Re: [AMC-list] Insurance and old cars!

[Frank Swygert <farna@xxxxxxxxxxx>]

This stuff burns me! I had an AGREED VALUE policy with State Farm in 2003 when my 63 Classic was totaled. I was paying for $7,000 in coverage, and that was under value (I figured it was closer to $10K as a mild custom). Had that insurance for three years before the car was hit by an inattentive driver and obviously totaled -- no chance of repair after being T-boned by a Nissan Extera doing 35-40 mph.

So I expect a $7K check. Nope. Offer me $3750. Wait a minute!! What about the extra insurance I'd been PAYING FOR!! She explains that state law says the insurance company only has to pay current market value. Okay, we'll get an antique car appraiser. He comes out, gets the make and model, goes back and looks it up in Old Cars Price Guide. Didn't look at anything! I wasn't there, the guy at the body shop the car was towed to told me what happened. Get a call from SF. Well, the new appraiser says $3500, but we'll give you the $3750. Like he!! you will!  Lady says I shouldn't curse at her like that. I tell her she's just about to hear more... so she hangs up (okay, I don't blame her for that!). Call my agent. "Nothing I can do." The guy who hit me had SF also. Wrote a nice letter to the state insurance commissioner, and forwarded it to SF headquarters in PA. Get a call in two days -- "We're so sorry about this misunderstanding, we want to get another appraiser". By this time I'd
 got an appraisal from photos and a description of the car, and it was valued at $10,500. Oh no, we still need another appraiser that we send, but he will make sure you are right there. Well, I get a call a couple days after meeting with the new appraiser (who was very professional and asked all the right questions). "Mr. Swygert, when can you come to my office? I'd like to sit down with you and go over the appraisal item by item."  Obviously it's not the $10,500 of the independent appraisal I sent them, and I say so. I also ask him to cut to the chase and tell me what value they reached. Okay... $8,5K. Hmm... split the difference and I'll sign off... DEAL!! When I got there I asked about keeping the wreck. He said they had to show some value, so he'd write the paperwork up for $10K and show $500 for the wreck. Well that was generous, I expected to give up $500. Then I asked if he knew I had a $7K agreed value policy (after I had check in hand!!). He was surprised. I told hi
m if they had said "looks like we owe you $7K" I'd have taken the check and said no more. He just shook his head... don't know if it was because SF didn't honor their agreement or he didn't look at the policy first!! I no longer have SF for anything, and won't.

Be careful about regular insurance company agreed value policies! MOST state laws are "current market value". Get an independent appraisal every 3-4 years and keep it on hand. Don't expect to get the entire amount, but something between that and what the insurance company first offers. Won't hurt to give a copy of the appraisal to your insurance company. Don't pay more for something you're not going to get. They have to pay current market value regardless of what you're paying. Minor damage isn't as much an issue, but a lot or total is! I appraise AMC and collector vehicles, and yes, I guess this is a plug, but you don't have to use me, just get your car appraised and keep it current!


---------------------------------------
            From: Bradley Jones<wagonmasterx5@xxxxxxxxx>

               
                Terry, My Hornet was totalled in the house fire and State Farm gave me only  $650 for it because I decided to keep it. They would have given me $1700 if I had let it go.
                I had regular full coverage on it. Their collector/ antique car insurance is a pain. Way too many restrictions.


                From: Terry Atkins<twa1950@xxxxxxxxx>

                      Since I have State Farm insurance I am hoping you might answer a few questions for me and your experience with them. Did you have the antique insurance on the car and if you did what was the agreed value.

--
Frank Swygert
Editor - American Motors Cars Magazine
www.amc-mag.com


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