Insurance THEFT claim on cue no longer produced

M

maxeypad2007

AzB Silver Member
Silver Member
Last year I had a theft and my schon sl-13 was stolen.

As you all know this cue is no longer being manufactured and was in excellent condition like all of my cues when it was stolen. The cue was "depreciated" and I was told the following

The pool cue was depreciated as well, yes, due to age. However, per the policy, you would have a limited amount of time to purchase a replacement for any items and furnish a receipt for same. Per an excerpt of your policy language: Your policy contains replacement cost coverage, which provides payment on a replacement cost basis. This provision states in part "... We will pay no more than the actual cash value (which includes a deduction for depreciation) for the loss or damage until the actual repair or replacement is complete. You may make a claim for loss on an actual cash value basis and then make claim within 180 days after the loss for any additional amount up to the replacement cost." Therefore, while you have up to 180 days to submit receipts for payment of the difference between the actual cash value and the replacement cost of like kind and quality items, no claim for replacement cost can be made after 180 days. Please understand that the above policy language is only an excerpt designed to give you a better understanding of your policy. All claims will be settled subject to the terms and conditions in the policy.

I am skeptical of this quote on the cue because I cannot find an SL-13 with 2 shafts for 550 anywhere.

For example, I pulled up on line pricing for the Schon SL-13 and buyer noted to have a used custom Schon(SL13) pool cue for sale at $550.00. The cue is in excellent shape, a new cue like this sells for $1100. We would basically just do comparison to get a price.

How can I address this issue with my insurance company? I will not be able to find an 18oz SL-13 anywhere with 2 shafts (one of which is predator) for this amount.
 
maxeypad2007 said:
Last year I had a theft and my schon sl-13 was stolen.

As you all know this cue is no longer being manufactured and was in excellent condition like all of my cues when it was stolen. The cue was "depreciated" and I was told the following

The pool cue was depreciated as well, yes, due to age. However, per the policy, you would have a limited amount of time to purchase a replacement for any items and furnish a receipt for same. Per an excerpt of your policy language: Your policy contains replacement cost coverage, which provides payment on a replacement cost basis. This provision states in part "... We will pay no more than the actual cash value (which includes a deduction for depreciation) for the loss or damage until the actual repair or replacement is complete. You may make a claim for loss on an actual cash value basis and then make claim within 180 days after the loss for any additional amount up to the replacement cost." Therefore, while you have up to 180 days to submit receipts for payment of the difference between the actual cash value and the replacement cost of like kind and quality items, no claim for replacement cost can be made after 180 days. Please understand that the above policy language is only an excerpt designed to give you a better understanding of your policy. All claims will be settled subject to the terms and conditions in the policy.

I am skeptical of this quote on the cue because I cannot find an SL-13 with 2 shafts for 550 anywhere.

For example, I pulled up on line pricing for the Schon SL-13 and buyer noted to have a used custom Schon(SL13) pool cue for sale at $550.00. The cue is in excellent shape, a new cue like this sells for $1100. We would basically just do comparison to get a price.

How can I address this issue with my insurance company? I will not be able to find an 18oz SL-13 anywhere with 2 shafts (one of which is predator) for this amount.
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You have to be a hard ass about it and know your rights. They don't give a sh!! about what is fair. I once had a 64 1/2 Mustang stolen and they started at $500.00 and made it sound like it was take it or leave it. When I was done with them I got $7700.00. Stand your ground and know your rights.
 
maxeypad2007 said:
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They are paying you "actual cash value" (ACV) , and you can obtain full replacement cost (RCV) if you actually buy a new cue, that is "like, kind and quality", so it does not have to be the exact cue. If you do that, and submit the receipts, you then get the differece of what they paid initially (ACV) and you get a second payment of (RCV).

Basically, what they are saying is if you do NOT buy another cue, then you only get the Actual Cash Value (ACV).... it's like that for your home too. If your roof is damaged, they will pay you (on most policies that have RCV coverage) the cost of the damaged roof less depreciation, but if you actually get the roof fixed, then you get the full amount once you submit a paid estimate.

The insurance company is NOT going to pay you for replacement cost if you don't 'replace" the items, or the roof, etc.etc.

The thought process is if you lost something, you would want it back, and if you do, then you get full replacement coverage. If you don't want it back, and maybe you didn't even like the item that much anymore, then you only get ACV..... Lots of jewelry gets "stolen" and full replacement cost is costly, of course, if the jewelry was never actually "stolen", well folks want then just want the cash.... but they only get ACV unless they buy another ring.....which they probably don't want if they still have the original one....

So, actually, they are being more than fair, buy another cue, similar in design and style, and submit the reciepts. To be real safe, buy a Schon that is the close in style. Of course, I"m not sure if you made the 180 day rule or not.
 
Seems straightforward to me. Replace the cue and submit the receipt(s). Obviously the second shaft may need to be purchased separately.

I dealt with such a thing when I lost a bike in a fire...actually a motorcycle and a mountain bike. Both were custom, and both were much more valuable than the insurance company's depreciated value. I had receipts for everything I had put into them.

Whenever possible get such things insured for appraised value or for full replacement cost. What do I mean by "such things"? Hard to replace, custom, one of a kind, appreciating, collectible, art work, antique, etc.

If it were a one of a kind cue what could you say? Such a thing cannot in fact be replaced. But you can still reach an agreement with the insurance company under such terms as yours by replacing it with a similar cue.

It's a tough thing, you have my sympathy. But stand your ground, follow the policy, and you should likely get satisfaction.

