Hi, Chuckster-
Naw, you are OK with your "normally"
valued Spridget, Chuck.
It gets difficult when the car is restored and is old and you wish to
use the car as
a daily driver as in restored Bugeyes, as
in agreed value for "collision" purposes, etc.
American insurance companies don't do
this as cost of repair can be prohibitive for
them. Sure they can charge much higher
premiums but they'd basically have to set
up a separate department to keep current
on the costs of repair to each type of vehicle on an ongoing basis, and
it's just
not worth the hassle or cost to them since
the market is relatively speaking, pretty
small. And, if they did set up such a department for such a relatively
small market, you can just imagine what the cost of the premium would be
to cover
their costs of the "operation". Whoa, whoa!
It's offered in the UK and some other European countries as the size of
the
market evidently makes this worthwhile.
"Over here", they simply offer "antique"
and/or "collector" car insurance on cars
used pretty much strictly as "sunny weekend show cars" with "security",
use
and mileage restrictions. In no case may
the car be used as a daily driver or anything even approaching such use.
Sure, you can work around the system and "cheat" but this is definitely
not
recommended by another lister who happens to be in the business and
states
the insurance companies "have
seen it all" in this respect and I, for one,
believe him (J. Fishbein, fellow lister).
Jay can fill you in on this with far more
detailed accuracy than I, Chuck. My
explanation is strictly "general" in
"layman" terms but covers the jist of
the situation very generally speaking.
Remember, "I are just a pilot" and this
is my only area of real expertise!
Liability, comprehensive, fire/theft, etc.
are not a problem under "normal"
insurance policies, just the collision and
total loss/damage stuff.
So, stay as you are, turn the key and
drive merrily away in your $2-3K RWA
Midget, secure in the fact you and your
LBC are in "good hands" (until the hands
close rapidly!).
Cap'n. Bob
'61 :{)
|