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 Post subject: Insurance Dilemma
 Post Posted: Tue Sep 26, 2017 6:59 am 
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Joined: Fri Jul 16, 2004 10:13 pm
Posts: 708
Location: Central Jersey
The Malibu was recently vandalized and insurance settlement was insufficient. I'm told by the agent to get supplemental insurance coverage due to it's actual worth Actually still use it as an everyday driver so there is no collector's insurance. Suppose when the policy is up for renewal, I'll inquire about the cost for having it insured for actual worth.

For those that still daily drive their Malibu, wondering if anyone else came across this gap of insurance coverage?


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 Post subject: Re: Insurance Dilemma
 Post Posted: Tue Sep 26, 2017 5:13 pm 
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If it was vandalized the insurance should cover it unless it exceeds the insurance companies totaled value of the car. Personal property lost when the car was vandalized gets covered under home owners. My cars are insured for x amount of dollars and the same with my car trailer and race cars with the contents (tools, parts, golf cart).


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 Post subject: Re: Insurance Dilemma
 Post Posted: Tue Sep 26, 2017 8:28 pm 
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Unless specifically called out otherwise, auto policies are written at Actual Cash Value (ACV).

What this means is they pay for the loss up to the policy limit, which is ACV. ACV is determined by many variables, it takes a fair amount of legwork to prepare YOUR side of the valuation.

As lilbowtie said, the payout should have been for all the damages less your deductible. IF the damages exceeded the ACV, the car would usually be considered a total loss, which then opens several other avenues of action.

I recently submitted a comp (hail) loss claim on my wagon, and collected more than I paid for the car, no mention was made of considering it for total loss status.


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 Post subject: Re: Insurance Dilemma
 Post Posted: Wed Sep 27, 2017 7:14 pm 
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Location: Winchester VA
I just told geico my wagon was worth $25000. They sent me a paper to fill out of all of its modifications. About 2 months after sending the letter back, I get another letter telling me they are not going to insure it anymore.

I'm now going through hagerty, much better coverage for a little more money.

I work at a body shop, we got a 67 vette in that was insured by hagerty. They sent someone out to write an estimate, it was around $4500. When we fixed it correctly, the bill ended up over $20k (the owner agreed to pay the difference if hagerty wouldn't). We sent the paperwork to hagerty, they paid the bill no questions asked. That convinced me to go with them.

_________________
1979 Malibu Wagon/ZZ383/TH350/8.5


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 Post subject: Re: Insurance Dilemma
 Post Posted: Thu Sep 28, 2017 3:43 pm 
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Location: Southeast Missouri
Ribbedroof and lilbowtie have hit the nail on the head regarding "normal" insurance. Even an ACV policy should pay to fix your damages, minus your deductible. If the payment is not enough to repair your damages, compare the estimate you received from the body shop vs the estimate from the insurance adjuster. Look to make sure everything matches up as far as part price, labor rate, what is being repaired, etc. Most adjusters are grossly overworked and mistakes happen. Also check to see if the body shop is quoting new OEM parts and the insurance is quoting aftermarket/used parts. This is for a partial loss.....like already stated before if the cost to repair the car reaches a certain percentage of the vehicle value (usually 50-60% but different with each company and each state) then you start down the total loss process.

Classic or collector insurance companies use a "Guaranteed Value" policy. These would include Hagerty, Grundy and others. All of these are very great companies to work with and all of them know and love old cars. However, their underwriting guidelines are going to be more strict than "normal" insurance along. Many will not allow a daily driver to be insured, but some will. Again, this is going to vary from company to company and state to state.

Good luck!

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1980 Malibu, 400 SBC, TH350


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 Post subject: Re: Insurance Dilemma
 Post Posted: Fri Sep 29, 2017 5:42 pm 
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Joined: Mon Feb 07, 2005 4:24 pm
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Location: Philly Area
I have my 'Bu insured through Hagerty. If it's a "weekend fun car" you can't beat the coverage which includes little bonuses like no-mileage-limit towing (and it's CHEAP!). The underwriting process I did over the phone because I wasn't asking for some ridiculous amount of coverage (no adjuster came out), but I think I had to furnish pictures of the car from several angles, if I recall correctly.

