Charles, where do you have your car insured?

I'm looking for a new insurance company that will actually fit my needs. I called parrish heacock (typically insurces porche club racers, ferraris, etc), but they don't consider my talon a "sports car." They also asked me if I had NOS and mentioned that they too have seen F&F and I will never get my car insured!

Anyhow, since the normal insurance companies that offer standard policies aren't going to cut it for a highly modded import, who will insure them for the "agreed amount" value?

 

FORUM MODS: this should ABSOLUTELY be a sticky

 

Brown and Brown Insurance in Downtown Tampa writes policies for Chubb Insurance.

I highly reccomend you look at Chubb. http://www.chubb.com/personal/auto_m...=FL&covType=MP

 

thanks! I'll give them a call tomorrow. it would be awesome if they have one of those policies where the rate is reduced b/c you drive the car < 3000 miles/yr!

 

I mentioned this to Justin via email.

I have been working on compiling a list of companies willing to write "special" policies in cases like this. It is a very touchy issue for most insurers.

Charles if you want to help me out send me an email and we can get together. I have so many other things I have been working on and this kinda takes a back burner.

James

 

Sales tax is automatically factored into all total loss settlements. Valuations are presented with the Pre-tax ACV, Post-tax ACV, and final settlement minus any applicable deductible listed in the report.

Of course diminished value is taken into account. Hardly anything automotive is worth what you originally paid for it. If you do have a vehicle which has no diminishing value (highly unlikely, it can be argued that practically everything automotive has a diminishing value), you obviously aren't insuring it through a standard insurance company.


A note on ACV:

The majority of standard (and probably many non-standard) companies use CCC to determine a vehicle's worth in the event of a total loss (either economic or obvious). CCC basically takes the person's car and factors in mileage, options, vehicle condition, etc. They then do a market research evaluation on the take prices of similar vehicles which have sold in the general vicinity of the person's residence (generally 100 or so mile radius). CCC takes all this information and coughs up the ACV. This valuation methodology is much more accurate than the famed KBB or NADA values. KBB and NADA chunk up the US into huge segments. So a car in Miami could be compared to another in Pensacola. Obviously two entirely different markets with cars selling for different amounts. CCC is more accurate to vehicle values within the local market conditions.


Charles is incorrect in saying the final decision on a total loss value via ACV is the insurance company's final decision:

If you don't agree with the value given to you by your insurance company, you do have the right to use what is called the "appraisal clause". You and the insurance company each pay for an appraiser to determine the value of the vehicle. Those appraisers agree upon a 3rd appraiser whose costs are split between you and the insurance company. This 3rd appraiser evaluates both appraisals and determines a value for the vehicle. This valuation is binding and can work for or against you.

If the appraisal is higher than originally valued by the insurance company, obviously you are better off. The insurance company is bound to offer you this value. You "win". If the appraisal is lower than originally valued, you are obviously worse off...AND since this value is binding you have to accept this offer. You "lose".


As Charles said (and this is the best piece of advise)....READ YOUR POLICY! In particular, read the section entitled "Damage to your Covered Auto". All you need to know about coverage to any sort of aftermarket parts is in there. Some policies have no coverage, others have a small cushion, while the rare few cover all aftermarket parts without the need for an endorsement.

Speaking of endorsements...if you have tons of aftermarket equipment, you should look into this. Call your agent/company and ask for more information.


One final word...if you are financing a car, make sure you have GAP coverage. I cannot tell you how many unfortunate people I deal with who are upsidedown in their vehicle and owe hundreds or THOUSANDS of dollars to the bank when their car is deemed a total loss. It only added $20/mo on my policy to add GAP coverage on my '04 Scion. Trust me when I say this...it is well worth the added expense.

 

Not sure if this was mentioned, to add to last reply.

There is no first party diminished value here in Florida. Meaning you cannot make a claim under your OWN policy for DV. This was held up many times by the FL Supreme Court. Diminished value meaning you feel your car is worth less after it is repaired.

I think Alan was talking about depriciation rather than diminished value when talking about a total loss.

Regarding the appraisal, like it was said prior, read your policy as this is not always the case.

Another service used for valuations by companies is ADP which can pull a market survey or NADA retail.

I agree with the GAP insurance, I have seen some messed up situations.

 

i was told by my former insurance company it would be cheaper just to save money for the "xtra" mods on my car then pay a monthly amount to the insurance company,how tru is this?

 

What do you mean? Did they suggest saving money so you could insure these parts yourself? I'm not understanding the question.


JJFreshyZC...good point on depreciation vs diminished value. However diminished value does still play a role in total loss valuations. For example, a vehicle which has been deemed a total loss may have damages unrelated to the accident. Those damages diminish the value of the vehicle and an appropriate value is subtracted from the ACV.

 

given how much i've paid in insurance over the years vs. how much i've collected, that is probably true for all of my insurance policies