[DeTomaso] (no subject)

michael@michaelshortt.com michaelsavga at gmail.com
Sat Aug 4 19:58:04 EDT 2012


Right you are, you agree on the amount that you want coverage for and your
premium is based on that value amount moreso than your car ( although I'm
sure the actual car specs do play some part in the equation, I'm sure a 440
Superbird valued at 100k costs slightly more than an Austin Healy 3000
valued at 100k).
When my M/C was damaged in 2009, I received list price for the 2002 bike as
a total loss ( Thank you Barrett - Jackson ), then I bought it back for 10%.

Michael Shortt

Recommend ASpengler at tdccompanies.com very, very highly. Collector Cars
Motorcycles, Street Cars, Home,  Business, Inland Marine and General
Umbrella.
On Aug 4, 2012 6:58 PM, "Garth Rodericks" <garth_rodericks at yahoo.com> wrote:

> CORRECTION:  You need "AGREED VALUE" coverage, not stated value. Hagerty,
> BJ, Heacock, Collectors, etc. are all "agreed value" policies; even though
> you 'state' the value when you sign up for coverage, the company is
> "agreeing" with you on the value.
>
> Regular insurers such as Geico, AAA, State Farm, Farmers, Prudential, etc.
> provide "stated value" insurance on your regular daily driver vehicles. In
> this case you state the value of your vehicle and pay premiums based on
> that stated value, but the insurance company does not 'agree' that your
> vehicle is worth the state value. Therefore, in the event of an accident in
> which your insurance is responsible for repairing or totalling your car
> (and making you whole), the stated value is the absolute maximum financial
> liability the insurance company would face to repair your car (assuming
> their determination of value matches your stated value), however this is
> when the insurance company makes their determination of value, based on
> age, condition, and depreciation tables.  A number of Pantera owners have
> discovered this the hard way when they ended up in protracted legal battles
> with their insurance company to get their car properly fixed. Granted,
> these insurers may offer special riders for collector cars which make it an
> agreed value policy, but your standard run of the mill daily driver
> insurance is not agreed value.
>
> Everyone needs to know what you have so there are no surprises.
>
> Cheers!
> Garth
>
> --- Original Message ---
>
> I never said make a claim, I said let them know, because it may come down
> to them fighting for you.
>
> They frown on finding out months later after you have exhausted all normal
> recourse and the matter has gone nuclear.
>
> Michael
>
>



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