IML: Declared Value insurance - was Rarity of Imperials

[Kenyon Wills <imperialist1960@xxxxxxxxx>]

--- "E.Wood" <erwood@xxxxxxxxxxx> wrote:
I also don't understand how the insurance
> company can say my car 
> is only worth a maximum of $20K since I can find no
> record of a public 
> sale of one of these except for mine. 

The insurance company can say whatever they want,
since they are writing the contract.  

What you want is an insurance company that writes a
contract that you WANT, so send it back to the kitchen
and refuse to accept anything other than good value
for your money.  

This will likely mean changing carriers from a
wal-mart sort of thing to a boutique place.  - Hagerty
and many others that cater to old car owners should
know better than to hand you such a line of baloney,
but you'll have to see.  

They go by several names, but what you want is a
"declared value" policy whereby YOU assign a value to
the car, the ins. co. agrees (or doesn't) to insure
the car for that amount, and any claims made are made
under THAT policy's limits.

It's all about mitigation of risk, and the $20k folks
just don't have provisions for (or don't want) risks
exceeding $20k per insured vehicle. 

The ins industry is dealing with the entire automotive
spectrum and they play C.Y.A. to avoid rating you for
a sub $20,000 car on paper that winds up with an
unexpected claimed higher value at time of claim.  

Your car to them is most likely lumped in with
ANYTHING more than 10 or 15 years old or some general
category like that, which means that they do not
differentiate between your car or a clapped out 200k
mile 1983 Cadillac with gold rims and a bad muffler.  

Think of it from their perspective if you were to
insure someone else's "old car" and the ensuing repair
without setting limits.  It's a special area with
especially cranky customers (us).

Kenyon Wills
 
 






















       
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