Pinch My Ride
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Burning Brakes
Joined: Jun 2005
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From: Ewing NJ
Pinch My Ride
The August '06 issue of Wired magazine has a good article about how many insurance companies renege on car theft claims involving vehicles which use so-called transponder keys. The article mentions GM's debut of the Pass Key on the 1986 Corvette. Informative article, but a little scary. Makes you wonder whose side the insurance companies are on. 
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From: Newberry FL
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Originally Posted by Frozenfire
The August '06 issue of Wired magazine has a good article about how many insurance companies renege on car theft claims involving vehicles which use so-called transponder keys. The article mentions GM's debut of the Pass Key on the 1986 Corvette. Informative article, but a little scary. Makes you wonder whose side the insurance companies are on.
Just think of this...you pay insurance your entire life and never use it, the money that was made from you and the interest that could have been made off of that money. I think there should be a clause that allows your children to be able to take that money if you never have to file a claim for an auto issue. Okay, I will shut up, but I thought I would share one of my ridiclous ideas.
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Burning Brakes
Joined: Jun 2005
Posts: 896
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From: Ewing NJ
Ya gotta love their logic. The insurance companies subscribe to the manufacturer's claim that since the ignition key contains the chip (or resistor in our case), it is absolutely impossible to "steal" the car. (That's pretty damn naive!) So the logic they use is: since your car can't be "stolen", if it disappears from your possession, then you must have driven it there. 
The article cites several examples of theft victims who have actually been accused of pinching their own car just to get the insurance money. While some desperate people may commit fraud, most of us honest people don't. Regardless of how the car disappeared from the parking lot or street, it's still STOLEN!
The article cites several examples of theft victims who have actually been accused of pinching their own car just to get the insurance money. While some desperate people may commit fraud, most of us honest people don't. Regardless of how the car disappeared from the parking lot or street, it's still STOLEN!
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Originally Posted by jrose7004
Insurance is legalized gambling at it's best.
Drifting
Joined: Aug 2004
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From: Dayton Ohio
Originally Posted by Frozenfire
Ya gotta love their logic. The insurance companies subscribe to the manufacturer's claim that since the ignition key contains the chip (or resistor in our case), it is absolutely impossible to "steal" the car. (That's pretty damn naive!) So the logic they use is: since your car can't be "stolen", if it disappears from your possession, then you must have driven it there. The article cites several examples of theft victims who have actually been accused of pinching their own car just to get the insurance money. While some desperate people may commit fraud, most of us honest people don't. Regardless of how the car disappeared from the parking lot or street, it's still STOLEN!
The article cites several examples of theft victims who have actually been accused of pinching their own car just to get the insurance money. While some desperate people may commit fraud, most of us honest people don't. Regardless of how the car disappeared from the parking lot or street, it's still STOLEN!The fact is that our cars are most likely to be placed on a flatbed/rollback truck, which kind of negates the whole idea of having a special key. Frankly, it just sounds like a shady insurance company.
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Many times they are not on your side - they are in business to make money.