For context 2020 Kia Sedona was in an accident that the insurer is claiming as total loss.
We purchased a waiver of depreciation back when the car was put on our policy.
The issue:
1. Car was purchased used so therefore never qualified for the waiver of depreciation.
Insurer is refusing the waiver of depreciation since the vehicle was purchased use. Insurer confirms that it was agent error and sold me an insurance policy I was never entitled to use.
The problem:
I’m expecting that I would have received back the full cost of the vehicle since no one caught on that I should have never have this policy. I’ve been paying for it for 4 years. Should the car never gotten into an accident, I would have continued to pay this. How do I escalate this so that the insurer reimburses me for what I paid for? I feel like there needs to be proper rules to protect consumers from issues like this.
@henriettag What are you asking for? Reimbursement for the cost of the waiver over 4 years or full reimbursement for the vehicle? A few things. The policy docs would have explained the terms of the waiver and they'll say you should have read that and known it wasn't valid and requested it's removal far before 4 years. But maybe you can get the brokerage itself to reimburse you for the cost of the waiver. But they'll never give you full reimbursement costs for the totaled vehicle. If it doesn't qualify that's the end of it. You'll get the blue book value. Even with the waiver it says you must qualify for it. If you don't you just don't.
@henriettag This is an error on your broker and it should get escalated with them not the insurer. You’ll likely just get reimbursed for the cost of the depreciation endorsement you paid for over the past 4yrs, but nothing else. I suggest you find a better broker, who understands what they are selling you.
@scottcford But brokers work for you and everyone should have a broker, cuz those crooked direct writers lie to you and only sell you what they want to sell you.
Sorry, as a direct writer I just had to vent! It irks me when I see people propping up brokers like gods. They may be the right fit for some, and if you get a good one then stick with them but they're not infallible and stuff like this is proof positive!
@sovereignone Hahaha…I was definitely not praising having brokers. I think they are useless and often don’t know what they are selling the customer. But since OP had a broker, likely prefers working with one, as most do.
@scottcford No, I get it. I just wanted to seize the opportunity to throw a little shade at brokers is all. Like you said, find a new one who understands what they're selling. Some people seem to think that's given but as this example shows that's not always the case!
