Officially (not) totaled #799 Final Update

[TLSTWIN]

[pmili75]

Originally Posted by Mgizzle

Oh boy...

Well at one point in time I was going to be the poster boy for Track Day Insurance and give Lockton a massive positive review.

Unfortunately that is not going to happen now.

I will admit if I had passed on the track insurance i would have been royally screwed however the way my claim was handle was really shitty.

York is the third party adjuster Lockton uses
PDA is the independent appraiser York uses to appraise damage
Proline is my body shop

10/7/2015 Date Of Loss
10/8/2015 Received info from York Risk management which handles Locktons claims
10/13/2015 PDA provides a non tear down estimate of $25,245
10/14/2015 Original Body shop car was towed to did not provide estimate did not have any certifications or modern frame / paint equipment
10/17/2015 I paid to move car to GM Certified I-Car Gold Body shop I have used for repairs to my Land Rover (Proline Auto Body)

11/4/2015 York Notifies me via telephone the car is a total loss
11/5/2015 PDA provides a non tear down estimate just front and rear bumper removed of $42,798.96
11/6/2015 York Notifies me via telephone the car is not a total loss
11/9/2015 York notifies Proline we need more detailed estimate due to the fact the car is close to being a total informs Proline they need to do a complete tear down to get actual costs; but that they will not be paid for this tear down if the car becomes a total loss. Shop will not do a tear down without compensation but agrees to do a more thorough estimate.
11/10/2015 Proline submits detailed estimate $56,566.31 Advises York there are still open items on this estimate including engine block, srs wiring, body control modules, steering column, steering wheel. These items cannot be verified until complete tear down after frame pull.
11/10/2015 PDA receives new estimate from York
11/17/2015 PDA reinspects / reviews latest estimate from Body Shop
11/19/2015 Waiting
11/22/2015 PDA (the insurance companies rep) states the damage will be $55,440.49 they deem the car a total loss
11/23/2015 York Financial Services disagrees that the car is a loss and tells me they will authorize the car be repaired. Since the repair check to me is $55,440 minus the $6,000 deductible I decide not to argue I will take the check and sell the damaged car in order to get the best value.
11/24/2015 York States Check will take a couple of days.
11/30/2015 No Check
12/7/2015 Check Arrives $49,640
12/7/2015 I sell the damaged vehicle.

Yes I got taken care of eventually, but the reality is the car was a total loss any idiot could see that and they just didn't want to send me a check for $64,000 like they should have. (70K agreed value - 6K deductible)

[JTRATX]

That's not a good review of track day insurance. Sorry to hear.

Hope you at least made some up by selling the car.


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[Zslash28]

Insurance sucks, they basicly gave you the market value of the car minus the $6k deductable. Shady business if you ask me after they had an agreed $70k value.

So whats the story gonna be for the car? Stripped, retro'd, rebuilt, racecar?

[pmili75]

Originally Posted by Zslash28

Insurance sucks, they basicly gave you the market value of the car minus the $6k deductable. Shady business if you ask me after they had an agreed $70k value.

So whats the story gonna be for the car? Stripped, retro'd, rebuilt, racecar?

Stripped with all the goodies going into a 1967 Camaro Pro-Touring Car. Depending on the execution I may buy it when it's complete.

[olblue75]

Man that sucks that you lost the car but at least you got somewhat taken care an don't have to foot that 50k+ bill. But now what parts are not going to be used on the 67 because I'm looking for a Cat Back exhaust setup...

[pmili75]

Originally Posted by olblue75

Man that sucks that you lost the car but at least you got somewhat taken care an don't have to foot that 50k+ bill. But now what parts are not going to be used on the 67 because I'm looking for a Cat Back exhaust setup...

Sorry I took the lazy way out and sold the entire car complete.

The exhaust system in the back was toast anyway. Actually crushed and bent up under the vehicle.

[s.hammer]

That sucks about Lockton, positive is that it was not a total loss (money wise), but negative is when you are paying on an agreed value, your rate was based on that agreed value. Hope you were able to make up a good portion of the difference between the 55,000 and the 70,000 agreed value with the sale of the car.

[AustexaSS]

OP just curious what did Lockton charge for the track day insurance at 70k agreed upon value? How many days of coverage were purchased and were any days left unused due to the accident?

[pmili75]

Originally Posted by AustexaSS

OP just curious what did Lockton charge for the track day insurance at 70k agreed upon value? How many days of coverage were purchased and were any days left unused due to the accident?

$473.64

Single event policy.

Again....I AM NOT SAYING DONT BUY INSURANCE. Insurance saved my ass!!!

Just giving an honest account of how the claim was handled.

[AustexaSS]

Thanks for sharing as this is a unfortunate but very important lessons learned for everyone who intends to participate in a track event.

[68camaroz28]

Originally Posted by pmili75

$473.64

Single event policy.

Again....I AM NOT SAYING DONT BUY INSURANCE. Insurance saved my ass!!!

Just giving an honest account of how the claim was handled.

Agree about insurance but why or how did they get away with not paying you the agreed value minus the 6k?

[polizzio]

What are you complaining about? You got a check for 50k and sold the car for x in ur pocket.

You can buy a slightly used Z28 for 53k right now, a brand new one for 55k. I just sent a guy links to these yesterday.

You think if you had valued your car for 90k before, for the track insurance, they would have paid you 84k? regardless of current market valuations?

[Zslash28]

Originally Posted by polizzio

You think if you had valued your car for 90k before, for the track insurance, they would have paid you 84k? regardless of current market valuations?

He had an AGREED value insurance agreement. So yes, I would be mad too if I was given a market value adjusted payout.