Stolen Raptors - What Happens if It's Yours?

[GCATX]

I would be absolutely shocked if Ford doesn't self insure.

Self insurance is not insurance. Not sure why the vehicles wouldn't be insured between the factory exit door and the dealership. Insurance companies would write a policy on a popsicle not melting if they could figure out a way to make a penny.

 

[Bullet Bob]

I would be absolutely shocked if Ford doesn't self-insure.

Companies the size of Ford definitely self-insure. It's way more cost effective for them. Plus, if they were insured, once they insurance company paid Ford for the loss, the trucks would become their property and they would be able to sell them. Ford isn't allowing that to happen.

 

[Ted Schroeder]

I’m surprised that Ford doesn’t have a onsite security patrol or video cameras on their storage lots.

 

[CruiserClass]

Self insurance is not insurance. Not sure why the vehicles wouldn't be insured between the factory exit door and the dealership. Insurance companies would write a policy on a popsicle not melting if they could figure out a way to make a penny.

It's not because a company wouldn't write them, it's because paying someone else to assume your risk is always more expensive than assuming the risk yourself in the long term. You only pay for that privilege if the loss would be catastrophic. Few of us can afford a liver transplant on our own, so we buy health insurance. Our house burning down and taking all contents would be catastrophic so we pay someone else to assume that risk. Losing trucks is no more catastrophic to Ford than your alternator going out should be to you, and since they want to maximize profit they would not pay someone else to assume that risk. It's financial illiteracy to insure risks you can absorb yourself. My organization does not insure our vehicles with an outside entity, we self insure, and we're much smaller than Ford. A fleet of maybe 4k vehicles.

 

[Stojanowski]

I’m surprised that Ford doesn’t have a onsite security patrol or video cameras on their storage lots.

They are storing all over the place right now... Makeshift lots

 

[JJP023]

It's not because a company wouldn't write them, it's because paying someone else to assume your risk is always more expensive than assuming the risk yourself in the long term. You only pay for that privilege if the loss would be catastrophic. Few of us can afford a liver transplant on our own, so we buy health insurance. Our house burning down and taking all contents would be catastrophic so we pay someone else to assume that risk. Losing trucks is no more catastrophic to Ford than your alternator going out should be to you, and since they want to maximize profit they would not pay someone else to assume that risk. It's financial illiteracy to insure risks you can absorb yourself. My organization does not insure our vehicles with an outside entity, we self insure, and we're much smaller than Ford. A fleet of maybe 4k vehicles.

That was explained well, thanks!

They are storing all over the place right now... Makeshift lots

Yup. My truck has been built for 2 months and keeps moving lots around the dearborn area. No part or chip holds, just no transit to NY for whatever reason.

 

[GCATX]

It's not because a company wouldn't write them, it's because paying someone else to assume your risk is always more expensive than assuming the risk yourself in the long term. You only pay for that privilege if the loss would be catastrophic. Few of us can afford a liver transplant on our own, so we buy health insurance. Our house burning down and taking all contents would be catastrophic so we pay someone else to assume that risk. Losing trucks is no more catastrophic to Ford than your alternator going out should be to you, and since they want to maximize profit they would not pay someone else to assume that risk. It's financial illiteracy to insure risks you can absorb yourself. My organization does not insure our vehicles with an outside entity, we self insure, and we're much smaller than Ford. A fleet of maybe 4k vehicles.

You are probably correct. In the end though, it would cost zero cents to call your agent and have them run the VIN.