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Insuring my 8Ns
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Valuing

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Sal

07-09-2002 07:04:38




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Insurance Company called me and wants me to put a value on my 8Ns in case of theft, fire, etc...told them I would get back to them tomorrow.

I have a late '51 and a late '52. Both with recent rebuilds, new tires/rims, very good running tractors, strong and complete. Only really need paint.

I am here in upstate NY.

I am inclined to tell them $5k each.

You guys think that is fair.

Thanks.

Sal

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Ray Oh

07-09-2002 15:53:27




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 Re: Insuring my 8Ns - Valuing in reply to Sal, 07-09-2002 07:04:38  
My Wife Works For An Insurance Company & She Said Here In Ohio If You Use The Tractor For Farm Use The Insurance Co. Will Only Give You Actual Cash Value If You Lose Your Tractor But If You Use It To Mow The Lawn With Your Homeowners Policy Will Cover It If You Lose It.If You Can Get It Covered Under Homeowners Policy Thats The Best Way To Go & Make Sure You Get Replacement Value Instead Of Actual Cash Value.Get It On The Policy.Good Luck

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Dell (WA)

07-09-2002 10:00:44




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 Re: Insuring my 8Ns - Valuing in reply to Sal, 07-09-2002 07:04:38  
Sal..... ..my N-tractor is insured by Smith & Wesson..... ....Dell (grin)

Seriously, I've never known anyone to comeout of dealing with insurance companies feeling like they've been dealing with an honest man.



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EDDIE8N

07-09-2002 18:02:58




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 Re: Re: Insuring my 8Ns - Valuing in reply to Dell (WA), 07-09-2002 10:00:44  
DELL,
Mine is too, but did you ever try putting out a fire with a SMITH& WESSON... takes alot of lead...GRIN.



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michael

07-09-2002 08:50:18




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 Re: Insuring my 8Ns - Valuing in reply to Sal, 07-09-2002 07:04:38  
most insurance companies have a "per hundred" or "per thousand" rate they use to figure your premiums. the more dollars you insure for, the higher your premium. in my opinion they pray on your fear of losing your valuables. when it comes time for them to pay off, they start using words like depreciation. the ultimate scam is ,they get to decide how much they owe you. suddenly that adjuster will know exactly what your tractor is/ was worth. i had such a loss a while back. my goods which i valued and insured at $5000 were onlt worth $1500 when they got done. $500 dedectible. my 52 8n is valued at 3200 in my area , northeast ohio. hope this helps

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Barnstormer

07-09-2002 09:26:36




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 Re: Re: Insuring my 8Ns - Valuing in reply to michael, 07-09-2002 08:50:18  
I had a similar problem about 12 years ago when my son's car was totaled. He owed about $3750 on a very cherry 1984 Buick Regal. Insurance wanted to settle for $3800. I got an appraisel on the car for $5200. Insurance settled "replacement value" $5175.
You have to use their system to get through to them.



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Evil Steve

07-09-2002 07:22:04




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 Re: Insuring my 8Ns - Valuing in reply to Sal, 07-09-2002 07:04:38  
$5k each is up there. More like $2500-$3000 each. Of course, you want to have a high payoff in the event of loss so get as high as they'll let you unless NY insurance laws have a "no pay" clause for misrepresentation.



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Sal

07-09-2002 07:42:38




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 Re: Re: Insuring my 8Ns - Valuing in reply to Evil Steve, 07-09-2002 07:22:04  
I told them that it is really kind of hard to put the true value on one if you take into consideration the man hours it takes to get the N into condition that it currently is...

the office didn't know what to do...they had an adjuster call me...just got off the phone...

I asked him right out...if my N is destroyed by fire or theft what will you give me to get another one that is in as good condition as the one I have, he asked me what I thought it would take I said up to 5K...he told me no problem, that they would cover up to that amount per N...

I asked for it in writing on company letter-head and he said I would have it in a week...from what he said I am insuring it for replacement value not market value...and that is what is making the difference.

Lets see what the letter looks like.

-Sal

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Barnstormer

07-09-2002 09:18:40




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 Re: Re: Re: Insuring my 8Ns - Valuing in reply to Sal, 07-09-2002 07:42:38  
My '53 Jube was severly damaged by fire last year.
The adjuster had no problem with $5000 and I kept the tractor. All it needs yet is paint.
Be sure to tell them that it is your lawn mower. That should be covered by your house policy.



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Evil Steve

07-09-2002 08:08:54




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 Re: Re: Re: Insuring my 8Ns - Valuing in reply to Sal, 07-09-2002 07:42:38  
Yeah, get it in writing. I deal a lot with insurance companies and am amazed at how good they are about avoiding writing the checks you think they'll write. None of them here will pay for man hours.



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