If someone buys stolen property question

[tvguy]

That would be what I would have run into called "customized equipment" which actually isn't all the uncommon although the most usual application is vans or vehicles for disabled individuals because ramps and modifications can easily add up. I want to say the coverage started at like $10K (don't quote me on that) and then if you had more you needed to add that onto the policy and state what it was.

Specialized vehicles can require thinking outside the box. One of my employers signed up with a fleet management company to oversee vehicle upkeep, negotiate repair prices, etc. They started rejecting repairs saying "repairs exceed value of vehicle". They were shocked that companies like ours routinely keep such vehicles 500,000 miles or more and that $2,500 for a new engine and another $2,500 for a new transmission is a drop in the bucket for a specialized vehicle with $200,000 in customization.

 

[Mackenzie Click-Mickelson]

Specialized vehicles can require thinking outside the box. One of my employers signed up with a fleet management company to oversee vehicle upkeep, negotiate repair prices, etc. They started rejecting repairs saying "repairs exceed value of vehicle". They were shocked that companies like ours routinely keep such vehicles 500,000 miles or more and that $2,500 for a new engine and another $2,500 for a new transmission is a drop in the bucket for a specialized vehicle with $200,000 in customization.

That doesn't sound out of the box thinking nor abnormal TBH for the rejecting of the repairs to be done. It's similar to having cars of a certain age be ineligible for comprehensive coverage for insurance coverage which some companies do.

If $2,500 was no biggie to your company I don't know why they wouldn't just get the repairs done privately outside of the going through the fleet management company. And I kinda don't blame the company for rejecting repairs after a certain point. Basically they are saying you have a higher likelihood of needing repairs and for them it's not going to end up being profitable enough. It's why car warranty companies often have limits to age and/or mileage (I'm speaking about once your main warranty expires and you can buy another warranty from a 3rd party).

 

[tvguy]

That doesn't sound out of the box thinking nor abnormal TBH for the rejecting of the repairs to be done. It's similar to having cars of a certain age be ineligible for comprehensive coverage for insurance coverage which some companies do.

If $2,500 was no biggie to your company I don't know why they wouldn't just get the repairs done privately outside of the going through the fleet management company. And I kinda don't blame the company for rejecting repairs after a certain point. Basically they are saying you have a higher likelihood of needing repairs and for them it's not going to end up being profitable enough. It's why car warranty companies often have limits to age and/or mileage (I'm speaking about once your main warranty expires and you can buy another warranty from a 3rd party).

Wow, I have never heard of a car being too old for comprehensive coverage. And I have a 58 year old car with full coverage. Salvage/rebuilt title yes, but never age.
They dumped the fleet management company for the very reason that their mindset wasn't realistic. Always cheaper to fix than replace a vehicle, barring rust or extensive collision damage in my experience. That being based on the cost per mile driven. Look at the big fleet operators, they never think twice about repairs, they are looking for a million miles in some cases before replacing a vehicle.
Yeah, the extended warranties were wacky when we bought our last car. 3/4 years or 150,000 miles. I want 10-15 years and 100,000 miles coverage.

 

[lifesavacation]

I'm not sure but all of our vehicles AND trailers have a separate policy. I pay a fortune in insurance premiums but c'est la vie.

Expensive learning mistake on our part, I guess.

Spending today getting a new security system upgrade. Also getting quotes to install a perimeter fence with razor wire across the entire property w/ an additional electric fence. Being this close to Portland means it won't be the last time we'll have a theft, unfortunately.

My husband is going to drive past the homeless encampments this weekend. That's where his truck was found when it was stolen.

 

[Mackenzie Click-Mickelson]

Wow, I have never heard of a car being too old for comprehensive coverage. And I have a 58 year old car with full coverage. Salvage/rebuilt title yes, but never age.
They dumped the fleet management company for the very reason that their mindset wasn't realistic. Always cheaper to fix than replace a vehicle, barring rust or extensive collision damage in my experience. That being based on the cost per mile driven. Look at the big fleet operators, they never think twice about repairs, they are looking for a million miles in some cases before replacing a vehicle.
Yeah, the extended warranties were wacky when we bought our last car. 3/4 years or 150,000 miles. I want 10-15 years and 100,000 miles coverage.

Antique cars function differently for example my state considers cars older than 35 to be antiques which allow you to get a special cheap license plate. That also may mean you need a specific type of policy often referred to as stated value. Classic, vintage, antique, etc

But yeah some can have a limit to the age of the car for full coverage.

