Listers
Read with interest some of the more recent comments about NOT driving cars
like Cobras due to the high insurance costs. Let me share a true story.
During the mid to late 80's when the collector car craze was gathering
momentum I witnessed a Cobra created from just a VIN or chassis plate. This is
what is termed as a "air car". Now a "air car" may have been a original car
that was completely destroyed, possibly for insurance purposes, or damaged so
extremely that realistic repair at that time was not economical to the
insurer.
I saw a frame replicated and a complete aluminum body manufactured and I can
just about guarantee that the price for all this was less than the market
value for a original Cobra in the 1980's
The point being that almost ANYTHING can be copied/created when it comes to
automobiles. While it may not be practical for the average person to expend
these types of $$$ it CAN be done. From Bugatti engine blocks to Ardun heads
for Ford flathead engines if there is demand it may well appear.
A more prudent approach to insurance would be a "stated value" policy that
would protect an owner for what the damage to the car would cost on a worst
case scenario. A Cobra could in all probability be replaced at far less that
the dollar value they are going for at auction today! If an owner has a valid
title and the VIN tag IMOH I believe they would have the option to replace as
much of the vehicle as necessary but only at the cost of the "replacement"
work not the theoretical value of the total vehicle.
If I purchased a Cobra for $150,000 there simply would be no way I would
insure it for more than half that amount.
When it comes to automobiles in this day and age, it is increasingly difficult
to know how much "history" is created vs. what was original . There is a term
for this too, "over restored" or better than it ever left the factory. There
has been some "chatter" on the auction circuit that the most desirable cars
are those that are original but show a "patina of use" and have well
documented care and maintenance and ownership.
This is why people are doing cars like "clones" and the newer term "resto
rods". Cars that simply look old but have the very latest in technology in
running gear and power. As a result they are far easier to represent from a
legal stand point as opposed to some of the frauds that have been done in the
past.
I am sure this will draw a few comments from the list.
Regards,
Curt Bowland
Chicago B382002063
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