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INSURING YOUR GT COLLECTION?


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#16 fonz3482 ONLINE  

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Posted November 19, 2015 - 07:48 AM

I just went through all this and insurance is a joke when it comes to collecting and restoring tractors. My collection was supposed to be covered under my home owners, under the contents of my garage. I was told that when I add to my collection, just call, and increase my contents coverage for what I paid or what I believe that items value is.  I did this several times and paid higher premiums because of it. Well, my garage roof collapsed last winter and crushed a bunch of my tractors, parts, and other belongings. My items that weren't crushed also got destroyed from the weather and water. I had plenty of "coverage", and paid every year for the coverages, but as I quickly learned it just doesn't matter!! I was told to place values on my damaged items to either repair or replace them, so I did. Well the adjuster came over, he half fast went through my list of replacement and repair quotes that I was required to make. He tried telling me that they don't cover "rusty or corroded" items because its my responsibility to care for my belongings after the roof caved in! I told him how the heck do you think I can pull a roof off a building with 4ft of snow on it, and around it without causing more damage to my belongings inside?? He said he'd talk with his supervisor about the rusted items, I said fine, they aren't rusty, they are water damaged!! Because water came in the building when the roof collapsed! He agrued with me on most of my list and my things because he knew everything of course! He then left and told me he'd be in touch to discuss the list. He never contacted me to discuss anything, he just sent an email of my "loss contents colaboration". This was a list of all my items, my qoutes to repair or replaceme them in one column, his depreciation in another column, and his payout in to me in the last column. This guy depreciated my repair qoutes, and items that needed total replacement by 90%. So it didn't matter that I know my items are collectable, or that I had alot of time and money tied up in all my stuff, or that I increased my coverages to cover all my items! All that mattered was what the adjuster thought and decided he felt was the value for them. Chieffan has been coaching me through all this, and he's been a great help, but as he knows I've been fighting with this adjuster for quite awhile. This guy admitted several times to me that he knows nothing about "bolens" tractors or tractors in general and that I'm the expert, and that he doesn't have the time or resources to find pricing on all of my collection, but then once you tell him he's wrong with his pricing, he becomes an expert and starts telling me how i'm wrong, and that my machines aren't worth anything because "lets face it, they are all 40+ years old" and there value has depreciated to nothing!  By nothing, I mean he thinks they are worth scrap prices or less!! I fought him on values, and got his supervisor involved. They then decided they need to send an "expert". I called this so called expert to setup an appointment, he knew nothing about what he needed to look at, so he asked about my collection and damages.  After hearing a brief descritption of what I had, He started pricing my items over the phone without evening seeing them! Just so the GTT members know, A tractor that is torn down, being restored and partially back together = scrap to an expert. A "restored painted up nice Bolens" as he called it is worth 4 or $500 at auction and any other parts are just scrap value also because thats what they will bring for auction value. So their expert never set foot on my property because it wasn't worth my time or aggeravtion with him.  So I battled more with them, and I have given in and settled on recovering my depreciation on each item by using my money to buy replacements, and submitting receipts to hopefully get re-imbursed. I get to keep All my damaged stuff, which has to get repaired by me at my own expense.  I can continue for about an hour about more issues with this company, there policy, and there know it all adjuster, but I guess my point is, Check, Re-check, and even have a lawyer read and check your policy. As Cheiffan has taught me, policies are written so people can't understand them, so insurance companies can screw you in the end! So hopefully everyone that thinks they are covered, has better coverage than me! and I hope I've made others check over their current policies, because once this is all settled, I need to look into mine ASAP! RANT OVER :wallbanging:


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#17 MH81 ONLINE  

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Posted November 19, 2015 - 08:46 PM

This site has some interresting points

http://www.scambuste...sinsurance.html
  • Paulgo said thank you

#18 MH81 ONLINE  

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Posted November 19, 2015 - 08:53 PM

