Need El Camino Insurance

Bowtie · Posted: Wed May 25, 2005 6:48 am Post subject: Non "Total" claims

Jay,

Excellent question. You've hit on one of the more important reasons to raise the documented value to the insurance carrier. Usually called ACV (Actual Cash Value), they may also refer to it simply as Appraised Value, etc.

So, someone does $4,500 worth of damage to a vehicle with a similar book value (NADA or whatever they use) they'll likely Total it. They may offer a check for that amount and then they own the vehicle if you accept it. Boom - feeling hurt again!

In a past life, I actually wrote those undeciferable policies for several states. That's why I am speaking generally since the particulars vary materially from state, company to company, policy to policy. In a consultant role, we spend a lot of our time cleaning up messes from agents, internet and phone marketed insurance, etc. where these specifics were never discussed with the client.

Corporate insurance and employee benefits are even moreso.

Insurance is like any other profession. The knowledgeable, honest, and conscientious ones are worth every dollar they make, but about half of them should be cleaning port-a-johns.

Take care.
_________________
84 Elky GTA
Most of the important things a human ought to know cannot be comprehended in youth.

Sasquatch · Posted: Mon May 30, 2005 11:16 am Post subject:

The quality of ANY insurance policy is an unknown quantity UNTIL the need to file a claim raises it's ugly head. Two years ago an a***ole made a u-turn in front of me while headed home in my '65 (I'm currently looking for a front clip). His insurance paid off, minus 30% "because I saw him making the u-turn before I hit him" (The distance was 100' at 55mph) I asked MY insurance co. for help on this issue ,but got none. When the other co. hit them up for the 30% ,they called ME for help and info.I told them they could have the same help that they gave me. Also,don't expect to find a lawyer that will even talk to you unless your running up a HUGE medical bill to boot since simple property damage claims don't meet thier greed factor requirements. Evil or Very Mad

Bowtie · Posted: Wed Jun 01, 2005 2:20 pm Post subject:

I'll reserve my views on the American legal system for another forum. However, there is the joke that goes - What's the difference between a sperm cell and a lawyer? At least a sperm cell has a one in a million chance of becoming a human being. A judge friend told me that one.

As to your situation. First, you do have insurance company indicators you can check. 1. Your State Insurance Department for their complaint record. 2. Various Consumer groups. From my perspective - not talking about you here - I am always amazed at the folks who will seek out the cheapest crap company they can find, contending that all companies are the same, and then get pissed when they get screwed at claim time.

If you are not satisfied with your claim settlement and you even HINT that you have or will talk to a lawyer, they immediately stop negotiating with you. In fact, most companies won't even talk to you any more.

In my experience, the next best move is to file a formal complaint with your state insurance department. They will pursue it on your behalf and they are free.

Take care.
_________________
84 Elky GTA
Most of the important things a human ought to know cannot be comprehended in youth.