I wouldn't say the fleet management company wasn't being realistic because obviously enough of their clients didn't keep vehicles with 500,000 miles on it lol. I'd say enough companies probably cut their losses after a point. But really it's more that your prior employer wasn't a good fit for that type of product which isn't anyone's fault per se just you need to know what your needs are and what a product can do for your needs. At the end of the day the fleet management company is their own company with their own expenditures in mind.

I do remember thinking warranties were looking a tad different these days maybe because people are keeping their cars for longer?

 

[Mackenzie Click-Mickelson]

Expensive learning mistake on our part, I guess.

Spending today getting a new security system upgrade. Also getting quotes to install a perimeter fence with razor wire across the entire property w/ an additional electric fence. Being this close to Portland means it won't be the last time we'll have a theft, unfortunately.

My husband is going to drive past the homeless encampments this weekend. That's where his truck was found when it was stolen.

That really sucks that you're having to do all that extra stuff

 

[tvguy]

Antique cars function differently for example my state considers cars older than 35 to be antiques which allow you to get a special cheap license plate. That also may mean you need a specific type of policy often referred to as stated value. Classic, vintage, antique, etc

But yeah some can have a limit to the age of the car for full coverage.

I wouldn't say the fleet management company wasn't being realistic because obviously enough of their clients didn't keep vehicles with 500,000 miles on it lol. I'd say enough companies probably cut their losses after a point. But really it's more that your prior employer wasn't a good fit for that type of product which isn't anyone's fault per se just you need to know what your needs are and what a product can do for your needs. At the end of the day the fleet management company is their own company with their own expenditures in mind.

I do remember thinking warranties were looking a tad different these days maybe because people are keeping their cars for longer?

I wish I got a cheap license plate. My registration fees are based on what a paid for the car, age makes no difference. Yes, I have Agreed Upon Cash value if my car is totaled, but the rest of my coverage is just like my other cars.
Yeah, I keep cars a long time. My wife's car was 20+ years old, and our family car 31+ years old when we got rid of them. In the case of the 31 year old car, I spent a total of $10,000 in repairs over those years.

 

[Mackenzie Click-Mickelson]

I wish I got a cheap license plate. My registration fees are based on what a paid for the car, age makes no difference. Yes, I have Agreed Upon Cash value if my car is totaled, but the rest of my coverage is just like my other cars.
Yeah, I keep cars a long time. My wife's car was 20+ years old, and our family car 31+ years old when we got rid of them. In the case of the 31 year old car, I spent a total of $10,000 in repairs over those years.

You do have to switch the title formally over to antique but then it's just a one-time $40 fee to do so and then for the life of the registration you don't pay any more fees. You still owe property tax though on it. I have for quite a while now been paying the lowest that can be charged on property tax for my car (due to age and value of it) which is $24. What I get hit with is then $42.25 in fees plus a few extra dollars due to the method of payment.

You can also get a Special Interest plate if your car is 20 or more years but you have to also have another vehicle under regular tags which technically I don't since I only have 1 vehicle titled in my name.

 

[tvguy]

You do have to switch the title formally over to antique but then it's just a one-time $40 fee to do so and then for the life of the registration you don't pay any more fees. You still owe property tax though on it. I have for quite a while now been paying the lowest that can be charged on property tax for my car (due to age and value of it) which is $24. What I get hit with is then $42.25 in fees plus a few extra dollars due to the method of payment.

You can also get a Special Interest plate if your car is 20 or more years but you have to also have another vehicle under regular tags which technically I don't since I only have 1 vehicle titled in my name.

You can do that here with plates, but my car has the original 1965 license plates issued when it was sold new, and those plates add about $1,000 to the value of the car to a collector. So no way I am doing that.

 

[Mackenzie Click-Mickelson]

You can do that here with plates, but my car has the original 1965 license plates issued when it was sold new, and those plates add about $1,000 to the value of the car to a collector. So no way I am doing that.

Ah yeah wouldn't do that either in that case.

 

[barkley]

Expensive learning mistake on our part, I guess.

Spending today getting a new security system upgrade. Also getting quotes to install a perimeter fence with razor wire across the entire property w/ an additional electric fence. Being this close to Portland means it won't be the last time we'll have a theft, unfortunately.

My husband is going to drive past the homeless encampments this weekend. That's where his truck was found when it was stolen.

i'm so sorry you are dealing with this.

is it possible to hide a small discrete gps tracking device on all of your equipment/vehicles? a quick google search shows that they make pretty cheap ones that set up alerts if the item is so much as moved.

 

[lifesavacation]

i'm so sorry you are dealing with this.

is it possible to hide a small discrete gps tracking device on all of your equipment/vehicles? a quick google search shows that they make pretty cheap ones that set up alerts if the item is so much as moved.

Good idea. We’ll get some of those and hide them on the equipment.