Quote:
Originally Posted by Jack Shaft
So basically no one wants to pay for quality goods and services.. this is why our hobby suffers. Mostly the owners don't want to pay up for goods and services.. and it seems the insurers don't want to either..
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John, I think that is a pretty accurate statement.
The leading issue when I deal with an Insurer is "
replacement value". What is it going to cost to replace my vehicle with one exactly the same condition mine was 15 seconds before the casualty.
The textbook response from the insurer is always we watch the prices of Hemmings, eBay, and other sales venues for these cars, so we have a pretty good idea what the realistic market value is. My response is always these cars listed are generally "used vehicles with deficiencies". The vehicle my customer wants you to insure has brand new paint, new upholstery, totally rebuilt mechanicals throughout, and other similar items where it really isn't comparing like items. I tell them credit me the price for the 'used car' and give me the money to replace the paint with new, replace the upholstery, and rebuild all the mechanicals, and we are good. That is how we have dealt with underwriters.
Ironically, I can give them an invoice for the same exact vehicle that has $60k worth of labor and $20k of parts (-total of $80k) or $60k worth of parts listed and only $20k of labor, ...and they will agree to a higher value on the invoice with the higher parts total even though both vehicles are the exact same, and the invoice amount is the exact same total.