Register Now

Login

Lost Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Classic Truck stolen from my driveway. Can I negotiate with insurance for the total loss claim?

Question

So almost 3 weeks ago some guys stole my truck I just spent the last 4 years restoring. It was finally to the point where I could take my kids for rides and cruises in it. It was sitting in my driveway a couple nights because I was re arranging stuff in my garage. I came out one morning and its gone. I contacted the police and reported it stolen to them and my insurance company.

The cops didn’t do anything because the sheer volume of stolen vehicles is overwhelming from what I’ve been told. I live in a very nice neighborhood of upper middle class and mostly retired military. I could go into a whole other topic with this guy who claims to be a bounty hunter for stolen vehicles…. Ive never heard of them and have been very skeptical of him and his real intentions and motivations.

My question is though:

The insurance company had me take multiple pics of the truck and send it to them with a description. I did that and they asked for a value and I wrote 10k. Yes I know I probably completely screwed myself but ive been told so many different things I just want expert advice.
The insurance company is trying to pay me out my 10k and I just want to know if that is all the more I can get?
I Can show parts receipts alone for 2 or 3 times that number

Answers

Someone answered:

Before it was stolen, when you worked out the insurance plan, you told them $10k, so you've been paying an insurance plan for $10k correct?

Someone answered:

Expensive lesson. Not sure why you stated $10k before but in the future make sure something like this is insured for the correct value.

Someone answered:

You paid an insurance company to insure your truck. If it was a $200,000 truck, your monthly premium would be a commensurate amount. If it was a $2,500 truck, your premium would be a commensurate account. If you paid them to insure a $2.500 truck, but you were secretly installing gold-plated accessories worth $100,000, but you didn’t tell them about the increase in value, you’re stuck with a $2,500 insurance plan.