PointByPatrol #21985 Build Journal! RIP #9243

[Pwalker1130]

The crazy thing with track insurance is that you can select any coverage amount that you want, and the dollar amount for the policy increases as the coverage level increases. Then they just go by the appraised amount anyways. It's almost like you need an appraiser to appraise the car prior to the policy being taken out. When lockton said the payout was 48,000 at first they still hit me with the full 6,000 deductible as if the total loss had appraised for 60,000. What doesn't make sense here is that if you select the 10% option, should it not be 10% of the amount they're willing to cover? IE 48k = 4,800 deduct???

So if I take out a 100,000 policy on a 1998 honda civic that's worth 5,000, and I total it. They decide okay, we'll cover 5,000, but your deductible is 10,000....so you owe us 5,000. Thanks for your business????

Yeah, it’s messed up for sure

Sponsored

 

[optronix]

Lots of Love,
An Insurance Guy

It has the caption from the show in it but you get the point.

Kidding aside, thanks for that breakdown, I found it helpful and not at all surprising.

Another way to look at it from a software sales perspective is if a customer tries to buy licenses for 50k endpoints and their organization only has 5k, there's technically no way we could really stop them. Just something to be aware of.

I'm glad it worked out with the receipts for the parts... and all things considered I'm left wondering now if we should still be outraged at Lockton. Yes it took an annoying amount of work and stress, but end of the day they did deliver on their promises.

At least the cartels supply the product you paid for.

Indeed, in this case the insurance company matched the expectation you'd have for a crime syndicate. Logic checks out.

 

[PointByPatrol]

It has the caption from the show in it but you get the point.

Kidding aside, thanks for that breakdown, I found it helpful and not at all surprising.

Another way to look at it from a software sales perspective is if a customer tries to buy licenses for 50k endpoints and their organization only has 5k, there's technically no way we could really stop them. Just something to be aware of.

I'm glad it worked out with the receipts for the parts... and all things considered I'm left wondering now if we should still be outraged at Lockton. Yes it took an annoying amount of work and stress, but end of the day they did deliver on their promises.



Indeed, in this case the insurance company matched the expectation you'd have for a crime syndicate. Logic checks out.

The biggest disappointment for me was when I called Lockton for assistance and they said, "Once you have an open claim you need to contact the adjuster." They literally would not help.

 

[optronix]

The biggest disappointment for me was when I called Lockton for assistance and they said, "Once you have an open claim you need to contact the adjuster." They literally would not help.

That does suck and is bad business. What are they there for then?

The problem for me though is seeing some of these quotes from Hagerty makes me laugh then cry. I'd never go to the track if I was stuck with paying Hagerty $1k+ per event.

 

[PointByPatrol]

That does suck and is bad business. What are they there for then?

The problem for me though is seeing some of these quotes from Hagerty makes me laugh then cry. I'd never go to the track if I was stuck with paying Hagerty $1k+ per event.

I wish Lockton had been awesome because their prices were actually reasonable.

 

[PointByPatrol]

The driver that was behind me was able to recover his video footage. You can't see much, but it's worth sharing.

 

[Pwalker1130]

The driver that was behind me was able to recover his video footage. You can't see much, but it's worth sharing.

Can't see anything outside of the dirt you kicked up, but I'm glad they red flagged the session so quickly! I always tell people one reason I love the track is because they take safety seriously and can have help to you in minutes.
Again, glad you're ok and track insurance worked out!

 

[PointByPatrol]

Can't see anything outside of the dirt you kicked up, but I'm glad they red flagged the session so quickly! I always tell people one reason I love the track is because they take safety seriously and can have help to you in minutes.
Again, glad you're ok and track insurance worked out!

If you look closely you can see that I'm already outside of the car by the time the E30 comes to a stop. I'm the little black dot to the left of the car. I GTFO immediately!

 

[Integra23]

Representing

 

[Jester04]

Representing

Glad that you got it!

 

[Djseto]

Lots of Love,
An Insurance Guy

Insurance Guy,
How do they handle "classic cars"? I was using Lockton for my '93 RX7. I've got a quite a bit into it but if you go by how my local DMV appraises a 30yr old car, it's worth a whopping $1k (if even). If you go by collector/classic value, it's probably closer to 30-40k in the current market. I do have easily $20k worth of mods/upgrades to it as well.


This whole crash has me reconsidering tracking it vs my FL5. I've been on track with @PointByPatrol as VIR is our "home course" and I've gone off where he went off before. My Rx7 would have folded like a tin can...

 

[Integra23]

Glad that you got it!

Yep and it fits great.

 

[PointByPatrol]

Representing

Hell yea, dude!

 

[RUNN1N]

Insurance Guy,
How do they handle "classic cars"? I was using Lockton for my '93 RX7. I've got a quite a bit into it but if you go by how my local DMV appraises a 30yr old car, it's worth a whopping $1k (if even). If you go by collector/classic value, it's probably closer to 30-40k in the current market. I do have easily $20k worth of mods/upgrades to it as well.

I recommend you reach out to Hagerty--they deal in Agreed Value policies, so you tell them what you think the car is worth, they'll have an underwriter review comparable vehicles, and they'll price the policy based on a mutual agreement of what the car is worth. If you wreck it and the estimate to repair it is higher than the mutually agreed-to value, they pay out the policy limit (minus deductible, if any) and send you on your way. They even have a "cherished salvage" add-on for a few bucks a year that allows for you to keep your vehicle after a total loss so you can do whatever you'd like with it.

Hagerty's premium might be higher than what you're paying now on the vehicle, but it's worth keeping in mind that your coverage is significantly different. Allstate, for example, hasn't agreed to a value of the vehicle. If there's ever a total loss, they're paying ACV on the car, which is going to be more in line with DMV values.

I Looked into insuring the Del Sol with Allstate, and their "full coverage" option would be $600/year, and they would likely value the vehicle at ~$2,200 (KBB) if a total loss ever took place. That means I'd get $2,200 minus my deductible, and wouldn't have much room to argue. With that in mind, it'd be silly to carry full coverage, and I would likely carry only Liability coverage at a cost of $334/year. That's still quite a bit. Hagerty, on the other hand, valued the vehicle at $12,000 and the premium on their Agreed Value policy was just under $400 for the year (I carry high limits, low deductibles, YMMV).

For everyone else, if you're shopping policies (track or traditional P&L coverages, even) and finding there's a significant price difference (Lockton vs Hagerty, for example) it's likely because the coverage is different between the two, and the worst time to learn it is after a loss.

 

[Djseto]

I recommend you reach out to Hagerty--they deal in Agreed Value policies, so you tell them what you think the car is worth, they'll have an underwriter review comparable vehicles, and they'll price the policy based on a mutual agreement of what the car is worth. If you wreck it and the estimate to repair it is higher than the mutually agreed-to value, they pay out the policy limit (minus deductible, if any) and send you on your way. They even have a "cherished salvage" add-on for a few bucks a year that allows for you to keep your vehicle after a total loss so you can do whatever you'd like with it.

Hagerty's premium might be higher than what you're paying now on the vehicle, but it's worth keeping in mind that your coverage is significantly different. Allstate, for example, hasn't agreed to a value of the vehicle. If there's ever a total loss, they're paying ACV on the car, which is going to be more in line with DMV values...

Good to know. Right now my "regular" collectors car insurance is through Grundy. I was with Hagerty for a while but Grundy was cheaper. As for track days, Hagerty wanted me to list EVERY modification to the car at the time of writing the policy which was a pain in the ass because I have basically restored and upgraded the car from suspension to ECU to fuel system and almost everything in between.

Sponsored