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Old 12-10-2012, 06:21 AM   #16
clarkshel
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Quote:
Originally Posted by allison443

No, that's not how auto insurance works (unless you have gap insurance as was pointed out earlier.) It doesn't give you what you paid for the items originally
And you know this for a fact, or just your opinion? Makes sense for the vehicle, but not your personal items.
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Old 12-10-2012, 06:35 AM   #17
eliza61

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Originally Posted by clarkshel View Post
And you know this for a fact, or just your opinion? Makes sense for the vehicle, but not your personal items.
Not the op you quoted but yes I do know it for a fact. Now of course there are some variables.

type of policy. A standard insurance policy will give you the "value" of the vehicle. Often that is not what a person pays for it. Unfortunately cars especially new cars drop significantly in value the nanosecond you drive it off the lot. this also can be the issue with home owner insurance (as many sandy victims are finding out). So the "value" of an item may not be what you paid for it and it definitely is usually not what it cost to replace the item.

There are policies available that totally replace your home or car and there are things like gap insurance but you must have one of these policies.

When my brand new car was stolen (from in front of citizen bank park during a phillies game) and trashed. Insurance covered the "value" of the personal property, which was a huge difference from what I paid and I had receipts showing what I paid.


Folks read your policies thoroughly. I changed a lot in my policy after that experience, mainly with my homeowners. A lot of folks think their home owners will pay to totally put their house back to the "pre" tragedy condition or even rebuild it and many times that's not what happens. You'd be amazed at what it does not cover.
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Old 12-10-2012, 02:01 PM   #18
jlewisinsyr
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Originally Posted by eliza61 View Post
Folks read your policies thoroughly. I changed a lot in my policy after that experience, mainly with my homeowners. A lot of folks think their home owners will pay to totally put their house back to the "pre" tragedy condition or even rebuild it and many times that's not what happens. You'd be amazed at what it does not cover.
ABSOLUTELY! People really should understand the difference between ACV and Replacement Cost policies. Only replacement cost policies will pay to replace your property at current costs (up to policy limits), basically without deducting depreciation.

The difference between ACV and Replacement cost can be HUGE! Example, you bought a Natuzzi leather sofa for $3,000 5 - 6 years ago and its destroyed in a fire. With ACV you'll probably get $500 at most, could even be less. This means to replace your just your sofa with like kind you'll need to come up with at least $3,000 more before factoring price increases on that sofa. With replacement cost policy, the insurance company will replace the sofa with a like sofa at full cost of replacing it today or roughly $3,000.
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Old 12-10-2012, 02:28 PM   #19
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I was in a rollover accident 2 weeks ago. Thankfully I came out of it with only some huge bruises and various aches and pains, nothing too serious. It was totally the other car's fault. They pulled out right in front of me and they received a ticket. Their insurance company is accepting liability. My 9 month old Highlander was totaled. Unfortunately the value per the insurance company is about $4000 less than what I paid for it.

My insurance company said to ask the other company for reimbursement for the things that were broken in my car like my laptop, mp3 player and various other small items.

I've never been in an accident before and am unsure about everything I am entitled to. The other insurance company did say they would give me 1 day's pay for pain and suffering for the one day I missed work. I haven't talked to them since the first time the day after the accident but they did say they would talk to me in 2 weeks so I am not concerned about that.

My biggest concern is the $4000 I am losing in the value of the car. My last car I had for almost 11 years so I normally don't care about the depreciation of new vehicles once they are driven off the lot since I keep them for a long time. I think that I am entitled to getting reimbursed some if not all of this value.

What words of advice can you give me in negotiating with this other insurance company?
You have a right for their carrier to cover all your concerns. I am an adjuster, don't let them talk you out of anything and don't settle bodily injury part. I had soreness pain, nothing broken, that never went away. Shoulder, lumbar, cervical. Lost my career, retrained to do this.

But, savvy companies want settle for as little as they can. But, yes...get the laptop checked, have it available for their adjuster. I hope they got you a rental too.
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