[DeTomaso] Insurance

Wed Mar 27 19:25:38 EDT 2019

Larry,

I’m so glad you mentioned your policy. 

You are getting SCREWED. 

You say you have a Stated Value policy with a major insurance company. Do you know what that means? If means YOU say your car is worth X, and based on that, they charge you some amount. Nowhere in your policy does it say that THEY agree that your car is worth what you stated it is, nor are they obligated to pay you any specific amount in the event of a total loss. When and if you were subject to a loss, they would handle it like any other claim to a conventional car.  They would perform their own analysis and do ‘comps’, including all sorts of horrible examples like that rusted-out wreck we discussed yesterday, then come up with an average value, and offer that to you, and no more. 

The rest of us have AGREED VALUE policies, where both the insured and the company AGREE in writing what they settlement would be in the event of a loss. 

Many years ago I had a friend with a immaculate ‘72 Corvette roadster. He had it insured with USAA on a stated value policy with a value of $20k, which was top dollar for such a car then, and he paid accordingly.  When it was stolen, USAA looked at similar year/make/model cars for sale in Autotrader etc and gave him $11.5k. When he protested, they told him he was welcome to sue them, and pointed out that by the time he paid his attorney’s fees, even if he prevailed and received a settlement of $20k, he would be left with less than the $11.5k they were initially offering. 

He couldn’t argue with the logic, and reluctantly accepted half what his car was worth, and slunk away, never owning a nice car again.

If you phone your agent and ask exactly what they would pay out in the event of a loss, he will evade and dodge the question with meaningless tripe like “Don’t worry, we will take care of you”. If he says they would your stated amount, demand he put that in writing. Either the tap-dancing will begin, or you actually have an agreed value policy, which is what you want. 

The third option is Actual Cash Value policy, which is just an ordinary policy. With an ACV policy, you get no input at all.  They just charge what they want to charge, and then make a settlement based solely on what they want to give you. In terms of the settlement it’s no different from a stated value policy. The only difference is that they don’t trick you into making a statement of what you think your car is worth in the false belief that the statement is meaningful in any way.  

