OMG
Karma is a real b@%ch, hopefully they will get whats coming to them
. May the appraisel gods be kind to you and the check comes quickly. Hopefully you can be back with another as good or better!
Sad Day.....
Thread Starter
Burning Brakes
Joined: Apr 2002
Posts: 1,169
Likes: 0
From: SASKATOON SK
Sad Day.....
well, the day that we would all like never to see...my vette got stolen 2 days ago. got it back and took it to get the damaged appraised and my local insurance has declared it a total loss. LATNC3 is Sad this week. Crapping thing is that i had it in side my business shop and all our tools and the vette got stolen. now i'm stuck with dealing with insurance company and trying to get what my car is worth. i'm sure some of you know my pain!!!
Rod
LATNC3
Rod
LATNC3
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Melting Slicks
Joined: Sep 2006
Posts: 3,381
Likes: 2,604
From: Burning Jet-A
Before you go through any more heartache read the July 2004 Legal Files article in Keith Martin's Sports Car MArket.
This is an essential read. The IRS has a definition of Fair MArket Value, the Insurance company will try to use the blue book or perhaps another value system, but the policy you have if for fair market value does make it possible to recoup the correct value.
The only problem with stated value policies is that you have to be happy with the insured stated value amount. If you insure a 435 vert this year, is the stated value different from last years number? GG82, verify your value is accurate. Overstating the value does little damage to you, but if the market rises above your stated number you could be in for a financial setback.
Contact the state insurance dept in your own state and get the legal definition of fair market value as it applies to your insured motor vehicle.
In the example in the magizine it applies to a "substantially similar vehicle" that is "the same make, model, year and condition including all major options"
This is an essential read. The IRS has a definition of Fair MArket Value, the Insurance company will try to use the blue book or perhaps another value system, but the policy you have if for fair market value does make it possible to recoup the correct value.
The only problem with stated value policies is that you have to be happy with the insured stated value amount. If you insure a 435 vert this year, is the stated value different from last years number? GG82, verify your value is accurate. Overstating the value does little damage to you, but if the market rises above your stated number you could be in for a financial setback.
Contact the state insurance dept in your own state and get the legal definition of fair market value as it applies to your insured motor vehicle.
In the example in the magizine it applies to a "substantially similar vehicle" that is "the same make, model, year and condition including all major options"
Last edited by international blue; Sep 1, 2007 at 08:32 AM.
Drifting
Joined: Apr 2007
Posts: 1,810
Likes: 0
From: NJ
I think it sucks and is terrible news for sure....I'd feel so violated that someone had the ***** to steal it from your place of work.
I don't know how big your shop is but can't help but wonder if it could be some sort of inside job so to speak?
Good luck and I hope things work out for you.
I don't know how big your shop is but can't help but wonder if it could be some sort of inside job so to speak?
Good luck and I hope things work out for you.
Le Mans Master
Joined: Jan 2004
Posts: 7,412
Likes: 75
St. Jude Donor '14
