Ron Soave wrote:
>
> > I have the ultimate insurance solution-Hagarty.
I have a little experience with insurance companies and will now
add my .02
Several years ago my 3000 was rear-ended, a local Healey shop estimated
over $7000 to repair the damage and paint up to the front fenders to
match the color correctly. The insurance company of the other party
determined the values of the car to be in the $8500 range. No appraisal
or documentation, they looked at a Hemming's note knowing what they
were talking about. Based on some flaws in my car they offered $7600
to "total" the car. I was able to keep the car for a price of $100.
USing their money and some of mine I had a considerable amount of
work done and was satisfied with the settlement.
Two years ago, the same car had the misfortune of rolling down a hill
at Boyne Mt., Michigan. This time my regular insurance carrier
was responsible for the damages. My comprehensive coverage was used
since the car was parked and rolled in the lake under its own will!
I had "actual cash value" coverage! Using their means they determined
the car to be valued at $8000, and wanted to "total" it based on the
fact that the car was in the water up to the dash for about 2 hours.
Insurance companies apparently don't want to mess with water damage.
I produced the NADA, "Cars of Particular Interest" and "British Car
Magazine" with a range of $14,000 to $24,000 for a mid range quality
car. The result was the insurance company obtained an appraisal, I
obtained an appraisal because the policy had a clause to cover this
if I did not accept their "cash value". The appraisals we $10,000
(insurance) and $21,000 (mine). Thus we then went to arbitration.
My appraiser agree to the arbitrator that they suggested. Neither
their appraiser nor the arbitrator ever saw the car or pictures
before the "incident". I was awarded a settlement of $12,000 from
the arbitrator, "I checked the value of these cars in the UK and
converted to US $". No recourse other than sue the insurance company.
For 15% again I was offered to keep the car and do the repairs. I
accepted since the cost of repair was about what I would receive.
My main issue was the principle involved, next person with a claim
and "actual cash value" might not get enough to repair or replace if
the insurance company gets by paying less than "actual cash value"
I now have classic insurance and am limited in my driving, used to
drive to work daily (3 miles), and drive where ever and when ever I
wanted. Now don't drive to work and hate it.
Whatever insurance one has, they always have you where they want you!
BTW, I am not proud of the fact that I have a car that has been totaled
twice, but the title has NO indication the car was totaled and in each
case the car was repaired to better condition than it was in before the
claim. And my daughter that parked the car on the hill does still
occasionally drive the 3000 and her mother's Bugeye.
Bob
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