Anyone insured?

[Tinhack]

... and the insurance more than paid for all the repairs.

I've never heard of any insurance company paying more than they had to.

They usually find ways to short-change payouts. If they pay at all.

 

[ovrszd]

I've never heard of any insurance company paying more than they had to.

They usually find ways to short-change payouts. If they pay at all.

One of my claims was a homemade 3pt log splitter that I had built. I claimed $1,500 which was approximate cost of materials. They called me and asked the tonnage of the splitter. Using online calculations I said 40 ton. They called back a couple days later and said we can't find a 3pt splitter in that size but we found a trailer mounted will that work? I said that's fine. They paid me $6,995 for my splitter. So I sent my wife to Northern Tool at Des Moines to buy our new splitter. That's why I always have had, and always will have, replacement coverage.

Two pics. Original splitter. Replacement splitter.

 

[Tinhack]

So what you're telling me is you LIED. Oh, okay. I get it.

 

[ovrszd]

So what you're telling me is you LIED. Oh, okay. I get it.

Are you serious? Maybe you can explain?

 

[ning]

He told the insurance company what he lost; the insurance is for replacement value and that's what they came up with as a replacement.

I had something similar happen - son's bicycle that we'd gotten a great deal on it on CL got stolen; the insurance company wanted to know what the make & model was and they priced the current replacement value (for a new bike) - we told them we'd bought it a year used on CL and they didn't care and gave us 2x what we'd paid for the bike. We did spend 95% of the insurance money on a nicer replacement.

 

[ovrszd]

He told the insurance company what he lost; the insurance is for replacement value and that's what they came up with as a replacement.

I had something similar happen - son's bicycle that we'd gotten a great deal on it on CL got stolen; the insurance company wanted to know what the make & model was and they priced the current replacement value (for a new bike) - we told them we'd bought it a year used on CL and they didn't care and gave us 2x what we'd paid for the bike. We did spend 95% of the insurance money on a nicer replacement.

Yep. Usually people that complain about insurance payments don't have good insurance. I lost a Kubota B2910 at the same time. Valued it at what I'd paid for it used, $9,500. They called and asked me what model replaced the B2910 since it wasn't made anymore? I said the B3030. They paid me $15,000. I bought an $18,000 tractor for replacement.