Man Wrecks 1 million dollar car. Insurance refuseing to pay 2.2 million dollar claim.

reply to post by JROCK2527


Have to say i am entirely with the insurers on this one. How can a $1 million car be worth $2.2 million? Based on the article it also seems suspicious as hell.

Nice try but unlucky and a big bill.

Originally posted by cdnutz44
Reminds me of a fraud case near where I live a few years ago. A fairly well off guy bought some collectible cigars, insured them for several hundred thousand dollars. Eventually he filed a claim saying all of the cigars were lost to a series of small fires.

The insurance company later found that he smoked the cigars and refused to pay.

Still makes me laugh to think about it!

As I remember, the insurance company counter-sued him for arson (he smoked the cigars) and won!

Wow sucks for that dude.

Originally posted by Britguy

Originally posted by cdnutz44
Reminds me of a fraud case near where I live a few years ago. A fairly well off guy bought some collectible cigars, insured them for several hundred thousand dollars. Eventually he filed a claim saying all of the cigars were lost to a series of small fires.

The insurance company later found that he smoked the cigars and refused to pay.

Still makes me laugh to think about it!

As I remember, the insurance company counter-sued him for arson (he smoked the cigars) and won!

Funny things are insurers, you never know what is going to happen. There is a little village just outside my city that floods every year (obviously very high premiums!). I have a friend that lives in one of the river side properties there. Sometimes after floods he gets agents that turn up to examine the damage and are very picky about what can and cannot be claimed. At other times, he has had agents turn up and say things like "well, it is close enough so claim for everything!"

If the article here is to believed though, it would certainly appear the guy in question was trying to pull a fast one. I bet he is regretting it now!

yea especially seein as how hes still on the line for payin back that loan. So much for his get rich quick attempt. Dumb criminal much?

reply to post by JROCK2527


Definite contender for the Darwin Awards at the very least.

Is there any indication if it was greed or desperation? If desperation, i may have a modicum of sympathy for him, even if he has just made things one million times worse!

Originally posted by DAVID64
This guy should be hung, drawn and quartered for treating a Veyron like that. Smells like a scam. How could he expect to get twice what it is actually worth.

Easy. In the Car Insurance business, there is a thing called "Agreed Upon Value." This is the monetary figure you, the car owner, and the Insurance Agent agree on that the pay-off will be in case of a total wreck, fire, theft, and so on. There may be a clause on driver error.
I once owned a 1967 Chevelle Malibu Street Rod. I agreed with my Insurance Agent on a $5,000 pay off in case of accident. My wife wrecked the car, hit a overpass guard rail, and totalled the vehicle.
The Adjuster came, took pictures of the car, and handing me a check for $3,700, the price of the car new. I brought lawsuit. I had over $4000 in engine alone in the car, plus, it was custom painted, and had a new interior, and new mags and tires.

In court, the original insurance contract came into play, and the judge made State Farm pay up the whole amount. I'm just saying, a contract is a contract.

Now this guy with the Bugatti....Here is my take. Blame the Agent. Any Insurance Agent who would write a policy for twice the value on a car, something that is at risk just from driving on the road, just like that, is the one really at fault. I have never heard of such a thing. I'll bet the Agent was seeing a quick pay off too, in commissions.

he was seeing commissions now he might be seeing the unemployment line if this guy wins this case

reply to post by JROCK2527


Reminds me of Silverstein, buying the rights of the world trade centre and then explicitly insure against terrorism.

Yeah...this guy...just look at him.

Dude just looks like a crook.

Mod Edit

One thing that I can't figure out. If I buy a new car and I insure it with State Farm and then I insure it again with Allstate, the companies will take my premiums, but, if I file a claim with both of them, I'm guilty of insurance fraud.

Several years ago I was working aircraft maintenance contracts. I bought a short term disability policy, just in case I got hurt. Contracts started getting scarce, so I took a job working on hydraulic systems. After my probationary period, I was covered under two short term disability policies. To make a long story short, I broke my left arm and was out of work for a few weeks. Since I had two policies, neither of them had to pay me.

a reply to: autowrench
Cant say how it would work in US but in UK agreed upon value is only if there is no direct/comparable way of replacing the vehicle. Would apply to classic cars like your hot rod but not current/recent cars that can be replaced with a similar vehicle. Now a veryon is obviously rare but there is still a actual market value to calculate a replacement on.