Just wanted to p*** this information along to help some others. I basically got ripped off by American Modern Insurance or AMIG. I have include my formal complaint to the Nevada Insurance Commission below. --------------------------------------------------------------- To whom it may concern, I was recently sold a policy on a collector vehicle ( 1947 Chevrolet Pickup ) by American Modern Insurance Company for an "Agreed Value Coverage". The policy had an effective start date of 10/19/2012. The agent completed the transaction over the phone and I gave a $200 payment via credit card, the whole policy price was $338.00. This premium was calculated based on the agreed value of $28,000.00. The balance was to be submitted in installment payments. On 11/06/12 I received a letter from American Modern Insurance stating I had missing information regarding my collector vehicle policy. The letter stated I needed to provide them with a bill of sale for the insured amount. This requirement was never mentioned at the time the agent sold me the policy and is not required by the state of Nevada. I then researched and eventually purchased insurance from another company. On 11/28/12 I contacted American Modern Insurance and informed them that I wanted to cancel my policy and wanted the pro-rated refund. The pro-rated refund was one of the selling points of the agent given to me at the time of the sale. On the 11/28/12, upon speaking to one of their agents on the phone, I was informed that this company keeps an "Earned Premium" and then prorated the balance. This is not what I was told at the time of the sale of this policy. It is my opinion that the " Agreed Value" sales pitch was merely a bait and switch tactic. If your sold a policy the terms should already be set upon the company receiving payment. This company switched the terms after the policy was sold and then refused to properly pro- rate my premium. Please investigate this matter, thank you. -------------------------------------------------------------------- Beware fellas, I ended up going with Grundy for half the cost and none of the ********. Posted from the TJJ App for iPhone & iPad
This discussion comes up frequently. I think it makes sense to use a big player that a lot of friends have successfully used. Using Hagerty or Grundy doesn't guarantee no problems, but the odds are better. Personally Grundy has treated me well Posted from the TJJ App for iPhone & iPad
$28K for a truck with no paint and I would ask for an appraisal or proof as well, just cant pull a number out of the air. If you have receipts for big money in the build that would be proof I would think.
If you set the value at $28,000, the insurance company agrees to it and you're paying for that amount, then It's worth $28,000.
That was really sh***y of that company to pull that on you, and I don't blame you for going to the insurance regulators on it......I would too. As you found out, Grundy and Haggarty are so easy to deal with. I have had Grundy for a couple of years with no complaints and I just talked my Son into going with them too. He faxed up his application and pictures and in one day had coverage with no h***les. I hope you get your money back from those thieving *******s. Don
is your Avatar the truck in question? No wonder you don't have a bill of sale. Haggerty gives me no problems whatsoever on agreed-value policies. They just want pictures from a few angles of each car, including the interior and engine. Just like to know what they're insuring. As already suggested, check with car club members (modified or special interest) and see who most folks are using.
You wanted to cancel your policy?........... "I received a letter from American Modern Insurance stating I had missing information regarding my collector vehicle policy. The letter stated I needed to provide them with a bill of sale for the insured amount. This requirement was never mentioned ...." Sounds to me like it was never in effect... **** pro rated refund, demand a full refund !!
In no way am I defending the company. But perhaps you should be going after the agent who possibly omitted the other info that they needed. I had this happen to me once on a policy. Turned out it was the agent who screwed up by not giving me the full information about the policy.
Them or Haggerty would have been my 1st choice. I never heard of those clowns. Sometimes going cheap ain't cheap...
I'd have to agree there. Without proof that the truck is actually worth that amount they may feel that that you are the one attempting to scam them. Unless you have one hell for nice custom ch***is under the truck in the avatar plus a lot of money in the engine I'm not seeing anywhere close to 28 K and I imagine the people at the insurance companies head office aren't either. It's what the truck is actually worth not what you dream it's worth that you are insuring it for. In other words you are going to have to show some proof that it is actually worth 28K before you get any sympathy from me.
Your policy was in force from the inception date (10/19/12) until you requested to cancel it on 11/28/12. You had insurance on the truck during that time, therefore you owe them premium for the insurance you received during that time. They are not "thieving *******s"; they're getting paid for services they provided. YOU cancelled the policy, not them. Plus, your policy is a contract between two parties--you and the company--it's your responsibility to read your policy and know what it covers. I doubt the department of insurance is going to give this much attention, but at least you got to vent...
"agreed" insurance means that both partys "agree" that the vehicle is worth X dollars. i'm guessing they didn't agree that yours was worth 28g's and wanted proof. you can't just pull a number out of thin air. you can't call 1-800-cheap insurance and get agreed value insurance. i'd say your agent is the problem here. should have explained all this to you instead of grabbing your $200 and running out the back door.
Speaking to an agent on the phone is a tough way to prove what they said...and, if the agent were an independent agent, he is getting a comission from the sale and probably doesnt know all of the company's rules. One thing that I have learned from being burned multiple times dealing with sales people is to get it in writing...otherwise it's your word against his and the company trusts him more.
