Posted: Fri Sep 05, 2008 4:23 am Post subject: lost my Lamborghini kit car in fire....
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So first let me say that this situation so totally blows donkeys balls, but what can I do?
The fire started 8/29 while I was in the shower. The fire dudes told me it was the battery charger that was the culprit. My car was based off of a 1988 Pontiac Fireo which had been properly stretched to the exact dimensions of the real Lamborghini. Everything on that car was real OEM Lamborghini parts (windshield, side and rear glass, marker lights, head lamps, fog lamps and all badges, you get the idea). The interior was $7000 of hand laid custom leather. Real Lamborghini speedometer and odometer! And to top it off, a brand new Chevy 5.7L 350 performance engine had been installed. On the date of the fire, there were exactly 500 miles on the car!!
I have not heard from the adjuster since this fire took place. My car is at the auction yard and I'm sure the adjuster has seen it by now (and it is a total loss). I can only assume he is trying to figure out how to assess a value to this type of car. And since I have ACV as my coverage: [Actual Cash Value = Market Value less Depreciation].
I put just over $72,000 into this car to make it perfect and exact. If you were to go to a professional builder of these cars, like Exotic Illusions in Archbald, PA, you will see $60,000, $65,000 and $75,000 for the three cars he currently preparing to sell.
I fear the adjuster will come back to me and give me an incredibly low number based on, oh I don't know.... it was a 1988 (but was completely and professionally rebuilt and with only 500 miles on the brand new engine).
How much wiggle room does someone in my position have when I have every receipt ever used on that car and a running journal and portfolio documenting everything along the way (keep in mind I still have not heard back from whomever this adjuster is) ?
Sorry to have rattled on for so long but I'm a little worried they will come back with a rediculously low figure - oh the company is USAA Ins. by the way.
Here are some pics of from when before I bought it, the work I've done to it, and then when it was complete. Of course then the fire.
It would have been _far_ better to have obtained some type of valued policy on the vehicle. I fail to understand how someone could invest $72,000 in a _car_ and not secure a more appropriate policy for it. I'm going to guess (as I've seen many people selling these vehicle mention the same thing) and say that you did not mind paying a premium based on a 1988 Fiero?
How was the car described on the policy? I think that is going to be considered. I can only guess and say that USAA will consider the vehicle to be what was reported on the application and then go from there. If it was reported as a 1988 Fiero and you were paying premiums on that type of vehile, then this is probably how they will consider the vehicle. They would then determine what coverage is available for the custom items on the vehicle.
How much wiggle room does someone in my position have when I have every receipt ever used on that car and a running journal and portfolio documenting everything along the way (keep in mind I still have not heard back from whomever this adjuster is) ?
good job, and a lot of wiggle room...these vehicles are very difficult to value...have you told the adjuster that you have all this information? If not get on the phone and offer to fax all the information, he/she will need this to help in determining the value....
I couldn't get your link to work....
I'm with Tcope, what you were paying premiums on will have a lot to do with this...and then if you properly endorced your policy for additional after market equipment past the standard which is usually about 1k...
You know that the premiums on a 72-75k vehicle will be high, especially if you are a young 20's male right? So if you were not paying that...there could be an issue...
another thought...was that battery charger newer by chance? Any chance of going back on that manufactor? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Posted: Fri Sep 05, 2008 11:05 am Post subject: my burnt up lambo.
Thank you both for your thoughts!
Actually, the car was in fact insured on the policy as a "1988 Kit Car, Kit Car as opposed to Fiero. I made sure of that.
I tried in vain to contact the actual adjuster but the person supervising my claim simply tells me that she has sent the adjuster 2 emails with my information and explained that I have a lot of documentation; I still have not heard from him.
I really don't want to be a pain in the ass, but on the other hand I don't like not knowing what is going on.
My premiums were $1400/year:
Bodily Inj: 300k/500k
Prop. Dmg: 100k
Un/Underinsure: 300k/500k (stacked)
Basic 1st party medical: 10k
Added 1st party medical: 50k
$500.oo deductable on all, blah, blah....
in your address bar type (without the " marks)
inthevalley.servebeer.com:8080
then go to the "downloads" link
then go to the "MY 1988...."
Tcope,
Because I thought it was the best coverage, I elected the ACV type policy. For future reference, is there a better way to ensure this type of investment?
