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
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
--- In Arcane_autos@yahoogroups.com, Lawrence Rhodes <primobassoon@...> wrote:
>
> Below is another sad story and an insurance company trying to rip off a
> customer. Any advice helpful. Not my car. Owners email below or I will
> forward. Lawrence Rhodes......
>
>
>
>
> > 1a. Fair market value for an old diesel
> > Posted by: "mahatmakanejeeves" mahatmakanejeeves@...
> >mahatmakanejeeves
> > Date: Thu Feb 23, 2012 5:17 am ((PST))These are from the Arcane car list
> >
> > Dear all:
> >
> > My insurance company determined my 1991 350SD is totalled following an
> >encounter with a deer. Body damage is limited to the hood, grill, and
>driver's
>
> >side headlight. Airbags are intact. All the assorted heat exchangers were
> >damaged, which is the big cost to repair. As for the deer, well she didn't
> >suffer after the 60 mph impact.
> >
> > The Virginia dealership I towed it to estimates $12K to repair. GEICO says
> >its market value is $4.2K. That seems like a lowball figure to me. The NADA
>
> >website says an "outstanding" example is worth $11K. Mine is a two-owner car
> >with 100% books and records. No deferred maintenance and no amateurs worked
>on
>
> >the car. Paint & interior 100%. I verified from dealer records the PO had
>the
>
> >"excessive oil consumption" repair on the 350 motor and confirmed it with a
> >compression test at purchase 11 years ago. Mileage at time of accident was
> >201K. I think it easily falls in the outstanding category.
> >
> > Anyway, to get to the point, can folks give me pointers on how to better
> >establish FMV on a rare car with an insurance company? When I get to missing
>my
>
> >SD, I have to remind myself it's an inanimate object.
> >
> > Thanks,
> >
> > MKJ
>
__________________________________________________________
Messages in this topic (3)
1b. Re: Fair market value for an old diesel
Posted by: "Roger Vise" Europutt@aol.com
Date: Fri Feb 24, 2012 9:06 am ((PST))
My wife had a wreck in a simalar set of standards.
As I under stand it. The only way to get what a car like yours valued at true
replacement cost .
It must have had an agreed upon value policy before it was involved in the
crash.
Other wise it is just an old MBZ with over 200,000 miles.
We live in a country that still rates cars on a 100,000 mile depration
secdule. Once past that number no matter how old the car is it is valued at
half the top book rate and goes down from that for other considerations.
We got $1500 for a car that cost more than $6000 to come close to replacement.
The car had less that 110,000 on it. It was a `95 Caprice LTZ . Like a loaded
SS with a bench seat. The SS would have paid over $5000 for the same year.
Roger
LLCa
--
Toward freedom,
Bobby Yates Emory
No comments:
Post a Comment