I have held both Stated Value and ACV policys on my classic cars and had
to use it on three occasions. I had two accidents involving a Pantera
which was insured for a stated value of $20,000. One accident was paid
for by a third party insurance company (someone hit me) with no
complaint, even though the bill was $15,000 for a 10 mile-per-hour
accident (!). The other accident was paid for by my insurance company
(AAA) because it was my fault. They paid off a $16,000 without even a
flinch (at least THAT colision was more worthy of a bill that size).
Panteras were in the blue book at the time in 1993 from $15K - $30K.
I had a '63 Thunderbird convertible insured on a ACV policy, was invloved
in a hit and run head-on colision in '91. My insurance company had to
pay. The cost to repair the car was about $6500 for a car I had paid
$6000 for (it wasn't in great condition). Again, they paid the bill
without even a question.
All AAA does is take photographs of your vehicle when you first get it
insured. For a classic in need of restoration, you are told to keep
receipts for major work and bring the car back for new pictures whenever
you feel the value of the car has increased (they judge this essentially
on cosmetics).
Point being, not EVERYONE is out to screw people (maybe it helps that AAA
is a non-profit company, I don't know, although I had no trouble with a
couple GEICO claims 20 years ago on a non-classic car). It doesn't mean
you shouldn't protect yourself, but, hell, I still can't get over a $169
insurance policy!!!! I think the least amount you can insure a car in Los
Angeles - for liability only - is about $700. Guess I should move back to
my hometown in Baltimore!
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