| Author |
Message |
Ken Ross (Kdross)
Member
Username: Kdross
Post Number: 430
Registered: 2-2002
| | Posted on Tuesday, August 26, 2003 - 8:01 pm: | |
Arthur:
Thanks for the input. Unfortunately, the kid did not have any insurance. The insurance card he provided the police was bogus. Being a minority from the projects, he does not have two nickles to rub together. |
Dr. Erik Nielsen (Judge4re)
Junior Member
Username: Judge4re
Post Number: 180
Registered: 4-2003
| | Posted on Tuesday, August 26, 2003 - 7:16 pm: | |
I deal with Chubb for my cars because they allow an "agreed value" coverage. Good thing is you can keep upping the value every year depending on how much work you put into it. So long as you don't raise it by more than 15% annually, you don't have to get a new appraisal. While I feel your pain Ken, you just figured out how the insurance companies make their money... |
arthur chambers (Art355)
Intermediate Member
Username: Art355
Post Number: 2459
Registered: 6-2001
| | Posted on Tuesday, August 26, 2003 - 3:45 pm: | |
Ken;
Which insurance company is offering the 26k? If it is their carrier, talk to your carrier, tell them (and support it with receipts) about the restoration, and if they aren't cooperative, get an apprisale.
If the 26k is your own carrier, use the term bad faith when you deal with them. Get an appraisal, make sure that they understand that if they low ball you, you'll be asking for a lot more than just the extra funds.
Find out the limits on the kid's policy, that may determine the amount you can recover from him. If he has minimum limits, check your policy to see if you have "under-insured coverage" If so get a copy of the kids' declarations page, get permission from your carrier to settle with him, and make your claim against your own carrier.
Best advise however: check with the guys in your firm, get the law on property damage in your state, then proceed.
Good luck, hope you get sufficient compensation from them.
Art |
rich stephens (Dino2400)
Member
Username: Dino2400
Post Number: 556
Registered: 10-2001
| | Posted on Tuesday, August 26, 2003 - 3:35 pm: | |
One option is to tell the insurance company to show you another car exactly like yours that is $26,600. If they can find you one to your satisfaction, take their check and buy that car and then keep yours as well. If you have personal attraction to this particular car, then keep fighting. They need actual price data from cars for sale right now (not receipts of what you've spent on your own car) and/or an appraisal. Some insurance companies will offer an arbitration process: they hire an appraiser, you hire one, and then they hash it out. The Rolls club, auction results, that sort of thing is helpful. (I just went through a claim on a rare, though much less valuable car, and had this trouble with them valuing my car way too low initially).
Problem is that the 17 year old may not have enough property damage coverage on his insurance. I wonder if your mechanics insurance will make up the difference: no, it wasn't his fault and it would be a bummer if his rates went up. I assume your own insurance will cover the rest though. |
Greg G (Greg_g)
New member
Username: Greg_g
Post Number: 45
Registered: 7-2003
| | Posted on Tuesday, August 26, 2003 - 12:18 pm: | |
Ken, it might help your case with the insurance comp if you can provide the receipts totalling $40K.
Good luck - I feel your pain! |
John Do'h (Combover)
New member
Username: Combover
Post Number: 23
Registered: 8-2003
| | Posted on Tuesday, August 26, 2003 - 11:43 am: | |
Hire an appraiser to value the car. That will at least give the adjuster something to work with and give you an idea of what you would recover if you needed to file a lawsuit.
The one exception is that under certain conditions a person is entitled to damages sufficient to "repair and restore" if they have a personal reason for repairing to the orignial state. It's based on the restatement of torts (forgot which section, sorry) and i've seen it used to get a Plaintiff $50K so he can replant trees on land that costs $4K an acre and increased in value after the trees were gone. Bizarre, but true. |
Ken Ross (Kdross)
Member
Username: Kdross
Post Number: 428
Registered: 2-2002
| | Posted on Tuesday, August 26, 2003 - 9:51 am: | |
Thanks guys. As always, Fchat is a wealth of information. My mechanic was driving the car home to make sure everything was working (as per my instructions). My mechanic was uninjured, but I am told that the 17 year went through the windshield. By looking at the car there appears to be very little damage. Unfortunately, most of the damage was done to the underside of the car.
BrentC - you have mail.
Ken |
S. Brent Cardani (Brentc)
New member
Username: Brentc
Post Number: 9
Registered: 8-2003
| | Posted on Tuesday, August 26, 2003 - 9:33 am: | |
Ken,
Check with the Rolls-Royce Owner's club for some guidance as to who could help out. Where are you located? I am an RROC member from Michigan and will help out any way I can. PM me and I can try to get you some detailed info. |
J Haller (Jh355)
Junior Member
Username: Jh355
Post Number: 112
Registered: 6-2003
| | Posted on Tuesday, August 26, 2003 - 9:16 am: | |
Ken,
Sorry to hear of your loss. Just a testament of how well constructed the car is. I assume you walked away without a scratch?
JH
|
wm hart (Whart)
Intermediate Member
Username: Whart
Post Number: 1599
Registered: 12-2001
| | Posted on Tuesday, August 26, 2003 - 9:03 am: | |
I had a client years ago whose Roller blew up after it left service at Haug or Carriage House. Insurance co. low balled him. (It was a Corniche conv.). I asked Chas. Schmidt (assume it was the son) to come in and he gave a much higher appraisal; insurance co. wound up settling higher. At that time Schmidt was selling a ton of rolls. |
Ken Ross (Kdross)
Member
Username: Kdross
Post Number: 427
Registered: 2-2002
| | Posted on Tuesday, August 26, 2003 - 8:53 am: | |
Our 1980 Silver Shadow II Rolls Royce was killed last week by some assho!e 17 year old driver. The car was rear ended at 50 mph while at a redlight. The car sustained about $50K worth of damages, however, the insurance company has valued the car at $26,600.00. Problem is over $40K has been invested into the car during the past 3 1/2 years. The money was invested into the car because we wanted to keep the car forever. About $32K was spent in mechanical restorations and $8K in a paint job about 1 year ago. The insurance company will not budge from their value of $26,600.00. Has anyone dealt with this type of problem before? We do have all the receipts and documentation to prove that the work was done. If we can get $45K we would be happy. Help.
Ken
|