BUT!!..... They do NOT cover daily drivers! And there are other restrictions like it must be garaged, not parked on the street. They also won't cover a car that has a nitrous system installed (blowers and turbos are fine, though). There are no hard and fast mileage limitations but if you are putting on 20K a year, forget it. They'll drop you for that. Obviously, damage from racing (even at a legal dragstrip) is not covered- no policy will cover damage from competition events.

If you use the coverage for what it's designed for, it's great. If you want to try to sneak your daily driver into a policy, do so carefully and realizing you're intentionally bending the rules.

_________________
78 'Amana White' Malibu- My grandmother's go-to-church car with 35K original miles. Out with the smogger 2bbl 305. In with a really mild 383 topped with ancient AFR heads, Summit's finest K1103 house brand flat tappet cam, a Weiand 142 "underhood" blower and a home-brew QJet. GN rear, DRs. 11.99 car with a 12.0 driver.


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 Post subject: Re: Insurance Dilemma
 Post Posted: Fri Sep 29, 2017 10:56 pm 
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Damon wrote:

If you use the coverage for what it's designed for, it's great. If you want to try to sneak your daily driver into a policy, do so carefully and realizing you're intentionally bending the rules.


Slippery slope, knowingly deceiving an insurance company by misrepresenting a claim can result in being charged with and prosecuted for a felony.


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 Post subject: Re: Insurance Dilemma
 Post Posted: Fri Sep 29, 2017 11:02 pm 
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my1979chevy wrote:
I work at a body shop, we got a 67 vette in that was insured by hagerty. They sent someone out to write an estimate, it was around $4500. When we fixed it correctly, the bill ended up over $20k (the owner agreed to pay the difference if hagerty wouldn't). We sent the paperwork to hagerty, they paid the bill no questions asked. That convinced me to go with them.


Similar story here, repaired a 73 Vette (tire blowout) about a month ago, Hagerty paid the bill as submitted.

I would definitely look at using them if I wind up with a special interest car that doesn't get used as a daily....my problem is I like driving G bodies as dailys.


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 Post subject: Re: Insurance Dilemma
 Post Posted: Tue Oct 03, 2017 6:52 am 
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Joined: Fri Jul 16, 2004 10:13 pm
Posts: 708
Location: Central Jersey
Thanks for all the feedback. The body shop that repainted the Malibu has a $90/hr labor rate, while the adjuster. only allowed for $45/hr. The body shop tried to help out but the adjuster told the body shop that the insurance will not pay for the quality of prepping and paint work that's done by his shop and I'd have to get additional coverage, if I expect to get adequate payment in the event of future claims.


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 Post subject: Re: Insurance Dilemma
 Post Posted: Tue Oct 03, 2017 8:09 am 
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$90/hr is a going rate - where did they want you to get it repaired? I'd be looking for another insurance co. and now you know what questions to ask.


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 Post subject: Re: Insurance Dilemma
 Post Posted: Tue Oct 03, 2017 8:21 pm 
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Location: Rural Oklahoma
I'm assuming the shop is a restoration/custom shop?

Here in OK, the typical insurance rate is $46/hr for labor, $36/hr for materials, unless it's something unusual (factory pack only, tricoat completes, chromalusion), which is then paid based on invoice.

Independent mechanical shops get around $90, Chev dealer up the road is $132.50/hr door rate.


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 Post subject: Re: Insurance Dilemma
 Post Posted: Wed Oct 04, 2017 2:23 pm 
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Joined: Fri Nov 11, 2016 12:35 pm
Posts: 50
Location: Southeast Missouri
The insurance paint/labor rate is going to vary from zip code to zip code. In the more rural are where I am at, paint rate is $52 an hour and prep is $36. Travel north about an hour to a larger town and it increases to $60 and $40. Up in St. Louis, I have heard as much as $80-90 an hour for paint.

I have no idea what they are talking about for "additional coverage" needing to be purchased, but again things vary from state to state and company to company.

On a side note, most insurance will only pay for repair/repaint of what is actually damaged, not painting the entire vehicle. A good adjuster will allow time and money for blending into adjacent panels to ensure a good match.

_________________
1980 Malibu, 400 SBC, TH350


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