damaged and not repairable. The replacement parts from the dealer list for $600 and $300 but the problem is they are discontinued and not available. My friend will either have find suitable custom aftermarket replacements parts or see if someone can locate used parts. In this situation should he be paid on the cost of the list prices or what?

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    Quote Originally Posted by xrac View Post
    Adjusterjack, let me present a slightly different situation. Somone I know had their car (2000 Jeep Wrangler) broken into and the interior console and glove box were damaged and not repairable. The replacement parts from the dealer list for $600 and $300 but the problem is they are discontinued and not available. My friend will either have find suitable custom aftermarket replacements parts or see if someone can locate used parts. In this situation should he be paid on the cost of the list prices or what?
    Depends on the wording of the policy. Auto policies are written differently than homeowners policies.

    But, generally, the policy provisions (using my own as an example) would use the list prices of new parts but could (but might not) depreciate them based on the age of the vehicle and pay him for the equivalent of used parts which are likely to be easily found in wrecking yards.

    If he then bought custom parts at higher prices, he would pay the difference.

    If he found used parts that cost more than estimated he could put in for a supplement once he paid for them and got a receipt.

    Again, what he's actually entitled to depends on the wording of the policy.

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