so my car got jacked a week ago 00py itr still mia..... didnt want to post it on here cuz some 1 might be selling my parts an I could bust them but O well. I added extra coverage(stated amount 26k) after some 1 tried to jack it.. ..an i put my new motor an rims. $375 month My insurance wants to pay me 17k.
16'spoon w toyo's 205-40-16
spoon calipers
jdm itr motor an trans
Redlands CA

 

Damn, that sucks! Ripoff insurance! Who's your insurance company? Can't you fight it?

 

progressive..... I will try. They want me to go sign the papers.

 

What reason did they give for not honoring the stated/declared/agreed amount for?

Just curious because after my previous theft I have a similar agreement with my insurance provider, but did need to submit pictures and documentation before they deemed that I'd satisfied the appropriate criteria (of substantiation/proof of value).

I might have to up my previous amount in view of what I've spent on it lately.


Modified by zygspeed at 8:12 PM 5/15/2007

 

There is the difference between an "agreed value" policy and a "stated value" policy. In the event of a loss, the insurance company will pay you the specified amount if you have an "agreed value" policy, but not necessarily if you have a "stated value" policy.

I posted about this difference in the past, right here. That prior post includes a link to this website of an insurer of specialty cars.

It sounds like you thought you had an agreed value policy, but you actually have a stated value policy.

Sorry to hear...

 

Your car is 7 years old dude.

All the aftermarket parts are going to be evaluated at a depreciated value (at LEAST 50% less than you paid)

What do you expect?

 

Fight it man. When my EK was stolen, all my parts were said to be covered according to the agent, as long as I were to provide receipts. Well, when the time came, they said they would not cover it. I was pissed off, young, stupid, and gave up. I signed the papers without pursuing it. I regret it to this day. I had almost $4G's worth of parts on it and only owned the car 1 1/2 months. Plus, I lost the $2G down payment. Quick way to lose $6G's. Don't sign the papers until you fight it and get something worked out/negotiated with them.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Big Phat R &raquo;</TD></TR><TR><TD CLASS="quote">Your car is 7 years old dude.

All the aftermarket parts are going to be evaluated at a depreciated value (at LEAST 50% less than you paid)

What do you expect?</TD></TR></TABLE>

I think you're missing the point.

The point isn't what his car is worth.

The point is that he thought he would be reimbursed for $26K because that amount was written into the policy (at extra cost). But unfortunately, he apparently had a stated value policy rather than an agreed value policy (see my previous post and the links in it to understand the difference).

 

He said I over insured my car an stated amount does not mean thats the amount you get, an he said my rims an motor added $300 to the car

 

My policy explicitly states the amount involved, or greater (greater, given sufficient proof, I suspect).

Which is why I've been saving all my paperwork recently.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by nsxtasy &raquo;</TD></TR><TR><TD CLASS="quote">

I think you're missing the point.

The point isn't what his car is worth.

The point is that he thought he would be reimbursed for $26K because that amount was written into the policy (at extra cost). But unfortunately, he apparently had a stated value policy rather than an agreed value policy (see my previous post and the links in it to understand the difference).
</TD></TR></TABLE>

No - I get it.

I just think all insurance companies are progeny of the devil and out to f&#k you from the outset.

 

you can, however fight it and win - send me a pm if you need details. stick to your guns!

 

I hate Progressive, they suck, no care for loyal customers. Boo Progressive...Boo!

 

 

I've never heard anything good about Progressive.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by works909 &raquo;</TD></TR><TR><TD CLASS="quote">so my car got jacked a week ago 00py itr still mia..... didnt want to post it on here cuz some 1 might be selling my parts an I could bust them but O well. I added extra coverage(stated amount 26k) after some 1 tried to jack it.. ..an i put my new motor an rims. $375 month My insurance wants to pay me 17k.
16'spoon w toyo's 205-40-16
spoon calipers
jdm itr motor an trans
Redlands CA</TD></TR></TABLE>

17k is good, dont get mad over it. IF you didnt have the added value you would be getting back around 12.5k. you got a good deal.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by attentionwhore &raquo;</TD></TR><TR><TD CLASS="quote">I hate Progressive, they suck, no care for loyal customers. Boo Progressive...Boo! </TD></TR></TABLE>

dude i had progressive on my old EK- it was a hpde car, semi built motor, full suspension. etc etc over 15k in parts alone. It got stolen, progressive cut me a check for $2900 and only aftermarket parts that were covered were the tires and wheels. I had recipts to everything and they still denied it. However my premium did go up to progressive

 

Now I'm going to have to go back and see what mine says. I'd be UBER pissed if they came back with that figure and I was "told" that it was different. I also now need to check into the depreciation of aftermarket parts. I have a lot of Mugen parts, that in the market actually go up in value.

&lt;-------- Goes to call Ins. Co.

 

What did they say dave?

 

Doesn't Progressive push really really low monthly rates generally? Seriously, you get what you pay for.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by attentionwhore &raquo;</TD></TR><TR><TD CLASS="quote">What did they say dave?</TD></TR></TABLE>

We are working on it now. Were going through all the fine print.

I have to get pictures of everything on the car worth something, and the REPLACEMENT value of those parts.

As it stands now, the car is valued at 28k and should anything happen, that's the check I'll get, no questions asked!

 

You guys should move to Missouri, I've never had a problem with my R getting stolen or anything

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ericlee303 &raquo;</TD></TR><TR><TD CLASS="quote">Doesn't Progressive push really really low monthly rates generally? Seriously, you get what you pay for.</TD></TR></TABLE>

Yes. Progressive, Safe Auto, etc...

No way I'd ever insure anything with them that had any kind of value.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by EEK &raquo;</TD></TR><TR><TD CLASS="quote">

17k is good, dont get mad over it. IF you didnt have the added value you would be getting back around 12.5k. you got a good deal.</TD></TR></TABLE>
No $300 is all it added ........17,5** with parts 17,2** without