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Since I don't want to deal with mileage and use
restrictions, I still have them covered under my normal policy. Standard
auto policies are Actual Cash Value (ACV) where you and they determine the value
of the car at the time of the loss. This works out just fine for commodity
cars that are for sale everywhere and there are no customizations. When
you get into customized and/or rare cars, you can run into issues.
This is a great point to talk to your agent
about. See if they have an estimated value for your car and see how far
away from what you think it should be that they end up. Ask about
customization and improvements and if they take those into account. If you
buy a $1,500 set of wheels and $1,000 tires the day before a wreck, will they
add that to the value? What about a three year-old $5,000 paint job?
Custom suspension, engine, interior?
You either need a really good agent, or you need a
special policy such as the agreed value. The only danger with agreed value
is that you need to keep up to date on this. If you have the value set and
then make upgrades to the car, you need to change the value. You also have to
adjust for increases in value. If Clint (just for this example) does not
do this and the car is really worth $35,000 when it gets into a wreck, the
insurance company will pay him $25K and satisfy all their
obligations.
There is no right or wrong answer, as every situation
is different. No matter what, I do recommend you get an agent that loves
cars and understands your own love of cars. Then talk with them about
possible situations and expectations. If they think of cars as means of
transportation, you will not get the support you need when it comes time to have
them work for their money.
Brad
If you don't have Agreed Value coverage,I would
be a little nervous. Just got a new policy on my 69 Camino from LaRue
Insurance,while I was at Chevellabration. The car was insured on the
old policy with my daily driver and just covered for liability only,at a
cost of $270/year. My new policy has an Agreed Value of $25,000,liability
coverage of $100,000,and the yearly premium is $230. The only downside is I
have a mileage restriction of 5K miles a year. Wasn't supposed to have any
restrictions but there was a snafu.
----- Original Message -----
Hi
Brad,
I looked at your
web sight, your cars and family. Both look very nice and you are a
lucky person.
I noticed pictures
of Lafayette. I am sure
it isn’t, but is that Indiana? My daughter
attends Purdue
University there. They
are having a large car show “Dancing in the Streets” July 30. I won’t
be able to go in that I will have only been out of the hospital about two
weeks from my second 3 disc fusion in the lower back, I may be making a
mistake, but I have told my daughter if I couldn’t make it she could take
the car and enter it herself.
I read what you
said about the insurance and that really makes me a little nervous. I
have the car insured with my home and auto insurance rather than collectors
insurance so my daughter can drive the car at times. It is insured for
a certain amount, but your comment about 60% vs. 80% concerns me. I
think I better contact my agent and speak to him prior to my daughter taking
it to any shows without me.
Chuck
Speake
70 Chevelle
Malibu
Glen Ellyn, IL
-----Original
Message-----
From: Brad
Waller [mailto:[EMAIL PROTECTED]
Sent: Monday, July
04, 2005
9:14
PM
To: The Chevelle Mailing
List
Subject: Re:
[Chevelle-list] Bad Long week end
Dave,
Sorry to hear
about this. I've been involved in a crash just like this one.
All I can say is to fully document everything starting now. I was in
my '66 Corvette when some guy in a pickup started, stopped, and then started
his left turn in front of me. At the time, he apologized and appeared
to take responsibility. By the next time I heard from my insurance
company, he decided I must have been speeding (he says at least 55) and that
is why I hit him.
The next complication was that my insurance
company (they were the ones to work with since there was a question of
fault) decided that my car was an "old Chevy" and that the "junk" percentage
would be 60% of assessed value instead of the 80% that they use for new
cars.
This turned into a long, long battle with both my insurance
company and the other one as all I wanted was to have my car repaired.
Having full documentation of the car and every conversation really helped
keep things clear. Good luck and let us know if you need any help or run
into problems in the next few months.
Brad Waller
1967 Chevelle,
1966 Corvette
http://epage.com/brad
Dave Benjamin
wrote:
The
Beaumont Takes
One
We went
for a nice little cruise Friday and when I was coming back into town a Mini
Van was stopped ready to make a left turn in front of me. For some reason
she decided to try to make it and I was too close and couldn't get it
stopped in time. Everyone is fine. I am thankful we were in the Beaumont and
not our little Honda. They do take a good hit. She was charged but now I
have to get the hot rod fixed. It doesn't look to bad in the pictures but it
needs a bunch of work now.
I am
now looking for some parts. Any help is
appreciated.
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