INSURANCE ISSUE: Need help/Advice

[husker boxster]

I would sue only after pursuing the issue with the IC and BBB and come up empty. In Neb, winning a small claims case doesn't mean the loser is going to pay. There isn't any teeth in the system to make the loser pay. Not much use in spending a fortune on a high powered lawyer, winning the case and then getting nothing but a worthless judgement in your favor. State Farm would probably want to keep their reputation up so they would likely pay, but be aware of the pitfalls of the system before you take this route. This would be a good question to ask your lawyer (how are losers forced to pay?) during your initial consulation. You know the lawyer will want his fee if he's representing you in the case, so you'll initially be out more than the $3300 before you collect anything from SF. RM makes a good point - if you do end up pursuing them through the courts, SF may just pay off as the cheaper option. But don't bet the farm on that strategy - assume you'll have to go the distance and be prepared to do so. But only as a last resort. Try the less expense options first.

[lbrown2009]

not inferring anything, just reiterating what you said... if someone sponsors you ... they pay your tab, you didn't mention it was a partial sponsorship you just said sponsorship period. Seriously though... how do you have the money to install a 3k+ stereo and not have money to fix your alarm ? Maybe you weren't holding up your end of the sponsorship bargain and the shop owners got pissed and took back their equipment and decided to send a message along with it.

[trube78]

That is really the only question at this point. If you went to SF and said my car is now worth 2kish more than it was yesterday due to a stereo they would/should raise your rate, with a convertible and a 2kish stereo maybe a bigger raise than you think. In addition if you had an alarm listed as part of the policy and it was not working that is not good. Most policies have a limit on what is covered beyond original equipment in a car. Few aftermarket and expensive stereos or fancy mods (wheels, exhausts, brakes, etc.) are covered unless you change the policy and pay. Think about it - if my car is broken into and I have a camera kit inside. I cannot expect it to be covered unless I pay insurance for the coverage.

I would read my policy, get my ducks in a row and then go to the BBB. Small claims is possible but more work.

Finally, realize from an insurance perspective you took out a radio that had some value and replaced it. The second it went in it's value (without depreciation) was less than 3400 since you must deduct the value of the Bose system you removed.

Probably not what you want to hear but I would bet you can get 500 for the stereo but would be shocked if they offered over 1000. I have done antiques, colectibles, modified cars, in the past. Increasing insurance coverage to cover the actual value was at best a pain and at worst a pain and to costly to make it worthwhile and I have a great insurance company with over 35 years and no claims.

Hope this helps. Best,
Tom

[PlayersExpress]

Originally Posted by trube78

That is really the only question at this point. If you went to SF and said my car is now worth 2kish more than it was yesterday due to a stereo they would/should raise your rate, with a convertible and a 2kish stereo maybe a bigger raise than you think. In addition if you had an alarm listed as part of the policy and it was not working that is not good. Most policies have a limit on what is covered beyond original equipment in a car. Few aftermarket and expensive stereos or fancy mods (wheels, exhausts, brakes, etc.) are covered unless you change the policy and pay. Think about it - if my car is broken into and I have a camera kit inside. I cannot expect it to be covered unless I pay insurance for the coverage.

I would read my policy, get my ducks in a row and then go to the BBB. Small claims is possible but more work.

Finally, realize from an insurance perspective you took out a radio that had some value and replaced it. The second it went in it's value (without depreciation) was less than 3400 since you must deduct the value of the Bose system you removed.

Probably not what you want to hear but I would bet you can get 500 for the stereo but would be shocked if they offered over 1000. I have done antiques, colectibles, modified cars, in the past. Increasing insurance coverage to cover the actual value was at best a pain and at worst a pain and to costly to make it worthwhile and I have a great insurance company with over 35 years and no claims.

Hope this helps. Best,
Tom

I understand the depreciation and value of the BOSE, but realistically the BOSE system was 13 years old, 3 of the 6 speakers were blown, I still have the original amp and Hu from the car, the value of a 13 y/o system... maybe $200. the new system was $3400 put in about 12 days before the event, even at a depreciation of 40% over 12 days (3400*.6= 2040) 2040 minus 200-400 = $1640-1840. But to offer me $200 is insane imho.

I still need to pour over the legal fine print of our policy to understand everything, but I believe our policy is under the terms of "full cost of replacement". Meaning if it cost $5000 in the first place and was depreciated, the full cost of replacement would still be $5000 even if the items were only valued at say $1000 at the time.

