Date: Mon, 3 Aug 2009 06:30:52 -0700
Reply-To: Don Hanson <dhanson928@GMAIL.COM>
Sender: Vanagon Mailing List <vanagon@gerry.vanagon.com>
From: Don Hanson <dhanson928@GMAIL.COM>
Subject: Re: Legendary Tardis-Classic Car insurance for Westies?
In-Reply-To: <ccd73a10908021937o21dec234y5a0f5645fdc448e6@mail.gmail.com>
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"Stated Value" policies aren't at all a sure thing is what my attorney
told me when I was in my last fight with an insurance company for
compensation following a crash incident. Others (the appraisers and
arbitrators involved in my case) who deal with the insurance industry for a
living told me the same thing...semi-off the record, but as it was
explained, it makes good sense and my (somewhat limited) experiences support
this.
What you may think you read in your fine print and/or what your agent
explains to you, in any insurance policy, is all subject to
litigation...Insurance companies exist because of litigation and by
litigation; they have large full time staff and volumes of actuarial (sp?)
tables that compute their (and your) predicted expenses and the chances of
an unfavorable judgment being reached every possible court situation.
According to the experienced insurance industry-related pros that I was
involved with, when "The Numbers" indicate to your insurance company that
paying a claim would be more expensive than 'stone-walling' and taking their
client to court to contest the claim, they will usually chose to 'contest'
the claim.("It's business" after all, they need to make money for their
stockholders...gag, choke ....) This is just what occurred in both my past
insurance episodes..
Most of us 'civilians' aren't prepared to fight a lengthy legal battle
against an experienced and unlimited-funds opponent (insert name of the
insurance company) The insurance company's tables (statistics) that show
them this is so. They'll 'run the numbers' and if , statistically, they see
that paying your claim will (according to the statistical probabilities in
the tables) cost them more than not paying..you will likely have a fight on
your hands to get the "agreed value" you think you contracted for. An
"Agreed Value" policy is just a little easier for the insurance company to
wiggle out of..It doesn't bother the insurance company to deny your claim,
because it's what they do if their "numbers" tell them their profits will be
maximized by so doing...They may start with a silly "Low-Ball" offer..citing
some 'violation' you made to the fine print on your policy...Too many miles,
a faulty brake shoe, skid marks at the accident indicate you were
speeding...whatever...It'll be an attempt to 'make money' for the
company....Just business.
If you do decide to litigate and hire an attorney the attorney will often
advise you that 'arbitration' will be more effective and timely than
actually going into court...but 'Arbitrators' (who you must pay for) make
their living repeatedly deciding cases 'for insurance companies' day in and
day out...They are not likely to decide too heavily in YOUR favor..because
the next time..they won't be 'agreed upon' by that insurance company (no
"agreed-upon=no future work for the arbitrator)...If you do decide to fight
it through to court, you may not see any settlement for a couple of years,
if at all...so most people cave in...Which is exactly what the Insurance
Company's statistical tables and computer programs tell them will
happen...So...
I decided, after a few pretty large financial hits and many years of
paying large premiums, that my insurance has been worth little. I looked
and inquired into 'agreed-value'..'collector car' whatever it's called where
you live..and found that I had no reason to believe it might be more worth
while or more workable than normal insurance. I ran my "Numbers" and
decided to pay only for the legally required minimum insurance. If I lose
value following an accident..so be it...it has always been so in my past
dealings with insurance so I guess I'll just save my premium payments and
use them for attorneys again...
Don Hanson
On Sun, Aug 2, 2009 at 7:37 PM, Roger Whittaker <rogerwhitt1@gmail.com>wrote:
> dear insurance
> it matters a great deal where you are
> in BC, Canada i have 35K$ declared value ... no survey required
> this year i will be telling them my actual use has changed a great deal
> since original policy written
> so i imagine it will go up to about 1100$ a year premium ...
>
> in the states one can only imagine the myriad of different use policies
> available ...
> city use only ...
> state use only ...
> only travel one state outside of home state (this was a restriction in
> Idaho
> with a rental)
> add infinity and beyond ...
>
> and my own opinion is ...
> even if you are exceptionally wealthy ..insurance is a good idea for
> vehicles
> indeed any wealthy people i have known ..have considerable insurance on the
> go all the time
>
> melissa ... get a good third party appraisal of your ride from someone who
> is understanding of the real value of your bus
> ask your insurer to recommend someone who they trust to do third party
> surveys ..
> indeed get two names and get them both to do a survey ...
> yes you will spend a few hundred for the information ...
> but in the end run you will have a real value if the worst happens to your
> van...
> yours
>
>
> On Sun, Aug 2, 2009 at 2:55 PM, Melissa Mourkas <westywoman@mac.com>
> wrote:
>
> > On Aug 2, 2009, at 9:41 AM, Al Knoll wrote:
> >
> >> So if it is a 'guzzler' get a
> >> beater to drive for the most part and reserve your legendary Tardis
> >> for
> >> worthy ventures.
> >>
> >
> > I am sure this has been covered ad nauseum, but since I just
> > purchased an extremely clean 1984 Westfalia, I am worried about
> > insurance value. I apologize in advance, I have been off-list for a
> > year or two in air-head (1981) world. Thoughts about and experience
> > with appraisals and/or "classic car" insurance appreciated.
> >
> > Melissa Mourkas
> > 84 Westy "Honey Bee"
> >
>
>
>
> --
> roger w
> From Proverbs:
> Under three things the earth trembles, under four it cannot bear up: a
> servant who becomes king ...
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