Any Insurance Agents/Adjusters out there?

Question

I am a lady in my 60's. I am a car person, having Classic Shows Cars for years. So...I take great care of all my cars. They are in A1 condition. I have an '85 Buick Regal that I have been paying full coverage insurance on for 22 yrs. The car is immaculate. Blue book at this point is very low. Under $2,000. I recently hit a tree with the right front of the car and the estimate is $3,200 to fix it. Needs a fender, hood and other items. The insurance company says they will not pay to fix it because the value is lower that the cost to fix it. BULL I told them. I have been paying you for 22 yrs and have FULL ($300 deductible) COVERAGE. What Legal Theory are you using? If I pay you, then you pay me, no matter what the cost is. That is what I pay that premium for every year. My question: How can they do this? It can't be legal! If they won't fix it then they should return all my premiums. right?

to: "fighting saints" Yes, I do have my classics insured with specialty insurance. One car is insured for $100,000, so I know about that. Just angry that they will not pay for the repairs. The car is NOT a total wreck. It can easily be fixed.

Answer 1

I hate to say it but they do not have to repair the vehicle. All they have to do is give you the blue book value of the car. If the repairs are more then the car is worth (blue book value) then it is a write off, and they will give you the blue book value, because it is cheaper to buy a new one then to repair it.

Answer 2

Sorry, but you really do need to read your policy and educate yourself on how collision coverage works. The fact that you have been paying them for 22 years has no bearing on their decision. Your idea that you pay premiums and that no matter how much the damages are they just send you a check is very flawed and has no legal basis.

Also, you won't be getting the premiums back either. You are paying for both liability and collision coverages (plus some others) that provide you with coverage "in case" something happens. If nothing happens there is no refund because the policy has afforded you coverage for all those years if you needed it.

There are not using a legal theory. They are relying on contract law. The insurance policy is a legal contract that you signed, probably without reading the policy. Nobody does. However, the policy states very clearly that the decision to repair or total out a vehicle is at the companies discretion.

In most states, when a vehicle suffers damages in excess of 70% of the Actual Cash Value (ACV) the law says the vehicle must be totaled out. The company has no say in that and in your case if the ACV is under 2k then the damages are much more than 70%.

You might be able to settle the claim as a total loss/owner retained. It would leave with a few bucks and the damaged car. You would have to pay for the repairs out of your own pocket over and above what you get from the settlement.

If you own any classic cars I hope you have them insured with a speciality insurer like Hagerty.

Good Luck

Answer 3

The insurance company will not pay you more than the car is worth. With it being a 1985 it probably don't book well no matter what the car is worth. The problem with your matter is the lack of communication between you and the insurance company. It seems as if you have been with this company for quite some time. However, at no point did you have the knowledge that your car wouldn't get properly fixed because of the low book value. Even though it is obvious that you feel your car is worth much more. However, your insurance company will total your car and should give you the opportunity to buy it back. So if you have 2,000 book value, they will offer you this and sell your car back to you for around $400. The problem with the insurance company declaring the vehicle totaled is your car will become a salvaged title. This will hurt any potential resale value in the future. Also you probably will not be able to get full coverage on this vehicle again.

Answer 4

Unfortunately you can do very little, the insurance company will only pay close to what the bluebook cost is and if the damage is more than that they will call it a total loss and give you what the bluebook or what you can find to replace it. If you can find the same car in the same condition and submit it to them then more than likely they will pay for the vehicle. Problem is finding that car is probably not going to happen. Keep in mind that the insurance company throughout the years probably charged less due to the age of your vehicle than during the same time if it was a newer model. So my suggestion is try to find the same car and submit it to them otherwise you will only get the kelley or nada value out of it. I hoped this help. It also might not be worth filing a claim if your vehicle gets less than 2000 dollars. First off the deductible minus that from the amount of the vehicle and you might be turning in a claim that only pays you 1000 dollars and you still don't have a car. What is worse you have to get another and it will probably be newer so your premium will be higher and unless you have accident forgiveness your premuims will go up 10 to 30 percent. Within a couple of years you will have given back that 1000 in additional premuims and still continue to pay for the accident. I would not turn it in for that little of amount.

Answer 5

You are wrong, wrong, wrong! Insurance is NOT a bank account that you keep your premium dollars in. Insurance indemnifies you for a loss. Just because you never ran over a Rolls Royce that cost your insurance company $150,000 to replace does NOT mean they should pay you anything above the limits of the policy guidelines. There is nothing wrong with their 'legal' theory. It's all there in black and white in your policy that you should have been reading for 22 years. I'm certain your car is a jewl but the fact is it's NOT worth anywhere near $3,200.00. A car is worth what the market says it is. If you expected your premiums back you should have been putting them in a pickel jar under your bed. The other problem is nearly ALL states have a threshold of how much can be spent on repairing a damaged vehicle. My state allows up to 75% of the market value -- anything above that and the vehicle is declared a 'total loss'. Game over -- it's against the law for the insurer to NOT total the vehicle. If you just can't live without your Buick your only recourse is to withdraw the claim and pay to have it repaired. A lawyer will only take more of your money because the insurer is doing nothing wrong.

Answer 6

Read your policy, you will find that the insurance company has the right to " Repair or Replace" They have to do one or the other.

If it can be repaired they have to do it, if it can't be repaired then they can opt for Replace, and that comes under the clause " Like, Kind and Quality" which basically means, they have to pay you the money that it would cost to replace it at todays prices which are the blue book values.

So the only argument you can use is, you want it repaired instead of writing it off. Otherwise you have no leg to stand on persay.

Sorry!

Answer 7

Check your policy. If you have a stated amount or agreed amount policy, you may have a leg to stand on. If it's a standard policy, they only have to pay you up to the blue book value of the car.

Answer 8

my dad and mom have been in a crash and my mum grew to become into as quickly as the passenger they many times had a area on collision one greater reason rigidity which wasnt their fault. my mum offered taken to health facility and appeared at sufficient. a pair of twelve months down the line she grew to become into as quickly as presented £sixteen,000 and my dad the reason rigidity £3,000. If with the aid of way of ur coverage ought to u have authorized cover they may well be waiting to behave so as which you will get greater effective any fees. Your coverage ought to offer an evidence for this to you. You cant merely say appropriate i want 30k and thats that the coverage employer with bypass with the aid of way of the authorized stuff, getting well being care provider of health facility important factors of injuries and various others they are going to lots of the time recent you 10 - 15k if u have or suffering severe whiplash, and your passenger gets some thousand if she is fortunate.

Answer 9

Not a chance kid! They have a legal right to total the car. Is it morally right? No! Is it legally right? Their money and attorneys say it is. Now they will also tell you (and you already know this), you should have added a rider to cover the value of the vintage car.