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Help fight unjust insurance practices! Westy values needed!
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ronnie
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Joined: May 01, 2002
Posts: 1053
Location: lost somewhere between the earth and my home.
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PostPosted: Thu Nov 01, 2007 5:52 pm    Post subject: Reply with quote

Excellent point for this topic Ronnie. I've learnd a couple of things along the way about the different types. I was aware of the difference in the two(from another samba topic) when I started out this time, but In my experience it was next to impossible to get a realistic agreed value policy on an old bus without going through a collector car insurance company. Unfortunantly those don't work so well if you actually intend to use your bus for it's intened purpose due to milage and use restrictions. FWIW all my other insured buses are now on Hagerty since my daily ride is now a Toyota(gasp!) again. I've seen many good reviews about them, and only a couple bad.

From what I've gathered these are some key pieces of information for a stated value policy holder, two of which I had to learn the hard way.

As I understood it, a standard tactic for avoiding full payment is to claim diminished value based on wear and tear. Doesn't stick too well in my case, but it would apply to most claims.

Most importantly, DOCUMENT everything you do and organize your documentation so you know what's what and where it is. This would have saved us many stress filled hours.

Get an appraisal. The insurance company repeatedly brought my lack of a formal appraisal up in my early dealings with them. We didn't have one becuase the only local appraisers we have are hot rod guys who don't have a clue about bus values. One actually hung up on me when I suggested my 57 deluxe was worth 20-25k 3-4 years ago.




Also, I have more info as to what's happening as I hand delivered some of the proof of value samba folks have been sending me. We are only at discovery as it was thought we should be. Christal was confused by the wording in an email or letter that asked for materials in preperation for trial by a certain date, but it was only for discovery. I don't want to do a minute by minute, but I will post the end results to let you all know how it comes out.
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j.pickens
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Joined: December 03, 2002
Posts: 9787
Location: Exit 7, New Jersey
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PostPosted: Thu Nov 01, 2007 9:35 pm    Post subject: Reply with quote

westernair wrote:
BarryL wrote:
splitpile
Quote:
They told me that in a STATED value policy they will go after all recent sales (kind of like replacement).


What if the recent sales are higher than when you stated your policy?


Every year you need to adjust the agreed value with your carrier. Also you only get the agreed value if it is a total loss.
Shawn

Correct, if you don't update your agreed value, and pay the resulting higher premiums, its your own damn fault. The insurance company, by quoting the agreed premium price, and accepting payment, is agreeing that the value of your vehicle is as stated in the policy. In case of damage, they will pay to fix the vehicle up to the agreed value only, and will pay only as much as is necessary to fix any damage.
So, again, it would still be a good idea to get a third party valuation ahead of time, as the determination of the level of restoration is still a grey area, even in an agreed value policy. And you can bet the insuror will pull the same sort of shenanigans to claim any repairs are "good enough" to restore the vehicle to the prior condition.
But agreed value policies are very good for total loss (fire or theft) situations, as you'll get what you paid for.
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