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Question
vandals recently burnt my commercial jeep out.now the insurance company only want to give half the price of what it was worth. where do i stand.
Hello Tony,
The problem in answering this question for me is that I have no knowledge of how insurance companies work in Ireland. I do not know how they word their policies and I do not know what references they use for determining value.
In the US Kelly blue book and other references are used to determine fair market value in a specific region.
Sometimes the insured might have $10,000 invested in the car and maybe it is only worth $5,000. The insured is responsible for anything above the $5,000 in this case.
Sometimes here an insured may have a after market stereo system and custom wheels. There are insurance companies that will only figure for the original parts and in some of these instances to have the after market stuff covered, the insured needs to pay extra for what is known as an endorsement.
As I stated, I know nothing about how the insurance companies work in your country. I would recommend reviewing your policy and if you have questions, contact your agent.
Rob
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Answers by Expert:
Rob Painter, Ase, CFEI, CAFATE
Expertise
Please remember. I am not an attorney and cannot legal advice. My answers are based on my experience due to litigation I have been involved in as an expert, for both insurance companies and while oposing them opposing them. I deal with only comprehensive claims on autos related to fire and theft. I have even had the opportunity to rewrite policy coverage language as it relates to vehicle theft and forced entry for insurance defense attorneys.
Experience
Experience in the area: Working with insurance companies and attorneys on these issues for over 20 years. It is very common to have a reported stolen car with a so-called factory anti-theft system to have the theft claim denied. I have served successfully as an expert witness in the courts across the US representing the insured and their attorney revealing that the insurance expert did not take all known theories into consideration before rendering their "Forensic" conclusion. Many insurance carriers us independent "Forensic" experts to examine reported stolen vehicles commonly using flawed methodology implicating the innocent insured with the theft. My job is to determine if the insurance expert reached his conclusions based on accepted scientific principals or just net opinion with no basis other than opinion. My case record against such experts is very compelling.My resume can be seen at the catagory "Auto Theft and Prevention." In "Forensics" the scientific method must be employed. In the forensic locksmith field determining how a reported stolen vehicle was last operated, many processes cannot be duplicated and are conveniently not addressed. If they were, juries would have the opportunity to make a fair and impartial opinion at least about what the expert could or could not prove. There is a purported process determining the last key used. The chances of determining such is very rare uless the key is found in the ignition lock. Experts commonly destroy evidence as well and are rarely questioned on this event. I reveal the weakness in their testimony on such instances.
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