Me & the insurance company.

[Bill Hanlon]

When I first got my '57 102 back on the road after the repaint in 1998 I contacted my insurance broker and we decided on an "agreed value" policy. The company sent an appraiser who came up with a value of $11K dollars. The company charged me X dollars per year for $11K worth of coverage. I know that I could get much lower rates from one of the collector car insurance companies, but like many of you I daily drive my truck, including to work. This is much verboten in all collector car insurance coverage.

5-6 years ago my insurance broker recommended switching my coverage (house and three vehicles) to another carrier. I did so, and really didn't pay much attention to the new coverage.

After the wreck last Saturday I started worrying about what was going to happen. I pulled out the policy and found it said "coverage to your auto: Collision - Actual Cash Value" when referring to my truck.

Late yesterday afternoon I received an e-mail with the settlement that the insurance is proposing with an "actual cash value" of $10,648. There is no explanation of how they arrived at the figure.

I know we all make fun of the e-bay listings asking ridiculously high prices for old trucks. Mine is NOT 1 of 300, but it is (was) a pretty decent driver with factory V8, Hydra-Matic, add-on AC, front disk brakes and a bunch of other minor tweaks I had done over the years.

I did some looking on line and the only anywhere near reputable place I found that listed values for '57 GMC trucks was here:
http://www.nadaguides.com/Classic-Cars/1957/GMC/102/1-2-Ton-Pickup-LWB/Values
Pricing Original $1,896
Retail Low $7,025
Retail Average $21,400
Retail High $41,200

with this explanation:

Low Retail Value
This vehicle would be in mechanically functional condition, needing only minor reconditioning. The exterior paint, trim, and interior would show normal wear, needing only minor reconditioning. May also be a deteriorated restoration or a very poor amateur restoration. Most usable "as-is".

Some of the vehicles in this publication could be considered "Daily Drivers" and are not valued as a classic vehicle. When determining a value for a daily driver, it is recommended that the subscriber use the low retail value.

Note: This value does not represent a "parts car".

Average Retail Value
This vehicle would be in good condition overall. It could be an older restoration or a well-maintained original vehicle. Completely operable. The exterior paint, trim, and mechanics are presentable and serviceable inside and out. A "20-footer".

High Retail Value
This vehicle would be in excellent condition overall. It could be a completely restored or an extremely well maintained original vehicle showing very minimal wear. The exterior paint, trim, and mechanics are not in need of reconditioning. The interior would be in excellent condition. Note: This value does not represent a "100 Point" or "# 1" vehicle *.
* "100 Point" or "# 1" vehicle is not driven. It would generally be in a museum or transported in an enclosed trailer to concourse judging and car shows. This type of car would be stored in a climate-regulated facility.

I daily (or almost daily) drove mine, however it was no beater. I consider it somewhere between the low retain and average retail value, but higher than what they have offered.

I plan to contact the company Monday, ask them where they got there figures from, offer the NADA figures and make a counter offer with the goal of settling around $15K. I'm not much of a negotiator and would feel a lot better if I had additional numbers to back up my counter offer. Do any of you know where I might find authoritive documentation to back me up?

 

[vwnate1]

Crunch Time

Oh , crud Bill ;

It is time to begin looking at an honest Appraiser , one who will come out for a fee and look at your truck and give you an honest evaluation .

DO NOT talk to your insurance co. until this is done ! .

Askking them where they got the idea your truck has such low value gives them the excuse to cheat you....

Stand firm on the higher value until they give you a counter offer you can accept .

 

[markcp]

Man that stinks. I sure hope you get the value that it is worth.

A few years ago a wind storm took the roof off a building that housed my 1968 Oldsmobile 98 convertible. Ended with a ripped top and a few dents along the body.

Adjuster told me it was within a few hundred dollars of being totaled. I asked him how they figured? Fair market value was figured off ebay, craigslist and other classifieds, was his answer. After insurance check was written, I went to Hagerty Classic car insurance. Much cheaper, stated value for loss and insurance coverage year round.

 

[ol' chebby]

I do not, but friends with high end cars are with the collector ins. One friend had his shoebox ford leadsled catch fire enroute to Goodguys last year. It was insured for $50k, they wrote him a check for $50k, no problem.

Mine is agreed value, $12.5k, which is a little low, but inline.

 

[bigtimjamestown]

My dad went through this years ago with one that was stolen. He showed the insurance Co. pictures and suggested they replace what he had with what they were offering. He stood his ground and in the end got what wanted...Big Tim

 

[MT AZ]

The only way insurance companies can stay in business is to NOT pay claims.

They did offer you first right of refusal.... so what do they figure the crashed truck is worth in parts ?

I take it the 10.6 K they offered is in addition to letting you keep the smashed truck ?

 

[Lakeroadster]

If you think you're at the end of your rope, tie a knot in it and hang on.

I agree VWNate. Get a professional appraiser to look at your truck. Even in it's current condition they will see just what a special ride you had, and give you a fair market appraisal. I'd look to Hemmings Motor News or a similar venue to get a quality appraiser, someone worthy of the quality of truck you had.

There's a bunch of us here that are riding along with you on this one Bill. Could ya help us out? Who did you have your truck insured with?

John