I didn't initially respond because I've never 'won' against an ins. co., and
I don't know anyone who has, except in court. The laws are written to their
advantage.
As for getting around 'fair market value' of an older daily driver or
special interest vehicle, the only way I know how to is to set an arbitrary
dollar value on the car and have the ins. co. set the rates based on this
value with no depreciation factor. Obviously, you'll pay more, but if
damaged, repairs will be paid to this value, or will be paid you if they
decide to total it.
If the other person is at fault, your ins. co. should pick up any difference
through your uninsured motorist protection, assuming you're covered.
It has successfully worked for me with Allstate. I have no idea whether
other ins. co. will do this, nor whether Allstate does this as a matter of
policy. The fact that I've had my home(s) and vehicles covered with them off
and on for 37yrs now with their premium policy may have afforded me some
special treatment.
I've paid higher annual rates, but overall I calculate I've saved money over
the years since I've been in several expensive accidents. In an area like
metro Atlanta, it's not a matter of if, but when.
BTW, This has worked for me in reverse also. Years ago I bought a Ferrari
dirt cheap due to a blown engine. Once repaired, I still had only about 1/4
of the market value in it so I insured it at that value as a break even,
saving a substantial amount during ownership. Relatively speaking, of
course.
GM
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