My car is a total loss... and to make matters worse my insurance is trying low ball
09-27-2013, 06:28 AM
#41
Teching In
iTrader: (3)
Join Date: Mar 2008
Location: Florida
Posts: 11
Likes: 0
Received 0 Likes
on
0 Posts
I have a somewhat related question. I'm collecting parts for my swap and have about $5000 in used parts I've bought from Craigslist and various forums. If I end up needing receipts for parts for insurance reasons or whatever else am I screwed? I've been thinking about typing up some invoices and sending them out with return stamps asking the sellers to sign and send back. But if the insurance company is going to laugh when I present them I'm not going to waste my time.
If I make it look professional enough and include paypal invoices and/or bank statements I feel it should be legit enough. Any opinions?
If I make it look professional enough and include paypal invoices and/or bank statements I feel it should be legit enough. Any opinions?
09-29-2013, 01:31 PM
#42
Registered User
Join Date: Sep 2013
Location: North Carolina
Posts: 7
Likes: 0
Received 0 Likes
on
0 Posts
Very true.
I've seen this several times and lived it twice. Stay on them, show them the build pictures and a spreadsheet of parts with prices and labor (if applicable).
The main problems I have with "agreed value" policies is three fold:
I understand the insurance companies have their reasons, however I've not seen or heard of a true "drivers" policy for hot rods, low riders or customs. I challenge anyone to start reading the fine print on those policies and you will see exactly what I saw.
Good luck with your battle.
I've seen this several times and lived it twice. Stay on them, show them the build pictures and a spreadsheet of parts with prices and labor (if applicable).
The main problems I have with "agreed value" policies is three fold:
- Some want you to have your car appraised (at your cost) and only cover within x percent of the appraisal value. This means you need an appraiser that understands and respects custom cars (good luck).
- Most (all I reviewed ages ago) have mileage / use limits that won't work for me because I DRIVE my cars - a lot.
- Most people couldn't afford to insure their car(s) for what they were worth (true replacement value) and still have or enjoy them.
I understand the insurance companies have their reasons, however I've not seen or heard of a true "drivers" policy for hot rods, low riders or customs. I challenge anyone to start reading the fine print on those policies and you will see exactly what I saw.
Good luck with your battle.
I believe California has a law that says if you sue your own insurer and prevail, the insurance company pays you all of your attorney fees. Tell your company if they do not pay X, you will find the hardest, most expensive lawyer out there. Here in Florida I just finished repping a guy who had his truck stolen and the insurer made lame excuses so we sued. After two years of litigation they settled for the full value of the truck (not low ball estimates), bad faith damages of $20k for my client not having a vehicle to get to work to pay for the payments and ruining my client'scredit, and the judge made the insurer pay my law firm nearly $100k in fees. They should have just paid the $20k presuit demand.
call your state bar association. Talk to a lawyer.
call your state bar association. Talk to a lawyer.
OP, this exact same thing happened to me, but it was vandalism on a 2k body with $15k of parts wrapped up in it. I had over 10k in receipts, and they most they would do is over me the highest KBB value, which was about $4k (initial offer $1800, which I declined immediately). I had to put $1k out of pocket to finish the repairs. I drove it for another two months paranoid that someone was going to run a stoplight and hit the front of it, doing irreparable mechanical damage to my $10k engine, and I sold it for half of what it was worth.
In the future, declare the value and have it scheduled on your policy, or be willing to buy another shell and swap what you can after buying it back. It's a scary line to be on when the $ is wrapped up in it.
Good luck!
09-29-2013, 01:33 PM
#43
Registered User
Join Date: Sep 2013
Location: North Carolina
Posts: 7
Likes: 0
Received 0 Likes
on
0 Posts
I have a somewhat related question. I'm collecting parts for my swap and have about $5000 in used parts I've bought from Craigslist and various forums. If I end up needing receipts for parts for insurance reasons or whatever else am I screwed? I've been thinking about typing up some invoices and sending them out with return stamps asking the sellers to sign and send back. But if the insurance company is going to laugh when I present them I'm not going to waste my time.
If I make it look professional enough and include paypal invoices and/or bank statements I feel it should be legit enough. Any opinions?
If I make it look professional enough and include paypal invoices and/or bank statements I feel it should be legit enough. Any opinions?
09-30-2013, 02:19 PM
#44
SIKHS5 I am so sorry for what you are going through. I have been following this thread for the past week and I got my fingers crossed that it comes out at least NEAR even for you.
If nothing else, you creating this post and all this input from guys that have been there is an eye opener for all of us. I know I am re-evaluating my insurance options! I appreciate you sharing and best of luck, I am rootin' for you!
If nothing else, you creating this post and all this input from guys that have been there is an eye opener for all of us. I know I am re-evaluating my insurance options! I appreciate you sharing and best of luck, I am rootin' for you!
