| Author | Message | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 1640 Registered: 9-2001 |
While Allstate may not be the best out there, be aware that a lot of states have specific laws that provide that all you can get for a totalled or stolen car is ACV regardless of what your policy may state. It is against public policy to get more from your car than it is worth. By the way, it is an "agreed value" policy that you need, not a "stated value" policy. That being said, as the car owner and insured, it is up to you to document what the ACV of your car is through ads, book values, market reports , ect.. in the event of a lost. If you can document that the ACV of your car is more than the insurer is offering you can usually change their mind. If not, such documentation is necessary to prevail in court. | ||
| Dr.John Gober (Drjohngober)
New member Username: Drjohngober Post Number: 9 Registered: 11-2002 |
Three years ago, I had a 78 308 GTS self combust while I was driving.Even the tires melted. I had paid $30k two years earlier and had had the stereo upgraded and maybe a few little other things. One week after the fire, State Farm hand delivered a check for $42K. Whe says F cars are not good investments. My Estate Manager is recommending moving to CHUB, but since State Farm handled that one incident so well, I am ging to stay with them . Now if I can only get my 360 to ..... | ||
| TomD (Tifosi)
Intermediate Member Username: Tifosi Post Number: 2139 Registered: 9-2001 |
talked about the computer program they use for claims and how it avgs historic claims (throws out some high outliers) and subtracts 10 to 15% when arrriving at a payoff | ||
| Mark (Markg)
Member Username: Markg Post Number: 355 Registered: 2-2001 |
see: /www.allstateinsurancesucks.com or just do a Google search on a few keywords. What did the WSJ article say? | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 172 Registered: 8-2002 |
great story, good catch tom. | ||
| TomD (Tifosi)
Intermediate Member Username: Tifosi Post Number: 2136 Registered: 9-2001 |
in the WSJ today there is an article about allstate and its claims process | ||
| billy bob (Fatbillybob)
Junior Member Username: Fatbillybob Post Number: 129 Registered: 8-2002 |
The lawyers should tell you to be very CAREFUL with stated value policys. In small print they usually say..."pay stated value or actual cash value" They use the cash value statement to try and screw you. A consistent record of appraisals helps but those professional appraisals aren't cheap either. And you have to switch appraiers once in a whole so that the insurance co. does not claim your appraiser is on drugs. The saga continues... | ||
| Mike Charness (Mcharness)
Junior Member Username: Mcharness Post Number: 143 Registered: 8-2002 |
My Allstate agent told me that they would give me "replacement value" if the car was totalled, for like condition. The photos I have of the car, including the Concours awards, he deemed sufficient to make sure it wouldn't just be priced like any ol' 308/QV with similar mileage. My next door neighbor totalled his QV about a year ago. He had paid $37K for it, kept it and drove it for a year before it got in the big accident. The insurance company gave him $41K for it! I don't know what carrier he was using, but he drove it for a year and ended up with a profit (and only 5 stitches). | ||
| DES (Sickspeed)
Member Username: Sickspeed Post Number: 609 Registered: 8-2002 |
Hans... "Most insurance agents that I know tend to tip the bottle, and they'll probably start early on the 31st!" Right before i read this, i took a sip of wine as i, too am hitting the bottle early... Does this mean i'm DEStined to be an :::gasp!::: insurance agent...?!? | ||
| Rodney Haas (Icars)
Junior Member Username: Icars Post Number: 78 Registered: 3-2002 |
Again regardless of who you deal with get an appraisal. I had a totaled Lancia a few years ago. We were insured with Hagerty Classic. They took a little while, but in the end the appraisal and pictures showing a perfect collectors car paid off. I have had several small claims on Allstate, both on my policy and a couple on other people's. Most recently on my FIAT (bad weather car, accident in bad weather.. ) Allstate was a little painful and their first adjustment was rather low, but it all worked out. I had an absolutely horrible experience with State Farm, which resulted in me walking into my agents office and telling them to cancel all our insurance, house, auto, business.... We may indeed change from Allstate eventually, but it's hard to do with 30 year old cars. Many insurers freak out when you explain that you drive these on a regular basis. Rodney Haas [email protected] Plano, TX USA http://www.maffiacarclub.com Maserati, ALFA, Ferrari, FIAT, Italian Automobiles 72 Maserati Euro Indy 73 Ferrari 365 GT4 2+2 81 Fiat Spider 86 Maserati Spyder Looking for a nice Maserati Mexico | ||
| Hans E. Hansen (4re_gt4)
Member Username: 4re_gt4 Post Number: 703 Registered: 4-2002 |
Not tomorrow, Ricky. Most insurance agents that I know tend to tip the bottle, and they'll probably start early on the 31st! | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 168 Registered: 8-2002 |
