All this seems to leave you with one option. Find out how much
the insurance would cost you for the "ideal" coverage, then get
the minimum the law requires. Then save the difference. In the
event that you have an accident use the saved money to repair
the car. If nothing happens you can quit saving the extra money
once you have reached the amount of money you would have
insured the car for. Then you are set. (Unless your car is increasing
in value faster than your savings method.)
I would obviously not do this if the car is your sole mode of
transportation. The way use get screwed is if someone else hits
you. Their insurance company is going to give you peanuts...
On Thu, 17 Sep 1998 13:54:57 -0500, Feldman, Jack (Jack) wrote:
>I was the one who sent the article to C Notes. I was directed to it by
>someone on the list who pointed to the url in one of his messages.
>As a result of that article I have been going around and around with my
>insurance agent. She kept telling me that everything was OK, and that I was
>covered to the extent that I wanted to be. After some prodding I finally
>found out that even Stated Value is a fraud. You tell them how much
>insurance you want to pay for, and when it comes down to it they have two
>books that they consult for the value of your car. When I asked her to show
>me the books, she said she would ask the company for the pertinent
>information from one of them, but the other required a fee to be paid by the
>insurance company so they wouldn't do it. I can't tell you how many times I
>asked what I would get if my car was totaled, and how many times I got a
>bull shit answer.
>Bottom line: you can pay all you want for whatever level of insurance you
>chose, but you aren't going to get a cent over what THEY DECIDE your car is
>worth. I am sure it will surprise no one if I tell you the book evaluations
>of my cars was low.
>Since I live in Illinois, and insurance law and rates vary, this might only
>apply to this state. Also, she said I had to have Antique Auto Insurance in
>order to get stated value.
>Jack
>
>
>
--
Andrew Lundgren
lundgren@iname.com
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