[DeTomaso] ZONKEY's Appraisal

Peter Kovacs peter-kovacs at sbcglobal.net
Sat Jun 14 10:54:39 EDT 2008


Almost like I wrote that from experience. Well put Garth.
 
Peter Kovacs
Property Equity & Mortgage Mgmt
209 345-6708 
209 523-4919 fx



----- Original Message ----
From: Garth Rodericks <garth_rodericks at yahoo.com>
To: detomaso at realbig.com; rlbpantera at earthlink.net
Sent: Friday, June 13, 2008 11:33:15 PM
Subject: [DeTomaso] ZONKEY's Appraisal

Richard,

So sorry to hear about your accident, but thankful you were not hurt. Zonkey will be rebuilt!

As far as appraisals and insurance values go, several club members have recommended over-insuring your Pantera if you have an 'agreed value' policy, such as you get from companies like Hagerty. If you have a more major accident, the insurance company prefers to write off a vehicle as a 'total' loss when the cost of repairs approaches the insured value. Yet in most cases, if your car were fixed correctly, it would be a better car (and arguably worth more) than you could possibly buy for the insured appraised value. And just looking at a +$10,000 repair estimate with how little damage your car sustained, it's easy to see that a slightly more serious accident could easily approach $50,000-$60,000 to fix. And if your car was insured for $66,000 (the appraised value) in such a situation, your insurance company would want to 'total' it. But you would be hard pressed to find a car as nice and thoroughly restored as yours for $66,000. And even if you could,
which would you rather have for that $66,000? Your car fixed properly?  Or some other car that looks nice and has been 'restored', but not by you or to your standards, and without all the personal mods/updates you've made to your car (such as the dual insulated back glass, POR15 treatment, sealed stethoscope tubes and quieter interior, etc)?  I thought so...

So be sure that you sufficiently increase the coverage (value) of your "agreed value" policy to (1)adequately cover the proper repair of a more serious accident without giving the insurance company cause/desire to total it, or (2)adequately cover the cost of buying a car in like condition AND THEN making the necessary mods, updates, and improvements to get it to the level your car was at prior to the accident.

Again, I'm sorry for your misfortune, but I'm glad no one was hurt and that Zonkey will be as good as new soon.

Cheers!
Garth
http://www.banzairunnerpantera.com




      
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