okay, i was going to wait for my allstate policy to expire on Jan 25 but after all these responses i'm going to have the policy changed tomorrow, seriously. Thank you so much to everyone, I appreciate it bigtime! | ||
| arthur chambers (Art355)
Member Username: Art355 Post Number: 856 Registered: 6-2001 |
Ricky: Like John I do trial work, mostly in California with an occassional trip to other jurisdictions. I've been doing this for about 30 years. John was restrained in his description of Allstate. I think that they only hire those who flunk the polygraph test. Buying insurance from Allstate satisfies the legal requirement of insurance, but if you have a claim, expect to see every manuver possible so that they can avoid paying. I use Nationwide. I had the unfortunate occurrance of having my 348 totaled (I wasn't driving). They paid in accordance with FML, paid for loss of use, paid sales tax, etc. I ended up making a little money on the car (I'd been very careful when I bought it, so I got it under market) and had absolutely no grief with the carrier. I know of more than a few people in similar circumstances with Allstate, who were not as happy as I, and if you wish can provide you with names, phone numbers, etc. Since most people do not carry enough insurance, when you own a Ferrari, you have get uninsured/underinsured motorist, property damage, with limits high enough to replace your car. Art | ||
| john w. houghtaling, II (Johnhoughtaling)
Junior Member Username: Johnhoughtaling Post Number: 55 Registered: 11-2002 |
loss of value is often referred to as "diminished value." Say for example you drive you brand new 360 off the truck with 10 miles on it and some joker in a rusty pickup truck runs a red light and does $50,000 worth of damage to the rear end of your car. The pieces are picked up, and your insurance company tows to the local body shop to fix it. 8 months later your Ferrari is deliverd by your "good hands" people at allstate. After they "fix" it, is it worth the same as the car was before the accident? Of course not. Maybe it is worth 10,15 even 20,000 less now because it was previously in a terrible accident. Normally, you may recover this "diminished value" because it is a loss you sustained to your property damage. The loss is measured as the value of the car before the accident compared to the car after the accident. Most people don't know this and for years insurance companies have said nothing, and in the process screwed policy holders for years. Now people are waking up and demanding this be paid. Some, but not all insurance companies have attempted to right this out of their policies. Nevertheless, if you have UM or are lucky enouph to have some other person's insurance apply, then you can still collect on this dimisished value. If you have been screwed like this in the recent past, I'd be glad to help if I can. John W. Houghtaling, II Esquire Gauthier, Downing, et al New Orleans, LA 504-456-8600 | ||
| Bruno (Originalsinner)
Member Username: Originalsinner Post Number: 847 Registered: 5-2002 |
I just got a letter from my company (Nationwide) stating that they will not cover losses sustained from loss of value. Hum. First thing went through my mind was carfax. If your car is damaged and shows on carfax it is worth less to a buyer regardless if you agree or not.I guess they were getting hit for payments on the diminished value on top of repairs??? Or maybe thats not why. | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 167 Registered: 8-2002 |
wow, dam glad i decided to leave this post this morning!! | ||
| david handa (Davehanda)
Member Username: Davehanda Post Number: 400 Registered: 5-2001 |
Ricky, You are spot on with Chubb, who underwrites the policies of Grundy. I had a Grundy policy, was in an accident with my 308 GTS and the adjuster was very thorough and demanding of using only factory oem parts for the repairs...unfortunately this caused the car to be "totalled". Thank god I set the "agreed value" pretty high, so I did not get hurt too bad. Would have preferred the whole thing hadn't happened, but I did get to upgrade to a 328! Only problem is Grundy (Chubb) would not write a new policy for me with the 328, so I had to go with American Collectors Insurance, Inc. which is an okay policy, but does have a mileage limitation of 6,000 miles per year. | ||
| DES (Sickspeed)
Member Username: Sickspeed Post Number: 605 Registered: 8-2002 |
See...? | ||
| john w. houghtaling, II (Johnhoughtaling)
New member Username: Johnhoughtaling Post Number: 50 Registered: 11-2002 |
I am a trail lawyer who does cases all over the nation. I can tell you from personal experience, that Allstate is the WORST insurance company you can have if you ever need to make a claim. They have an absolutely terrible reputation for fighting ALL claims, and cheating their first party policy holders. If you have ALlstate, consult any civil trial lawyer in America, they will tell you you that if you need to make a first party claim, you are in terrible trouble. Run to the phone and switch immediately. I could spend days giving you real life horror stories. Also, no matter what insurance company you have make sure you have UM coverage. This is VITAL. | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 166 Registered: 8-2002 |
