Cal insurance

[1wonton]

My antique cars were destroyed in a warehouse fire here in Taxifornia.  Since the vehicles were stored and never moved, we had minimum insurance.  Here in this State the term Actual Cash Value is encoded in the insurance code and the vehicles were insured for far less than their actual fair market value.  Would the insurance cover the replacement cost or are we limited to the policy coverage?   

 

ron

[Mark Shaw]

4 minutes ago, 1wonton said:

Would the insurance cover the replacement cost or are we limited to the policy coverage?   

I believe you are limited to the policy coverage.  If this was your home instead of a warehouse, your home owner's coverage would apply.  However, I suggest you contact the warehouse owner to see if the warehouse contents were insured.

Good luck,

[1wonton]

Thanks Mark; I was the owner but the vehicles were underinsured.  Just wondered if anyone had similar experience here in Ca.

[JACK M]

Contact the state insurance commission.

Insurance companies come right around when the commission gets involved.

Or maybe a lawyer could translate the policy.

[ted sweet]

he is under insured. he cant get more

[kgreen]

9 minutes ago, ted sweet said:

he is under insured. he cant get more

Unfortunately, true

 

[John_S_in_Penna]

2 hours ago, 1wonton said:

Would the insurance cover the replacement cost or are we limited to the policy coverage?   

It wouldn't make sense, or be fair, if someone were

greatly under-insured but got the full replacement cost

anyway.  Why, then, would anyone insure for proper value?

 

But some state laws don't make sense, and maybe your

state wrote illogic into law.  You could check just to be sure.

[JACK M]

4 hours ago, John_S_in_Penna said:

You could check just to be sure.

 

5 hours ago, JACK M said:

maybe a lawyer could translate the policy.

 

[John_S_in_Penna]

Mr. Wonton, I forgot to say how sorry I am to hear

of your loss.  Your friends are still here.

 

A slight consolation prize is that you get to go

shopping for some new antique cars---

[1wonton]

Thank you for your thoughts.  I lost twenty-two vehicles ranging from 1917 to 1936, a couple of which are irreplaceable.    My 1930 Ford 1 1/2 ton panel truck had 12500 original miles and drove like a new truck, without question the finest remaining example in the world.  No amount of money could replace it.  Several other low-mileage vehicles which can never be duplicated.  The material loss I can get over at some point but what's heartbreaking is the loss of history these vehicles represented.

[Paul Dobbin]

Sorry about your big loss, nobody plans for that kind of thing, except Insurance Agents.

You unsure the Building for it's replacemnt cost.   You insure it's contents separatley on a Scheduled Property Endorsement, or each vehicle is listed and insured for a specific amount, in this case a collector car policy, where each vehicle is listed and a value established & agreed on..

Actual cash value =  Depreciated value

Guaranteed Replacement cost = exactly that.

Agreed Value = what you and the insurance company agreed on in value.

Stated Value =  the same as Agreed Value.

The policy you bought limits what is paid under the terms of that policy.   If you didn't insure them to value, I hope you kept the premiums saved.   You are not the first or last person to make that mistake.

Retired Agent.

Edited July 28, 2022 by Paul Dobbin
spill Check (see edit history)

[JFranklin]

Sorry for the loss but this thread might prompt others to review their insurance needs.

[Swear57]

Yes I need to review my insurance. I also store my cars & trucks in my warehouse. Do you know what started the fire? When we leave the building, the main breaker gets shut off. No power to the building. Sorry for your loss.

[TAKerry]

As an insurance side note, at least with the coverage when I had a catastrophic fire. All of the spare, loose car parts were covered by my homeowners insurance. The building was covered under my commercial business policy (as well as all of the business material, tools etc.) However the car I had in there was not covered at all. It needed a separate automobile policy. It was in the beginning of a restoration.