Insurance Company that Pays Claims, Agreed Value

This might help:

https://www.ferrarichat.com/forum/threads/insurance.623572/

 

I used AIG Private Client Services. Premiums are high, but they pay like a slot machine. In 2004, my house in Florida got hit by a hurricane. The "adjusters" got there right after the bridge opened. One of them pulled me aside and said, "Who are you? We were working Mississippi and got told to drop everything and get over here." I got a check within a couple of weeks.

 

I've been an insurance pragmatist for decades. I've never filed an auto insurance claim, ever. So when I got a quote from Hagarty for my 360 that was $2000/year above what I'm paying at USAA, I decided to keep my old fashioned USAA policy and bank the $2k. If I go 5 years without a claim, that's $10k. The car is only worth ~$100k so even if it was totalled and USAA wanted to cheat me, I'd only be out a few grand no matter what. On the other hand, if I never file a claim, that's $10k I can spend on parts and upgrades.

I like the idea of self-insuring, at least for the difference between agreed on value and what USAA will pay. It's a roll of the dice, but that's what life is all about.

 

AIG Private Client typically includes everything. I dropped them after I downsized because I no longer owned enough assets to make it worthwhile. (Ah, bliss. I enjoyed getting rid of all my boat anchors.) I used to use Marsh to broker with AIG, but since then they have reorganized, and I lost track of who is what. But this info should get you started.

Jodie Knadler
[email protected]
702-804-7308

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Thank you,
Julia Redmond 

Marsh Service Center
[email protected] 
Office Phone Number:  888-899-1989
CA License Number 0M89639
NIPR 18222915

 

Yes, I have experience. I use Chubb's premier service (can get the name if you need it) and they pay agreed value, no questions asked (sort of). Helps also to have an astute agent.

 

One caveat about AIG. They make their money by popping you on the estimated replacement value of your home. Number one, they don't want to deal with homes worth less than $1MM. Number two, they will annual jack up replacement cost which blows up the premium. I had to fight them every year on this.

But, they do pay when there is a claim.

 

Has anyone had any experience with Condon Skelly paying when there is a claim?

 

I was run Off the road in my R8. About 30,000 in damage hitting curb breaking wheels and more. USAA. THey took care of me with no issues. Then my 16 year was in two accidents and they dropped me. They did pay his claims. Now State Farm on all the cars except the 488 which I have with American modern.


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CHUBB only for me.
In December 2013 was broadsided in my brand new, 500 miles only, 991 Turbo S by an old truck with no insurance.
Car was totalled when adjuster realized it would take up to 7-8 months to repair the car (lack of new parts).
Got every penny I paid for the car, including the sales tax and even the sales tax credit from my CLS63 traded in.
My deductible was not taken also.

 

I think it is the nature of insurance companies that all will have issues. However, even though it is big and “bad”, I will give kudos to State Farm in terms of their handling of my claim. I had a CL55 for 10 years. It was totaled when I was T boned. I admitted liability (high school kid hit me driving his mothers car and could have argued 50/50 based on the facts but they obviously did not have a lot of money and I didn’t want to mess with his life). So the accident was on me and was the responsibility of my insurance.

The car was pristine and only had 100K miles on it. However, it was also a Mercedes and their depreciation curves are worse than Ferraris. Even though I hated the answer and the car was incredible, the market place said it was likely a $15 to 20K car. State Farm profusely apologized because they did not have a “book” value for the car since it was an older “specialty” car (note, I did not have a declared value policy). So they on their own initiative sent it out to an independent appraiser. A week later they stroked me a check for $21.5K. Couldn’t be happier.

 

Does Chubb cover everything? I think their approach is similar to AIG Private Client.

 

Grundy was outstanding when my Pur Sang Bugatti, a difficult car to insure in the first place, needed a total restoration after a catastrophic facility fire.

I repeat for emphasis: Grundy was outstanding in paying out and making things right.

Matt

 

Just guessing, they don't have the lowest premiums do they? Point being shopping insurance based on premium quotes can be short sighted.

 

No. Grundy was a lot less than my Progressive premiums.

Matt

 

Wow, good to know.

 

I just remembered. After 2008/2009, AIG changed the name to something else, but later changed it back. Also, I believe you have to go with a broker like Marsh.

Once again, when I sold my home to move into my MIL’s home to help take care of her, I got voted off the island because I no longer had a home worth $1MM. YMMV.


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I have had Hagerty for 12+ years for agreed value coverage for the collectible cars. In that time, I put in two claims. One was for a bent wheel on my 2010 Ferrari 612 Scaglietti OTO courtesy of the lousy roads in NY State during a trip from Maryland to Montreal for the Canadian Grand Prix. The replacement wheel I found was NOS from the UK, so around $3K. Hagerty paid with no questions.

The second claim was for a lost key on my 2005 Ferrari 575 Superamerica. The entire anti-theft engine immobilizer had to be replaced by the local Ferrari dealer. The tab was in the mid $3,000s. Hagerty paid without any questions.

I also have used Hagerty's roadside assistance a number of times to flatbed dead cars. I wasn't totally pleased with the professionalism of some of the flatbed drivers, but all in all the premium (I think it's $150/year) is well worth it.

 

Not accurate. My expensive cars are underwritten by AIG. My daily drivers are underwritten by Cincinnati. No need to bundle, although I get everything from Grundy.

Matt