Anyone ever fight an Insurance company for the replacement value of your Viper ??

[JH23JOB]

Anyone ever fight an Insurance company for the replacement value of your Viper ??

This question has come up because I'm switching insurance companies as of Oct 1st. My agent informed me that the Kelly Blue book on my '96 GTS in Excellent condition and 25,ooo miles is $39,380, and that's what they're going to insure it for. When I informed my agent that there's NO WAY I could ever replace it at that price, she told me that you can always fight the insurance company for a higher value when the time comes..........

Is this B.S., or is that possible to do ???

 

[Eddie N]

i would definitely recommend getting the value in wriitng NOW before god forbid anything happens and you get screwed in the end.. i have a feeling she was just feeding you a line just to get you off the phone/out of the office..

it shouldnt be hard to prove what the car is really worth.. just print out a few classified ads..

i am sure some other other guys can break the issue down even further..

- eddie -

 

[Leaf001]

It may be BS...When I wrecked my first Viper, my insurance company gave me MARKET Value of the vehicle. Basically, they went out and found several cars of the same year and milage/condition and gave me the average price. It seems to be a much fairer method.

 

[Steve-Indy]

Try "agreed upon" value wording in your policy ...the agent and I agree on the value each year and that IS the value of total loss...as in CONTRACT...period. If you think YOUR Viper is worth more, then they will gladly "allow" you to pay THAT premium...within reason, of course. I find this type of arrangement open and fair. If you cannot get your company to go this or similar route...ditch them. Try Fireman's Fund, Chubb, etc.

 

[Tiepilot]

The PCA (Porsche Club of America) has as a VERY good document created on this very topic. I do not have the address on the web but you will be screwed and your fighting the insurance company will be fruitless. I can remember that they had a big point after you DOCUMENT your car with photos and independant appraisals by Viper Experts such as in their case a Club expert.

The catch that they expounded on was that the insurance company insured your car and NOT an average car. They cited the VIN number that is on the policy and built upon the fact that the insurance company insured that "particular" car (your VIN).
I went through this because of a 930 Slant Nose.

Hope this helps
Chuck

 

[grayman]

Go with agreed value, no doubt. I am in the car business and believe me, many insurance companies will try to lowball you on a total loss and leave it up to you to fight out any differences with them. THEM being the arbitrators of course. Forget it. Get an agreed value policy. It may cost you a $100 more or so every year but worth the piece of mind IMHO. That way, should your precious snake be totalled or stolen not recovered, or damage usually exceeding 70% of fair market, you get a check for the agreed value no ???? asked. Many companies simply do not offer agreed value...ie state farm, nationwide, etc.... Go with a specialty company, Chubb, Firemans, CNA, etc. They will write you usually with the following requirements, 1) No prior accident / points record 2) Coverage under other vehicles as daily drivers with another provider 3) Mileage limits

Not all of these may be pertinent. Check around.

PS. Make sure whoever you choose covers theft loss as well

 

[PETSN8K]

Last week while at the dealership for the recall work, my Viper was wrecked. The car suffered frame damage and was estimated at over $40,000 to repair. I've been assured the car will be a total loss ( I definitely do not want it back) but now I'm waiting to see what kind of settlement the dealership's insurance is going to offer. Tomorrow is D-day and I'm hoping there will be no disagreements. Only time will tell.

 

[jimandela]

pc1663,
sorry to hear about your car.
the dealership wrecked it?
then you should get everything you want and then some!!!
bastages!

 

[venmous]

Agreed that the only way to go is to get a garaunteed (sp?) minimum value on your policy and pay the premium. Ultimately, the insurance company is going to mitigate their loss; in other words, they are going to pay you the least amount of $$ that they can get away with. I paid more for my car than blue book due to the low miles. Either way I would have got a "gauranteed pay-off" if totaled on my car. As mentioned, it doesn't affect your premium much and is very much worth the peace of mind.

In short, when you switch companies, just make sure you have a minimum pay-off if you total your car; they may end up dropping you as a result, but they will not be able to "mitigate" their loss if you demand a minimum up front.

 

[Tiepilot]

pc1663,
Jim is on the mark, don't let that Dealer lowball you. They owe you period. The problem they have is that they caused the loss. Lawyers can come into play here and they will loose, if they decide to be diffcult.

Good Luck...

 

[Bonkers]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by grayman:
Go with a specialty company, Chubb, Firemans, CNA, etc. They will write you usually with the following requirements, 1) No prior accident / points record 2) Coverage under other vehicles as daily drivers with another provider 3) Mileage limits..<HR></BLOCKQUOTE>

So does anyone know where to get set coverage if you do have accidents and high points on your record?