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That's the beauty of stated value...you set the limit to what value "totals" the car. You then collect on your own policy then they subligate from the other company. You get it fixed where you want if it's not totaled. Person at faults insurance then has nothing to say.
Go get an estimate at a body shop of your choice and one that specialized in Vettes, I believe in most states...(like mine, but check yours)...you do not need to shop around for estimates and you have the right of having your car fixed wherever you want.
I'm not sure what you mean...stated values is just that...stated...doesn't matter who hits you...even if it's someone with the same company they don't pull out a valuation book and start lowballing. If it's totaled they just write you a check for what you told them the car was worth when you insured it...no depreciation.
I have an insurance update. State Farm tried to quickly send a $1600 check for the repairs based on their own estimate. Two shops came back with estimates at $2900. A supplement was sent to State Farm and they requested photos and an explanation. It seems like they tried to pull one over on me just to get off the hook cheap
...stated values is just that...stated...doesn't matter who hits you...even if it's someone with the same company they don't pull out a valuation book and start lowballing. If it's totaled they just write you a check for what you told them the car was worth when you insured it...no depreciation.
Not exactly...you're describing "Agreed Value" (the type of policy written by Grundy, Hagerty, and other collector car insurers). Here's the explanation of the difference between "stated value" and "agreed value": http://www.rigmetroins.com/m/blog/co...ount-insurance
you turn in a claim with your own carrier, state farm is their problem not yours.
insurance is to make you whole again, you can't be made whole when your Car has Diminshed value do to collison damage.(carfox the scarlett letter)
So advice that's worth what it costs:
turn in a claim with your own carrier and demand your deductable from state farm.
Not all states force insurers to recognize Diminished Value. If not, they don't. Ask me how I know.
Not exactly...you're describing "Agreed Value" (the type of policy written by Grundy, Hagerty, and other collector car insurers). Here's the explanation of the difference between "stated value" and "agreed value": http://www.rigmetroins.com/m/blog/co...ount-insurance
Yes...agreed is correct and what I meant. I didn't know the stated type of policy described in the link even existed. Seems pretty worthless as they will pay the lower amount.
This raises a question I have. In a situation like this where the car is hit while parked and the person hitting has insurance don't they have to fix even if more than blue book or however "totaled" is figured? Dan
All the insurance company ever has to pay is what the car is worth. How you decide what it's worth is the big question. They'll never pay $10k to fix a $5k car, though. (Not implying anything about the value of the car in this post).
That sucks JYD. I believe that since she hit you while parked, her insurance company is responsible for 100% of the cost of the repair including covering your deductible. To me, it looks like at least a $3,000 repair between the body work and paint plus labor. If you got her insurance info and gave that to your agent, they will pursue the cost of the repair. Go to the best shop you can find and don't let them send you a check for the estimated cost. You should be able to get the work done where you want, turn the bill over to your insurance carrier and let them get the money from this horrible driver's insurance. Hope this helps you.
St. Jude Donor '05-'06,'07-'08-'09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-'20-'21-'22-'23
Originally Posted by junkyard_dog72
I have an insurance update. State Farm tried to quickly send a $1600 check for the repairs based on their own estimate. Two shops came back with estimates at $2900. A supplement was sent to State Farm and they requested photos and an explanation. It seems like they tried to pull one over on me just to get off the hook cheap
Wife got into a car accident in her E400 a few months ago and our insurance wanted to quickly send a check for $2,900 based off a picture estimate they did - real professionals. I told them to shove it and once the official estimate came in I was paying the deductible and they would cover the rest (as it should be). Went to Caliber Collision and repair was actually close to 6k. Had it repaired, ins paid the big bill and we paid the deductible.
In a few cases, take the check but for the most part they lowball and try to squirm off the repairs.
So her insurance took care of everything, no deductible on my end. When I stopped by the shop, the adjuster was there and was given the supplement. She read through it, looked at the car, and said it would be an issue. They are sending another $1500 check to cover the damages listed in the supplement. Soon enough the car will be as good as it was a month ago.
Interesting side note: the shop was able to source a GM quarter panel for repairs instead of aftermarket
08-13-2017, 10:47 PM
