What IF...Your Vette Gets in an Accident?!

[Ludigdrums]

Just curious as I only have basic liablility with Geico. Say I get hit and it's somebody elses fault, who pays and do I get any money?! I hope I never really need to know this, but I would like to know that I'm set just in case. What a nightmare to loose...

- Jeremy

 

[paintdaddy]

If its their fault ,their insurance will pay.If they dont yours might and then sue their insurance.

 

[78SilvAnniv]

If they have no insurance...your uninsured motorist should cover your vehicle.
However, what happens if the accident is your fault? Does your insurance cover the other vehicle but not replace your vehicle?
Heidi

 

[JRMaroon]

The best way to find answers regarding your insurance would be to call Geico. If I was in question about the terms of my insurance, I would call my agent to be sure I had the coverage I wanted. I hate surprises.

Give them a call and see exactly what you're paying for.

Jeff

 

[Red73BB]

In the state of Missouri, even with uninsured motorist insurance, you will pay your cost, then take them to court to try to re-coop your cost. Good luck on that. This happen to me.
Gary

 

[paintdaddy]

Does your insurance cover the other vehicle but not replace your vehicle?

yep!

 

[81 Corvette]

i'm amazed at the number of people that don't have full coverage on there shark. If someone hits you, they pay, if you hit them, your insurance covers there car, but your repairs come out of your pocket.

 

[Tom73]

And if they have insurance and it is their fault, their insurance will pay for your car. But how much? They will use a depreciated book value. You could end up getting on $4-5K on what you feel is a $10-15K car.

Only drive a car without collision when you can afford to take a total loss on that car.

tom...

 

[Ludigdrums]

Yeah Tom...that's what I really wanted to know also. I mean, these Vettes are worth a lot more than what book value might be. I feel this same way about my 87 Monte Carlo that has new paint and practically everything has been replaced at one point. It's worth way more to me than any blue book value! So, even if you have full coverage, they'll probably total out the car before you see any money close to what you have invested. What a bummer.

- Jeremy

 

[CS72Roadster]

It would seem that it might be a good idea to have an appraisal done on your Vette prior to any crash. I ran into a similar situation when my wife and I got hit on our Harley several years ago. Didn't have an appraisal, but had a local shop "value" the bike pre-crash which put the value in excess of all the repair expenses ($11,000.00). Insurance paid in full, I kept the bike.

CS

 

[M&W's72vette]

Just out of curiousity, how many people on here have had an accident and feel they have come out ahead with the insurance company?

Mike

 

[CS72Roadster]

Again, back to the Harley. I bought it used for $13,500. Insurance paid $11,000. I sold the wrecked bike for $8500. Dollar for dollar, I came out ahead. Now, let's talk about how long it took to recover from the crash...

CS

 

[81 Corvette]

Just out of curiousity, how many people on here have had an accident and feel they have come out ahead with the insurance company?

Mike

I was hit in my Vette, but the ahole didn't have insurance so i lost out on my deductable, at least until he pays it back, which will probally be in 2050. I made out good on my $600 wonder car. They paid me something like 1500 for it. And i also collected about a grand on a minor bump to anouther wonder car that i never fixed.

 

[Crickett]

The best way to find answers regarding your insurance would be to call Geico. If I was in question about the terms of my insurance, I would call my agent to be sure I had the coverage I wanted. I hate surprises.

Give them a call and see exactly what you're paying for.

Jeff

I agree.

 

[1974vette]

NOOOOO!!!!!!!!!!! Lets not talk like this!:duh I would be highly upset.

 

[atmmac]

I would be ****ed i love my vette!

 

[69MyWay]

I covered this topic in some wheel spin articles here last year.

I am an insurance professional.

Against popular opinion, insurance companies really just want to pay what they owe and move on. There is no great victory, benefit, or reward to an adjuster that cheats somebody out of a total loss settlement. Insurance companies have much bigger fish to fry.

It is rather simple (unless you have a specialty policy), they owe you for actual cash value at the time of the loss. In other words, what the car could be sold for a split second before the crash..regardless of what you paid for it, what is owed on it, or what you spent on it last month.

They usually pay NADA retail value...which is always higher than what you can expect in a private sale of your vehicle.

I have to admit, that settling Vette claims can be tough, because most owners are unrealistic. It is not unusual for them to demand far more for their car than it would ever sell for, much less what they would pay for it given the chance to buy it over again.

Please...speak to your agent. I hope you deal with an agent and not some 1-800 number with some young uniformed hourly wage person helping you set up the policy that may one day become very important in the event of a serious loss.

Good luck on your decision.

 

[LIRacer]

You have to get an insurance company that specilaizes in classic cars. These companies realize that members of this hobby take special care of their rides. The good thing about Hagerty is that they do not limit the number of miles a year that you can drive. I insure both my '72 LT-1 and a mint original Olds 442 with a 4 speed for less then $400 a year. It is an agreed upon value policy meaning that I insure the car for a certain amount and that is the amount I am paid if there is a loss. I lost a '69 Firebird a few years ago and Haggerty paid in full. They are great.

Bruce