I just went through all this and insurance is a joke when it comes to collecting and restoring tractors. My collection was supposed to be covered under my home owners, under the contents of my garage. I was told that when I add to my collection, just call, and increase my contents coverage for what I paid or what I believe that items value is. I did this several times and paid higher premiums because of it. Well, my garage roof collapsed last winter and crushed a bunch of my tractors, parts, and other belongings. My items that weren't crushed also got destroyed from the weather and water. I had plenty of "coverage", and paid every year for the coverages, but as I quickly learned it just doesn't matter!! I was told to place values on my damaged items to either repair or replace them, so I did. Well the adjuster came over, he half fast went through my list of replacement and repair quotes that I was required to make. He tried telling me that they don't cover "rusty or corroded" items because its my responsibility to care for my belongings after the roof caved in! I told him how the heck do you think I can pull a roof off a building with 4ft of snow on it, and around it without causing more damage to my belongings inside?? He said he'd talk with his supervisor about the rusted items, I said fine, they aren't rusty, they are water damaged!! Because water came in the building when the roof collapsed! He agrued with me on most of my list and my things because he knew everything of course! He then left and told me he'd be in touch to discuss the list. He never contacted me to discuss anything, he just sent an email of my "loss contents colaboration". This was a list of all my items, my qoutes to repair or replaceme them in one column, his depreciation in another column, and his payout in to me in the last column. This guy depreciated my repair qoutes, and items that needed total replacement by 90%. So it didn't matter that I know my items are collectable, or that I had alot of time and money tied up in all my stuff, or that I increased my coverages to cover all my items! All that mattered was what the adjuster thought and decided he felt was the value for them. Chieffan has been coaching me through all this, and he's been a great help, but as he knows I've been fighting with this adjuster for quite awhile. This guy admitted several times to me that he knows nothing about "bolens" tractors or tractors in general and that I'm the expert, and that he doesn't have the time or resources to find pricing on all of my collection, but then once you tell him he's wrong with his pricing, he becomes an expert and starts telling me how i'm wrong, and that my machines aren't worth anything because "lets face it, they are all 40+ years old" and there value has depreciated to nothing! By nothing, I mean he thinks they are worth scrap prices or less!! I fought him on values, and got his supervisor involved. They then decided they need to send an "expert". I called this so called expert to setup an appointment, he knew nothing about what he needed to look at, so he asked about my collection and damages. After hearing a brief descritption of what I had, He started pricing my items over the phone without evening seeing them! Just so the GTT members know, A tractor that is torn down, being restored and partially back together = scrap to an expert. A "restored painted up nice Bolens" as he called it is worth 4 or $500 at auction and any other parts are just scrap value also because thats what they will bring for auction value. So their expert never set foot on my property because it wasn't worth my time or aggeravtion with him. So I battled more with them, and I have given in and settled on recovering my depreciation on each item by using my money to buy replacements, and submitting receipts to hopefully get re-imbursed. I get to keep All my damaged stuff, which has to get repaired by me at my own expense. I can continue for about an hour about more issues with this company, there policy, and there know it all adjuster, but I guess my point is, Check, Re-check, and even have a lawyer read and check your policy. As Cheiffan has taught me, policies are written so people can't understand them, so insurance companies can screw you in the end! So hopefully everyone that thinks they are covered, has better coverage than me! and I hope I've made others check over their current policies, because once this is all settled, I need to look into mine ASAP! RANT OVER :wallbanging:


Would you be comfortable naming the company that you are negotiating with?
  • Paulgo said thank you

#19 64fleetside OFFLINE  

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Posted November 20, 2015 - 08:54 AM

I have found insuramce companies never refuse your monthly payment, and usually simply keep it=you get nothing in return. Made my first claim in 20+ yrs about 2yrs ago, they gave me $400 to replace my roof-thats about 4 mos of ins payments. Thinking hard of droppimg homeowners.

#20 fonz3482 ONLINE  

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Posted November 20, 2015 - 09:26 AM

Would you be comfortable naming the company that you are negotiating with?

Travelers
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#21 michael.kitko OFFLINE  

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Posted November 20, 2015 - 01:09 PM

Not to go off topic, but this is why I never liked health insurance, homeowners insurance, renters insurance, and car insurance. All just a big money racket for them to make money and not do anything for us. It's all a big joke and something that laws need fixed about. Then again, those who fix the laws get paid by the insurance companies...
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#22 johndeereelfman OFFLINE  

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Posted November 29, 2015 - 07:37 PM

So I finally got the chance to catch up with my neighbor to find out about the Insurance Company who specializes in non-automobile type collections and here is the information that he gave me:

 

J.C. Taylor Insurance Company

320 S. 69th Street

Upper Darby. PA 19082

 

(800)three4five-eight2nine zero

(610)eight5three-one3zerozero

 

He spends $104.00 a year for $10,000.00 of coverage. Hope it helps some of you, and if you do venture to checking it out, be sure to let us know your results. 


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