Someone who knows auto better than me please advise: how was he able to get a $2m policy for a $1.2m car? I don’t deal in auto on a daily basis or anything, but i’m pretty sure i read in my cpcu classes that rule #1 is not to overinsure items subject to depreciation.
Stated value policy, probably. If the insurer can replace it for $1.2M they will, or would have if the guy hadn’t commited fraud.
Side note: I get clients wanting to insure jewelry for the appaised value all the time. Jewelers give out appraisals for twice what the client paid. They’ll pay the premium for the appaised value but at loss time the companies just replace the item.
I currently get the opposite of this, where people only want to insure what they’ve paid on a firesale and we spend 30 minutes and 10 emails talking about coinsurance/valued policy states/building valuation vs mortgage value vs real estate value…it is deflating to have the same conversation 10 times a week. I am really ready for the economy to recover.
I get a lot of that too. Five years ago it was the opposite. People wondered why, if their home cost $500,000, would they insure it for $300,000. “Land doesn’t burn” was the easy answer. Now, with replacement cost higher than home value it’s harder to explain.
It was actually a passenger in the car that took the video and not the driver. What are the odds that someone would have footage of someone driving “the car of their dreams” into a lagoon that is being questioned in insurance fraud? You never know who is watching you or what they might be taping you doing on their cell phones these days. Or where that footage might end up!
I guess the car was a Republican. According to some of the POTUS candidates, corporations are people (what, because they pay taxes?), and I guess that automobiles have now been humanized, too.
Ettore Bugatti was an Italian who settled in France to build automobiles at the beginning of the 20th century. The company collapsed completely in the early 1950’s. Audi obtained the rights to the Bugatti name and currently offers the Veyron as Bugatti’s only product.
sounds like a scene cut from Tommy Boy….mosquitos, run for your lives!
I thought it was bees.
I thought it was butterflies
Someone who knows auto better than me please advise: how was he able to get a $2m policy for a $1.2m car? I don’t deal in auto on a daily basis or anything, but i’m pretty sure i read in my cpcu classes that rule #1 is not to overinsure items subject to depreciation.
Stated value policy, probably. If the insurer can replace it for $1.2M they will, or would have if the guy hadn’t commited fraud.
Side note: I get clients wanting to insure jewelry for the appaised value all the time. Jewelers give out appraisals for twice what the client paid. They’ll pay the premium for the appaised value but at loss time the companies just replace the item.
Nice, thank you.
I currently get the opposite of this, where people only want to insure what they’ve paid on a firesale and we spend 30 minutes and 10 emails talking about coinsurance/valued policy states/building valuation vs mortgage value vs real estate value…it is deflating to have the same conversation 10 times a week. I am really ready for the economy to recover.
I get a lot of that too. Five years ago it was the opposite. People wondered why, if their home cost $500,000, would they insure it for $300,000. “Land doesn’t burn” was the easy answer. Now, with replacement cost higher than home value it’s harder to explain.
“…video of the incident taken by a passing motorist…”
Now THERE’S a case of disracted driving if I ever saw one.
btw, the Bugatti is not an Italian car.
It was actually a passenger in the car that took the video and not the driver. What are the odds that someone would have footage of someone driving “the car of their dreams” into a lagoon that is being questioned in insurance fraud? You never know who is watching you or what they might be taping you doing on their cell phones these days. Or where that footage might end up!
The car drowned? Is that possible?
I guess the car was a Republican. According to some of the POTUS candidates, corporations are people (what, because they pay taxes?), and I guess that automobiles have now been humanized, too.
xxxxxx
Yes it was bees…see, the scene was cut because….ah never mind….richard…
Ettore Bugatti was an Italian who settled in France to build automobiles at the beginning of the 20th century. The company collapsed completely in the early 1950’s. Audi obtained the rights to the Bugatti name and currently offers the Veyron as Bugatti’s only product.
The owner is a knucklehead and a nincompoop! I just viewed the video of the “drowning” of this car. Swerved to avoid hitting a seagull my a–! Here is the link:
http://www.zimbio.com/Andy+House/articles/ZC2rFNmkzlu/Andy+House+Texas+Man+Accidentally+Drives+2006.
Too funny! He’ll never get away with it. There isn’t a seagull in sight!
http://www.dailymail.co.uk/news/article-2068442/Andy-House-crashed-1m-Bugatti-lagoon-faces-trial-insurance-scam-claim.html
oops – this is actually the link…
Could be an invisible seagull. Those are the most dangerous.
I posted the unedited video here!
http://www.txinsurancepro.com/texas-man-accused-of-drowning-bugatti-sports-car-for-insurance/
Let me know if you can see the invisible Seagull.
Bugatti Veyron: $1.2 million
Driving such a cool car that someone is videotaping when you drive it into the lagoon for the insurance money: priceless