>Not defending the insurance industry
here, but your agreement with the insurance company (and I am sure if you
actually read your policy you will find it) is for them to compensate you for
the value of your vehicle at the time of the accident.
That's why when you purchase car insurance for your classic,
you buy Stated Amount insurance. That way, you won't get hassled when your 70
Hurst (or whatever you are driving) is totaled. Most regular insurance
companies won't write this kind of insurance. But specialty insurance companies,
like Hagerty, will.
Ron
----- Original Message -----
Sent: Monday, May 04, 2015 10:42 AM
Subject: Re: [Chrysler300] Re: Wilcox
Hurst
Not defending the insurance industry here, but
your agreement with the insurance company (and I am sure if you actually read
your policy you will find it) is for them to compensate you for the value of
your vehicle at the time of the accident. So if, for example, my 1999
pick-up with over 200,000 miles suffers damage totaling $3,500.00 while it is
only worth $1,500.00, the insurance company is under no obligation to pay any
more that $1,500.00 at which point, having virtually paid for the vehicle, the
insurance company has a right to its possession, and can, in fact, take the
vehicle in exchange for the payment.
That having been said most, if not all, insurance
companies will allow you to purchase the vehicle back for what amounts to very
little money (because they are not in the parts business) but in that
case, many states require that a salvage title be issued, to inform
any future purchasers that the vehicle has sustained more damage that it is
worth. Whether a car is "totaled" is a decision to be made by the
insurer and is, in fact, based on the value of the vehicle at the time, versus
what it would cost to repair it. It doesn't mean that the vehicle cannot
be fixed, only that the cost of fixing it exceeds the accepted value of
the vehicle.
As noted, you can always just have the vehicle
fixed on your own, and avoid the question completely but, if your state
requires a salvage title, if your car is "totaled" you may have a problem in
collecting from the insurance company without accepting that salvage
title.
Pete Fitch
In a message dated 5/4/2015 10:22:22 A.M. Eastern Daylight Time,
Chrysler300-noreply@xxxxxxxxxxxxxxx writes:
I had a friend that had
his Fathers original Pick up. It was wrecked in a collision and was declared
"Totaled " by the Insurance Company. He wanted to keep his fathers
truck, so did not accept the "Totaled" verdict. They said he could by the
vehicle with a Salvage Title from the Insurance. That too he did not accept,
he told them that it was Truck, and would not accept a Salvage Title and
would not accept it was a Total. He stood his ground, and refused to accept
the Insurance Companies evaluation, they (the Insurance Co.) "Totaled"
it because of the cost to fix it was greater than what it was worth. To my
friend it was priceless, it was his fathers truck. He ended up not accepting
the "Salvage" Title, and had the Insurance pay him, "Value" and kept the
original Title, since it was his all along. The moral of this story is, You
don't need to accept the "Totaled" or Salvage Title just because it will
assist in the Insurance Company handling the disposition of your car. Have
them pay what they will pay, keep your clear "Title", and get it repaired!
Anything can be fixed, if you have the strength of will to pursue it. Don't
allow the Insurance to "Salvage" it, they just don't want to fix it. Stand
your ground, it may take a long time, Don't give it up.
Best
Regards,
Stephen A. Noia
1-408-210-4736
cell
On Sunday, May 3, 2015 11:11 AM, "Ray
Jones 1970hurst@xxxxxxxxx [Chrysler300]"
<Chrysler300-noreply@xxxxxxxxxxxxxxx> wrote:
It really depends on how it
was insured.
If Jerry just added it to
his regular car ins., he won't get much, unless he added a rider.
If he had it insured with
Haggerty, they have a guy who is a specialist in finding parts for our old
cars.
They would have it
repaired. I don't think it was anywhere near totaled, only if he didn't have
special Insurance on it.
His regular policy would
say it's too old and offer $maybe 500. and his deductible would eat that
up.
Answer is, Carlton, check
before NOT after an accident! Haggerty, or Roberts, which I had specialize
in old cars and will take care of their customers.
I never
had a claim, but every thing I see about Haggerty indicates they are very
good in making you whole.
Ray
__._,_.___
Posted by: "Ron Waters" <ronbo97@xxxxxxxxxxx>
To send a message to this group, send an email to:
Chrysler300@xxxxxxxxxxxxxxx
To unsubscribe from this group, send an email to bob@xxxxxxxxxxxxx or
go to https://groups.yahoo.com/neo/groups/all/manage/edit
For list server instructions, go to http://www.chrysler300club.com/yahoolist/inst.htm
For archives go to http://www.forwardlook.net/300-archive/search.htm#querylang
![]()
__,_._,___
|
Back to the Home of the Forward Look Network
Archive Sitemap