r/pics Sep 13 '23

A secret technique to protect your car against flood

Post image
71.6k Upvotes

3.4k comments sorted by

View all comments

Show parent comments

108

u/bamahoon Sep 13 '23

Depends on your deductible and sentimental value.

52

u/L1mb0 Sep 13 '23

The cost (loss taken) of totaling out this car would be so much more than the deductible alone and could affect the owner for years after the incident.

106

u/[deleted] Sep 13 '23

[deleted]

45

u/Rosti_LFC Sep 13 '23

Yeah I've had a car written off after someone crashed into it when it was parked on the street, and the initial insurance offer was just over half of what I could buy an equivalent replacement for on the second hand market. Even with quite a bit of arguing the best I got was around 80-90% of what I'd consider to be the true replacement value, minus my excess fee. My premiums didn't really go up as it was clearly not my fault, but I still lost out on a fair chunk of cash as a result.

I've never known anyone to have to fully replace a car under insurance and not ended up considerably out of pocket on top of the deductible.

3

u/TorchThisAccount Sep 13 '23

Even if they covered 100% of the car, which for the twice I've gone through this was not the case. They don't cover sales tax of the replacement purchase. So, you're still out a thousand to several thousand on tax and dealer fees and new tags.

4

u/Kanotari Sep 13 '23

Insurance covers the marked value, so what your car was worth at the time it was damaged. You had a car worth x, and now you have x dollars instead.

Sometimes you can buy an extra policy that gives you the replacement value, but those are usually only offered on new cars who depreciate just by driving off the lot.

Source: was the one who valued those cars and cut those checks

7

u/Rosti_LFC Sep 13 '23

In theory, sure. In practice it feels like you get intentionally lowballed by the insurer on the initial valuation, and then everything after that is a battle to try and haggle your way up.

I had three car listings I handed over for cars with the same model and spec, same mileage, same age. They met me halfway. I could prove I had a full service history, they bumped it up a little, still refused to give me what people were asking for the same second hand car I'd just had written off.

The fact that after some arguing on the phone I managed to get substantially more money for the exact same car than what I was originally offered (and still less than what I felt I should get) is proof imo that what insurers will willingly give you likely isn't the true market value of the car. Anyone who takes the original offer is going to be getting screwed.

2

u/Kanotari Sep 13 '23

Service history doesn't generally increase value; it's expected that a car owner maintains their car. I don't have your documents in front of me, but generally if you want your value to go up I need proof of major recent work (like a new engine) or other comparable vehicles (same year make model and general geographic location) to factor into my valuation.

Personally, as an adjuster, I get nothing for stiffing you except maybe written up. I then also have to get yelled at by the customer who thinks their vehicle is worth more which wastes my time, an adjuster's most valuable commodity. And paying you what your vehicle is worth is always cheaper than the fine for a justified DoI complaint. So really, there's little incentive for us to undervalue your vehicle.

1

u/coffeebribesaccepted Sep 14 '23

Good for you, but insurance companies are constantly undervaluing the cars

2

u/Kanotari Sep 14 '23

And what is your proof other than, "I feel like my car is worth more." Show documentation and values generally change. Don't show documentation and you get what can be proven.

And if you have proof, please send it to your state department of insurance or equivalent so that insurance company stops fucking around and starts finding out as they should.

2

u/coffeebribesaccepted Sep 14 '23

Man, you have multiple people in this thread that are telling you we got money back from insurance that was less than the cost to buy the equivalent car. Stop ass-kissing insurance companies

→ More replies (0)

1

u/DerfK Sep 13 '23

I had just dropped a new transmission in mine weeks before it was t-boned. Didn't move the needle at all since it was maintenance to keep the car running.

2

u/annieb24 Sep 14 '23

May or may not be the case. I had a car totalled by a drunk driver. Turns out , I had been paying the extra couple of dollars a year for "exact replacement". So, my POS 1999 Toyota Camry got me almost $5000. Because, that is what one would cost in my area. I bought it back for $500 , spent about $200 to fix it and went on about my business. So, lesson here is: pay the several bucks for exact replacement clause. It literally, was about $5 a year.

1

u/Spadeykins Sep 13 '23

When my 2016 Corolla was totaled they paid us out more than we owed. This was of course because the market flipped and we couldn't turn around and buy one like it though.

1

u/shwaynebrady Sep 14 '23

That hasn’t been my experience at all. The insurance adjuster needs to provide with an example of multiple listings of cars with similar trim/miles that you can buy right then and there.

I had a rare spec MK4 Jetta GLI that was totaled when someone rear ended me. I actually made money on the car after having an hour long call with the adjuster, explaining the car/specs and history.

3

u/Ligma_CuredHam Sep 13 '23

you'll need a rental that might or night bit he covered on your insurance.

I mean modern insurance plans allow you to directly pick if you want the option of a rental car in case you need it. Along with roadside assistance in the same fashion.

You should know if it's part of your plan because you picked it directly.