Mike

Sent from my iPad

> On Mar 27, 2019, at 16:06, Larry Larsen <gp4pantera at gmail.com> wrote:
> 
>   Farmers insurance Morgan Hill, CaliforniaA
>   Tell 408.778.2761
>   Stated value on 1972 PanteraA
>   $130k isA $93A for 6 months
>   Stated value on 1973 L PanteraA
>   $100k is $98A for 6 months
>   I believe the deductable is $1000.
>   Maximum mileage is 2500 per year.
>   Both vehicles are insured as parade, car show, events, etc and limited
>   usage.
>   Example.... Fun Rally, Monterey, etc. Not every day usage.A
>   Prices are Not part of a bundled package as I have no other policies
>   with Farmers.
>   They do Hagardy as well at a higher cost.
>   Larry
> 
>   On Wed, Mar 27, 2019, 12:28 PM MARK CHARLTON
>   <[1]pantera01826 at rogers.com> wrote:
> 
>     FWIW,
>     Hagerty ALSO has a Private Client division with better rates for
>     collections. Many agents may not know, so itas worth asking if you
>     are insuring several cars.
>     Mark Charlton
>     [2]pantera01826 at rogers.com
>> On Mar 27, 2019, at 11:38 AM, timepiecepr2--- via DeTomaso
>     <[3]detomaso at server.detomasolist.com> wrote:
>> 
>> A  A I also switched from Hagerty to AIG Private Client group and
>     have been
>> A  A VERY happy with it. Anyone can ping me privately if you want
>     to hear
>> A  A about my experience.
>> A  A Scott Black
>> 
>> A  A On Wednesday, March 27, 2019, 10:33:54 AM CDT, Mike Drew via
>     DeTomaso
>> A  A <[4]detomaso at server.detomasolist.com> wrote:
>> A  A Tom,
>> A  A No, thatas low. Very low. You couldnat buy a decent Pantera
>     for $60k.
>> A  A You should be insured for a fair bit more than that.
>> A  A Mike
>> A  A Sent from my iPad
>>> On Mar 27, 2019, at 05:19, Tom Cabanski
>     <[1][5]tcabanski at tencom.com>
>> A  A wrote:
>>> 
>>> Have Haggerty/American Insurance coming up for my one year
>     renewal
>>> 
>>> $353 for value of $60,000.
>>> 
>>> Is that high?
>>> 
>>> Tom
>>> _______________________________________________
>>> 
>>> 
>>> Detomaso Email List is not managed by POCA
>>> Posted emails must not exceed 1.5 Megabytes
>>> DeTomaso mailing list
>>> [2][6]DeTomaso at server.detomasolist.com
>>> [3][7]http://server.detomasolist.com/mailman/listinfo/detomaso
>>> 
>>> To manage your subscription (change email address, unsubscribe,
>     etc.)
>> A  A use the links above.
>>> 
>>> Members who post to this list grant license to the list to
>     forward
>> A  A any message posted here to all past, current, or future
>     members of the
>> A  A list. They also grant the list owner permission to maintain an
>     archive
>> A  A or approve the archiving of list messages.
>> A  A _______________________________________________
>> A  A Detomaso Email List is not managed by POCA
>> A  A Posted emails must not exceed 1.5 Megabytes
>> A  A DeTomaso mailing list
>> A  A [4][8]DeTomaso at server.detomasolist.com
>> A  A [5][9]http://server.detomasolist.com/mailman/listinfo/detomaso
>> A  A To manage your subscription (change email address,
>     unsubscribe, etc.)
>> A  A use the links above.
>> A  A Members who post to this list grant license to the list to
>     forward any
>> A  A message posted here to all past, current, or future members of
>     the
>> A  A list. They also grant the list owner permission to maintain an
>     archive
>> A  A or approve the archiving of list messages.
>> 
>> References
>> 
>> A  A 1. mailto:[10]tcabanski at tencom.com
>> A  A 2. mailto:[11]DeTomaso at server.detomasolist.com
>> A  A 3.
>     [12]http://server.detomasolist.com/mailman/listinfo/detomaso
>> A  A 4. mailto:[13]DeTomaso at server.detomasolist.com
>> A  A 5.
>     [14]http://server.detomasolist.com/mailman/listinfo/detomaso
>> _______________________________________________
>> 
>> 
>> Detomaso Email List is not managed by POCA
>> Posted emails must not exceed 1.5 Megabytes
>> DeTomaso mailing list
>> [15]DeTomaso at server.detomasolist.com
>> [16]http://server.detomasolist.com/mailman/listinfo/detomaso
>> 
>> To manage your subscription (change email address, unsubscribe,
>     etc.) use the links above.
>> 
>> Members who post to this list grant license to the list to forward
>     any message posted here to all past, current, or future members of
>     the list. They also grant the list owner permission to maintain an
>     archive or approve the archiving of list messages.
>     _______________________________________________
>     Detomaso Email List is not managed by POCA
>     Posted emails must not exceed 1.5 Megabytes
>     DeTomaso mailing list
>     [17]DeTomaso at server.detomasolist.com
>     [18]http://server.detomasolist.com/mailman/listinfo/detomaso
>     To manage your subscription (change email address, unsubscribe,
>     etc.) use the links above.
>     Members who post to this list grant license to the list to forward
>     any message posted here to all past, current, or future members of
>     the list. They also grant the list owner permission to maintain an
>     archive or approve the archiving of list messages.
> 
> References
> 
>   1. mailto:pantera01826 at rogers.com
>   2. mailto:pantera01826 at rogers.com
>   3. mailto:detomaso at server.detomasolist.com
>   4. mailto:detomaso at server.detomasolist.com
>   5. mailto:tcabanski at tencom.com
>   6. mailto:DeTomaso at server.detomasolist.com
>   7. http://server.detomasolist.com/mailman/listinfo/detomaso
>   8. mailto:DeTomaso at server.detomasolist.com
>   9. http://server.detomasolist.com/mailman/listinfo/detomaso
>  10. mailto:tcabanski at tencom.com
>  11. mailto:DeTomaso at server.detomasolist.com
>  12. http://server.detomasolist.com/mailman/listinfo/detomaso
>  13. mailto:DeTomaso at server.detomasolist.com
>  14. http://server.detomasolist.com/mailman/listinfo/detomaso
>  15. mailto:DeTomaso at server.detomasolist.com
>  16. http://server.detomasolist.com/mailman/listinfo/detomaso
>  17. mailto:DeTomaso at server.detomasolist.com
>  18. http://server.detomasolist.com/mailman/listinfo/detomaso
> _______________________________________________
> 
> 
> Detomaso Email List is not managed by POCA
> Posted emails must not exceed 1.5 Megabytes
> DeTomaso mailing list
> DeTomaso at server.detomasolist.com
> http://server.detomasolist.com/mailman/listinfo/detomaso
> 
> To manage your subscription (change email address, unsubscribe, etc.) use the links above.
> 
> Members who post to this list grant license to the list to forward any message posted here to all past, current, or future members of the list. They also grant the list owner permission to maintain an archive or approve the archiving of list messages.