I don't want to ride with you...

You've got bad luck!!! <grin>

>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

Ciao!

Chris Mills
Cookeville, Tennessee
ICQ# 5944649