Re: IML: Declared Value insurance - Repair or ?

[sosmi@xxxxxxxxxxx]

Daryl, I went through a total on my 88 Ramcharger (blew a tire, hit a guard rail) After all was said and done, I purchased the truck back for about 10% of settement, however I did have to surrender the title. That was Allstate in Florida. Dave.

 

-------------- Original message --------------
From: "D. Howland" <howlands@xxxxxxxxxxx>

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 -----

From: Bob Hatten

To: mailing-list@xxxxxxxxxxxxxxxx

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