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Old 05-24-2011, 05:00 AM
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Stolen Truck - Help

My truck was stolen about 2 weeks ago, and I had just recently installed a ton of aftermarket parts on my truck. The insurance company is beating me up really bad over the process and doesn't want to pay much over book value. They have asked me to get some external valuations of the truck. I need to find out what my truck would have sold for on the market as well as what value would have been added by all of my parts.

It is a 1999 F350 XLT with a 7.3L and a ZF6 manual transmission.
It has 194k miles, all power options, and was spotless inside and out.
It had the following aftermarket parts:
Intake
4" Magnaflow stainless exhaust
Beans Stage 1 Injectors
Beans 6 way chip
Beans IDM
Southbend Con-Fe clutch
Brand new ZF6 transmission with all related parts to swap to a manual
Sony 7" CD/DVD/Touchscreen
Boston Acoustic Mids/Highs
4 channel amp
MA Audio 1800x1 sub amp
2 JL 10's in a custom ported box
Recon smoked cab lights/fender lights
Gooseneck hitch
Toolbox
Prodigy brake controller

I know the truck isn't worth book value plus the value of the parts, but I would like to think that being I had replaced all of the parts on the truck 3 months ago, that it should have been worth more than just book value to a seller knowing what the truck was. Do you guys have any suggestions on who to get to value the truck or have any estimates of what I should be asking for over book value? Book value is roughly 11k as is....
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Old 05-24-2011, 05:26 AM
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You need to show them receipts of everything that was installed and pictures showing how clean it was.
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Old 05-24-2011, 06:55 AM
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They're going to pay you what they're going to pay you. Provide receipts, and hope for teh best.
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Old 05-24-2011, 09:51 AM
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Talked to a buddy that works for an insurance agency and he said that if you had extra stuff put into your truck you needed to get it appraised so they could adjust your insurance rate accordingly. If you brought your receipts of stuff you installed to him he would tell you he would not even look at them. Look at it this way, you bought a truck and paid say 50g for it then went to your insurer to get a policy on THAT truck they charge you say 200 a month for THAT policy. Now you spend say another 15g on rims, performance parts, now your truck is worth 65g which should have a policy that costs say 300 a month. You are basically expecting the insurance company to give you 15g worth of insurance for zero cost to you. So bottom line those of us that put big $$ into our trucks need to get certified appraisals to take back to the insurance company BEFORE you have to put in a claim for a stolen or crashed truck.
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Old 05-24-2011, 04:41 PM
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I work in auto insurance and I would say yes get receipts, any pics help but most likely what you are going to get is not going to be what you are hoping for. Some policies allow for a certain amount of coverage for aftermarket parts. For example mine was $1k included in my standard rate but I went in and manually added aftermarket coverage of $3500 just for such an occasion with all the stuff I have on my truck.
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Old 05-24-2011, 10:34 PM
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Yah, like I said. Those of us that put in 5 or 10 grand extra into our trucks need to talk to the insurance company BEFORE you need to make a claim. So pictures, receipts and quite often they will request that you get your truck appraised so they can adjust your policy accordingly. If they do not ask for an appraisal I would do one anyway that way everyone has a firm number as to the value of the vehicle to be insured.
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Old 05-24-2011, 10:53 PM
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Insurance companies make money by denying claims. Plain and simple. If they pay out less claims then they collect premiums, stockholders are happy. I worked in the insurance industry for 2 years in the accounting field, and got out because insurance companies do not have any ethics. Their profitability depends on how many people they can hose. I know I sound cynical, but it happened to me too. My agent underinsured my garage by almost 8k. then when it burned down, he said "oops, that's my bad". Moral of the story, pay attention to your policy and know your policy limits before something happens. and most importantly, don't trust them!! Hope for the best, prepare for the worst.
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Old 05-25-2011, 05:25 AM
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Originally Posted by bfever74 View Post
