I'm considering buying a Type R soon for a weekend toy and I do realize that it is one of the most sought after items for thieves.

While I will definitely install a killswitch + good alarm system, these things are no match for the professionals... So I'll also have a really good insurance policy.

My question is ... do people generally get a fair value for their insurance payouts?

I'm scared of getting a raw deal by receiving a check for the blue book value... which is probably a lot lower than its market value.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by honeybadger &raquo;</TD></TR><TR><TD CLASS="quote">My question is ... do people generally get a fair value for their insurance payouts?</TD></TR></TABLE>

Yes, but some companies are better than others. Some companies, you have to fight for a fair value, while others are pretty good. You can check ratings of auto insurance companies in Consumer Reports (last report was March 2006) which you can find at your local public library, or look at the ratings on the JD Power website. It's better to find out which ones are good when deciding on buying a policy, rather than when you have to file a claim.

Oh, and you can compare prices for multiple companies at Insweb.com and Insure.com. You can do this now; you don't have to wait until you have actually bought the car.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by honeybadger &raquo;</TD></TR><TR><TD CLASS="quote">I'm scared of getting a raw deal by receiving a check for the blue book value... which is probably a lot lower than its market value. </TD></TR></TABLE>

There is no "blue book value", although there are some websites that don't accurately report on the ITR, due to the low volume. Insurers should be reimbursing based on market value.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by KOALA YUMMIES &raquo;</TD></TR><TR><TD CLASS="quote">It can be difficult to get fair value for an ITR because there's so little information to compare too (so few ITRs). I had to argue for about a week every single day on the phone with my insurance company to get fair value for my '00 when it was totaled.

Generally it seems that you will have to put your foot down and read your policy very closely. Mine sat in a very expensive body shop incurring storage charges that the insurance company had to pay, which was my leverage to get a fair amount from them (the car wouldnt be released until I got written and signed statement of the amount I would receive). They wanted to give me $13,000, I got around $17,000.

IMO it is not easy to get fair value for these caRs, and you shouldnt just think you have a good policy and not worry about theft from there, because it will be a headache dealing with the insurance. </TD></TR></TABLE>

That depends on the company. I have never heard of anyone having such headaches if they were insured with Amica, USAA, or State Farm; people who have had cars stolen or totaled with those companies have consistently reported fairly generous offers. I have heard of headaches with some of the other companies though. That's why I said that you have to fight with some companies, while others are pretty good.

 

Fairly easy solution... and what I have done...

Get a STATED VALUE POLICY!!! Have the car professionally appraised, and use that appraisal value as the stated value.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Dave_B &raquo;</TD></TR><TR><TD CLASS="quote">Get a STATED VALUE POLICY!!! Have the car professionally appraised, and use that appraisal value as the stated value.</TD></TR></TABLE>

First of all, what you are referring to is what's called an "agreed value" policy, which will give you the value agreed on, not a "stated value" policy, which may not reimburse you the value stated in the policy. The difference, as noted on this website, is this:

"Most auto policies are Actual Cash Value. The insurance company decides what your collector car is worth at the time of the loss. If you do not agree with them, chances are you'll need a lawyer to help you argue the point. Many collector policies sell Stated Value as if it was the same as "Agreed Value". It is not! Stated Value policies pay The Stated Value or The Actual Cash Value ... whichever is less. All that Stated Value does is help decide how much premium you pay. Only an Agreed Value is without hidden gotchas. If your car is stolen or totaled, you will receive the Agreed Value. Period."

So if you want to shop for that option, make sure you are shopping for an agreed value policy, not a stated value policy.

Second, you may or may not be better off with an agreed value policy. Agreed value policies are typically provided by collector car insurance companies, and such policies often carry restrictions (on miles, usage, etc). They may cost less, or they may cost more, than conventional policies (especially when the latter are combined with multi-policy discounts on other policies, such as homeowner's/renter's insurance, etc). Furthermore, conventional policies from the better companies may pay off on the car's actual market value without a whole lot of fighting.

Bottom line, as with most things, is that there are lots of options out there. Shop around, do the research, and pick the solution that is best FOR YOU.

 

According to my insurace policy... and I have asked MILLIONS of times... it's a STATED VALUE policy, and it clearly states 25,000.

We AGREE'd on this 25k, but the policy states Stated Value, upon appraisal.

 

what Dave B said is correct.

 

I've thought about doing a stated policy on my R. If I sell this one and get the other R, I will get one.

 

Anyone here have gap insurance?

 

i was on my parents insurance for 5 years -- cause i saved over 5,000.00 US american

 

Gap insurance is only if you have the car financed. I'm planning to just use cash so I won't need that

I totally did not think of having a stated value policy - that sounds like the best way to go for these types of cars.

Getting a quote might be more of a hassle though - are the prices for stated value policies much higher than "regular" ones?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by honeybadger &raquo;</TD></TR><TR><TD CLASS="quote">Getting a quote might be more of a hassle though - are the prices for stated value policies much higher than "regular" ones? </TD></TR></TABLE>

Shop around and find out for yourself. And, despite what Dave says, what you should really be asking for is an agreed value policy, not a stated value policy. With stated value, they can argue that the car was worth less than the amount stated in the policy; with agreed value, they will reimburse that amount, end of story.

 

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

Shop around and find out for yourself. And, despite what Dave says, what you should really be asking for is an agreed value policy, not a stated value policy. With stated value, they can argue that the car was worth less than the amount stated in the policy; with agreed value, they will reimburse that amount, end of story.
</TD></TR></TABLE>

My Insurance company (USAA) will not do this, but they contract it out to progressive, so I know progressive does it. That being said, I've had friends who are insured by progressive and they suck.

 

I had to fight with my ins co. (USAA) it took a whole lot of back and forth, and a little force. But eventually I got something I was happy with.