[DeTomaso] Insurance Coverage Limits
John Taphorn
jtaphorn at kingwoodcable.com
Wed Apr 29 18:47:35 EDT 2015
I am a little surprised about the opinion that seems to be frequently
vocalized about insuring your one's car to the market value. Insurance
companies are happy to fully insure responsible drivers. Of course that
is how they make money.
I believe that I could have purchased a second Pantera with the premiums
that I have paid over my 35 years of ownership. My point is that if you
you have other assets, it is prudent to self insure part of the car.
The risk to you is only on damages exceeding the valuation. Only insure
risks that you can't afford.
I get it if the car represents all your savings and you couldn't afford
to replace in the unlikely event it was totaled. Otherwise, not so much.
As a financial planner, I cringe every time I hear someone espouse it is
financially wise to call their insurance agent because their car has
gone up in value. If you got wealth, probably not the prudent path.
JT
On 4/29/2015 9:49 AM, Charles McCall wrote:
> Don't know, but my classic car insurance company in Spain made a
> similar request. I sent them ads to justify increasing the value on my
> policy. After a few, erm, debates they sent an appraiser to look at my
> car and I'm waiting for his report. In my case, I have more interest in
> being properly insured than they do, so I did some of the legwork to
> make sure it was right.
> A
> I'd be really happy if I could have a policy that says "if my car blows
> up, I just want another one in the same condition, not more, not less".
> I don't want to make money or lose money, just make sure that my
> investment is covered.
>
> On Wed, Apr 29, 2015 at 4:41 PM, Julian Kift
> <[1]julian_kift at hotmail.com> wrote:
>
> A A Send them a link to the Hagerty valuation page, that is made up
> of a
> A A cross section of sales, or a copy of the relevant page from
> latest
> A A Glass's Classic car value guide.
> A A The question is why do you have to do the legwork and become
> their risk
> A A underwriter? They should be aware of the current market values,
> A A unless you are trying to convince them you have a 1:10 or so
> that is
> A A worth signiificantly more?
> A A Julian
> A A From: [2]michaelsavga at gmail.com
> A A Date: Wed, 29 Apr 2015 10:23:11 -0400
> A A To: [3]detomaso at poca.com
> A A Subject: [DeTomaso] Insurance Coverage Limits
> Greetings all,
> In light of the rapidly rising values of our cars, we need to
> establish a
> database of recent sales for comps to supply to carriers.
> My agency Barrett-Jackson ( AIG underwrites it ) is asking.
> If any or all of you can send links to recent sales at any location,
> private sale, auction, dealer.
> Please help,
> I'll share all the info.
> Michael Shortt
> --
> Michael L. Shortt
> Savannah, Georgia
> [4]www.michaelshortt.com
> [5]michael at michaelshortt.com
> [6]912-232-9390
> This email is protected by the Electronic Communications Privacy
> Act, 18 U.S.C. Sec. 2510-2521, is confidential and may be legally
> privileged.A If you are not the intended recipient, you are hereby
> notified
> that any retention, dissemination, distribution or copying of this
> communication is strictly prohibited.A Please reply to the sender
> that you
> have received this message in error, then delete it.A Thank you
>
> A A _______________________________________________ Detomaso Forum
> Managed
> A A by POCA Posted emails must not exceed 1.5 Megabytes DeTomaso
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> References
>
> 1. mailto:julian_kift at hotmail.com
> 2. mailto:michaelsavga at gmail.com
> 3. mailto:detomaso at poca.com
> 4. http://www.michaelshortt.com/
> 5. mailto:michael at michaelshortt.com
> 6. tel:912-232-9390
> 7. mailto:DeTomaso at poca.com
> 8. http://poca.com/mailman/listinfo/detomaso_poca.com
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-------------- next part --------------
I am a little surprised about the opinion that seems to be frequently
vocalized about insuring your one's car to the market value. Insurance
companies are happy to fully insure responsible drivers. Of course
that is how they make money.
I believe that I could have purchased a second Pantera with the
premiums that I have paid over my 35 years of ownership. My point is
that if you you have other assets, it is prudent to self insure part of
the car. The risk to you is only on damages exceeding the valuation.
Only insure risks that you can't afford.
