Last post on May 02, 2013 at 7:16 AM
You are in the Isuzu Trooper
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Isuzu Trooper, SUV
#8401 of 11964 Hail damage update ...
Sep 05, 2003 (7:06 pm)
I few weeks ago I reported that my pristine 1999 Isuzu Trooper (www.Isuzu.8k.com) got dinged up in a hail storm. My insurance company paid me approximately $3,000 and I decided to just keep the money. Welp, now my insurance company is obviously disappointed that I did not get my Trooper repaired and dropped my collision and comprehensive on the Trooper. They said it will remain that way until I get it fixed. This does not sound fair to me but maybe I am looking at it wrong. Anyone of you have a similar experience?
#8402 of 11964 Hail Damage
Sep 05, 2003 (7:37 pm)
I work for an insurance company (Nationwide). Unfortunately, that is a common practice to drop the comp/coll coverage. Their rationale is that if you get further damage on it from another accident, it will be hard to repair just that damage without touching on the original damage. Most insurance companies don't want to have physical damage coverage on damaged vehicles. Hope this helps!!
Sep 05, 2003 (8:15 pm)
How much is it worth? My '99 minivan is getting down there in value (~$9k) and it's not going to take much more depreciation for me to drop my collision coverage. Three grand in my pocket would be enough to convince me to take my chances right now .
Is there a rule of thumb in the industry for this question, Pe1227?
#8404 of 11964 Depreciation and Insurance
Sep 06, 2003 (4:58 am)
My rule of thumb is to drop the comp/coll when the vehicle is older or is worth 5k or less. If the vehicle is a total loss, then 2-5k as a hit is much easier to swallow than 10k. Another option would be to have higher deductables like 500 or even a 1000 dollars. That would reduce your premium and you would still keep the coverage for the big losses. On my 98 Trooper which is worth about 8k, I have the deductables at 500. Of course if you have a lienholder, you have to have the comp/coll coverage.
#8405 of 11964 20+Hp Device
Sep 06, 2003 (7:13 am)
Last I checked there was a device that claimed to somehow fool the computer into thinking colder more dense air was coming into the engine. This was supposed to trick the computer into adding more fuel and therefore allow the engine to get 20 more Hp.
Even if the computer could be fooled the laws of physics can't be - i.e. the air coming in doesn't get colder and therefore denser just because the computer thinks it does. The air actually has to cool down for that to happen.
As they say "If it sounds to good to be true . . . ". Well you know the rest.
#8406 of 11964 re:Depreciation and Insurance
Sep 06, 2003 (8:55 am)
pe1227 - how does the insurance company determine a total loss? I've heard they use KBB value and Auto Trader used car values, most people shoot for high book, which would help out the person with the claim.
My truck is worth (kbb) $8500.00 to $10.500.00 however, I've recently got trade in quotes of $6800.00 to $7200.00. What does the average consumer use to come up with a true value to determine dropping the comp & collision? The timing of this topic is perfect, just got my 6 month renewal yesterday:)
#8407 of 11964 Insurance Valuation
Sep 06, 2003 (10:49 am)
It is a combination of factors that determines the value for a total loss. KBB is dealer funded and it is my experience that they are inflated as far as their prices are concerned. Carbook is what my company uses to determine vehicle values, which has been pretty accurate,but it could vary with each company on what they want to use. I use the local paper, Carbook, and Edmunds to come up with values and then I average the 3 to come up with a true market value, but that is my own preference.
If you are arguing with an insurance company about a value of a car, the more documentation you have, showing your values, the better. That is why I use the 3 sources. Hope this helps!
Sep 06, 2003 (10:58 am)
From a consumer standpoint, sometimes it helps to bring in current classified ads of similar cars for sale if the agent doesn't do like Pe1227 does, and sometimes showing evidence of recent repairs can help bump up the value of your wrecked car a little (i.e., engine overhaul or 4 new tires).
Maybe taking donuts to the adjuster would help too? Any rule of thumb for that, Pe1227? LOL.
#8409 of 11964 Hail damage .....
Sep 06, 2003 (1:43 pm)
Thanks pe1227, it was Nationwide that cancelled my collision and comprehensive insurance. If I sold my Trooper to another individual I bet he could get coverage as I have never had an agent inspect my newly purchased vehicle. I can partially understand the comprehensive discontinuance, but the collision seems more like retribution. If I had an accident, it should be obvious what was prior hail damage and what was impact damage. I am toddling between going along with Nationwide or going to another company for coverage. My Trooper, 1999, probably had a pre-hail value of $12K - $15K, so spending that $3K on some cosmetics that I question whether would result in me being satisfied was in question. Few vehicles I have seen repainted are as pristine as before. I am also thinking about buying one of those "dent wizards" and just fixing it myself.
My Trooper is worth far more to me than to anyone else if I sold it. I know how it was maintained and it has all the options. So, I think I will keep it no matter what. In any case, I am not all that sure that Nationwide has been fair with this. I could understand them say inserting special language even disallowing hail damage but to just drop all coverage seems quite severe.
#8410 of 11964 Hail Damage
Sep 06, 2003 (4:24 pm)
There is another option you could do. You could file a complaint with the DOI (department of insurance). Once you filed the complaint, it would halt the cancelaton of coverage action until it was reviewed by the DOI. They would probably side with Nationwide in all honesty though. It is a standard practice to drop physical damage coverage if a vehicle has not been repaired after a claim has been settled.
1 thing to keep in mind however, If you drop Nationwide and go with another company, they will find out about the damage. All insurance companies particpate in a claims information exchange called CLUE. When the other company ran the records, they would find out about the loss and how much was paid out. That would usually prompt an inspection by the agent. I don't mean to be the bad guy here, just wanted you to know about their policies and actions. Good luck.