yeah, i'm switching to Chubb...an extra $1300 a year is more than worth the peace of mind and the extra $900,000 of coverage... | ||
| Hans E. Hansen (4re_gt4)
Member Username: 4re_gt4 Post Number: 700 Registered: 4-2002 |
Having been involved with a body shop, I can tell you that Allstate is a PITA. Well, I'm sure a lot depends upon the local claims adjusters, etc. But they often will insist on using substandard parts and generally cutting corners. Often, if we point these things out to the car owner, pressure from them can help. Sometimes we just pad the estimate a little, and go ahead and use 'real' parts at our own expense. Body shops are generally used to the trials and tribulations of Allstate. They just shut up and play their game. | ||
| Jordan Witherspoon (Jordan747_400)
Junior Member Username: Jordan747_400 Post Number: 66 Registered: 12-2002 |
If the girl is a hottie im switching! Well maybe not really, but answer me this. How does allstate insure normal cars compared to ferraris? I use Farmers but my parents work out all the stuff for me so I am not really sure what they are like either. If I wreck my minivan, am I going to get fair market value from allstate or would they rip me off like you guys with F-cars? | ||
| bruce wellington (Bws88tr)
Intermediate Member Username: Bws88tr Post Number: 1376 Registered: 4-2002 |
mark do you want my ins co for my ferrari?? i use leland west in california, the price is right , full value,they are knowledgable and the girl sounds like a hottie..i pay 912.00 for a 88 tr for my other cars i use liberty mutual in nj let me know if you need # and contact regards, bruce | ||
| Mark (Markg)
Member Username: Markg Post Number: 351 Registered: 2-2001 |
yes - they also did my home-owners insurance; agent is a Ferrari fan but when asked about value he said they have to make car whole again. Don't like the way that sounds if I have a total loss, and don't want a long drawn-out fight... | ||
| bruce wellington (Bws88tr)
Intermediate Member Username: Bws88tr Post Number: 1375 Registered: 4-2002 |
mark you have allstate for your f-car?? | ||
| Mark (Markg)
Member Username: Markg Post Number: 350 Registered: 2-2001 |
I have Allstate in Colorado - also no agreed value - looking to change as we speak! | ||
| DES (Sickspeed)
Member Username: Sickspeed Post Number: 600 Registered: 8-2002 |
Being on the other end of a claim situation, i can tell you that AllState just plain sucks... i waited for ten years (no joke) for them to come to terms (my attorney wasn't the best one out there, either). That alone told me that they're probably just as bad when being insured by them... My uncle's an attorney- (a passionate one, if there ever was such a thing) and he tells me they are the absolute worst insurance company in the world... | ||
| Chris Horner (Cmhorner17)
New member Username: Cmhorner17 Post Number: 47 Registered: 4-2002 |
My wife and I had Allstate, until we had to file a claim with them. Without going into specifics on a public forum, it was an absolute nightmare from beginning to end, from the agent to the corporate claims people. And our car wasn't even a Ferrari. My $.02 is think twice before insuring ANYTHING with them - no matter what they promise. | ||
| Dave328GTB (Hardtop)
Member Username: Hardtop Post Number: 369 Registered: 1-2002 |
Five years ago, I had an accident claim with Allstate on my 87 328. A body guy who specializes in Ferraris wrote an estimate using OEM parts and I had a check in about 2 days, no problems. It was about 18K total claim. I had some parts repaired instead of replaced and made out pretty well. It is my understanding that if a company totals your car and you don't think they are paying enough, you can give evidence of a higher value. Not difficult. Dave | ||
| Matt Lemus (Mlemus)
Intermediate Member Username: Mlemus Post Number: 1160 Registered: 8-2002 |
Hi Bruce, $900 bucks for your tr? You should get on the 30 miles a year plan. That should save you some money...  Happy New Year | ||
| bruce wellington (Bws88tr)
Intermediate Member Username: Bws88tr Post Number: 1370 Registered: 4-2002 |
hi matt i also use leland west for my tr...great people there..i pay 912.00 for my tr, full value... happy new year matt and tom bruce | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 165 Registered: 8-2002 |
and allstate was willing to do a predetermined value, huh? Guess CA is one of the "lucky" states... i would love to hear from anyone who had allstate on their ferrari and what experience they had either with a car being stolen or damaged badly... | ||
| Matt Lemus (Mlemus)
Intermediate Member Username: Mlemus Post Number: 1159 Registered: 8-2002 |
Rick, I am in California the 308 is insured with leland west and the 512 and the explorer are insured with allstate. I will be switching the 512 in Feb to leland west. | ||
| TomD (Tifosi)
Intermediate Member Username: Tifosi Post Number: 2126 Registered: 9-2001 |
