[DML] More issues with DMC insurance.

["Hart, Paul" <Paul.Hart@xxxx>]

Well,
Silly me, I thought I wasn't affected by the recent conversations regarding
insurance, especially since I have had the same agent/insurance carrier for
15 years covering my 5 cars (and a boat or travel trailer). 

ISSUE: 
I purchased $400 for an annual "Collector-car" coverage with $50 deductible
for both comp/collision. Which required 2500 miles or less a year, every
driver must have 10 years experience, car must be stored in house garage.

PROBLEM:
I get a letter from the underwriter dept of State Farm that says they will
only honor the original agreement for 30 days, that my comp and collision
deductible will become $1000 / 20%.
I immediately called my agent who was very apologetic, but couldn't resolve.

REMARK:
When getting insurance make sure the underwriter is contacted by the agent
BEFORE you buy the car and GET EVERYTHING IN WRITING. Be aware of this 20%
added LOSS. For example, for math purposes say my car (81 5-speed #2839 -
5,037 miles) is appraised for $26,000 and was unfortunately stolen. My
agent said this is the most likely "total loss". 

Then my check from State Farm will ONLY be $20,000 on a $26,000 car.
(while they have been collecting premiums on the higher value).

I was told this would continue even when I convert it to regular insurance
to allow my two son to drive it. 

$26,000 <$1,000> = $25,000 <25000x20% or $5,000> = $20,000.

QUESTION:
Anyone out there who has REGULAR insurance with a lower deductible please
contact me directly.

Sincerely

Paul C. Hart
SITE Testing - Charles Schwab & Co., Inc.
Email: paul.hart@xxxx
<mailto:paul.hart@xxxx> 

Phone: 1 (415) 636-8741
Mail: SF101MNT - 11 - 151 
Text Page : 1 (888) 798-8763

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