Does this sound like an ok deal?

[6s219]

I would recommend that you do not go with stated value but instead go with agreed value.

The difference is:

- Stated Value: You are stating the cars worth and the insurance company is collecting a premium based on YOUR value. If something were to happen the insurance company has the right to place their own value on the car.

- Agreed Value: You AND the insurance company both agree to the value of the car and if something were to happen that agreed value is the amount that you will receive from your insurance company.

This is what was explained to me by my State Farm Insurance Agent.

 

[2112]

Be careful if they are not agreed value policies. You could end up on the short end of the stick if the unthinkable happens.

 

[KMCBOSS]

I'm looking at a low mile 4 option red car. It only has around 100 miles, supreme condition. I couldnt find a flaw on it,. Asking $167K firm. Sound reasonable?

I also saw a red no stripe, 1k miles MSO title, mac delete, $160K. I'm not sure whether to add or subtract value for the mac delete and no stripe, its definitely rarer. I'd think this would give me some bartering room on the 4 option car.

Either way, I want to drive the machine, I'd hate to defile the 100 mile car, maybe should look for 2-5K car. Or should I just go for it and enjoy knowing I've put nearly every mile on her.

Thoughts? Thanks!

There is some peace of mind knowing that you put all the miles on your car. Mine had 2.2 miles on it when it was delivered to me - I'm pretty sure no one was drag racing or tracking the car before Igot it.

 

[SYCO GT]

There is some peace of mind knowing that you put all the miles on your car. Mine had 2.2 miles on it when it was delivered to me - I'm pretty sure no one was drag racing or tracking the car before Igot it.

That could have been at least eight 1/4 mile runs. :biggrin

My odometer was 3.6 miles on the odometer, which I thought was relatively low, but you got me.

But yeah, better then peace of mind, it's also kind of neat to know that you put virtually all the miles on yourself.

 

[SYCO GT]

Here's what my SF Insurance Agent had to say...

"The Ford value would be based in most instances on high blue book with
considerations given to "bells and whistles".
Hope this helps."

 

[BlackICE]

Here's what my SF Insurance Agent had to say...

"The Ford value would be based in most instances on high blue book with
considerations given to "bells and whistles".
Hope this helps."

As an attorney you know this statement doesn't mean squat!

subjective meaning of "most instances", "considerations" and "bells and whistles".

"most instances" = 1 more case than 50%
"considerations" = throw in a box of tissue to wipe your tears away.
"bells and whistles" = in their assessment your mods lowered the value of the car

Just giving you a bad time.

Speaking of law, this law professor makes me think about going back to school :lol

http://www.youtube.com/watch?v=i8z7NC5sgik



Entertaining and informative!

 

[SYCO GT]

As an attorney you know this statement doesn't mean squat!

subjective meaning of "most instances", "considerations" and "bells and whistles".

"most instances" = 1 more case than 50%
"considerations" = throw in a box of tissue to wipe your tears away.
"bells and whistles" = in their assessment your mods lowered the value of the car

Just giving you a bad time.

Ambiguities can work both ways! But yeah, I found the statement interesting, to say the least.

 

[BlackICE]

Ambiguities can work both ways! But yeah, I found the statement interesting, to say the least.

Also the policy most likely has the boiler plate stuff that states the written policy is the sole contract between the ins company and the insured, and cannot be modified by anyone in the company, or agent, without written consent from an officer of the company.

What is the case law of verbal statements made by agents representing ins companies being binding?

 

[SYCO GT]

What is the case law of verbal statements made by agents representing ins companies being binding?

Statement is not verbal if placed into writing in an email (and also posted on a national forum for posterity...)

And why are you reading the boilerplate? That might be construed as you consenting to it. If I don't read it, how can there be a "meeting of the minds?" in order to form a contract.

(jokingly, of course)

 

[BlackICE]

Statement is not verbal if placed into writing in an email (and also posted on a national forum for posterity...)

One can always argue that the email was modified or forged, without a digital signature hard to prove beyond a reasonable doubt that an where an email originated from and that it was not modified. Even if the email is assume valid, that doesn't answer the question whether, or not, it would be a valid modification of the written insurance policy.

 

[SYCO GT]

One can always argue that the email was modified or forged, without a digital signature hard to prove beyond a reasonable doubt that an where an email originated from and that it was not modified.

Sure, some insurance counsel can be extremely difficult and frustrating, but I wouldn't say they are going to outright lie about the genesis of an email from their company or agent's computer server.

 

[twobjshelbys]

The only way a change is binding on the company is if there is a written endorsement to the policy. That "oral" contract with a 13th level paper pusher is meaningless. Get it in writing from underwriting.

 

[SYCO GT]

I would recommend that you do not go with stated value but instead go with agreed value.

The difference is:

- Stated Value: You are stating the cars worth and the insurance company is collecting a premium based on YOUR value. If something were to happen the insurance company has the right to place their own value on the car.

- Agreed Value: You AND the insurance company both agree to the value of the car and if something were to happen that agreed value is the amount that you will receive from your insurance company.

This is what was explained to me by my State Farm Insurance Agent.

This is helpful, thanks.

Were you able to get a written Agreed Value policy from your State Farm Agent or Underwriter for your Ford GT coverage?

 

[daytrayd]

Hey guys, the car is getting inspected Wednesday. Does anyone know of a shipper that you recommend during BJ week that is quick? The good news is my car is in Scottsdale, and would be available to ship before the weekend auctions. The bad news is my car is not at the auction, I dont know if these shippers would be willing to go offsite during the auction, as they surely will have the demand onsite. Any ideas? I'd hate to be waiting 1+months but se la vi.

 

[twobjshelbys]

I can tell you from experience that it will be hectic. The good news is that all of the shippers are there and their trucks arrived full and are now sitting empty. They all try to get people after auctions to sign up and cars and trucks are routed after they fill. You can call almost any of them and probably get a spot on a truck since you're already there.

You might even get one of them to run your car alone during the next week since they could be out there and back in two days and still beat the crowd.

I've used InterCity lines for my Cobra and have been very pleased.

Please PM me.

 

[HHGT]

Hey guys, the car is getting inspected Wednesday. Does anyone know of a shipper that you recommend during BJ week that is quick? The good news is my car is in Scottsdale, and would be available to ship before the weekend auctions. The bad news is my car is not at the auction, I dont know if these shippers would be willing to go offsite during the auction, as they surely will have the demand onsite. Any ideas? I'd hate to be waiting 1+months but se la vi.

Call Vick at 562-328-4300 he owns Norwalk Transport. Tell him Sam sent you. He has a bunch of trucks there now I believe.