|
Usually when a the damage estimate gets close to
75% of value they consider totaling it, due to the probability of hidden damage
pushing repair over the vehicle value. Its probably lower than that for old cars
due to the difficulty of obtaining parts.
Its always your vehicle and you decide if it
is to be repaired. In that case, accept salvage value and fix it knowing
repair cost may exceed value. I would fix my
Imp or vette, as when its totaled. the insurance company owns it, and that ain't
gonna happen. When its your car in most states you can retain your title without
having to get a salvage title following total loss, although you may have to
prove to the insurance carrier that it is again road worthy. The original
carrier may not insure it again after they have paid off as totaled, and if you
sell it, the new owner may be stuck with salvage title.
Bob Hatten
----- Original Message -----
Sent: Tuesday, October 02, 2007 12:43
PM
Subject: Re: IML: Declared Value
insurance - Repair or ?
I'm curious as to what happens when your vehicle is
"totaled", but you want it fixed. Is there a way to guarantee the vehicle is
repaired and not "totaled"?
Daryl
----- Original Message -----
Sent: Tuesday, October 02, 2007 10:16
AM
Subject: Re: IML: Declared Value
insurance -
Just don't forget the key element: the burden
of proof is on the insured at claim time, not premium paying time. You can
call them and place about any value you want on it and pay the corresponding
premium, but after the fire they don't write a check for your amount unless
you prove: A. you owned the property, and B. it was worth $XXXX. If an agent
states you will collect the amount insured for, no matter what; get it in
writing as you will be collecting from the agents E&O policy, not the
vehicle carrier.
I just retired after 40 years as an insurance
broker, and have insured several auto dealer collections and individual
vehicles. I also have a '58 'vette I have insured for 10 years, plus my 59
Lebaron, to be named later.
Most of the carriers are good, each just has
their own quirks, but all operate from the same claim standard.
Bob Hatten
No virus found in this incoming message.
Checked by AVG Free
Edition.
Version: 7.5.488 / Virus Database: 269.13.39/1044 - Release Date:
10/2/2007 11:10 AM
|
Back to the Home of the Forward Look Network