by Guest » Fri Jan 21, 2011 04:54 pm
Hello I am currently in a very frustrating situation with my insurance company. I own two cars and one is a convertible, Honda S2000 to be exact, on 1/10/11 some low life came and slashed my soft top open and stole the seats out of my car along with a few other things, none of which hold a very high monetary value.
Well upon going thru the movements with my insurance company they have decided to total my vehicle because the cost of new seats and a soft top are well over $17k (crazy right?) which is more than the blue book of the car. Well I decided to do some research and found I can buy the vehicle back and the company will just deduct the salvage value from their offer to me.
When I last spoke to the Field Operator for my insurance company he told me since the vehicle was vandalized I can't buy it back. This makes no sense to me, so I called the Ohio Insurance Dept. they said there is no law that states this, I also contacted an attorney and had him look over my policy and no where in it could he find such a statement. So my question is what do I do? There is no legal ruling that says I cannot buy my vehicle back due to vandalism and it is not clearly stated in the policy either.
Well upon going thru the movements with my insurance company they have decided to total my vehicle because the cost of new seats and a soft top are well over $17k (crazy right?) which is more than the blue book of the car. Well I decided to do some research and found I can buy the vehicle back and the company will just deduct the salvage value from their offer to me.
When I last spoke to the Field Operator for my insurance company he told me since the vehicle was vandalized I can't buy it back. This makes no sense to me, so I called the Ohio Insurance Dept. they said there is no law that states this, I also contacted an attorney and had him look over my policy and no where in it could he find such a statement. So my question is what do I do? There is no legal ruling that says I cannot buy my vehicle back due to vandalism and it is not clearly stated in the policy either.
Posted: Fri Jan 21, 2011 06:16 pm Post Subject:
This is one of the few times that a state department of insurance should intercede on behalf of the policy holder and grab the insurer by the ear and say lookie here bud! The policy of insurance does give the insurer the right or option to total your vehicle at their discretion, however it does not give them the right to force you to give up your property to them most likely.
Go above the claims person handling your file, get names, and climb the ladder til you find someone who isn't sitting in a cubicle spewing talking points and scripted dialogue. Notify that person via email, certified mail of your intention to retain your salvage and to show you in your policy where you are not entitled to indemnification less salvage value and any applicable deductibles.
Conduct all your communication in writing and document your claim. Then if necessary, file a complaint immediately with the DOI or discuss a possible breach of contract with an attorney. I believe that the attorney can collect attorney's fees and triple damages for bad faith. Consult an attorney for accuracy of the information I have given.
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