msmith1199 wrote:
dougrainer wrote:
Naio wrote:
I'm worried that they are going to take your RV, telling you they are totaling it and the check in in the mail, and then months will go by, no check, they claim they never said that, and meanwhile you have nowhere to live.
IF totaled and you accept the price, they have you come in and IN PERSON, you go over the paperwork and you sign over the Title and they cut you a check on the spot. Doug
PS. It makes no difference what anyone "thinks" it is worth, He paid $2500. THAT is what it would take to make him WHOLE. Not anything more and the Insurance DOES NOT have to pay him more than he paid for it OR pay MORE than $2500 for a repair as long as what he paid was not some inflated price. If he wanted to be completely "WHOLE", he should have put stated value Insurance on the RV. You cannot buy some Vehicle at a good fair price and then hope someone else ruins it and then claim a higher price than you paid for it, from their insurance company.
You guys can keep posting this and I'll keep posting that this is not a true statement. What if your parents had a $100k motorhome and they decided to sell it to you? Since you're their son they sell it to your for their payoff which is $25k. Two days after you transfer title a tree falls on it and smashed it to bits. Are you going to accept $25k on your motorhome that would cost $100k to replace? After all, that would make you whole wouldn't it?
Sorry, it IS a true statement. I am dealing with a REAL world situation on this forum and also as someone who has delt with this on 2 of my families vehicles that were "Totaled". What I thought was the true value, I had to PROVE, not just what Blue Book is, which Insurance companies DO NOT go by. They go by real world Sales of those used vehicles. They pull up the actual retail sales of comparable vehicles in your area. Also, OLD vehicles are basically worthless unless you prove PRIOR to insuring what they are worth. I have a 1975 Corvette(29k miles) I have owned since 1975. I have stated value insurance on it and will be paid that amount if the vehicle is totaled or stolen and not recovered. I have had it inspected by my insurance company to show it is worth what they agree to pay if total loss. If I did NOT have Stated value, then the Insurance would probably pay me about $9500 which is what it is worth on the regular used market. In YOUR scenario, which is completely different from this OP problem, the insurance would pay fair market value as determined on the used sale of such a motorhome in their area market. IF you buy a older vehicle at a GREAT low price, then YOU need to determine its value and find an Insurance company that agrees with your value. NOT assume that you will come out ahead if something happens. Doug