I get it if the car represents all your savings and you couldn't afford
to replace in the unlikely event it was totaled. Otherwise, not so
much.
As a financial planner, I cringe every time I hear someone espouse it
is financially wise to call their insurance agent because their car has
gone up in value. If you got wealth, probably not the prudent path.
JT
On 4/29/2015 9:49 AM, Charles McCall wrote:
Don't know, but my classic car insurance company in Spain made a
similar request. I sent them ads to justify increasing the value on my
policy. After a few, erm, debates they sent an appraiser to look at my
car and I'm waiting for his report. In my case, I have more interest in
being properly insured than they do, so I did some of the legwork to
make sure it was right.
A
I'd be really happy if I could have a policy that says "if my car blows
up, I just want another one in the same condition, not more, not less".
I don't want to make money or lose money, just make sure that my
investment is covered.
On Wed, Apr 29, 2015 at 4:41 PM, Julian Kift
[1]<[1]julian_kift at hotmail.com> wrote:
A A Send them a link to the Hagerty valuation page, that is made up
of a
A A cross section of sales, or a copy of the relevant page from
latest
A A Glass's Classic car value guide.
A A The question is why do you have to do the legwork and become
their risk
A A underwriter? They should be aware of the current market values,
A A unless you are trying to convince them you have a 1:10 or so
that is
A A worth signiificantly more?
A A Julian
A A From: [[2]2]michaelsavga at gmail.com
A A Date: Wed, 29 Apr 2015 10:23:11 -0400
A A To: [[3]3]detomaso at poca.com
A A Subject: [DeTomaso] Insurance Coverage Limits
Greetings all,
In light of the rapidly rising values of our cars, we need to
establish a
database of recent sales for comps to supply to carriers.
My agency Barrett-Jackson ( AIG underwrites it ) is asking.
If any or all of you can send links to recent sales at any location,
private sale, auction, dealer.
Please help,
I'll share all the info.
Michael Shortt
--
Michael L. Shortt
Savannah, Georgia
[4]www.michaelshortt.com
[[4]5]michael at michaelshortt.com
[6]912-232-9390
This email is protected by the Electronic Communications Privacy
Act, 18 U.S.C. Sec. 2510-2521, is confidential and may be legally
privileged.A If you are not the intended recipient, you are hereby
notified
that any retention, dissemination, distribution or copying of this
communication is strictly prohibited.A Please reply to the sender
that you
have received this message in error, then delete it.A Thank you
A A _______________________________________________ Detomaso Forum
Managed
A A by POCA Posted emails must not exceed 1.5 Megabytes DeTomaso
mailing
A A list [[5]7]DeTomaso at poca.com
A A [8][6]http://poca.com/mailman/listinfo/detomaso_poca.com To manage
your
A A subscription (change email address, unsubscribe, etc.) use the
links
A A above.
_______________________________________________
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References
1. [9]mailto:julian_kift at hotmail.com
2. [10]mailto:michaelsavga at gmail.com
3. [11]mailto:detomaso at poca.com
4. [12]http://www.michaelshortt.com/
5. [13]mailto:michael at michaelshortt.com
6. tel:912-232-9390
7. [14]mailto:DeTomaso at poca.com
8. [15]http://poca.com/mailman/listinfo/detomaso_poca.com
9. [16]mailto:DeTomaso at poca.com
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References
1. mailto:[1]julian_kift at hotmail.com
2. mailto:2]michaelsavga at gmail.com
3. mailto:3]detomaso at poca.com
4. mailto:5]michael at michaelshortt.com
5. mailto:7]DeTomaso at poca.com
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7. mailto:9]DeTomaso at poca.com
8. http://poca.com/mailman/listinfo/detomaso_poca.com
9. mailto:julian_kift at hotmail.com
10. mailto:michaelsavga at gmail.com
11. mailto:detomaso at poca.com
12. http://www.michaelshortt.com/
13. mailto:michael at michaelshortt.com
14. mailto:DeTomaso at poca.com
15. http://poca.com/mailman/listinfo/detomaso_poca.com
16. mailto:DeTomaso at poca.com
17. http://poca.com/mailman/listinfo/detomaso_poca.com
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