One of the TE/AE members who drove to the United XXII
had a semi sideswipe his newly restored Tiger. Of course
the 'knight of the road' never stopped. When he reported
the accident to his classic insurer, Grundy, they informed him
that he was not insured. Seems that even though he had been
sending them monthly checks, they had been returning
them to a wrong address. So put 'Grundy' down as
NOT recommended.
I had Actual Cash Value (ACV) on my Tiger when my #1
son totaled it. I felt my insurer USAA (United Services
Auto Assoc) was very fair. They sent an adjuster who took
photos of the car, and the many trophies it had won, and
then researched the value. Even contacted the ACD
museum where it was on display. We came to an agreeable
amount. He then let me buy my car back by subtracting $1000
from the final amount. This way my car's title will never show
it was totaled.
This topic has been discussed before. They are many
legal types on the net who can advise. Remember that most
classic insurance is 'Stated Value' and you have to justify the
value. They will not insure a Tiger for $100K just because
you state it. Also Stated Value just says they will pay up to
the stated amount and not more in the event of a total loss.
Also beware that most classic insurance have limits on
how many miles you drive and where you drive it.
With ACV insurance you just have on record, from qualified
experts, the value of your car. Most insurance companies
don't pick up on this additional exposure until you make the
claim. Then its too late for them. USAA insured my Tiger for
24 years. I had photos and appraisals in their files. When
the claim came due, their only comment was "obviously we
have not been charging you enough for insuring this car".
After they car is fixed, they agreed to insure it again after
it is reappraised. Want to bet the rate goes up?
Unfortunately you can't get too sneakly as the Tiger is on
the list of 'High Performance - do not insure'. When USAA
first insured my Tiger I listed as a Sunbeam Tiger. They
policy came back - Sunbeam Tiger - 4 cyl. I wrote back
and said the car had a factory V8 not a 4. They sent a
corrected policy, but never raised the rates. Their computer
system never recalculates the rate for simply changes.
Lucky me.
Dave Johnson B382002668(under repair) Aurora, IL
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