I use NJ manufactures - they have great rate but only operate in NJ. Maybe they had a fraud problem - ie people insuring cars for high value and then letting them get stolen | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 164 Registered: 8-2002 |
well, Allstate managed to come up with a number for my 95 F355 and it was $52,000...no idea how the came up with it...i called Chubb and they came up with $92,000 ($500 more than what I paid). Also, Allstate came up with $18,000 for my 98 M3 while Chubb came up with $28,700. Matt, are you using Allstate in CA? They won't write a predetermined policy in NY unless they don't know what they are talking about, whcih is very possible. By moving to Chubb i will be paying $1300 a year more for $900,000 more of coverage and the peace of mind knowing I will get $90K if something happens to the 355... | ||
| Matt Lemus (Mlemus)
Intermediate Member Username: Mlemus Post Number: 1157 Registered: 8-2002 |
My agent in California will only issue a "agreed value" policy. If the cars goes up in value, then I need to have them appraised and submit that to them to change the value. eg agreed value for the 512 is 70,000 accident today I get a check for 70,000 value in 3 years 80,000 accident in 3 years, check for 70,000 Value in 3 years 80,000 appraisal 80,000 accident next day, check for 80,000 | ||
| Andreas Forrer (Tifosi12)
Junior Member Username: Tifosi12 Post Number: 196 Registered: 10-2002 |
Nick, since there is no blue book for these cars you have to go by market value, but who determines that? In my case Allstate couldn't tell me what their price tag for my 308 would be. That was bothering, so I told them what I think I would have to pay to get it replaced (using something real like ebay) and added to that all the upgrade parts I've added to the car. Even if there were a blue book for this car, it certainly would not cover for all the $$$ I invested into the car so far. Hence the need for a preset value. | ||
| Nick Berry (Nickb)
New member Username: Nickb Post Number: 47 Registered: 8-2002 |
I am puzzled by this post. If you have insurance on your F-car and it is stolen or totalled you would be legally and contractually entitled to Fair Market Value for your car. Why the concern for a preset value? What am I missing? | ||
| Rodney Haas (Icars)
Junior Member Username: Icars Post Number: 77 Registered: 3-2002 |
I am using Allstate here in Texas and they let me present them with a appraisal. All the Italian cars are insured for their appraised value. Personally I would always get an appraised even if you don't have a presented value policy just to cover your rear before anything happens. Rodney Haas [email protected] Plano, TX USA http://www.maffiacarclub.com Maserati, ALFA, Ferrari, FIAT, Italian Automobiles 72 Maserati Euro Indy 73 Ferrari 365 GT4 2+2 81 Fiat Spider 86 Maserati Spyder Looking for a nice Maserati Mexico | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 163 Registered: 8-2002 |
hey tom, i just called Allstate and they confirmed that they do not write any preset value contracts in NY. Who are you insured by? | ||
| TomD (Tifosi)
Intermediate Member Username: Tifosi Post Number: 2122 Registered: 9-2001 |
sounds like you are not talking to the right people, I guess they don't want your business. Any insurance company should be able to do this, they just adjust your prems accordingly. I should note you should be able to state any value - within reason | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 162 Registered: 8-2002 |
weird, allstate wont let me determine the value of the car i want to be insured for... anyone else? | ||
| Andreas Forrer (Tifosi12)
Junior Member Username: Tifosi12 Post Number: 193 Registered: 10-2002 |
Had a similar issue with my Allstate, but we kinda fixed that: I told them what the value of my car is (basically what I would have to pay to buy the same car with the same upgrades) and they adjusted the policy and the premium accordingly. They still want me to have that estimated appraised so one day I'll have to take it to a dealer <shudder>. Nevertheless I'm a happy customer, after all the 308 is not much more in premium than my VW was. What a surprise! | ||
| Ricky Nardis (Rickyn_f355)
Junior Member Username: Rickyn_f355 Post Number: 161 Registered: 8-2002 |
have been doing some research and figured out why my allstate policy has been so cheap with the ferrari 355...it's because i have virtually no coverage at all...$100,000/$300,000 and $25/$50K SUM...Chubb starts their policies at $500,000 across the board...also, if you ask Allstate what the car is worth they don't have a value for it...so they basically told me they had no idea what i would get if my 95 355 was totaled or stolen...Chubb let's you preset the value, which you pay more for but is well worth it in my opinion...also, if something does happen to the ferrari Chubb will pay the $100/hr Ferrari dealers charge and will use OEM parts where Allstate won�t authorize OEM parts, yada, yada...just my findings....not sure if anyone has been able to get a value of what they would get if something happened to their ferrari, but I�d be curious since these things really don�t have blue book values� |