- Report: #120906
Complaint Review: Union Mutual Insurance Company - Wayne Robinson - Piedmont Oklahoma
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Union Mutual Insurance Company - Wayne Robinson
1885 Piedmont Road North Piedmont, 73078 Oklahoma, U.S.A.
Phone:
405-373-1760
Web:
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Union Mutual Insurance Company - Wayne Robinson Got monetary amount on ebay for used products then charged depreciation on top of that And I have receipts for the price brand new Piedmont Oklahoma
My house was broken into on October 19, 2004. I have receipts for most of the items stolen, including a few that I had just bought a week or two before.
Items stolen were: Brand new (days old) electric guitar, the new case for it, my Xbox game console, 7 Xbox games, my checkbook, a mini-cassette recorder, a .22 rifle, and a garment bag.
I have receipts for most of these things, especially including the Xbox game console, which I paid $199 for about a year ago, and just recently, about two weeks ago, $50 for the Xbox game, Star Wars:Battlefront.
Wayne Robinson told me on the phone that he would get the prices for these things off of Ebay, and then allow for depreciation. With the Xbox, he didn't even start off with my new price. He found a price of $157.48, and then allowed for depreciation after that of $23.60 LESS.
On the new game Star Wars:Battlefront, that I hadn't had for two weeks and had paid $50 for, and I sent him a copy of that receipt, he allowed $17.49 for depreciation, leaving me with only $32.50 for the game!
If an adjuster is already finding used products on the net, why is he having to add depreciation? Shouldn't depreciation only be added to new products?
Mark
Oklahoma City, Oklahoma, Oklahoma
U.S.A.
Items stolen were: Brand new (days old) electric guitar, the new case for it, my Xbox game console, 7 Xbox games, my checkbook, a mini-cassette recorder, a .22 rifle, and a garment bag.
I have receipts for most of these things, especially including the Xbox game console, which I paid $199 for about a year ago, and just recently, about two weeks ago, $50 for the Xbox game, Star Wars:Battlefront.
Wayne Robinson told me on the phone that he would get the prices for these things off of Ebay, and then allow for depreciation. With the Xbox, he didn't even start off with my new price. He found a price of $157.48, and then allowed for depreciation after that of $23.60 LESS.
On the new game Star Wars:Battlefront, that I hadn't had for two weeks and had paid $50 for, and I sent him a copy of that receipt, he allowed $17.49 for depreciation, leaving me with only $32.50 for the game!
If an adjuster is already finding used products on the net, why is he having to add depreciation? Shouldn't depreciation only be added to new products?
Mark
Oklahoma City, Oklahoma, Oklahoma
U.S.A.
1 Updates & Rebuttals
S
Fairbanks,Alaska,
U.S.A.
I see this often...
#2Consumer Suggestion
Fri, December 03, 2004
I furrently sell insurance and have been selling insurance for almost 10 years... Unfortunately, you need to find someone to review what kind of coverage you have for your personal property. If you have something called Actual Cash Value, your personal property will be depreciated. If that is the coverage you bought then that is what will happen. If you have a replacement cost policy it should be replaced at the what it would cost to REPLACE it, not what you paid for it. Insurance companies have the option to replace your personal property with the same or like kind of what was lost, even if they find it for a cheaper price than what you paid for it. If your item was a one of a kind, in most cases, it will be settled as Actual Cash Value even if you have a Replacement Cost Policy. Your policy should have a section that is titled How We Pay For A Loss. Once you figure out if you have Replacement Cost or Actual Cash Value this section should explain how the insurance company will settle the loss. If you have a replacement cost policy and your items were depreciated you may have to replace the property and then submit a receipt to ger reimbursed for the difference. CHECK WITH YOUR COMPANY BEFORE YOU DO THIS. Make sure that is what their policy states they will do. Above all else, read your policy!! I do not claim to know how Union Mutual operates or what their claim policies are or what the language of their policy states. I do not work for Union Mutuala nd I have never been employed by Union Mutual.
