In a message dated 6/28/02 2:51:17 AM Pacific Daylight Time,
andrew.grebneff@STONEBOW.OTAGO.AC.NZ writes:

<< I just wonder about modified vans... SVX engine, Porsche trans &
 brakes, heaps of electronics etc... no way will insurance here pay up
 for these modifications/additions. >>

In the insurance industry in California they cover that with something called
"stated value". You start your policy telling them how much money you think
is worth. As long as it is not too far out of line and you haven't recently
been convicted of insurance fraud or in the process of bankruptcy, just pay
the premium for the coverage and you are done.

When you have a loss and the underwriter calls it a total, you get the
specified dollar amount. I once had a 1954 Oval Window with a 356 Super 90
engine and 4-wheel 356 SC brakes on it. I got exactly $7500 for it in 1978
when some lowlife decided to take it for a joy ride then roll it off a cliff.
The book value of the car was probably about $500. Of course the premium I
was paying was pretty close to what you would pay for a nice Porsche way back
then.

The bottom-line is you are betting the insurance company that you will suffer
a loss. The insurance company is betting that you will not. When a loss
occurs, it is the adjuster's job to try to keep as much of the insurance
company's money. Your job is to try to get as much as you can. Once you know
the rules, it;s all child's play.

In 1986 some drunk driver slammed into the backend of my 911. He did not have
enough coverage to pay for the damage. I turned to my carrier who paid in
full. Then the insurance company sued him to recover. My ex-brother in law
who was driving my car sued him too for personal injury not covered by his
carrier. Ultimately, he ended up having to sell his house to pay everybody
off. He was deemed "judgment proof" by my ex-bro's first lawyer because the
guy was in bankruptcy. Second lawyer found that the guy had more equity than
can be sheltered by BK. He was forced to sell.

One last incident. In 1990, an inattentive driver of a Honda Accord slams
into the backend of my 1982 BMW 528e. He was going 55+mph when he hit me. I
was stopped in commute traffic. The Accord was totaled. My car appeared in
tact except for a kink at the trunk. The repairs were to be $17,500+. Yes, I
went to the BMW for the estimate on purpose. Book value of the vehicle was
about $7000. The carrier offered me that. I insisted on having the vehicle
repaired. They negotiated with BMW to lower the amount to $11,000. Then cut
me a check for that less the salvage value of my car which was $2000. OK so I
get a check for about $9000 and I still had the car. I only paid $6000 for
the car and drove it 50,000 miles while I owned it. I drove another year w/o
fixing it. Then I sold it for $2500.

The moral of the story of this last one is don't settle for less just because
you paid less for the car. Your ability to get the car that price is in
itself a value that you should be compensated for.

OK, I was also working as a licensed insurance agent solicitor with Allstate
Insurance at the time.

BenT
but got paid