Insurance for SeaDoo a SHAM

[buzzbar]

Hi all,
My 97 SeaDoo GS was stolen on Sunday. It was in PERFECT shape. It was insured for up to $3,000 (trailer was stolen as well).
Anyway, my insurance company says they'll only give me the 'blue book' value, which is about $1,100. WTF?
Where in the H*$! can I buy a mint condition 97 GS WITH trailer for $1,100?

Anyone have some advise on insurance situations such as this? Also, can anyone recommend another insurance company that is better? My insurance company is Unigard.

Thanks in advance!

buzzbar (Andrew)

 

[seadoosnipe]

Insurance is a commodity...

Insurance is there to protect their profits. Look at all the victims of insurance fraud on the Gulf Coast after hurricane Katrina. But, it also has it's benefits.

You say you had it insured "up to" $3,000.00 dollars. Was that their policy or did you pay premiums to hold a $3,000.00 return in the event of loss or damage?

Under normal conditions, if you purchase insurance and your in a wreck or it's stolen, the normal procedure is to pay you the current value. However, you can purchase a set limit in the event of loss if the vehicle/ski you own is old or classic and you've restored it or it's in mint condition and you want to protect your investment. But you have to specify this and also, pay a little more than the standard coverage insurance premium.

From what I've seen in my almost 50 years of life, thats about standard practice.

 

[jr86]

Ins

That's called an agreed value policy. I should've had it on my old Porsche. The car was rear-ended and they offered only 25% of it's value. I sued them and won, but the lawyers ate up the difference. Only the lawyers won.

You can appeal the value to the ins adjuster by showing comps of other sea doos of similar quality. That is the first step. Then you can file suite in small claims court.(no attorneys required) I found the most effective argument was 1) plenty of photos of the unit 2) Valuation docs (comps) 3) An expert witness to attest to this value. The first two are considered heresay by the court, but I liked them anyway!

I couldn't go to small claims for my suit. I HAD to use attorneys who like to have you do the work and they get 40%.

 

[seadoosnipe]

Good point....

Good points, but unless you have all the receipts in your restoration, you'll not get squat.

I had a 1968 Camaro convertible and when it was hit by an in-experienced driver, his insuance wanted to total it out. At that time, the car was only worth $600 dollars to the standards they use for estimating what they'll give you in coverage. I talked to a lawyer because I had almost, comletly restored the thing.....he asked me for my receipts and he'd get everything I put in it back.........well, like everyone else, those receipts ended up in the trash can. Now, I'm a pack rat when it comes to receipts, even the ones from the grocery store.........

 

[dieselman]

You never know when you get a bad gallon of milk:rofl:

 

[jr86]

Pack Rat

I just recently threw away the receipts for an old 68 Camaro that was totaled in 1988! (I bought an authentic 68 RS Z28 with the money from the previous wreck.) It needed alot of work, but it was all there. State Farm paid on that claim and they were reasonable with the receipts. Be mindful they will depreciate wherever possible!!

 

[scary]

No matter if its a house, car, boat etc Never Never Never Just give up. As someone said there in it to make money you need to stay on top of them. Dont speak to the CS reps that answer the phone ask for there super.

I own a flooring company and sell roofing in storm seasons I deal with all INS companys they may not give you everything you want but 95% of the time they will give you more sometimes you just need to ask nice or even demand it.