Unfairly Totaled by Insurance agency - PeachParts Mercedes-Benz Forum

leathermang · #1 10-14-2003, 03:51 PM

Someone was talking about this lately but I can't find the thread...

http://moneycentral.msn.com/Content/Insurance/Knowyourrights/Knowyourrights.asp

roy wood · #2 10-14-2003, 04:32 PM

there was a thread recently that i believe discussed ways to avoid being wiped out by being "totalled."

realizing that it wouldn't take much for an insurance company to declare my 84 300D with 294,000+ miles to be totalled (probably for little more than a wrinkled fender!), when i bought the car, i got my car insured for an "agreed upon value," which was basically to make sure i covered the cost of my little gem. it's just a rider added to my policy for a few extra bucks.

the only other way i can see to adequately insure it would be
as an "antique" (which it will be next year!), but i believe those
policies don't want you to be a daily driver -- and that just ain't
happenin' at my house.

insurance is necessary, but when it comes down to the bottom
line, the company's biggest concern is -- well -- the bottom line.

Toblin · #3 10-14-2003, 07:59 PM

Ques.: When your insurance totals your car, do they also take it?

That's the case in NJ. I was hit a couple of years ago (body damage only), and was informed that my car was totaled. $1600 was offered. I proposed 20% less on the condition that I kept my car. It was accepted. I refer to it as my "Maaco" accident.

lietuviai · #4 10-14-2003, 09:35 PM

Quote:

Originally posted by roy wood
the only other way i can see to adequately insure it would be
as an "antique" (which it will be next year!), but i believe those
policies don't want you to be a daily driver -- and that just ain't
happenin' at my house.

That is correct! Though antique car policies appear inexpensive, you are typically restricted to about 1000 miles anually. I know since I have such a policy on my Cadillac.

This topic has me a bit worried since I only carry liability coverage on my 300D. I would be at the mercy of the party-at-fault's insurance if someone hit it.

BoostnBenz · #5 10-15-2003, 12:41 AM

That is a nice problem to have lietuviai, some states like mine are (stupid enough to have) no fault meaning if somebody hits your car (and you only have PLPD) or you hit someone elses you know exactly who is going to pay for it, the owner of the car damaged! The only thing we get is a $500 mini-tort, the at fault party pays to the other party. $500 doesn't go very far in fixing a car....

Wes Bender · #6 10-15-2003, 10:57 AM

My vote is for the "agreed upon value" policy. Both the Healey and the 280SL have that kind of policy. The only restriction is that I can't use them to commute to work or school. (Not a problem at 67 and retired.) Each car costs me only $155 a year for insurance ($24K each) and unrestricted mileage. Of course, being somewhat of a collector car, they also know that they will be treated accordingly. I looked into antique car insurance, but the cost and restrictions were too severe.

Cheers,
Wes

lietuviai · #7 10-15-2003, 09:15 PM

Quote:

Originally posted by BoostnBenz
That is a nice problem to have lietuviai, some states like mine are (stupid enough to have) no fault meaning if somebody hits your car (and you only have PLPD) or you hit someone elses you know exactly who is going to pay for it, the owner of the car damaged! The only thing we get is a $500 mini-tort, the at fault party pays to the other party. $500 doesn't go very far in fixing a car....

I'll remember this should this kind of insurance come up for a vote in my state. I never fully understood what no-fault insurance was about. It sounds terrible!