Insurance wont pay me appraised value

[Andre Jacob]

So long story short I wrecked my 2016 Mustang GT CA special that is also a white label Saleen. I have progressive insurance and at the time which i thought was an agreed value turned out to be a stated value of 40,000 on my end as that was one of the first numbers that jumped to my mind as i did not know how to value it as Saleen considers it a 1 of 1 vehicle. They told me that they needed to appraise the vehicle as if it came below my stated value i would be paid out less. The company they hired to appraise the vehicle came back with 61,000 and progressive has approved this value but only want to pay me 40,000 as per say my stated value. Is there anyway to fight this? Like have them purchase me the same vehicle if they believe thats what they found? Bad faith litigation and taking them to court? The company policy online states full cash value and i have received 0 full details about my policy. Or am i just SOL?

 

[fed up]

5 years old, how many miles? You can search for similar models and contest the offer but you probably were happy with the premium you paid on the 40K valuation and never asked if it should be higher based on the 60K appraisal

 

[adjusterjack]

i have received 0 full details about my policy.

What does that mean?

I bought a Progressive policy and the entire policy appeared online for me the day I paid for the policy.

I'm guessing yours is there too.

Read it now. Whether or not you have anywhere to go with this depends entirely on the terms and conditions of your policy, which I am unable to read unless you upload a copy when next you appear in this thread.

The company they hired to appraise the vehicle came back with 61,000 and progressive has approved this value but only want to pay me 40,000 as per say my stated value. Is there anyway to fight this?

Not if the stated value on your policy is $40,000.

Here's what my policy says in the Comprehensive and Collision coverage part:

The limit of liability for loss to a covered auto, non-owned auto, or custom parts or equipment is the lowest of:
a. the actual cash value of the stolen or damaged property at the time of the loss reduced by the applicable deductible;
b. the amount necessary to replace the stolen or damaged property reduced by the applicable deductible;
c. the amount necessary to repair the damaged property to its pre-loss condition reduced by the applicable deductible; or
d. the Stated Amount shown on the declarations page for that covered auto.

When I look at my declarations page it says that my 2020 Dodge Challenger is covered for Actual Cash Value.



When you look at your declarations page next to Comprehensive and Collision does it say $40,000? If it does then that's the coverage limit that you paid for and that's all you get. There's probably no fighting the decision based on coverage you selected and paid for.

Like have them purchase me the same vehicle

Not gonna happen.

Bad faith litigation and taking them to court?

Waste of time and money. It will cost you tens of thousands in lawyer fees and you aren't likely to win.

The company policy online states full cash value

Now I'm confused. Where are you seeing that? Take a screen shot of that section and post it in the message space when you reply.

 

[Allen Trent]

consult with your agent to determine what you bought from the agent that wrote the policy.

 

[SoCal Merc Agent]

consult with your agent to determine what you bought from the agent that wrote the policy.

It may have been an online purchase or direct purchase....Progressive uses all 3 distribution methods. This is EXACTLY why people should always use an Agent.

 

[SoCal Merc Agent]

Carriers will do this when they recognize specialty/low production semi-custom cars as the values can climb instead of depreciate. The tough part is some have small cults that adore the car and others who don't know it even exists. In my experience, if your policy says stated value, they set a limit on what they would pay you unless you submitted an evaluation/appraisal showing a different value. However, I would look at all correspondence and see if they notified you that it was other than the normal Actual Cash Value method

 

[Allen Trent]

It may have been an online purchase or direct purchase....Progressive uses all 3 distribution methods. This is EXACTLY why people should always use an Agent.

Yup, I was being passive aggressive sarcastic to point out he avoided an agent for perceived savings to end up asking agents on here for free advice

 

[SoCal Merc Agent]

Ugh...drives me nuts how people will step over a dollar to get to a dime. I can't, for the life of me, understand how people complain how complicated the insurance world is but insist on avoiding using an advisor that they really don't pay extra for. And even if they did, cases like this are avoided, which even by this example show the value to far exceed the cost.

 

[Allen Trent]

Ugh...drives me nuts how people will step over a dollar to get to a dime. I can't, for the life of me, understand how people complain how complicated the insurance world is but insist on avoiding using an advisor that they really don't pay extra for. And even if they did, cases like this are avoided, which even by this example show the value to far exceed the cost.

Have you ever seen an insurance agent depicted in a positive manner? Most ads or depictions show either lazy, scammer or non working rich agent from charging excessive premiums.....so easy a caveman can do it.

So, consumers are being a bit programmed to believe they can self serve or save money bypassing an agent & have a team of people waiting to assist with a smile 24/7/365 instead of old bankers hours from 9-430 M-F with 4-8 weeks vacation

 

[SoCal Merc Agent]

This is why I drive a manual transmission car...deters millennial thieves.