[DeTomaso] Insurance Coverage Limits
James coyne
tecnosound at hotmail.com
Thu Apr 30 12:06:14 EDT 2015
There is a way to have your coverage increased without getting hit with an increase in premiums . If your insurance company's parent underwriter is American Modern Home Ins , (many collector insurance company's are , you have to research ) then your coverage automatically increases 6% per year. For example , if you suffered a loss mid year , your coverage limit would be your agreed value ,PLUS 3% . If ,at the end of the year you havent suffered any losses , you have the option keeping a new increased coverage amount . (old limit plus 6% ) You can do this every year , but you have to notify them and exercise the option , otherwise your limit reverts back to the value at the start of the year .
Date: Wed, 29 Apr 2015 17:47:35 -0500
From: jtaphorn at kingwoodcable.com
To: charlesmccall at gmail.com; julian_kift at hotmail.com
CC: detomaso at poca.com
Subject: Re: [DeTomaso] Insurance Coverage Limits
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
> mailing
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> A A subscription (change email address, unsubscribe, etc.) use the
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> etc.) use the links above.
>
> 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
> 9. mailto:DeTomaso at poca.com
> 10. http://poca.com/mailman/listinfo/detomaso_poca.com
>
>
>
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-------------- next part --------------
There is a way to have your coverage increased without getting hit with
an increase in premiums . If your insurance company's parent
underwriter is American Modern Home Ins , (many collector insurance
company's are , you have to research ) then your coverage automatically
increases 6% per year. For example , if you suffered a loss mid year ,
your coverage limit would be your agreed value ,PLUS 3% . If ,at the
end of the year you havent suffered any losses , you have the option
keeping a new increased coverage amount . (old limit plus 6% ) You can
do this every year , but you have to notify them and exercise the
option , otherwise your limit reverts back to the value at the start of
the year .
Date: Wed, 29 Apr 2015 17:47:35 -0500
From: jtaphorn at kingwoodcable.com
To: charlesmccall at gmail.com; julian_kift at hotmail.com
CC: detomaso at poca.com
Subject: Re: [DeTomaso] Insurance Coverage Limits
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
> mailing
> A A list [7]DeTomaso at poca.com
> A A [8][1]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.
>
> _______________________________________________
> Detomaso Forum Managed by POCA
> Posted emails must not exceed 1.5 Megabytes
> DeTomaso mailing list
> [9]DeTomaso at poca.com
> [10][2]http://poca.com/mailman/listinfo/detomaso_poca.com
> To manage your subscription (change email address, unsubscribe,
> etc.) use the links above.
>
> References
>
> 1. mailto:julian_kift at hotmail.com
> 2. mailto:michaelsavga at gmail.com
> 3. mailto:detomaso at poca.com
> 4. [3]http://www.michaelshortt.com/
> 5. mailto:michael at michaelshortt.com
> 6. tel:912-232-9390
> 7. mailto:DeTomaso at poca.com
> 8. [4]http://poca.com/mailman/listinfo/detomaso_poca.com
> 9. mailto:DeTomaso at poca.com
> 10. [5]http://poca.com/mailman/listinfo/detomaso_poca.com
>
>
>
> _______________________________________________
>
> Detomaso Forum Managed by POCA
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