Insurance claim question
Drifting
Joined: Jan 2008
Posts: 1,962
Likes: 5
From: Schererville IN
Yada...yada...yada. The bottom line is that the insurance companies spend enormous amounts of [your premium] monies on lobbyists who help to get such laws passed so that the insurers minimize their expenditures...regardless of whether that is fair or not.
You "professionals" are no different than the big boys on Wall Street: you cry
when you have to pay out; and you pay out as little as required by law {those laws your lobbyists help to get passed to your advantage}.
You "professionals" are no different than the big boys on Wall Street: you cry
when you have to pay out; and you pay out as little as required by law {those laws your lobbyists help to get passed to your advantage}.
Race Director
Joined: Sep 1999
Posts: 11,361
Likes: 383
From: Plano TX
blckslvr79: Your post #19 was excellent. I wish you had posted that to begin with instead of "dear abby".
Now we have to distinguish 1st party and 3rd party claims, right? I can see MY insurance co putting a clause in MY policy that they will not cover diminished value in case I have a claim. This is very different from someone hitting me and I put a claim on THEIR ins co. I don't have a contract with the other party's ins co, so they can't put any clauses in a contract. Here you only have the generic requirement that they have to return my vehicle to its pre-accident condition. For such a case the chances of collecting diminished value is better (but still not a given in all states).
Now we have to distinguish 1st party and 3rd party claims, right? I can see MY insurance co putting a clause in MY policy that they will not cover diminished value in case I have a claim. This is very different from someone hitting me and I put a claim on THEIR ins co. I don't have a contract with the other party's ins co, so they can't put any clauses in a contract. Here you only have the generic requirement that they have to return my vehicle to its pre-accident condition. For such a case the chances of collecting diminished value is better (but still not a given in all states).
Last edited by zwede; Apr 16, 2010 at 07:03 PM.
Drifting
Joined: Jan 2008
Posts: 1,962
Likes: 5
From: Schererville IN
blckslvr79: Your post #19 was excellent. I wish you had posted that to begin with instead of "dear abby".
Now we have to distinguish 1st party and 3rd party claims, right? I can see MY insurance co putting a clause in MY policy that they will not cover diminished value in case I have a claim. This is very different from someone hitting me and I put a claim on THEIR ins co. I don't have a contract with the other party's ins co, so they can't put any clauses in a contract. Here you only have the generic requirement that they have to return my vehicle to its pre-accident condition. For such a case the chances of collecting diminished value is better (but still not a given in all states).
Now we have to distinguish 1st party and 3rd party claims, right? I can see MY insurance co putting a clause in MY policy that they will not cover diminished value in case I have a claim. This is very different from someone hitting me and I put a claim on THEIR ins co. I don't have a contract with the other party's ins co, so they can't put any clauses in a contract. Here you only have the generic requirement that they have to return my vehicle to its pre-accident condition. For such a case the chances of collecting diminished value is better (but still not a given in all states).
My only point is diminished value is not guaranteed and that "advice columns" are generally filled with more disinformation than Corvette websites.
Yes. There is a difference between 1st and third party claims. There are also different settlement methods between different companies within the same state, not to mention the different legalities between different states. Insurance is primarily state regulated, the rules change from state to state. Insurance is a legal contract. It is not based on what we feel, but what is legal and what is in writing.
I'm with you.