Insurance companies make money by denying claims. Plain and simple. If they pay out less claims then they collect premiums, stockholders are happy. I worked in the insurance industry for 2 years in the accounting field, and got out because insurance companies do not have any ethics. Their profitability depends on how many people they can hose. I know I sound cynical, but it happened to me too. My agent underinsured my garage by almost 8k. then when it burned down, he said "oops, that's my bad". Moral of the story, pay attention to your policy and know your policy limits before something happens. and most importantly, don't trust them!! Hope for the best, prepare for the worst.
That wasn't the insurance companies fault that was your fault and your agents fault. You should have filed a claim against his E&O policy. Agents for the most part have no idea what they are doing. Insurance companies make money by paying only what they owe. If you only insured your house for $1 that is all you get $1. If you only insured a stock 2001 F250 that is all you get paid for for the most part. People make auto insurance companies out to be bad but for the most part the majority of them are on the up and up. We try to provide as much coverage as we can based on what you actually paid for. If you don't pay for it you can't expect to get things for free come on people. They aren't health insurance companies which are a completely different beast and yes are out to deny your claim, or delay it long enough that you just croak so they don't have to pay it.
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Old 05-25-2011, 05:45 AM
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Well, you are partially correct. It was my agents fault. My agent had a fiduciary responsibility to represent me as a client. He failed to do so. He came to my house, saw my garage was 24x30 and insured it for the cost of a 20x20. Now that I have been burned, I now have to do my agents job and make sure the coverages are appropriate, even though that is his job. If I tell him I have a 24x30 garage, i shouldn't have to get quotes from contractors just to make sure the levels are correct. That is the agents job. And you sound like an insurance agent. Insurance companies do not pay what they are obligated, they pay what they can get away with. Don't be naive. I am a CPA and have a Masters Degree in Accounting. I know how the books work and when I was in the insurance industry, I sat in on the monthly controllers meetings and budget meetings. so when you say "come on people", i say to you "get a clue" Business is business. Cost is king. If you can't raise revenue, you cut cost. plain and simple. If I ask for my house to be insured for $1, then yes I expect $1 in return when it burns down. When I ask for my garage to be insured for the cost of the rebuild, then I expect the payment to cover it. Insurance 101 = I pay a premium, the Ins Co bears my risk of loss. When they don't, it's breach of contract. But good luck suing an insurance company. Their highest paid employees are attorneys.
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Old 05-25-2011, 06:28 AM
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Originally Posted by bfever74 View Post
Well, you are partially correct. It was my agents fault. My agent had a fiduciary responsibility to represent me as a client. He failed to do so. He came to my house, saw my garage was 24x30 and insured it for the cost of a 20x20. Now that I have been burned, I now have to do my agents job and make sure the coverages are appropriate, even though that is his job. If I tell him I have a 24x30 garage, i shouldn't have to get quotes from contractors just to make sure the levels are correct. That is the agents job. And you sound like an insurance agent. Insurance companies do not pay what they are obligated, they pay what they can get away with. Don't be naive. I am a CPA and have a Masters Degree in Accounting. I know how the books work and when I was in the insurance industry, I sat in on the monthly controllers meetings and budget meetings. so when you say "come on people", i say to you "get a clue" Business is business. Cost is king. If you can't raise revenue, you cut cost. plain and simple. If I ask for my house to be insured for $1, then yes I expect $1 in return when it burns down. When I ask for my garage to be insured for the cost of the rebuild, then I expect the payment to cover it. Insurance 101 = I pay a premium, the Ins Co bears my risk of loss. When they don't, it's breach of contract. But good luck suing an insurance company. Their highest paid employees are attorneys.
You are the one missing the boat, despite your fancy degree and designation. State Dept of Insurnace will ream an insurance company if it isn't paying what it owes. Cutting costs comes down to employees and other things, you can't cut what you pay people on claims. I have been through the cost cutting bit so I can speak from experience. An insurance company won't be around long if it gets into it with the DOI. Stock companies may be a bit different but they still have to play by the same rules. I work for a mutual so I don't have to worry about stupid shareholders crying about ROI.
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