Amig is the company that bought Sneed Robinson when they retired. I sent all the pictures they asked for no problems. They send you alot of info any time you change anything on your policy
they are not an unheard of company they are represented by HEA**** of what was originally PARRISH & HEA**** i have two cars insured with them both agreed amt. never had to even send pics just an appraisel. i agree if it is your avitar you are way out of line.
My insurance co insists on an appraisal and then will insure only to that value...Luckily most times it's over what I have into them.
Over the last 5-6 years, I have had 5 cars insured by them and they always ask for pictures...why not? I have found them to be reputable and honest. Your proposed issue of "agreed value" is not the issue unless you had issues with them not paying an agreed value claim AND if you had a binding policy....seems to me that you were not fully informed by the agent what you needed to finalize/procure the policy. That is who I would be calling.
The truck in the avatar is the one in question. When I contacted the agent they told me the nada range and then suggested the range I should insure it at. They suggested the amount and asked me if it would adequately cover a total loss. I contemplated the cost of building the truck up from scratch and figured 20k would cover it. The agent said I could go higher if I wanted, because it is "agreed value". That means I pay a premium based on the agreed value not the street value or nada value. Agreed value could be 100 large, it just means you pay a premium based on their risk. Just be aware if your in the market for insurance. Posted from the TJJ App for iPhone & iPad
While I'm sorry for your woes, this is another case of doing a search on the HAMB or just asking for a recomendation. This place doesn't have all the answers, but it can help you find them.
Keeping the earned premium and refunding the balance is a pro rated refund. In the insurance business, there are pro rate , and short rate calculations. If they said pro rate, thats fair.Short rate charges you an additional penalty.
Have had American Modern for years. No Issues. When I went to insure the Model A they wanted to see the bill of sale. No big deal, I sent them a copy. They insured it for the amount on the bill. When I did more work on it and finished it, they bumped up the value without an issue. Cl***ic car insurance is wrought with fraud, they are just performing due diligence. I think your issue is with your agent, he was not knowledgable. My agent tells me immediately what they require when I add a car.
Well that's the question -- did he really have the full "agreed" value insurance on the car during that time? Sounds like AMIG would not have paid the "agreed" value... Was he overpaying the premium for what he would have actually received in the event of a total loss? Sounds like his pro-rata refund should probably be more than a simple pro-ration. Or if AMIG would have taken the position that since his application was deficient they would have paid nothing, then he was in effect not insured and should receive a full refund.
Is this a AMIG agent or an independant agent? If independant then AMIG never agreed on a value the agent did and once he submitted to the insurance company they questioned the policy. An insurance company is not going to give you a policy for what ever you want just because you are willing to pay the premiums that is not how it works. This sounds like an independant agent was trying to make more commision so constructed a policy that would do that. The insurance company realized it and wanted more info.
After looking at the photos in your album it's pretty clear that the truck has had quite a bit of engine and ch***is work. If that 12.00 on the windshield at the drags is any indication a lot of engine work. That needs to be do***ented in both script and in photos. What was done and what the costs of the engine, Front suspension, rear axle and suspension and other pieces are or what they cost to replace. If it has a crate motor it's pretty easy to find said crate motor in a catalog with the price and print the page along with the other pieces. That is what any insurance company will want. An itemized list of what is in the truck and the replacement costs all listed out and reference material will help your case. And lots of clear photos from all corners showing the condition of the body and what work and components the truck has.
You raise a few valid points. I think the answer lies in whether or not the Agent was in a position to issue a 'Binder' at the time he wrote the policy application. If he did have the authority and did issue a Binder, then the policy would have been in effect until the Company gave notice that they were not ready to accept FURTHER liability until their request for supporting do***ents were produced and proved to be to their satisfaction. So, in that case, yes he was insured in the interim. Given the amount of premium in dispute here, it seems to be 'much ado over nothing'. It seems the OP is dissatisfied because he didn't get what he THOUGHT he was getting, but that is not necessarily the same thing as not getting what he paid for. Ray
I also feel that to be the case. I've had American Modern Collector Vehicle Insurance for a number of years, for a number of cars..........and I don't think they're disreputable because they want pictures of a vehicle they're going to insure. The 12.00 on your windshield tells anyone that you race your truck, and under the terms of your policy insurance is unavailable. You can lie to your insurance company and they will take your premiums, but in the event of a claim they will send professional insurance investigators to prove you lied and deny your claim.
Guys,this AC joined just to *****,,he hasn't been on line since January. HRP Last Activity: 01-22-2013 01:22 AM
He had a valid rant, I think he had to much value on the truck...but he paid the down money. He tryed to inform/warn us from his experience. The fact that he wasn't on the HAMB from jan.???? does NOT make him a bad HAMBer!!!!!!
The Jalopy Journal