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My business partner had two Gina's stolen from his house. The insurance said even though they cost $6,000.00 each plus when purchased, he could only get $2,000 for them now.

Maybe have your cues appraised to show value?
 
I had State Farm Rider on my cues. I had 2 stolen, and I turned the claim in and they paid me the value I told them they were worth or they would wait until I could get a replacement (for exact cost).

I had no issue getting paid.

BUT,

After I got paid, they jacked the rates up so much :mad: I dropped the coverage and bought a safe to keep my cues, guns, coins.

Now when I go to Derby City Classic, I dont bring many cues. :mad:

Ken
 
If your policy cover REPLACEMENT COST you are fine, if it is not FULL REPLACEMENT COST, you are sol. Also be ware you are on the hook for a DEDUCTABLE in most cases!
 
We live on a boat in Seattle. There are two kinds of boat insurance, ACV, and agreed value. Lotsa folks get burned not knowing the difference.
MAKE SURE YOU UNDERSTAND THE TERMS OF YOUR INSURANCE POLICY!
You can damn well bet the insurance company does!!
 
Insurance Theft

The way you want to have your cues covered is under a rider on your homeowners policy. This gives you all risk coverage in most cases and a zero deductable is not much more than a $100.00 deductable. In your case it sounds like you do not have the rider, therefore you have to accually replace the item in order to get the replacement cost coverage which could be with a similar cue by another maker if you can not find one like you had or the same kind of cue at a higher cost than you originally paid ( replacement cost ). This should not be a problem for you stick to your guns.

Dan
 
macguy said:
You have to be a hard ass about it and know your rights. They don't give a sh!! about what is fair. I once had a 64 1/2 Mustang stolen and they started at $500.00 and made it sound like it was take it or leave it. When I was done with them I got $7700.00. Stand your ground and know your rights.
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This is 100% spot on!

Insurance companies are not your friend. They are for-profit businesses (not spread-the-risk charities like so many seem to think) who look to maximize income while drastically cutting payments on any claims.

If this means 'low-balling' you, or trying to get you to accept much less than what your item/car/etc was worth; using such high pressure tactics as "take it or leave it" type statements, outright lying to you about your options, or baldly lying to you about the "blue book" value on any item or vehicle (when you hear "blue book value" you are being lied to 100% of the time, on vehicles check the numbers yourself)...they will do it.



They are the absolute scum of the earth, in other words.


Treat them accordingly. Know your rights. Check to see if your state has an insurance watchdog type commission. Go into every single conversation or interaction with a company you have a claim with as if you are conversing with a crook determined to cheat you out of every dime you have coming to you. Trust me, they are.



Like Macguy, I got lied to, low-balled, and burned by my own "loyal insurance company" once on a stolen vehicle claim. Never, ever again.
 
I had 3 custom cues and a Schon stolen out of my car . I also had a Schon burn up in my commercial truck, I drove long haul . Both time I was told to make out a list of the burned or stolen property . No questions , they just wrote out the checks , both times . I still have the Schon that was burned . still in the case with the chalk and everything . GL Jim
 
Spider1 said:
Insurance companies are not your friend. They are for-profit businesses (not spread-the-risk charities like so many seem to think) who look to maximize income while drastically cutting payments on any claims.
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But most States have a Department of Insurance, or Insurance Commissioner that is. Have a problem with you claim, go to the State Agency that licenses insurance companies in your State.

Also as I said FULL REPLACEMENT is the KEY. CHEAP INSURANCE is like a CHEAP BULLET PROOF VEST for a COP, why bother to have a VEST THAT STOPS FEW BULLETS? Get the Vest that saves live, and be willing to pay for the extra protection, like insurance.
 
CocoboloCowboy said:
But most States have a Department of Insurance, or Insurance Commissioner that is. Have a problem with you claim, go to the State Agency that licenses insurance companies in your State.
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The problem is many insurance commissions are worthless rubber-stamp bodies, that don't give a rip about consumers.

That said, there are exceptions. AZ's Insurance Commission is awesome. If I hadn't called them and explained the entire situation to them and had them telling me what to do and being on my side, I would have gotten completely ripped off by my own company.
 
RJ...It depends on the insurance company. I had a high dollar cue stolen, many years ago, but it had been worked on and appraised by a reputable cuemaker, and was insured for what it was worth...to me. I got the full value in a check payable to me, from my insurances company (less the $100 deductable).

Scott Lee
www.poolknowledge.com

ChicagoRJ said:
The insurance company is NOT going to pay you for replacement cost if you don't 'replace" the items, or the roof, etc.etc.
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Scott Lee said:
RJ...It depends on the insurance company. I had a high dollar cue stolen, many years ago, but it had been worked on and appraised by a reputable cuemaker, and was insured for what it was worth...to me. I got the full value in a check payable to me, from my insurances company (less the $100 deductable).

Scott Lee
www.poolknowledge.com
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The truth is, to the insurance company the cue is nickle/dime. They get hit for tens of thousands in most claims. Replacing a $600.00 cue means nothing really in the grand scheme of things to them. Hardly worth the time of the claims department to argue. Insurances companies prioritize just like everybody else. Today with the net it is very easy to verify values. I had a Black cue stolen from my truck years ago and my home insurance paid for it. I did have to get a letter from Richard Black to attest to the value though before they would pay. They could not believe a cue cost that much and had no way to do any research other then to look up some production cues that cost like 1/10 of what my cue cost.
 
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