Well
said Brad!!!
Alex LaRue LaRue Insurance Personal &
Business Insurance Collector Car Insurance Life
Insurance P O Box 119 Hodgenville, KY
42748 800-303-3518 Fax 270-358-8978
Visit us online at
www.LaRueInsurance.net
Join President Bush and a host of others here in
Hodgenville on February 12th, 2008 to kickoff the two year Lincoln Bicentennial
Celebration!!!
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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