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Update on Bugatti that went in the lake, Insurance will not pay

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  • Update on Bugatti that went in the lake, Insurance will not pay

    http://automotive.speedtv.com/articl...ce-company-cla


    The much-publicized 2009 crash of a Bugatti Veyron into a Texas lagoon has come down to an alleged case of insurance fraud, with a federal judge deciding that the complaint should go before a jury.

    The watery demise of the valuable Veyron, recorded for posterity on an amateur video that has received nearly 2.6 million views on YouTube, is being challenged by the company that provided $2 million in collector-car insurance for the car, according to a report from Courthouse News Service.

    Philadelphia Indemnity Insurance Company contends that the owner of the Bugatti, Andy House of Lufkin, Texas, intentionally drove the car into the Galveston salt-water lagoon to destroy it and get a big payoff from the insurance company.

    The 2010 federal complaint names House and Lloyd Gillespie, who reputedly provided House with a $1 million interest-free loan to buy the Bugatti. There are allegations from Philadelphia Indemnity that House and Gillespie conspired to defraud the company to double Gillespie
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  • #2
    Can't fix stupid
    Thom

    "The object is to keep your balls on the table and knock everybody else's off..."

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    • #3
      or a case of an insurance co. doing whatever it can to not pay

      na, they'd never... never ever pay a guy to lie about an offer to steeal it.. and burn it..
      na.. never happen..
      better question.. why the insurance co. insure it for 2 mill in the first place..
      I can't insure my junk for double it's worth.. they'd laugh at you
      Stich496
      Banned
      Last edited by Stich496; November 29, 2011, 07:57 PM.

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      • #4
        Didn't that guy blame a pelican for the crash?

        A 2.2 million dollar gamble that didn't pay off.
        That which you manifest is before you.

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        • #5
          you could have bought joe amato's entire top fuel operation for 700k

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          • #6
            Originally posted by Stich496 View Post
            or a case of an insurance co. doing whatever it can to not pay

            na, they'd never... never ever pay a guy to lie about an offer to steeal it.. and burn it..
            na.. never happen..
            better question.. why the insurance co. insure it for 2 mill in the first place..
            I can't insure my junk for double it's worth.. they'd laugh at you
            I'm with you on this!
            Previously HoosierL98GTA

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            • #7
              They insured it for 2 million because that's what the car is worth. It was a super expensive "Super Sport" Veyron that sold for between 2 and 2.3 million depending on options.
              That which you manifest is before you.

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              • #8
                Collector car insurance companies have been taking it in the butt the last few years from the increase in high profile car thefts. A friend works for AAA's collector car division and they had to change minimum requirements for the cars in order to qualify for coverage. Increasing thefts are most likely a result of the economy tanking in 2008. So, it's not surprising that insurance fraud is also on the rise.
                BS'er formally known as Rebeldryver

                Resident Instigator

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                • #9
                  BigDad
                  Legendary BangShifter
                  Last edited by BigDad; November 29, 2011, 08:25 PM. Reason: MUTE IT in work place, has S-word
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                  • #10
                    Originally posted by Brian Lohnes View Post
                    They insured it for 2 million because that's what the car is worth. It was a super expensive "Super Sport" Veyron that sold for between 2 and 2.3 million depending on options.
                    not if the replacement value is the 1 mill that they got that one for.. ya if they are trading at 2 million.. but if thats the case, they stole it for one mill.

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                    • #11
                      Yeah, I can totally see how he would have veered into the water in some emergency/accidental way.
                      That which you manifest is before you.

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                      • #12
                        Originally posted by Stich496 View Post
                        not if the replacement value is the 1 mill that they got that one for.. ya if they are trading at 2 million.. but if thats the case, they stole it for one mill.
                        They loaned the guy a million, the car, even if it was not a Super Sport (which it was) would have been 1.6 minimum. Nowhere in there does it say he bought it for a million dollars.
                        That which you manifest is before you.

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                        • #13
                          no matter, my bets on the insurance co. backing out.. it not that hard to unload a car like that, no need to trash it to get your money back..
                          ted drove a car into a drink bet the insurance co. didn't question it..

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                          • #14
                            Good comparison, considering Kennedy killed someone in the process.
                            That which you manifest is before you.

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                            • #15
                              Originally posted by Brian Lohnes View Post
                              Good comparison, considering Kennedy killed someone in the process.
                              still,, car in the drink.. with no reason to be put there other than the bob behind the wheel put it there.. so ya it is

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