I tried in vain to contact the actual adjuster but the person supervising my claim simply tells me that she has sent the adjuster 2 emails with my information and explained that I have a lot of documentation; I still have not heard from him.
sounds to me like your company has hired an independent adjuster/adjusting company...the supervising adjuster will still have final say on any and all payments... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
I don't know much about the policies but I'm sure there is some type of valued policy out there for classic vehicles and the like. That is, you pay for $xxxxx.xx amount of coverage so if the vehicle is a total loss, the limits of the policy are paid.
If USAA knew it was a kit car, then this certainly helps the situation. At this point I can only think that USAA will have a heck of a time determining the value of the vehicle. I'm betting that will simply need to review the language of the policy to determine what is owed. I'm also guessing that they will probably turn this over to their SIU (Special Investigations Unit) in order to look more in depth at the situation (from a fraud stand point).
I've not looked at a USAA policy in about 20 years but it's pretty much standard. It states that they will pay the ACV of the vehicle. That is why I think its important to know how the vehicle was listed on the policy. If it was a 1988 Fiero, then they could claim they owe ACV that type of vehicle and count everything else as modifications. There _might_ be some limitations in the policy on modifications... I'm not sure. If it's listed as some type of kit car then I think the argument could be made that they need to consider the ACV on the car as a whole, modifications included. In that case, I'd not want to be the person addressing the value. I'm sure it's going to be a _real_ pain to determine. They may even want to hire an "expert" in the area to review the loss.
That is, you pay for $xxxxx.xx amount of coverage so if the vehicle is a total loss, the limits of the policy are paid.
Double check this as well as your state laws regarding any 'stated amount policy' in my state, that only means we will pay up to that amount...not that amount...in otherwords you have a stated amount for 50k if the acv is 20k that is all you get 20k, if the acv is 55k, then 50k is all you get...it's very confusing and most people think (and it may be in some states) that a stated amount guarantees payment of that amount in a total loss it does not (atleast in MO)...
I'm with you Todd glad this isn't my claim... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Posted: Sat Sep 06, 2008 2:12 am Post subject: SIU
Tcope, you were right. I got a call today from the adjuster who saw the vehicle and said it was a total loss. I was also told that a special investigator will be getting in touch with me, the fire department as well as my home owner's insurance agent to investigate, making sure there was no wrong doing on my behalf.
I've been a cop for 10 years and I still feel a little defensive about it. I mean, yeah I was working on the car, left the garage, was in the house for apporx. 20 minutes and then jumped in the shower. About a minute after that I hear the explosion. So I'm pretty sure I didn't do anything wrong, lol (besides running out through my house naked wondering where the mortar fire was coming from and why we weren't returning fire (mild flashback at that moment - sorry
So, anyway, I guess the games are afoot.
I've been a cop for 10 years and I still feel a little defensive about it.
It's hard not to be defensive cop or not...everyone feels there integrity challenged I would too...they will do a through investigation into your finances, phone records, the whole nine yards...hopefully you have ins on your home and car with the same company otherwise it will be two separate ones (siu investigations that is)...fires or total burns always bring in the fraud sniffers...red flags pop if there are late payments missed payments prior fires or thefts etc...just give them all the info the request and hopefully your company will move fast thru the process...let us know if we can be of further assistance, or a sounding board....
ps sorry we missed the show! _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Posted: Sat Sep 06, 2008 1:29 pm Post subject: SIU
Of course you're right. The car's been paid off from the bank for some time now (1.5 yrs) so that is not a worry. It's funny you mentioned previous fires because this same car caught fire almost 1.5 yrs. ago. It was very small and was an electrical fire in the engine wires/distributor area. I put it out myself but called the fire dept. anyway because I wanted to make sure it was safe/out.
After that I had the entire car rewired along with other work.
Were you paid on a claim for that prior fire? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Posted: Sun Sep 07, 2008 4:30 pm Post subject: prior fire
Yes, but that was from my first insurance policy that I had with the car (Grundy World Wide). I later canceled that policy and went with USAA for their better rates and better reputation.
I'll post what Lori was going to post next... understand that USAA has access to the information that you filed this prior fire claim. It's brought to the attention of the adjuster automatically. This is a huge red flag. So you have a fire claim (red flag), a fire claim not involving anyone else (red flag), an expensive vehicle which appears to be in need of repairs (red flag) and a prior fire claim (a red flag).
Thanks Todd, hit it on the head...and will add, expect this investigation to take a little while... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
I just assumed USAA would have access to that info. Well so far I guess the only thing I have going for me is that I was in the shower when this happened.
But this car was done on the other hand. It needed no more repairs; brand new engine, brand new everything come to think of it. But that really doesn't matter I guess.
')