It was explained to us by our agent that SF covers the full cost of replacement for any aftermarket parts that are documented on the policy. Which goes back to the original problem, our Agent told us SF did not do riders any more, that our premium wouldnt change, and it would be fully covered by SF as long as it was all documented (which it was). The same agent our family has had for the last 30 years.

Adam

[Dave S.]

Originally Posted by PlayersExpress

It was explained to us by our agent that SF covers the full cost of replacement for any aftermarket parts that are documented on the policy. Which goes back to the original problem, our Agent told us SF did not do riders any more, that our premium wouldnt change, and it would be fully covered by SF as long as it was all documented (which it was). The same agent our family has had for the last 30 years.

Adam

Sorry about your loss. I hate criminals.

What does your agent have to say for himself now and why isn't he helping you in this claims process? If he misrepresented your coverage, you should take him to small claims court - no lawyer, just the facts and receipts and any written correspondence you have with your agent regarding the coverage.

Also you are at fault if you failed to actually read your policy and verify that what you were told was actually in your written policy contract. It sounds harsh, but you are an intelligent adult with a written contract and should clearly know what it says. It is the final legal word unless you can prove some misrepresentation. If you had actually read your policy, you would have been able to question the representations made by your agent, citing the actual policy language you would have been concerned about. Reading your policy would have taken 10 minutes and been time well spent.

I'm guessing you are not going to get satisfaction on this, but it's still worth a try.

If nothing else, at least you have shared this lesson of how not to manage a legal contract with everyone else on this forum. No one watches out for your best interests except you.

Sorry, I don't mean to rub salt in your wounds. And I too learned this lesson the hard way 25 years ago when my motorcycle was stolen with a bunch of aftermarket equipment on it.

All that said, be persistent with your agent and the claims adjuster. You don't have to accept what they offer and can keep the claim open until you feel you have gotten everything you are going to get from them. Of course if you need the money for the totalled car right away you are at a disadvantage.

[lbrown2009]

Adam, good luck to you in recovering your losses, it seems as though you have all your bases covered and it will all work itself out.

[eightsandaces]

Write a calm, factual letter to your State Attorney General, it worked for me once with a Searay dealer with no honor.

[PlayersExpress]

Originally Posted by lbrown2009

not inferring anything, just reiterating what you said... if someone sponsors you ... they pay your tab, you didn't mention it was a partial sponsorship you just said sponsorship period. Seriously though... how do you have the money to install a 3k+ stereo and not have money to fix your alarm ? Maybe you weren't holding up your end of the sponsorship bargain and the shop owners got pissed and took back their equipment and decided to send a message along with it.

That in itself is just absurd and plain ignorant. Even if a company only gives you a dollar towards the total of whatever, they are sponsoring you. It is a broad term that many people assume that sponsorship= full. Think NASCAR, a car might have 50 sponsors and one of those might only contribute less than 1% of the cost of operation for an entire season. Yet the company is still "sponsoring" the car or team. Likewise, the system was installed on the 18th, the car was vandalized on the night of the 31st which was the 1st of June technically. The car wasn't due to go to any even until the first week of June. On that same note, the shop itself is reputable, been around over 15 years, holds a world record for the loudest system in a corvette, and guess what... they just placed 2nd at the national sound competition in Daytona this spring in the convertible class with none other than a Boxster, which in turn placed 5th overall if I remember correctly.

Also going back to the alarm, we were going over the manual and figured out the the alarm wasn't broke, I'm not sure I ever claimed it to be, just that it never went off. The previous owner had the alarm set to passive/off where only a big movement of the car would only set off the flashers, no audible alarm. Yet when a top is cut open and the door handle used to unlock the car, the car in all sense just thought someone was sitting in the car and unlocked it (inference). But hey, it is what it is. Nothing more, nothing less.

On that note, affording the 3k. Hmmmm, I do trade the market as an amateur trader. Recently, I had made some money and was either going to drop a new motor (996) in the car or go in for half on a Harley with my mother until 3 of my speakers blew. I enjoy my music and the decision was easy. Not that I need to justify myself to you, I just feel like it. It amuses me to oblige people who question me.

Seriously dude, you honestly need to stop assuming and tossing out wild theories. It is neither appropriate for the situation nor helpful to my questions and topic at hand.

Thanks,

Adam