"Heavily Undercovered" Insurance issue

[AConvertedChevy]

So last saturday I washed/waxed/claybar/vaccume/everything my 03 300A and on my way home from visiting my Grandmother I took a turn (bout 8 over) and slid out on slick cement in the 103 heat/Leaves tossed in the CENTER OF THE ROAD by State street cleaning crew:mad2:(lawsuit?) and hit the guardrail and ended up on the opposite curb.

Damage isn't too bad, new front n rear bumpers, pass corner light, grille, grille mount, rad mount, ?steering gear?, pass taillight and new rims/tires up front among other smaller things. No damage to pass. doors/side at all

Insurance had me at a $1000 deductible, but when the repair bill came out to $9900 they said no dice we want to total it. They had no idea how much the stock wheels/bumpers are worth lol, so they treated my policy like a Grand Marquis untill this happened and now they said " Due to our lack of knowledge of the car and part prices we had you heavily undercovered".

The way this story ends is them totaling my MM, me buying it back salvage, and chopping the bill for repair down to $5860 thanks to cheaper/used parts from Community Members like you guys and the aftermarket wheels I wanted from day1. Oh and about $4000 in my pocket.:burnout:

In addition to this my insurance said they would try to convince DMV to let me retitle it NON-SALVAGE. Or if that couldent happen then they would permanantly attach a document with the new title that says it was totaled due to price costs not structual damage, because there was none.
(Idc if it is Salvage im not thinking of re-sale value ever!:banana2:

Just thought it was interesting how this could end up "never happening" and with 4g in my pocket:lol:

[BurpyTurtle]

I understand. People simply don't realize what the specialty parts cost on a Marauder. Sure, it would be a lot cheaper to be able to use MGM or CV parts - but that loses everything that makes a Marauder cosmetically distinctive from the other Panthers.

[AConvertedChevy]

I understand. People simply don't realize what the specialty parts cost on a Marauder. Sure, it would be a lot cheaper to be able to use MGM or CV parts - but that loses everything that makes a Marauder cosmetically distinctive from the other Panthers.

Hit the nail right on the head there buddy:beer:

[MMarauder03]

Glad to see everyhing worked out for ya bud. You gotta come out with me to latham to meet up ith the other marauder up there! :beer:

[Mr. Man]

So it's the owners fault that the insurance company didn't do its job and find out how much parts cost. They'd be better off firing the guy who isn't doing his job, they'd save more money that way too.

[BAD MERC]

There is an eBay seller (JJBumpers) that sells OE reman bumpers for these. Buy all the parts and tell your insurance to cut you a check for the max amount it would take to NOT total it. Then fix it yourself.

[gdsqdcr]

I don't understand. Salvage title is not based off of what an insurance companythought they were issuring. Isn't it based off of the vehicles replacement cost? Discussing this with a friend in insurance, he isn't sure how this undercovered insurance policy happened.

As for fixing it, don't take the salvage. Get the biggest check you can and go buy your own parts and fix it. Salvage title vehicles suck big time when it comes to insurance policies

[AConvertedChevy]

I don't understand. Salvage title is not based off of what an insurance companythought they were issuring. Isn't it based off of the vehicles replacement cost? Discussing this with a friend in insurance, he isn't sure how this undercovered insurance policy happened.

As for fixing it, don't take the salvage. Get the biggest check you can and go buy your own parts and fix it. Salvage title vehicles suck big time when it comes to insurance policies

MY insurance said they would give me the same collision coverage as before the accident, which works for me

[knine]

Who is the insurance company?....so the rest of us can chcek and see and protect ourselves.

[sailsmen]

Auto Insurance Policies provide insurance on one of three valuation basis;
1) Actual Cash Value - means every thing as respects the value of your car is taken into account. Generally NADA retail plus sales tax if you replace it.
2) Stated Amount - means the insurance company will not pay more than the "Stated Amount"
3) Agreed Value - means you and the insurance company agree in advance as to the value.

Probably 99.9% of Auto Policies are written on an ACV basis. Insurance companies base the premiums they charge you on the value class the car falls into related to it's age and cost new.

Premium rates and policy coverage are not related.

I am certain there is no "Heavily Undercovered" clause in your or any auto policy.

The adjuster may have been referring to an internal difference between the premium class basis and the ACV. The ACV is what the policy covers not the premium class basis.

