[Shotimes] Stated Value Insurance

[Ron Porter]

I went through a hard evaluation of his a few years ago (after the pole
sideswipe was going to total the car), and it's why I sold the '89 a couple
of years later rather than sink more $$$ into it. Looking a it from a hard
$$$ and cents perspective, I would hazard a guess that this type of
insurance is not worth it for 99%+ of you that use your SHOs for daily
driving, or other regular use.

If I owned a certain one-owner absolutely stock '89 with ~10K miles on it
that I know about, I would most certainly get an Agreed Value policy, but I
also would not drive it more than maybe 500 miles/year....if that much. It
would be an under-cover "garage queen" (as it has been for the last 13 years
or so!).

For the rest of the high-mileage, well-maintained and probably non-stock
cars out there, I wouldn't let an emotional attachment get in the way of a
realistic assessment of what your car is worth. Exceptions would be folks
like Ransom, and maybe John, that have $15-20K or more wrapped up in their
vehicles. For everyone else, yes a "totaled" accident may cost you some
out-of-pocket, but OTOH, higher premiums for a few years, plus probably
driving restrictions with the policy, will also cost you. Unless you set the
value quite high (with the associated high premiums), or can do your own
bodywork, the car will most likely be totaled and not worth repairing in a
wreck, anyway.

SHO collectors are becoming like the Corvair collectors I met back in the
early '70s......you need at least two parts cars for every one car that you
have on the road!!

Ron Porter

-----Original Message-----
From: Marlene Doyle [mailto:snowwind1990@yahoo.com]
Sent: Saturday, April 12, 2003 1:21 PM
To: TechSHO@topica.com
Subject: Re: Stated Value Insurance


Remembering a hail storm of 1998, if I had had comp.
on Snowwind, he would have been totalled for the 165
dings he received,,,the cost of repair was
1100.00....I had removed the comp. coverage exactly 11
1/2 hours earlier the day before at 2:30pm CST.  Whew!
that was too close...
I think the stated value may be a viable choice for
the older SHOs....again what about the mileage
requirement though, that would seem highly important
for this type of coverage.
Marlene
--- George Fourchy <krazgeo@jps.net> wrote:
> On Sat, 12 Apr 2003 07:56:45 -0500, Gil Shoemaker
> wrote:
>
> >George, please keep us informed on how all this
> turns out, I've got USAA too
> >and would like to know how they handle it.  The one
> thing I don't want them
> >to ever total the SHO.
>
> I'll do it.  I write Gen 1 articles for the SHOTimes
> magazine, and I've decided to
> make this a topic for a future edition.  Lots of us
> are going to want to do
> something like this for our cars.....at least those
> of us whose cars like us.
>
> ;-)
>
> George
>
>
>


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