Insurance companies make money by paying out less then they bring in,
and of course investing the funds. It seems like everyone who gets in a
wreck has to fight to get fair market value for their old damaged
beauties, as the insurance companies always low ball. It's not like the
owner of one of these old MBs is expecting 20K, only enough that they
can buy something similar as a replacement.
Rob
'85 300D
Garden Grove, CA
==
On 2/26/12 3:03 AM, diesel_mercedes@yahoogroups.com wrote:
> Re: Fair market value for an old diesel
> Posted by: "Bobby Yates Emory"liberty1@gmail.com liberty1_27606
> Date: Sat Feb 25, 2012 11:05 pm ((PST))
>
> Chas or Lawrence,
>
> There is another problem you are leading people into. The collector car
> insurance is only valid for very limited mileage. Many people on this list
> use their cars as daily drivers. If they get the collector car insurance,
> they may be denied if they have a claim.
>
> If anyone decides to get collector car insurance, be sure to be very
> explicit that you drive tens of thousands of miles per year.
>
> MKJ - good luck and keep fighting to get a reasonable settlement.
>
> Bobby
>
> On Sat, Feb 25, 2012 at 4:39 PM, Lawrence Rhodes<primobassoon@sbcglobal.net
>> > wrote:
>> > **
>> >
>> >
>> > 1a. Re: Fair market value for an old diesel
>> > Posted by: "Chas"chasgould@mac.com chasgould
>> > Date: Fri Feb 24, 2012 6:11 am ((PST))
>> >
>> > With all due respect, although frustrating, this is not "another example
>> > of an
>> > insurer trying to rip off a customer". Rather, the customer has chosen to
>> > insure his vehicle only for fair market value as a used car, and not for
>> > an
>> > agreed value or a collector car value. As a result, the insurance premiums
>> > were
>> > based on this lower value risk to the insurer, and the customer never
>> > complained when the premiums were lower.
>> >
>> > Now that he has a valid claim, he is upset that the insurer is ripping HIM
>> > off. If he chose to purchase "agreed value" or collector car insurance,
>> > the
>> > actual cash value would have been established before the contract was
>> > signed,
>> > and before any premiums were charged, and the insurer would have based the
>> > premiums on the increased risk of the higher agreed value.
>> >
>> > The ironic thing here, is that specialty car insurers who write agreed
>> > value or
>> > collector policies, also recognize that collectors drive very few miles
>> > and
>> > take exceptional care of their cars. As a result, these specialty policies
>> > are
>> > usually considerably cheaper than conventional fair market value policies,
>> > and
>> > this should be a lesson to all of us on this list.
>> > Having said all of that, he now needs to embark on a research mission to
>> > find
>> > all favorable values for his car, including NADA and Kelly Blue Book (KBB)
>> > and
>> > Edmonds and Auto Trader. But, he needs to look at the collector car values
>> > on
>> > these sites and not just the used car values. He should also track the
>> > auction
>> > results ofr Basrret Jackson, and all of the other investment car auction
>> > sites.
>> >
>> > He also needs to tell the company that if they can find him a similar
>> > condition car for 4K, he will accept that amount. Otherwise, they need to
>> > pony
>> > up a more fair value for a replacement ride.
>> >
>> > The insurer has programs to show several vehicles for sale at lower values
>> > and
>> > will produce this as evidence. I have requested the copy of this report,
>> > and
>> > have actually called each of the sellers and dealers and found that the
>> > values
>> > are often either false, very old sales, or blatent fabrications. Often the
>> > dealer admits that the transmission had a noise and that the car was
>> > wholesaled
>> > for the low price.
>> >
>> > A diligent search, and advocating on your own behalf will increase the
>> > offer
>> > substantially, but he won't get to the maximaum values. If he is not up to
>> > the
>> > task, he should hire an attorney or professional adjuster who is familiar
>> > with
>> > collector car values. Then he should buy proper "agreed value" insurance
>> > for
>> > future losses.
>> > Chas
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