TheSamba.com :: View topic - Experiences with insurance claims on actual value policy

Mon Apr 06, 2015 8:21 am

I was looking into replacing my conventional coverage on my Ghia daily driver with a stated value policy. Grundy is the only company I found that would insure a DD at stated value but the cost is outrageously expensive. Curious about my existing coverage (21st century), I called to try to get info on what they would pay in the event of total loss and all they could tell me is that it would be actual value. The agent said that typically meant depreciated actual cost but said he did not know how his claims dept would handle a 45 year old car. I've since done some research and in California, at least, courts have said "actual value" means "fair market value" unless the policy explicitly says how the value will be determined, as in "based on depreciated value". My policy says simply "actual value". I'm curious what others experiences are in making claims on a conventional "actual value" policy and what advice to make sure "fair market" is actually paid out. At a minimum, I'd assume doing a good job documenting the car's worth with photos, receipts, comparable sales, and with NADA price data, etc. What about an appraisal? Other advice?

Mon Apr 06, 2015 9:11 am

Try calling Barlow insurance in Corona. I use him on both of my cars as well as my brother and a bunch of friends. I have never filed a claim, but there are more options then Grundy.

Mon Apr 06, 2015 7:19 pm

Thanks for the tip. But Barlow says they won't insure daily drivers. Still interested in how to make the best out of conventional policies, or any other recommendations for insurance on daily drivers.

Tue Apr 07, 2015 8:57 am

While I do not work in P&C I have about 25 years of insurance knowledge and can offer some advice.

Getting an appraisal will help your cause. It should document every aspect of the car. The condition of the paint, the interior, etc etc. It should include photos as well. To arrive at a value it should have comparable vehicles which are for sale. This would be important should you have a total loss.

Of course it would need to be updated periodically.

In the alternative you could document the condition of your car with regular photos. Inside & outside. Then maintain a folder of similar cars that are for sale. By maintaining this folder of values you can make a strong argument with the insurance company.

In order to pay you less them will have to produce similar compelling evidence of their valuation method. The more detail you have the stronger your methodology will be.

Tue Apr 07, 2015 10:58 am

akear wrote: Thanks for the tip. But Barlow says they won't insure daily drivers. Still interested in how to make the best out of conventional policies, or any other recommendations for insurance on daily drivers. Oh sorry. That makes sence. Too much risk in So Cal to insure a daily driver. I drive mine a few times a week to work and he said that was ok and weekend cruising and car events, but I haven't tried to file a claim yet.

Tue Apr 07, 2015 11:53 am

I've helped quite a few people over the years getting the proper claims on their cars after an accident. documentation, appraisals help. And showing what the market is for comparable cars, lots of footwork but well worth it in the end when you are prepared to back up your claim.
Be prepared to fight if need be. Don't be intimidated by them. Once they see you are well armed they get easier to deal with.
But hopefully you won't have to worry about it.