!!Insurance Question!!

[m1949]

Given the apparent lack of a suitable insurance policy my plan is to not get collision coverage. If almost any damage occurs from a crash and I have collision coverage the insurer will likely total the car. Then I would be forced to negotiate a settlement to keep possession. Frankly, its not worth the added premium cost, then time spent and the hassel to get a few dollars from negotiating a settlement to keep the car. If the car is ever totaled I think I can recover some of my investment by selling parts. It has many new and rebuilt parts that could bring decent prices. With due precaution I will take my chances with theft. I am installing an anti-theft/alarm system and will take other measures to discourage would be thieves.

 

[LordWayback]

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 )

AAA did it to me just different

 

[LordWayback]

Given the apparent lack of a suitable insurance policy my plan is to not get collision coverage. If almost any damage occurs from a crash and I have collision coverage the insurer will likely total the car. Then I would be forced to negotiate a settlement to keep possession. Frankly, its not worth the hassel to get a few dollars from collision. If the car is ever totaled I think I can recover some of my investment by selling many parts. It has many new and rebuilt parts that could bring decent prices. With due precautions I will take my chance with theft. I am installing an anti-theft/alarm system and will take other measures to discourage would be thieves.

Wheel locks are great if you don’t lose the key tool it’ll discourage “being detroited”

 

[LordWayback]

“Being detroited” people steal your wheels and put your car on blocks.

 

[Doubeleive]

thought that was called gap insurance? (maybe that's only if you have a loan on it)
gotta be a way around this, put a lien holder on it and tell them you owe XXXXX for it?
at least regular full coverage is worth something, typically the only "extra" value you get above whatever it is worth bluebook is whatever drivetrain related work has been performed on it in the last 12 months (with receipts for said work)
so say they determine is is worth $4500.00 and you had $2000 in engine work done, then they add that value so $6500 but that only applies for the last 12 months

 

[mountie]

I think , if you have a truck, and you purchase a nice fiberglass shell, you can request additional coverage. You add to your premium a few dollars.. I don't think improving the engine can.
You used to be able to determine the current value of a damaged vehicle in 2 ways....
Blue Book and/or private used car sale adds. Then use the average price.
( But I have no clue, now days if you can negotiate $ )

Medical coverage should be constant with what your coverage amounts are.

 

[RST Dana]

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 )

My son had a total loss on his 16 Hyundai Genesis Ultimate coupe because of road debris causing oil loss during a late night storm. No engines or rebuilt parts available. Allstate actually paid him $3k more than he paid for ride 18 months ago. It had 29k miles on it when they totaled it.

 

[mountie]

Insurance offices are independently owned & operated..... As it goes.....
Some offices aren't as good as others.... most are good people.
Very helpful when one person is a 'car guy'.....

 

[ivin74]

Given the apparent lack of a suitable insurance policy my plan is to not get collision coverage. If almost any damage occurs from a crash and I have collision coverage the insurer will likely total the car. Then I would be forced to negotiate a settlement to keep possession. Frankly, its not worth the added premium cost, then time spent and the hassel to get a few dollars from negotiating a settlement to keep the car. If the car is ever totaled I think I can recover some of my investment by selling parts. It has many new and rebuilt parts that could bring decent prices. With due precaution I will take my chances with theft. I am installing an anti-theft/alarm system and will take other measures to discourage would be thieves.

I have had good success from getting my vehicles stolen with a kill switch and removing the guts from the door handles. On one of my trucks thiefs broke a window and got in the truck and damaged the steering column but over all could not take it. With that said you will still have damage that will cost you money and time to repair.