What can we do about some insurance bull?
So we had this beautiful 73 Ford Mustang, lady ran into me head on and almost totaled the car. Two witnesses said it was her fault so we should be covered right? Wrong, they said it is totaled and we will only get three thousand from it. We paid 4200 for it! Not to mention hours of work and hundreds of dollars put into it. We showed receipts and the frame wasn't damaged, they totaled it because it would be too expensive to fix the way it was. What do we do? We can't afford to lose money on this car even if we don't buy it back.
Insurance providers do not care what you may have paid for or how much you put into your insured vehicle. They are only legally obligated to pay you the fair market value of the vehicle should it be deemed totaled.
The insurance company made you an offer, you do not have to accept it… If they aren't interested in helping you, then you get a lawyer also…
There are insurance companies that deal with classic cars. Do you think someone with a 68 AC Cobra or Ferrari F40 use Farmer's or GEICO insurance? No, they use companies like Hagerty's. You are pretty much out your money.
As P.M. Says, you should have used a specialty insurer. I have my '29 Ford insured that way. They call it insurance for the "agreed value" of the car, and your rate is based on that and how often you drive it.
The insurance is doing the most that it can for you. It is against the law for them to do any more.
Insurance is absolutely forbidden to pay you what it cost you to buy the car. They can never, ever, under any circumstances, pay more than what the car was worth at the time of the accident.
If fixing it will be more than a certain percentage of the value of the car, then they must total it, and they are not allowed to pay even one penny towards fixing it.
There are only two things that you can do:
a) You can let them total it and pay only the amount that the law allows them to pay, and not the larger amount that is against the law to pay, or
b) You can withdraw the claim, tell them to pay nothing, and keep the car to fix (or not) at your own expense, with no help from insurance, because it is against the law for them to do anything for you if there's enough damage to total it but you don't let them.
The only way you could get more, is (if) you had a specialty insurance of agreed value. Then your insurance pays you and then they would go after at fault insurance for what YOUR insurance paid on your behalf.
But, if not, then they only owe you fair market value, in other words how much could you have sold this car for, if not, for this accident. What you paid for it and how much it is worth, are totally different.
By law, if repairs exceed a certain percentage, then they must total it. In your case, since the vehicle is uncommon, to find parts to fix, maybe difficult to find, or very expensive, thus costs more to fix.
If, in doubt, call your own insurance and ask them. But you will get the same answer.
- Why are the racist cons so racist they have problems with Dr. Fords claims just because she can't remember some of the nitty-gritty details? Such the month or the year that the incident happened! And big whoop she doesn't remember how she got there! What matters is that was she is saying feels right my fellow good liberals! Cenk Uygur the Snarkster coming at you racist cons!
- Why are the racist cons so racist they have problems with Dr. Fords claims just because she can't remember some of the nitty-gritty details? - 1 Such as the month or the year that the incident happened! And big whoop she doesn't remember how she got there! What matters is that what she is saying feels right my fellow good liberals! Cenk Uygur the Snarkster coming at you racist cons!
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