Curt Bowland wrote:
>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.
>
><<<-------- snip ---------->>>e
>
>
>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.
>
>
<----- snip ------>
>I am sure this will draw a few comments from the list.
>
>Regards,
>
>Curt Bowland
>Chicago B382002063
>
>
Curt,
Pleased to provide my knowledge on the comments made. I wonder if you
have actually examined a "stated value policy" terms and conditions?
Where you aware that it is not YOUR statement of the car's value that
forms the basis of the policy, but that of a recognized appraiser?
Did you know that appraisal must be repeated often to remain current,
acceptable and applicable. Markets, and individual car conditions change.
Did you know that most companies that issue these types of policies
severely limit your usage, and their exposure. Aside from requiring
safe storage, there are specific annual mileage limits, limitations on
purpose of driving - such as to or from a car show, and no race, rally,
or Auto-X activities are covered. Severely limited annual total mileage
is a condition.
Truly knowledgeable insurance agents recommend "ACV" (Actual Cash
Value), with frequently documented condition and authoritative
appraisals for evidence of proof of loss , as less restrictive -
although damage from competition is not covered in either case.
The normal practice of an insurance adjuster to to find the last ten
cars sold with a description "near" yours, and offer you that. Unless
you have a rusted shell (as so many offerings do) that will be their
settlement offer. Unless you have documented evidence (in either ACV of
Stated Value), from mutually acceptable appraisal authorities, this is
what you will get in either policy. The burden of proof of the charred
hulk, or mangled sheet metal, or stolen vehicle value rests with the
insured's quality of recent documentation.
WARNING: Although I have consulted with experts in this field, do NOT
take my description of the insurance companies practices. Get your own
vehicle insurance appraiser's advice, and your insurance companies
policies, on this matter and verify the accuracy of these statements and
the completeness of what you must supply for proof of loss.
BTDT
--
-----
Steve Laifman
Editor
http://www.TigersUnited.com
|