!!Insurance Question!!

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m1949

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I've posted this before, but still need help. I'm having trouble finding any insurance company that will give me coverage for replacement cost for m daily driver, rebuilt/modified 06 Escalade. I've contacted all the Classic/antique car insurers I'm aware of and was turned down. They give various reasons including: 1. Too new, 2. We don't cover SUVs, 3. Not a classic or antique, 4. We don't cover daily driver cars. So far, the regular car insurers I've contacted are all unwilling to do an "agreed value" policy based on an independent appraisal of replacement cost. Do any of you have an "agreed value" policy on your ride? Any suggestions? Help me, please!
 
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S33k3r

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I've heard you can buy a standard rider policy -- like any other Tahoe on the road, then buy additional insurance to cover whatever you want. Expensive, though.
 

LordWayback

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TLDR:AAA covered full market value+ but made the car California unrebuildable and I think they crushed it highly modified 05 scion XA they gave me $8** more for my wheels and tires valued at $1,035 off the shelf and mounted+ more mods




, $1,*** in handling modifications including but not limited to steer kit, coilovers-more it had a full audiophile grade audio system JVC headunit full aftermarket sound staging speakers, amplifier, more, built 1nzfe for the “stock” road rally class forged everything internally still made less power than my stock LM7 LMAO , there was TONS of other little dumb stuff but basically AAA covered me the only thing that pissed me off was
1. Payout time IT TOOK ALMOST 3 MONTHS and I wasn’t working with my stepdad anymore because my back was absolutely destroyed I currently work for a portable toilet delivery and temporary fence company and it kills my back.

2. Amount was $500 lower than agreed upon value when settled

3. Them ruling me at fault for my brakes going out when the mechanic couldn’t figure out what was wrong with my brakes , only one wheel decided to try and stop, front passenger, unrelated but I had my brakes fully done besides rotors and it still had the issue they said it was ABS related but couldn’t find the source there was no ABS light or CEL for module failure.

4. No medical payout when my policy had clearly stated I would receive medical coverage up to 100k to treat ANY injuries I would’ve sue’d them over that because now my back may never heal properly but i believe I accidentally signed a settlement contract which means no more will come about this incident from the insurance company. Everything is on me financially my back still hurts because they failed to front payment for PT because my health insurance said it was “unnecessary” as a 18 year old at the time. It was like 284$? A month. Now I’m at over $300 a month with one accident at my record somehow declared my fault it was one of the few days I wasn’t speeding crazy when I still had that car.
71192831-6D89-4728-9901-A4C836A702DB.jpeg
 

mountie

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Insurance covers what 'coverages' you add to the policy..... Cash value for the loss.
Current value of the vehicle. Any options you have installed not by factory) won't be covered.

if you have personal injury, and they balk at it, ..Claim BAD FAITH..... call a lawyer ?
Or...... what 'issue' is making your coverage problematic ?
 
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m1949

m1949

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Insurance covers what 'coverages' you add to the policy..... Cash value for the loss.
Current value of the vehicle. Any options you have installed not by factory) won't be covered.

if you have personal injury, and they balk at it, ..Claim BAD FAITH..... call a lawyer ?
Or...... what 'issue' is making your coverage problematic ?
The issue is I cannot insure the car for replacement or near replacement cost, even though I am willing to pay a commenserate higher premium. I've found no company willing to insure it as a classic with an agreed upon value; because, either: 1. Its a daily driver (some will insure it as a trailer queen), or 2. It's age and or model (SUV) automatically excludes it as a classic. Neither have I found an insurer who will just do an "agreed value" policy based on replacement cost as determined by an independent appraisal. Some companies allow riders for added features such as upgraded stereos and alarm systems, wheels, etc. But even then, they have a cap. The largest rider cap I've found is 5K. So here's the rub: Insurance companies will only insure it at market value for make, modle, year, mileage and condition; which at best might be about 1/3 of build cost. So even with a $5K upgrade rider I'm still insured for maybe 50% of cost. I can live with that if the car is totaled since I may be able to recoup a good bit by selling all the new parts. But if it's stolen.........
 
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LordWayback

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Insurance covers what 'coverages' you add to the policy..... Cash value for the loss.
Current value of the vehicle. Any options you have installed not by factory) won't be covered.

if you have personal injury, and they balk at it, ..Claim BAD FAITH..... call a lawyer ?
Or...... what 'issue' is making your coverage problematic ?
Yeah just don’t sign settlement paperwork beforehand
 

S33k3r

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Insurance like you describe, if you could get it, is expensive. Why not insure per normal, then double that payment and set it aside. Between the two, you should be able to cover any losses you face.
 

mountie

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Yeah just don’t sign settlement paperwork beforehand
YUP.....

Some companies write settlements in a legalize - confusing way..... to their financial advantage.
I would let a lawyer read it.... That could be 'bad faith'..... Then you have a suit.
( bad faith : Insurers reneging on full coverage as per policy )
AllState was known for this tactic.

I have seen checks from insurers with a fine print on the back " signature releases us from future financial obligations". I have told the insured to tear it up. Get a clean check.

( I was an independent insurance adjuster / investigator for a while )
 
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