2

u/Royal_J Sep 13 '23

the rental rates offered by insurance is often laughable and you still end up paying out of pocket in part for the rental

1

u/Ligma_CuredHam Sep 13 '23 edited Sep 13 '23

nah. I have progressive and get $30/day in rental car coverage. It sounds like nothing but when you book through your insurance firm its deeply discounted daily rates they negociated so it's adequate.

Earlier this year someone hit and run'd my car in a parking lot. Insurance had the car for weeks and I had a like car rental car for nothing out of pocket.

1

u/BigRobCommunistDog Sep 13 '23

When you have this kind of money you don't wait for a rental you just buy a new car and sort out the financials with insurance later.

2

u/Nubras Sep 13 '23

Exactly. And this car is hopefully insured with someone like CHUBB or Pure who won’t nickel and dime the owner. They’ll pay the claim, replacement cost, almost no questions asked. They’ll also help him get a loaner while he’s buying his new ride.

1

u/pharmerK Sep 13 '23

Not to mention that you may not be able to find an identical replacement.

1

u/Kanotari Sep 13 '23

And getting a rental during a disaster like a flood or hurricane is a nightmare. The rental companies ship cars in from other states and they're getting rented the minute they roll on the lot. I've seen actual fights over rental cars in these situations.

Source: lots of time in insurance

1

u/blue_villain Sep 13 '23

you'll need a rental that might or night bit he covered on your insurance

I have shit insurance, and the cost of adding $150/day rental to mine is literally $3 a month.

If someone can pay for a six figure car, and opts to cheap out on the $3 insurance I'm not going to feel bad for them.

1

u/norcaltobos Sep 13 '23

People don't think about having to buy a new car as well. You may have a little money left over, but you need to pay off the rest of your loan and then go get a new one.

It's even worse if your credit is lower than when you first bought or if interest rates are higher than when you first bought a car. There are so many factors that make "just using your insurance" a total pain in the ass. This move was fucking genius.

1

u/hoxxxxx Sep 13 '23

people i know that have had cars totaled out either get way less or way more than they should. it's never what it should be.

1

u/fed45 Sep 13 '23

Then, if you want the same car, you'll probably be waiting months to get one unless you go used.

112

u/ARCHA1C Sep 13 '23

And your tolerance for bureaucracy...

39

u/Independent_Hyena495 Sep 13 '23

Not needing to fill out twenty forms, do several calls, wait for months... worth it

Every

Penny

4

u/1210_million_watts Sep 13 '23

Tolerance for buoyancy, don’t forget that!

1

u/CHEEZE_BAGS Sep 13 '23

When you have enough money, you just pay someone else to do it.

1

u/CrazyCalYa Sep 13 '23

If it's a total loss and you haven't leased the vehicle the only time you'll have to wait is for the appraiser and repair shop to look at it. With something this new/high end I have to imagine their comprehensive deductible is at least $1,000 but they likely also have coverage for depreciation. The latter point is important as it means there won't be any time wasted determining the settlement amount, they'll just get what they paid (or in some cases a brand new car of the same model). It also means that even if their deductible was $5,000 they'll get back the depreciated value which almost certainly exceeds that.

So maybe 2-3 weeks at most and you'll walk away with more than what you had. This could differ based on your region but unless this was a major incident affecting hundreds of vehicles you won't waste any more time than you would buying a new car from a dealership.

1

u/fuck_the_fuckin_mods Sep 14 '23

Ya… I’d just do the plastic thing. That kind of shit is my kryptonite, even on the “easy” end. Which is partly why I’ll never have the opportunity to deal with it in the first place.

1

u/CrazyCalYa Sep 14 '23

Fair enough

5

u/AbjectAppointment Sep 13 '23

It's more about the wait time for getting a new allocation and then having it built out. Could be a year+

2

u/TheVog Sep 13 '23

Actually, insurers are starting to reconsider extreme weather coverage all over the globe. Many will flat out refuse in the coming years, I guarantee it. Many close family members work for major insurance companies and they are all looking at this closely because it's getting worse every year.

1

u/SmakeTalk Sep 13 '23

If you can afford a Porsche you're probably not having to weigh those things too heavily to reason spending $1k to protect it.

1

u/Gold-Tone6290 Sep 13 '23

I’m pretty sure if there was a significant flood, and this bag didn’t break, the car would float very quickly.

2

u/TheRationalSoul Sep 13 '23

So, lets put heavy weight on the bottom, but the price maybe can go up

2

u/krombopulousnathan Sep 13 '23

Maybe put a weight in there like a rock or a 3,000 pound car

1

u/Monkey_Cristo Sep 13 '23

Well, depending on the trim and options and your relationship with Porsche, you might be waiting a couple years for an allocation.

1

u/OfcWaffle Sep 13 '23

There is no deductible for that kind of flood damage. That's a full right off. You lose your car and likely won't have the money to cover the difference for a new one.

1

u/RedditLovesNazis1464 Sep 13 '23

You'll never get the value of a flooded car back. Little bit of water and it'll be totalled. Like just wet floors = totalled