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Fight with insurance--We won

Gsxhybrid

Member
About a month ago, as some of you know, my wifes 'parked' car was hit in the grocery store parking lot. She called the guys insurance and they ended up trying to total it out for about $1,800 (even after submitting paperwork showing its value, like recent sales of vr-4's at around $11,500...regardless of mileage, a private party appraisal showing its worth at $12,000 from Hagerty insurance, and a list of work I had done).

There was no way we were going to accept the car being totaled out...especially at that price. And according to our states law - NRS 487.730 (declaring fair market value) - they have to give us fair market value using recent sales (Section 1), or estimate by a private association (Section 2), or national data base, NADA (Section 3). But only the base model Mitsubishi Galant was in their database (We know this because the original MSRP of the base model was $10,500. The VR-4 was 23.500)

So, we filed a complaint with the NAIC (National Association of Insurance Commissioners), since the insurance company was basically breaking the law. As soon as the NAIC contacted them about the complaint they totally changed their attitude. The insurance company agreed to repair the car and cut us a check for $3500 instead of totaling it out like they had originally tried to do.
 

CutlassJim

Well-known member
/ubbthreads/images/graemlins/applause.gif
 

HadesOmega

Active member
That's cool someone ran into my GVR4 in front of my house and their insurance wanted total mine too. These cars are worthless to the insurance company. They supposedly did $5000 worth of damage to my car. I even showed them several car ads and they wouldn't budge. I pleaded with them told them this is a very rare car and they didn't care. In the end I totalled and bought it back from them and they gave me a check for $2800. The insurance company was State Farm also. There was no way I would send this car go to the scrap heap for $2800 so I kept it and 6 moths later I barely got it road worthy the other day. Glad you got a good deal.

One reason they didn't want to fix it was that it is hard to find parts and well I guess I can understand that parts are becoming scarce for these cars.
 

yubh8tn

Well-known member
When my car's running, I want to get comprehensive insurance and avoid a situation like yours, Omega. What can I do to not get less than my car's actually valued? Give them receipts and other sale listings BEFORE I need to use my insurance?
 

ApexHunter

Well-known member
I believe there are a number of members on here who have the car insured for "agreed upon value", and I think they are using Hagerty although I don't think they are the only game in ton.

OP- Way to see this one through and fight those scumbags./ubbthreads/images/graemlins/applause.gif
 

iceman69510

Turn Right Racing
Staff member
Quoting Gsxhybrid:

So, we filed a complaint with the NAIC (National Association of Insurance Commissioners), since the insurance company was basically breaking the law. As soon as the NAIC contacted them about the complaint they totally changed their attitude. The insurance company agreed to repair the car and cut us a check for $3500 instead of totaling it out like they had originally tried to do.



I second Apex's comment. thank you for taking them on and winning. Please keep your documentation in case others can use the help in the future.
 

FlyingEagle

Staff member
Quoting ApexHunter:
I believe there are a number of members on here who have the car insured for "agreed upon value", and I think they are using Hagerty although I don't think they are the only game in ton.



My 1989 turbo C53A Colt (Mirage) with modified drivetrain (4g63t swap plus upgrades to suspension, brakes, etc) is insured with Hagerty in Canada, for $10K agreed upon value with a cherished vehicle clause (whatever happens to the car and if its paid out in full, you keep the car).

It is H84 silver and looks like a technicolor dream coat because of sourcing off color replacements for the hood and side mirror, and a dark green GTi/JDM bumper from France, but with receipts for nearly $20K for parts on and with the car, the agreed upon the 10K with minimal photos of the exterior.

Insure it with the right company, but it does change how your car lives it's life, at least in Canada.

Must or should have a locked garage, cannot own a motorcycle as a primary vehicle - must be a car/truck, no younger drivers on the policy, clean driving record, X number of years insured, can't park it at the grocery store ... but you can drive it any wear you want - not just parades like classics can be relegated to.

As long as it can be underwritten for road use .. that is the biggest thing for a broker/company taking it on.
 
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