Re: [Chrysler300] Wilcox Hurst

Well actually not quite, and this is where you can run into a huge surprise when you file a claim for extensive damage to your collector car. There is a very critical, and sometimes not well understood, difference between a "Stated Value" policy and an "Agreed Value" policy.

When you purchase a "Stated Value" value policy, the insurance company temporarily accepts your judgment and your statement that your car actually has a collector market sale value as you have determined. The premiums you pay will be based on that amount, but in the event of extensive damage to your car, the value as stated by you will bear no weight. The adjuster may physically look at your car and rightfully demonstrate that the true market value before the accidental damage was actually less than your stated value. E.g. - You may state to the insurance company that your '70 Hurst is a one-off factory hemi worth $50K. They may believe you and charge you premiums based on that. But if you pile it up, they may come out to see what's left of it, and find it to be a rusted hulk of a plain jane not worth over $5K. You were exaggerating its worth. If your damage estimate then comes to more than $5K for repairs, $5K is what they will cut you a check for to close their obligation.

On the other hand, if you purchase an " Agreed Value" policy, the insurance company will go to any extent it desires before setting that value to ascertain that your car and its condition truly justify the figure chosen. You will need to submit photos and any other documentation they ask for, and perhaps even have it looked over by their agent. Once they "agree" with you on this value, your premiums will reflect it, and if damage occurs, they will pay up to the agreed value amount.

The bottom line is that a stated value policy means little when you need it the most. The only way to make sure you are correctly covered is to have the car's value vetted before hand, and have the policy written up on an agreed value basis.

Keith Boonstra

On Mon, May 4, 2015 at 11:09 AM, 'Ron Waters' ronbo97@xxxxxxxxxxx [Chrysler300] <Chrysler300-noreply@xxxxxxxxxxxxxxx> wrote:

>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 -----

From: pffkllc@xxxxxxx [Chrysler300]

To: sa-noia@xxxxxxxxxxx ; 1970hurst@xxxxxxxxx ; schroe99@xxxxxxxxxxxx

Cc: chrysler300@xxxxxxxxxxxxxxx

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

On Sun, May 3, 2015 at 10:15 AM, 'Carlton Schroeder' schroe99@xxxxxxxxxxxx [Chrysler300] <Chrysler300-noreply@xxxxxxxxxxxxxxx> wrote:

Hello,

You hate the thought of your 300 ending like this, but it raises a question.

Who and how is the salvage or scrap value determined and established, and do our insurance policies (or any policies) give the car owner the first right to buy his ‘totaled’ car?

Could a clause like that be added to a policy if that question isn’t clearly covered?

Thanks,

Carlton

From: Chrysler300@xxxxxxxxxxxxxxx [mailto:Chrysler300@xxxxxxxxxxxxxxx] On Behalf Of Ray Jones 1970hurst@xxxxxxxxx [Chrysler300]
Sent: Friday, May 01, 2015 9:09 AM
To: Gloria Moon; Listsaver 300 Club
Cc: Jim Krausmann; 300-Don Warnaar
Subject: [Chrysler300] Re: Wilcox Hurst

Can someone close to the Wilcox's try to help and keep the car from being sent to the scrap yard?

It is sitting somewhere and likely to be bought for salvage or scrapped when the insurance company settles.

Bigger loss for them and the limited number of surviving Hursts, not to mention the special parts involved.

Glad they are alright, sorry for the terrible end to a great weekend for them.

Ray

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Ray Jones. Y'all come on down an see us. Ya hear?