Insurance - 'Fair Market Value'
- Thread starter Kingman
- Start date
Neilda
GT Owner
My GT is on an agreed value here in the UK (and non-work use too, which makes it a bit cheaper). It's an expensive premium, however were something to happen, I would like to replace it, and that could be expensive. Interestingly, I moved all of my policies to a single firm, Chubb, and they have proved to be extremely easy to deal with. Last year I lost a $20k watch when I fell out of my boat (!), they sent me a cheque immediately for the full amount without any hostile negotiating - which is the usual experience with insurance companies!
H
HHGT
Guest
:thumbsup:thumbsup Chubb. And boy do they do their homework in advance. When they insured my new house, they offered me a discount if I would agree to them dispatching their own fire fighting crew in case their is a fire. I checked with my local Fire Captain and he had nothing but praise.
- Jan 10, 2008
- 183
We rep a very similar product as to what Chubb offers through Chartis Insurance. We have placed a few FGT members on that type of policy and the service on claims is amazing. Like they say, you get what you pay for! We also have access to Chubb, Firemens Fund if the Chartis requirements are too high for certain people.
SteveA
GT Owner/B.O.D
Some food for thought.
A forum member last year had his car dropped off at a Ford dealer for some warranty work. The dealer put a small to medium sized dent in the fender and offered to fix it but later agreed to send it to a local "high end shop" for a as close to perfect repair as possible. They would supply all new parts (no bondo) and pay for all repairs. The next day before the shop opened the car was destroyed by the owners son "while on an authorized parts pick up run", and here is where the fun began. The repair shops insurance company "Allied", shopped the internet and found cars priced all over the charts. Some as low as 120k (beaters) and dismissed the higher priced cars as "over priced none serious sellers". They also marked down the car $10.000 for excessive mileage (1100miles) and refused to pay mods ($25.000worth). When he went to his insurance company they said that if he wanted to submit a claim against them they would access the value and try to come to an agreement but would take into account the value "Allied" applied to the car and then sue Allied for the balance if any. He was reluctant to go this rout because of all the other cars and property insured with his company and didn't want to open up any claims on what had been a perfect record. The final outcome was he threatened to sue the body shop personally which (Allied promised to defend) and with the Ford dealer applying pressure the shop picked up an agreed upon balance owed of about $25.000. It was quite a long drawn out stressful mess.
I realize this not a common problem but one my insurance company assures I'm covered for.
A forum member last year had his car dropped off at a Ford dealer for some warranty work. The dealer put a small to medium sized dent in the fender and offered to fix it but later agreed to send it to a local "high end shop" for a as close to perfect repair as possible. They would supply all new parts (no bondo) and pay for all repairs. The next day before the shop opened the car was destroyed by the owners son "while on an authorized parts pick up run", and here is where the fun began. The repair shops insurance company "Allied", shopped the internet and found cars priced all over the charts. Some as low as 120k (beaters) and dismissed the higher priced cars as "over priced none serious sellers". They also marked down the car $10.000 for excessive mileage (1100miles) and refused to pay mods ($25.000worth). When he went to his insurance company they said that if he wanted to submit a claim against them they would access the value and try to come to an agreement but would take into account the value "Allied" applied to the car and then sue Allied for the balance if any. He was reluctant to go this rout because of all the other cars and property insured with his company and didn't want to open up any claims on what had been a perfect record. The final outcome was he threatened to sue the body shop personally which (Allied promised to defend) and with the Ford dealer applying pressure the shop picked up an agreed upon balance owed of about $25.000. It was quite a long drawn out stressful mess.
I realize this not a common problem but one my insurance company assures I'm covered for.
Last edited:
Neilda
GT Owner
How interesting.
In 17th Century London (and other cities), insured homes would feature a Fire Sign (an iron plate with a logo) from particular insurance companies so that the fire engines from that company would know where to stop - ignoring other blazing buildings along the way.
I didn't know that Chubb had their own fire crew - it goes to show that 400 years ago, the insurance companies were on to something!
2112
Blue/white 06'
Chartis is AIG. Not holding that against them but they kept promising to insure my boat after putting all my polices with them and never did so I just dropped them. Never made a claim in 20 years,,,,,their loss.
2112
Blue/white 06'
SteveA
GT Owner/B.O.D
H
HHGT
Guest
My Chubb policy is sold through Allstate for the new home. My car collection technically do not have the cars drive on public roads and are not registered either - a no-no to some insurance companies. I have found Allstate to be the "Best Value" all the way around. Not the cheapest but not the most expensive. Agent always suggesting changes based on new laws etc in order to keep all premiums down. In the event a car has to got to a show, a change in policy is made for the weekend and returned back to cost savings model. We talk frequently and have lunch every couple of months. Claims department knows who keeps them employed and very grateful for my business.
To your comment Neil, Chubb still offers a large sticker to put on the gate in order to help their team find the house in case GPS is not functioning and to alert the Fire Dept. In reality though, it does not really matter, because Chubb's fire fighters are ex-city-firefighters and they all know each other.
tajaguar
New member
What I would like to know is what everyone is paying for insurance. Obviously there are different coverages and discounts for multi car policy's, etc..... I've seen quotes from 2500.00 to 3600.00.
H
HHGT
Guest
SteveA
GT Owner/B.O.D
State Farm Idaho, $815.00/y. The car is only driven locally 8 months a year however the policy is in effect for all 12.
H
HHGT
Guest
SYCO GT
GT Owner
The insurance on my wife's 2008 X5 4.8i is actually slightly higher than on my '06 Ford GT.
Granted the Ford GT is on a limited annual mileage policy (>7500 miles annually). Coverage is similar in all other aspects.
But still, that's kind of nutty.
I'm with one of the four major carriers.
Often these two questions that come up. (1) Well what's your gas mileage like? and (2) Who can afford to insure that car?
Granted the Ford GT is on a limited annual mileage policy (>7500 miles annually). Coverage is similar in all other aspects.
But still, that's kind of nutty.
I'm with one of the four major carriers.
Often these two questions that come up. (1) Well what's your gas mileage like? and (2) Who can afford to insure that car?