Adequate coverage couldn't save my face !

Submitted by Anonymous (not verified) on Thu, 09/21/2006 - 06:58

hi, though I have a full insurance coverage for my car and home, I was misfortunate to get robbed off my car and packages recently and now I'm finding it real difficult in getting reimbursed for the lost items...especially since neither my lost car nor my watches haven't yet been spotted anywhere by the police ! Pls help !

Posted: 21 Sep 2006 07:39 Post Subject:

Hey there, I'm sure that either your comprehensive or your fire n theft policy would pay you less the deductible. Suppose if the current worth of your car in the market be $16,000 then you'd have some $250 as deductible which you need to pay and the remaining cost of replacement would be borne by your insurer.

But remember one thing for sure incase your car is a financed one- that your liability coverage insurer may not be the same as that of your comprehensive and collision provider. In that case you'd certainly need to inform the latter about your complete loss.

Posted: 21 Sep 2006 10:41 Post Subject: Why dont you ask your Creditor ?

I have got an idea. Why don't you follow up with your credit card company ! Atleast they should be the ones who're obligated to pay you back for all the lost items which you purchased with your credit card.

Otherwise my friend, you'll never achieve any reimbursement for the packages irrespective of whether they were at the front or at the trunk.

I'm sure that your homeowner's company would certainly pay you for the lost valuables incase your credit card insurer denies, and that would be upto the limits of the policy provided that you pay for the deductible. This deductible might vary between $50 to $250. thanks for discussing this useful topic over here.

Regards, Samson.

Posted: 21 Sep 2006 11:08 Post Subject:

hi..thats absolutely foolish ! even before asking your credit card company you sh'd immediately consult with your insurance producer or agent. He should be informed about your loss and asked if he is ready to pay for a rental car till you get a new one.

Do you have a road service policy as well ??
I'm sure it would also be of some help to you under the present circumstances..
thanx ! fatman

Posted: 01 Feb 2008 04:09 Post Subject:

I have got an idea. Why don't you follow up with your credit card company ! Atleast they should be the ones who're obligated to pay you back for all the lost items which you purchased with your credit card.



What??? The average credit card that most people have won't go near this, and for those cards that provide this protection- it's secondary to any other applicable insurance. Your homeowner's insurance WILL cover this loss subject to it's deductible. BTW- I haven't seen a $50 deduct. on a homeowner's policy just about EVER, and I've been in this business for 25 years. Common deductbles are currently in the $250 to $1,000 range, with certain exceptions.

But remember one thing for sure incase your car is a financed one- that your liability coverage insurer may not be the same as that of your comprehensive and collision provider. In that case you'd certainly need to inform the latter about your complete loss.



Sasha- the only time I have really seen liability and physical damage insured through two different carriers, and this almost non-existent, is when the creditor places vendor's single interest (VSI) coverage on the car to protect their interests. Why it's virtually non-existent is that (1) when the creditor places the VSI coverage, it's due to the insurance policy lapsing, and now there's no liability coverage, either. (2) would be that the insured is such a complete idiot that he LEFT the VSI on the car and only reinstated the liability portion of his policy, or something like that. I can't even envision a person doing this. Anyone- please correct me if I'm wrong on this. Have any of you seen someone purposely place liability and P.D. with two separate policies???

Remember that car insurance policies, even with full coverage, will cover only those "items that are incidental to the use of an automobile" and homeowner policies will cover those things that are "incidental to the use of the dwelling." There are a ton of variations and nuances here, but that's a good basic guideline. For instance- you would expect your car insurance to cover your tires if they're slashed, as tires are incidental to a car. On the other hand- if someone stole a computer out of your car, computers are NOT incidental to cars; they're incidental to a home. Again- a ton of variations on the theme.

Good luck, hope they find your car.

InsTeacher 8)

Posted: 02 Feb 2008 01:34 Post Subject:

Anyone- please correct me if I'm wrong on this. Have any of you seen someone purposely place liability and P.D. with two separate policies???

NEVER...

Again- a ton of variations on the theme.

Just to muddle it alittle more...many h.o. policy re:personal property theft, have an exclusion that does not provide coverage for theft, ''while in or upon a land motor vehicle''... :wink:

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