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Monkeytrucker

Insurance wars

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Monkeytrucker

Got a call from the adjuster with Safeco motorcycle insurance this morning.  Safeco is a Liberty Mutual insurance company.   You should know the company, the one that "a scratch that you could have covered with this pin raised my insurance so maybe I should use this pen to buy Liberty Mutual Automobile insurance" .  The adjuster woman was repeatedly saying they are only basing the value they are offering on the base motorcycle value and that I had not sent them copies of receipts for accessories.  DUH!  She made the mistake of telling me that the value I was claiming for the GPS was simply the value of the new unit.  I told her that the value I am claiming was what I paid for it in a cash deal at the Frog Follies car show last year.  She then gave me what I said I paid cash for it.  "Oh, you have the copies of receipts in front of you that our "Agent" sent to you?"   Then she balked at the value of accessories on the bill of sale for the bike because I had redacted out the actual amounts we paid for the 10 new in 12.  She said she needed to know the price we paid for the bike.  "Lady, you can go to a number of sites and find what a new Gold Wing was listed new, you have the serial number so you can even check the list price."  She said she needed to know what we paid for the bike.  "Lady, we are talking about what you are paying for the bike not what I paid for the bike."

 

Then I threw in "How much are you going to pay for my building and its contents?"  You cannot burn down your own building was her answer.  "Lady, if you are burning leaves in your yard and they set your house on fire, your insurance will pay for the house because it was and "Accident".  "So the bike exploding in my face because of static electricity, which is determined as the cause by a fire investigation team hired by our homeowners insurance company, caused burning gasoline to be sprayed upon the building 8' away and burn the building down."  Needless to say the conversation immediately went to "I have other claims I am working on so I need to get to them now."

 

We have in our hand checks from the homeowners insurance for what they want us to accept.  Well those are going to sit unsigned, are going to be shown to our insurance "Agent" and he is being told that no check or papers are going to be signed until we are satisfied with the settlement.  I think all insurance companies try that in hopes that people will see a couple thousand, think they cannot get a better deal and simply sign the check and ending the claim.  We have claim dates and claim numbers assigned so that freezes values to that point.  If the 2019 bikes come out the fact that our bike became one model year older does not enter into the value at the date of loss.

 

Insurance adjusters go to a funny school of mathematics.  They have a value determined and then they use additional values such as recovery expenses, dumpster expenses, and so on, then they depreciate the building, take out the deductible, and end back with the exact value they want to offer.  Why is the depreciation always the exact amount needed to lower the value to their first offer.  I would love to see that book of depreciation schedules.

 

At the IL M&G I heard others say they had Progressive insurance when they lost their bikes and were totally happy with the "No Problem" on accessory values and damage on the bike.  Well Safeco, a division of Liberty Mutual Insurance, is definitely not like Progressive.  Sad thing was that until the month before we had Progressive.  "Agent" got us a better deal with Safeco.  We should have used that Liberty Mutual pen to have renewed our Progressive insurance.

 

Yeah I am ranting.  One can understand why after storms roofs go un-repaired for months, burned houses set burned for months and wrecked cars sit in impound for months simply because insurance companies try to low ball deal people in the hopes people will give up and take thousands less.

 

 

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Galaxyhunter

Insurance companies have to be the biggest rip-off artist in the world.  The law says we have to have insurance so we are forced to buy it.  The insurance industries says  "Hey, Free Money".  They continue to jack our rates.  I don't live anywhere near a hurricane zone,  But my homeowner insurance have tripled in the last 10 years because I need to pay for Hurricanes in the Southeast,  Wildfires & landslides in the West.  Is it any wonder why there is as much insurance fraud as there is,  People trying to get some kind of pay back.

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Monkeytrucker
18 minutes ago, Galaxyhunter said:

Insurance companies have to be the biggest rip-off artist in the world.  The law says we have to have insurance so we are forced to buy it.  The insurance industries says  "Hey, Free Money".  They continue to jack our rates.  I don't live anywhere near a hurricane zone,  But my homeowner insurance have tripled in the last 10 years because I need to pay for Hurricanes in the Southeast,  Wildfires & landslides in the West.  Is it any wonder why there is as much insurance fraud as there is,  People trying to get some kind of pay back.

 

I totally agree Carl.  Of course insurance is a "Pool" where people pay into and people get paid out of.  But only after the insurance companies get their cut.  Years ago we had a wind damage claim and the insurance company, albeit a local company, did not want to pay a fair value.  Then I found out that they were re-insured with another company.  We fought them for over a year before we found they were re-insured and the company that was the second company just happened to be in a town where I knew an antique tractor guy.  Turned out he owned an airplane with the corporate lawyer of that company and just like that we were paid the full cost of repairs after a passing mention.

 

On the Motorcycle claim, we just got a new offer on the bike, still about $1k short of desired but they are only trying to get us to sign a paper saying our claim is settled.  Well after they replace the building, pay for contents and etc. we will sign.  The fire cause investigators for insurance co. #1 say it was the static electricity from the bike to the plastic gas can (or vice versa) that caused it to blow up and the building fire was caused by no fault of mine.

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OnaWingandaPrayer

Its a shame , or is it a sham how insurance operates.  

So they depreciate your building?

 I wonder how much the county tax assessor has depreciated your property? If like Fl it goes up in value every year.

 

It's sad to hear the way they are treating you.  I hope they get closer to your valuations soon.

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Monkeytrucker

The deal is final on the motorcycle insurance.  While they did not get to my "Want Price"  we did get $13K for the bike.  

 

Of course no good thing ever goes undone because we are having to buy a new furnace so there goes a chunk.

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