Re: Our Classic Car Insured Values
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Re: Our Classic Car Insured Values



If the policy is a "agreed values" or "stated values" and you pay for 50k of stated value on a car that is only worth 30k then yes they would pay you 50k if the car was a total loss (however if they could repair the car for less then that is what they would do) but it all depends on the wording of your policy.  Read it and see if they can repair it or if they have to pay out.  That is the only true way to know.  I know from Hagerty that when my 1979 911 Targa caught fire and burned to a crisp they paid the stated value of 16k for the car.  No questions asked.  

Eric

On Mon, Jun 20, 2016 at 1:34 PM, Stephen Harper <stephendanielharper@xxxxxxxxxxx> wrote:

Bill:


That's an interesting observation.  In setting the agreed value coverage on my car, I had been looking at it from the perspective of "how much is it likely to cost me to purchase a comparable car in comparable condition to replace my current car, should it be totalled?", not "how much would it cost to restore my car to its current condition if it is in a serious accident?"  These are potentially two very different numbers, as you point out.  If I were emotionally attached to my vehicle (i.e., I would really want to have that particular car back, not just another car like it or one of similar market value), then clearly the agreed value would need to be raised (which of course bumps up the annual premium proportionately).


What I don't know if whether insurance companies have some limit on the maximum value they'll agree to cover for a particular make, year and model car.  For example, if the market price for a 19XX Mopar Model Z in #1 condition is $20K, would they agree to cover your Model Z for $50K? 


Steve




From: 1962to1965mopars@xxxxxxxxxxxxxxxx <1962to1965mopars@xxxxxxxxxxxxxxxx> on behalf of Bill M <y1topbanana73@xxxxxxxxx>
Sent: Monday, June 20, 2016 10:19 AM
To: 62-65 Mopar List
Subject: Our Classic Car Insured Values
 
So I was watching the show Fantomworks this last weekend and something made me wonder. They has a 64 GTO that was hit in the LF fender, and the right side door & quarter with damage to the A & B pillars. The insurance company totaled out the car "sight unseen" and it was insured for $65K. The shop spent ~$62K to fix it.

So my question is...are we placing too low a value on our cars especially in the event of an accident? Hell...I just went to a local reputable shop that does restorations and just to paint my 65 Coronet 'vert and do any minor body work necessary was going to be $12K-$14K! If I were to wreck it, I'm sure it would be close to if not totaled, and I have it insured for ~$32K.

Should we all call our insurance companies and bump up our agreed values? Thoughts?

Bill M
65 Coronet 500 'vert http://goo.gl/6xUS1

1965 Dodge Coronet 500 Convertible is June 2008's Mopar of the Month



73 Dart Sport, 05 Ram 2500 CTD, 4WD, QC, LB, Laramie
12 Journey R/T, 14 Avenger R/T, 21 Model T Depot Hack

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Please address private email -- email of interest to only one person -- directly to that person. That is, email your parts/car transactions and negotiations, as well as other personal messages, only to the intended recipient. Do not just press "reply" and send your email to everyone using the general '62-'65 Clubhouse public email address. This practice will protect your privacy, reduce the total volume of mail and fine-tune the content signal to Mopar topic. Thanks!
 
1962 to 1965 Mopar Clubhouse Discussion Guidelines:
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1962 to 1965 Mopar Clubhouse Discussion Guidelines:
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