PointByPatrol #21985 Build Journal! RIP #9243

[Clark_Kent]

Happy to hear this is heading for the resolution you expected from the beginning. Can you share how it went from $48K, less your deductible of $6K to what I presume is $60K (original insured amount), less your deductible of $6K?

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[PointByPatrol]

Happy to hear this is heading for the resolution you expected from the beginning. Can you share how it went from $48K, less your deductible of $6K to what I presume is $60K (original insured amount), less your deductible of $6K?

I provided the receipts for all of the performance parts that were bolted on the car. Basically they took none of the performance stuff into account when they did the initial appraisal. The policy stipulates that if you cannot provide the receipts that they will pay up to $10,000 for "claimed enhancements". If you're able to provide receipts, then they owe you the full amount, not to exceed the insured interest in the vehicle.

 

[Shrapnel]

Great to hear Ben!! Go get that black one!

 

[TW00Si]

So having receipts is one thing. But did they give you the opportunity to provide them in the beginning? Given the experience would you still recommend them?

 

[PointByPatrol]

So having receipts is one thing. But did they give you the opportunity to provide them in the beginning? Given the experience would you still recommend them?

They did not give me the opportunity, nor did they ask. I had to press the issue and force it on them. No, I would not recommend them. Hagerty has a support team that steps in if the insurance company that they use isn't playing ball. Lockton just tells you to go pound sand.

 

[PointByPatrol]

Bruises are still pretty painful 1 full week later. Pictures don't do them justice...at all. This is just my right arm.

 

[evanescent03]

Sounds like very good news … annoying journey but seems like a good outcome!!

 

[Pwalker1130]

Glad it worked out!!

I had an incident with my old car, a 2019 Cayman GTS, at Road America in 2020. At the time, I had a policy through ontrackinsruance.com. They were HORRIBLE! They agreed to the estimates their 3rd adjustor and the shop came up with, but the price was of course higher at the end than their estimates. They said the car should be totaled, but of course it couldn't have been because it was fixed. It took ontrackinsurance.com an extra MONTH to pay the bill and get my car back. It was a truly awful experience and I wouldn't recommend ontrackinsurance.com to anyone.

I have been using Lockton ever since but it sounds like they're great until you actually need to user their services. Hagerty is more expensive but it sounds like they might be the better option

Either way, I'm VERY happy you got the desired outcome!! How's the search for a new car going? Will we see a black FL5 on YouTube soon??

 

[PointByPatrol]

Glad it worked out!!

I had an incident with my old car, a 2019 Cayman GTS, at Road America in 2020. At the time, I had a policy through ontrackinsruance.com. They were HORRIBLE! They agreed to the estimates their 3rd adjustor and the shop came up with, but the price was of course higher at the end than their estimates. They said the car should be totaled, but of course it couldn't have been because it was fixed. It took ontrackinsurance.com an extra MONTH to pay the bill and get my car back. It was a truly awful experience and I wouldn't recommend ontrackinsurance.com to anyone.

I have been using Lockton ever since but it sounds like they're great until you actually need to user their services. Hagerty is more expensive but it sounds like they might be the better option

Either way, I'm VERY happy you got the desired outcome!! How's the search for a new car going? Will we see a black FL5 on YouTube soon??

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????

 

[TW00Si]

So what is the right coverage or just don’t pay for the extra since they go by the appraised amount?

 

[optronix]

End of the day insurance is a business. They exist solely to make as much money as possible. They are not your friends. Insurance is the most intentionally obscure, scummiest, shadiest "business" this side of a drug cartel. I find it hard to believe that Hagerty would be any different.

 

[TDC50]

End of the day insurance is a business. They exist solely to make as much money as possible. They are not your friends. Insurance is the most intentionally obscure, scummiest, shadiest "business" this side of a drug cartel. I find it hard to believe that Hagerty would be any different.

No, politics is the most shady after drug cartels. Insurance is third

 

[PointByPatrol]

So what is the right coverage or just don’t pay for the extra since they go by the appraised amount?

Insure based off of the online sales values that you see plus the total cost of installed modifications. Then expect to lose your investment up to your deductible.

 

[PointByPatrol]

No, politics is the most shady after drug cartels. Insurance is third

At least the cartels supply the product you paid for.

 

[RUNN1N]

Since it seems people may be genuinely interested and it could help some of you tailor your choices in the future, I'll lend a little insight on this policy and things to keep in mind:

In this instance, OP purchased a policy with an agreed limit. In this case, it was a $60,000 policy with a $6,000 deductible. The most the insurer was ever going to pay was $54,000, but it was subject to their valuation of the vehicle. In most instances, insurers value vehicles using Actual Cash Value (ACV). ACV is calculated by taking the replacement cost, subtracting depreciation, then applying the deductible.

By setting an agreed limit the insurer can write a policy with minimal underwriting oversight. By doing this, they don't need to verify that a person isn't over/underinsuring his/her vehicle because they'll ultimately determine the value in the event of a loss. It helps them churn out policies quickly. In theory, you could insure your beater as if it's a Ferrari. They'll gladly take the Ferrari premium, and work out the ACV if there's a loss.

If you think this is only a track insurance issue, you should probably look at your homeowners/renters coverage--that's another agreed limit-type of coverage. You can overvalue the crap out of your dwelling and/or contents, they'll ultimately pay based on their calculations.

An alternative to an agreed limit policy is an agreed value policy. With an agreed value policy, the insurer is agreeing to the value of a particular vehicle with the customer before a loss takes place. You declare a given value of your vehicle and the limits of coverage/add-ons, they compare your valuation with any available data (like comparable vehicles listed for sale, reported appraisals, etc), and they set your premium. If a total loss takes place, they pay your limit minus any deductible. There may be an argument to be had on whether a loss is a total loss, but the total value is set from the beginning, not calculated after a loss.

As for deductibles--know your deductibles. The bigger your deductible, the smaller your premium. Deductibles are typically fixed or a percentage of an asset's value, they're usually not set as a percentage of a loss. Depending on where you live, you may have property deductibles that are a percentage of your home's value for thinks like wind/hail or other specific perils. You should read your policies.

Some would recommend setting your deductibles as high as you'd be comfortable paying in the event of a loss and enjoying the premium savings month over month, where others recommend opting for the lowest deductibles so you're not effectively penalized when you're coping with an insurable loss.

So there ya go.


Lots of Love,
An Insurance Guy

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