Stated Value Insurance?
Does anybody here have "stated value insurance?" I've been hosed on two totals so far and am interested in getting insurance for what *I* think the car is worth, not what some very biased adjuster thinks it's worth.
Good experiences? Bad?
Yep I have it on my '67 Cadillac but that is only because there is no true "book value" for a 42 year old car.
I had to get it appraised on my dime and policy was written around that appraisal. You don't get to establish the value the appraiser does.
When my '92 Sunburst got totaled out from a hailstorm they wouldn't pay what the market value of what other '92 HZs were selling for. Knowing that they would most likely write the car off I brought documentation of what the market value of similar Sunburst were selling for.
The guy just smiled at me and said the book value is $X,000 for a '92 Mita and wouldn't budge. Well under the 6K the car was bought for. He recomended I by the car back and get it fixed on my own. That way there no no salvaged title issued.
But he mistakenly gave me a check for about a grand over his appraised book value (he forgot to deduct the buy-back), and I took it and ran to the bank. About 2 weeks later I get a call from the appraiser and they wanted to see the car again because they realized their mistake. They didn't want the overpayment back, they just wanted to re-appraise the car to cover their. I had already sold the car back to the original owner, but still got beat for a bunch of $$$ since I paid $6k for a $3K book valued car.
So you need to get a appraisal like Mick did if you have a car that has some sort of premium on it. Because they don't give awhat you think its worth. They value cars like they are appliances - special editions like the "HZ" mean nothing to them other than the 100 buck option on the window sticker.
I am in the process of getting just such a policy. It has been a huge pain in the ass. I think I found a company that is actually going to work out. My advice, just wait a week or so and I can tell you which company to go with as I am running the gambit here. Let me be the guinea pig.
Originally Posted by 2K Miata
Exactly. I had two different Sunbursts totaled out from under me (rear-ended) and both times the ins. co. said "it's a 92 Miata, period." I showed them the prices of the only ones available and they were thousands higher. No dice. That's why I'm asking.
I'll be looking for your input, Mr. Example
Me too.
I'm looking into adding extra protection to my policy, myself. The company I'm with doesn't offer stated value policies, but the do offer additional coverage for aftermarket parts/additions. It's mostly intended for audiophiles, and it maxes out at $5,000, but it should be enough for the next year or so. Might be an option for some of you to consider as well if the extra value of your car is mostly tied up in parts.
Oh, well I've got two sevens, and two sevens beats a frush.
You guys give up to easy. As most of you know I do catastrophic adjusting on autos. I have seen offers to our insureds on total loss claims raised as much as $2000 by being persistant and dealing with the facts, not emotions. You have the right to ask the insurance company for comparibles. They HAVE to show you where you can buy a car like yours for what they are offering you for yours. The insurance companies use third party companies to arrive at the value presented to you, the adjuster is just the messenger......Armed with enough accurate information you will get what the car is worth.
... so vfr750 ... how about "diminished value"? How can one get this? I tried last time when someone ran into me. The adjuster thought that I was crazy!
Gabriel
That's only if the value is a result of rarity or collectibility of the car itself.
I spent most of last summer arguing with my (now ex-) insurance company and only got them to come up from $2,700 to $4,000 on my stolen and totaled Integra. At the time, even $4,000 would only get you beat-up cars with faded paint and missing wheelcovers. I had spent $3,800 on a new paint job just two years previously, and my car was virtually flawless inside and out. Not only that, it had all the factory options, alloys, spoiler, etc. Hell, I'd even gone and replaced all the suspension bushings. The car was cosmetically and mechanically in excellent condition.
Did not matter a bit to them. All they saw was the year and the mileage. I repeatedly showed them what $4,000 would buy, and explained to them that my car was in better condition than Integras selling for twice that. I sent them pictures, receipts, records. I even offered to have my service writer send them an affidavit as to the condition of the car (he had wanted to buy it off me pretty badly). They flat-out told me that the condition of the car was irrelevant.
Maybe I could've gotten more had I been able to hold out longer, but after three months without a car I ended up having to accept their offer. That is one reason I drive an NA now instead of a DC.
What did I learn from all this?
1. Liberty Mutual sucks ass.
2. Full coverage is not enough for well-maintained older cars.
3. Miatas are about the cheapest fun cars out there.
Oh, well I've got two sevens, and two sevens beats a frush.
Diminished value is pretty much a steaming shovel full. I don't know if the lawyers or the car dealers thought up that one. I had a customer pull that on me, told me his uncle / brother in law / cousin was a salesman at the Chevy dealer in town. I asked him where the dealer was as I wanted to go look at the discounted cars on there lot with "diminished value"........ so vfr750 ... how about "diminished value"? How can one get this? I tried last time when someone ran into me. The adjuster thought that I was crazy!
If the car has substantial damage (ie not a fender bender). If the car has substantial value. If you have a good lawyer.........you might get something extra for your diminished value.
Georgia is the only state I have worked in that has diminished value as part of the claims process. Haven't worked there in over a year so I don't remember the formula but its based on the estimate and the value of the car. You automatically get another ck for your damage for you DV........guess how much insurance rates are in Georgia?
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