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MAD at my insurance co. Need advice! Posted by Saabpilot [Email]  (#134) [Profile/Gallery]
(more from Saabpilot) on Thu, 2 Dec 2004 19:47:06
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When I purchased my '87 900T convertible in July of 2003 my insurance company (Erie Insurance) would not insure it for "collision" until I had it appraised and furnished them photos from every angle. No problem. I did this around APRIL of 2004. Yes, I took too long but I did get it done just the way they wanted. This is a somewhat unique version of the car, with a factory airflow kit, Super Inca wheels (all 4 are NEW), OEM analog guage package, MINT canvas top that is only 2 years old, edwardian gray paint in very good condition and a few other goodies such as a 3" CAT-back stainless performance exaust system from George's Imports, powder coated red valve cover from stateofnine.com, K&N air filter and large diameter red interooler pipes from Jak Stoll of the performance board. And at the time of the appraisal it had about 84,000 miles (it has 90,000 now).
When I had it professionally appraised I went to a local (Columbus, Ohio) dealer of classic cars and motorcycles. This was before the red valve cover and intercooler tubes were installed. I paid $4,200 for the car and put a ton of work and money into it. I was expecting (hoping) for an appraisal of around $8,000 and was pleasantly surprised when the appraiser came back with a figure of $10,000. I have this in writing on a bona-fide automobile appraisal form. There was no funny business involved in this...he took about 20 minutes looking things up in whatever "book" professional appraisers use.
So I went to see my insurance agent with the car, the appraisal and a boatload of photos. She said if the company had any problems or questions they would call me. So out of the blue in late JUNE 2004 I got a call from a claims adjuster saying he wanted to see the car in order to do an appraisal. I asked why it took them 2 months to want to see it but was cordial, invited the man to come to my house and answered all of his questions. He said he had no clue on the value of Saabs and would be turning the information over to his boss. Keep in mind this was JUNE.
So...today being DECEMBER 2nd I get a policy adjustment in the mail saying the car is insured for $5,000. Needless to say I am pissed. I already left a very angry voice mail for my agent to call me in the morning and am demanding to know two things: 1) Why in the you-know-what did it take SIX MONTHS for the esteemed estimators to tell me the car isn't worth what I thought and 2) How and why do they have more expertise than a professional dealer in old and classic cars? In this voice mail I threated to shop around all of my insurance business unless this is rectified immediately...I realize I'm only one customer of a giant company but they insure 4 cars and my $265,000 home.
So what I need advice on is has anyone ever had this happen? What recourse, if any do I really have? I don't want to shop the insurance around but man, I'm pissed. What if I would have gotten into an accident before this policy adjustment happened? Would I have gotten $5,000 or $10,000? In their adjustment they cut me a refund check of a whopping $7 for overpayment of premiums. I am not stupid enough to deposit that check, for doing so would be an agreement to the revised policy terms.
Kelly Blue Book value for a private party sale is $3,235.
Any advice, PLEASE?????
posted by 69.211.136...
, Thu, 2 Dec 2004 19:47:06 <-- Viewing This Message, Fri, 3 Dec 2004 20:42:02, Fri, 3 Dec 2004 13:11:58, Fri, 3 Dec 2004 07:23:41, Fri, 3 Dec 2004 06:00:51, Thu, 2 Dec 2004 20:40:48
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