I just read the "vehicle title scam" post and it reminded me of a problem I'm having. Well actually a problem a co-worker is having. I know someone who's having trouble with his insurance company (USAA) about the value of his totaled car. He was rear-ended and his car was totaled. Instead of pursuing the other guy's insurance company, he subrogated to USAA, who now wants to give him "fair market value" for his car. When it's all said and done, the guy will lose almost 20% of the "replacement cost" of the car.
Bear with me, I'm getting to how this relates to G wagens. Yesterday I got my insurance renewal from USAA and noticed that the premiums I'm paying for my 1980 280GE are $5 lower than what I'm paying for my wife's 1997 Honda Civic. Hmmm, I thought, does this meann that I'm underinsured? Because I'm pretty sure that my truck is worth (at least a little) more than her car. Well, I called USAA to ask how they determine the value of vehicles when they are totaled and the agent said that they use the "Blue Book." "What if my car's not in the blue book" I asked. Well, he said in that case we'll look at "Fair market value." Ah ha! But what if there isn't really a fair market?
The cost (value?) of pre-MBUSA G's can vary by orders of magnitude. Obviously the condition, model rarity, and accessories are the biggest factors determining price. Add to this the emotional aspects, and you could have two identical vehicles that vary in sales price by as much as 50%.
I asked about "agreed upon value," and he said that he would transfer me to that department.
When I got on the phone with another agent, I asked her about agreed upon value, and she initiated a policy price quote. After asking me a bunch of questions she quoted me a price that was $70 lower than what I'm currently paying (based on an agreed upon value of $15,000, and contingent upon me storing the truck in a locked garage when I'm not driving it). Since my garage is now a workshop without a working garage door, this requirement is impossible for me to meet; I thanked the agent for her time and hung up.
My questions for the list are:
1) Has anyone filed a claim against USAA for a totaled G? If so what was your coverage and what was the result?
2) Should I keep my current policy and risk a messy fight over "Fair Market Value" in the horrible event that my truck gets totaled?
I do not believe this. When I changed homes, I got quotes for home and auto insurance. USAA informed me that they would not write my G, but they could write it in their classic division. Stated value, but locked up and less than 2000 miles a year.
I was not interested. They are a good insurance co. but they are too strict. They would not write my new (to me) house either because there is polybutal pipe in the basement.
If you go with a stated value policy you only get up to the stated value!! You are not guaranteed that amount. You need appraisals and lots of photos. Also alot of written details if a restoration is involved.
As to your question # 2, I would get an appraisal from a good company. They can be found by calling a couple of local insurance cos. and ask them who they use.
USAA has pleasantly surprised us over at least 10 years. We recently had the G320's windshield replaced with one of the more expensive Europa windshields.
They did have a few odd questions for the glass repair shop, but were always very professional and accomodating for my personal dealings.
On another vehicle, Jeep Cherokee, many moons ago, they even paid us more than what we believed the vehicle to be worth... we even questioned this to be fair and they were supportive regardless.
We have had anywhere from 3 to 5 cars insured with them at any one time as well as two homes and credit cards. I have on occasion reminded them of how much we have paid to them versus what they have had to spend on us... maybe this was the difference.
From what I've seen, USAA just needs to be poked with a hot poker now and then with a reminder on it that you've been with them for how long and how much you've had to claim (this only works if you're like Patrick or my father with tons of time under them with almost no problems).
A letter usually gets things rolling surprisingly well.
Try Progressive. They were a lot cheaper than USAA for my 03 G500. They beat USAA by $700 per year for me.
USAA has always been great for property claims, but as soon as you make a medical claim, watch your back. I got hit and injured back in 95. Since the other party was at fault, USAA subrograted the claim. Then they turned around and tried to send me to an IME to get out of paying.
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03 G500 it's been in the shop for over 40 days in the past 9 months.
your all best bet is agreed value on those cars. it cost a little more but you know what its worth if its stolen or crashed. Hagarity might cover G's i neve called them on it. but i do have my vette with them.
go to www.rallyinsurance.com. they do agreed value, ONLY draw back is: 1, mileage is limited to 3000 a year, 2: cant be your daily driver, 3: If the premium is under $1,000 you have to pay it in full, if it over $1G then you can make it in 4 payments.
anyway the way agreed value works is if MR X has a 90 model G and they agree the value is $25K if its stolen he will get 25K, where as stated value says if Mr X has the same 90 model G and its stated that the value is $45K on his policy and it stolen, if the insurance company finds another 90G for sale for 25K that is very simular to his they will replace it with that one.
Thanks for the replies. I think that for the time being I'll take the easiest path (that is the status quo). I'm already saving my reciepts for all work, parts, and accessories on my truck, and if it does get totaled, I'll most likely replace it with another 460. If that happens, I'll either keep the wreck for a parts car, or strip it. Of course if it gets stolen, I'll be in for a fight. I've got 6 months before my policy renews again, so I have some time to get competing quotes. Thanks again for your help, If I find any screaming deals, I'll let you know.
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