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Sled Insurance - 2019-2020 Season


Dan-Senior

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14 hours ago, stoney said:

So should we be happy with status quo or shouldn’t we deserve a reduction….lol

Keeping the lights on during those cold slow winter seasons. 

No chance you'll see a reduction in anything other than the benefits under the policy!

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2 hours ago, Spiderman said:

No chance you'll see a reduction in anything other than the benefits under the policy!

LOL - ya I know, I was being sarcastic.

Although, I use to call TD every other year to update the "value" they had in the system on my sled or sleds at one point that would normally lower my premium - have not done that in a while though.

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53 minutes ago, stoney said:

LOL - ya I know, I was being sarcastic.

Although, I use to call TD every other year to update the "value" they had in the system on my sled or sleds at one point that would normally lower my premium - have not done that in a while though.

I have done that as well - mine is at a point where its not really going down anymore.

 

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1 hour ago, Spiderman said:

I have done that as well - mine is at a point where its not really going down anymore.

 

LOl, ya, at the point now, leave the value high and hope something happens to it so you get the estimated value based on what there system states.....but then you have to stomach buying new or newer at todays much higher prices for sleds.

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1 hour ago, stoney said:

LOl, ya, at the point now, leave the value high and hope something happens to it so you get the estimated value based on what there system states.....but then you have to stomach buying new or newer at todays much higher prices for sleds.

 

The value on it doesn't matter for settlement - they are on Auto Policies and they pay out on the Actual Cash Value/Market Value on the date/time and loss. The value they have on file is for premium purposes. 

 

The only reason I adjusted the value down - is because the premiums are based on that - and I'd rather pay for it its actually worth - which isn't much. 

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13 minutes ago, Spiderman said:

 

The value on it doesn't matter for settlement - they are on Auto Policies and they pay out on the Actual Cash Value/Market Value on the date/time and loss. The value they have on file is for premium purposes. 

 

The only reason I adjusted the value down - is because the premiums are based on that - and I'd rather pay for it its actually worth - which isn't much. 

 

Interesting you say that - I have heard from a few TD clients (only TD) that were paid based on the value they had the vehicle listed for in the policy compared to the market or book value.

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18 hours ago, stoney said:

 

Interesting you say that - I have heard from a few TD clients (only TD) that were paid based on the value they had the vehicle listed for in the policy compared to the market or book value.

Vehicle or sled?

 

If sled - one of two things happened - either the value listed was lower than the market value and they got hosed - or 2 - they had an Adjuster that had absolutely no clue what they are doing and settled the claim incorrectly

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1 hour ago, Spiderman said:

Vehicle or sled?

 

If sled - one of two things happened - either the value listed was lower than the market value and they got hosed - or 2 - they had an Adjuster that had absolutely no clue what they are doing and settled the claim incorrectly

Sled and received amount that matched value in their system vs. market value…value in system was greater than market value. 
Whatever the reason, that’s the process. 
Strange things and mistakes happen all the time. 

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51 minutes ago, stoney said:

Sled and received amount that matched value in their system vs. market value…value in system was greater than market value. 
Whatever the reason, that’s the process. 
Strange things and mistakes happen all the time. 


read the policy, indemnity is not based on the value you provide, 

 

its sheer coincidence if that is the case

 

 

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3 hours ago, Spiderman said:


read the policy, indemnity is not based on the value you provide, 

 

its sheer coincidence if that is the case

 

 

Agreed, just a few folks that lucked out, imo. 
simply stating the situation not the official stance that would likely be the norm 👍.

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4 hours ago, Spiderman said:


read the policy, indemnity is not based on the value you provide, 

 

its sheer coincidence if that is the case

 

 

If that's the case everyone insured by TD should annually call in a good reduction for the value of their sled(s).  I have always done that but have always been realistic on the value. 

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On 10/28/2023 at 6:14 PM, PISTON LAKE CRUISER said:

If that's the case everyone insured by TD should annually call in a good reduction for the value of their sled(s).  I have always done that but have always been realistic on the value. 

If you read your policy -  you absolutely should be making sure you are paying your premium correctly and on an appropriate value of the sled. The value is to calculate the premium - but it is not a REPLACEMENT cost value.

 

The TD sled policy is NOT a replacement cost policy, they are not Agreed Value or Stated Amount, they are ACV

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