Give you an example, suppose due to some strange event my Marauder is now the only one in the world and it is now worth $1mm. It is stolen and deemed unrecoverable. I can collect $1mm under my auto policy.

[LeoVampire]

As long as you never plan to sell the car it's no big deal if you can repair her and make it totaly sound again!

Sorry it happend to you but I am glad you can fix her up again and keep her! :beer:

[MMarauder03]

As long as you never plan to sell the car it's no big deal if you can repair her and make it totaly sound again!

Sorry it happend to you but I am glad you can fix her up again and keep her! :beer:

Knowing him he'll keep his MARAUDER forever!

[AConvertedChevy]

Auto Insurance Policies provide insurance on one of three valuation basis;
1) Actual Cash Value - means every thing as respects the value of your car is taken into account. Generally NADA retail plus sales tax if you replace it.
2) Stated Amount - means the insurance company will not pay more than the "Stated Amount"
3) Agreed Value - means you and the insurance company agree in advance as to the value.

Probably 99.9% of Auto Policies are written on an ACV basis. Insurance companies base the premiums they charge you on the value class the car falls into related to it's age and cost new.

Premium rates and policy coverage are not related.

I am certain there is no "Heavily Undercovered" clause in your or any auto policy.

The adjuster may have been referring to an internal difference between the premium class basis and the ACV. The ACV is what the policy covers not the premium class basis.

Give you an example, suppose due to some strange event my Marauder is now the only one in the world and it is now worth $1mm. It is stolen and deemed unrecoverable. I can collect $1mm under my auto policy.

yeah there is no clause at all they just felt bad that it had to be totaled

[Tom Kuznicki]

So last saturday I washed/waxed/claybar/vaccume/everything my 03 300A and on my way home from visiting my Grandmother I took a turn (bout 8 over) and slid out on slick cement in the 103 heat/Leaves tossed in the CENTER OF THE ROAD by State street cleaning crew:mad2:(lawsuit?) and hit the guardrail and ended up on the opposite curb.

Damage isn't too bad, new front n rear bumpers, pass corner light, grille, grille mount, rad mount, ?steering gear?, pass taillight and new rims/tires up front among other smaller things. No damage to pass. doors/side at all

Insurance had me at a $1000 deductible, but when the repair bill came out to $9900 they said no dice we want to total it. They had no idea how much the stock wheels/bumpers are worth lol, so they treated my policy like a Grand Marquis untill this happened and now they said " Due to our lack of knowledge of the car and part prices we had you heavily undercovered".

The way this story ends is them totaling my MM, me buying it back salvage, and chopping the bill for repair down to $5860 thanks to cheaper/used parts from Community Members like you guys and the aftermarket wheels I wanted from day1. Oh and about $4000 in my pocket.:burnout:

In addition to this my insurance said they would try to convince DMV to let me retitle it NON-SALVAGE. Or if that couldent happen then they would permanantly attach a document with the new title that says it was totaled due to price costs not structual damage, because there was none.
(Idc if it is Salvage im not thinking of re-sale value ever!:banana2:

Just thought it was interesting how this could end up "never happening" and with 4g in my pocket:lol:I got one better. we have a 2005 Ranger that was hit in the rear on Teleghaph Rd in Taylor MI about 2 months ago and the damage was $8500.00 and they had them fix it.

[JimmyXR7]

. . .
As for fixing it, don't take the salvage. . . . .Salvage title vehicles suck big time when it comes to insurance policies

I agree, I would never take a salvage title again as the problems with my GM salvage title.
Push the insurance company and get your Marauder properly repaired.
Remember, The insurance company is using their money and they are tight.
With my wife's car, they wanted a salvage title and I fought all the way to the state insurance board with a letter from the board stating the next step was a monetary fine to the insurance company. The insurance supervisor called and I said just fix it. The car was repaired without salvage title. The damage to my wifes's car was front bumper cover and fender.
If your air bag did not blow it indicates low speed accident, then repair your Marauder without salvage title.
Jim

[JimmyXR7]

. . .
Insurance had me at a $1000 deductible, but when the repair bill came out to $9900 they said no dice we want to total it. They had no idea how much the stock wheels/bumpers are worth lol, so they treated my policy like a Grand Marquis untill this happened and now they said " Due to our lack of knowledge of the car and part prices we had you heavily undercovered".


Insurance companies insure the vehicles by the VIN number.
Your Marauder should have a "V" in the VIN and not the standard GM.
Jim