[DeTomaso] Insurance valuation

Mike Drew MikeLDrew at aol.com
Tue Oct 6 18:04:40 EDT 2015


Not to mention the fact that if you under insure your car, a very repairable car is considered totaled. Several club members suffered the loss of their cars for relatively manageable incidents because of their failure to adequately insure. 

Mike

Sent from my iPhone

On Oct 6, 2015, at 14:22, Arjun Ghosh-Dastidar <arjun.ghoshdastidar at gmail.com> wrote:

>   To further expand on what Julian is saying, the replacement value
>   determines at what point the insurance carrier will write off the car -
>   once the repair estimate exceeds that threshold, they would rather pay
>   you off at the replacement value instead of repairing your car. A
>   In a market where Pantera prices are going up every 3 - 6 months, if
>   the insurance carriers don't increase their replacement value, they
>   could very well write off your car and you'd be SOL in terms of getting
>   in to a new car without being out a huge chunk of money.
> 
>   On Tue, Oct 6, 2015 at 5:20 PM, Julian Kift
>   <[1]julian_kift at hotmail.com> wrote:
> 
>   I don't understand that logic, you appear to be advocating
>   under-insuring your car and taking on higher personal risk?
>   Bear in mind that a total loss is based upon the cost to fix as a
>   percentage of insured value, so by under insuring you are also
>   increasing the chances your car will be a total loss if anything
>   happens. The payout might cover your investment if you bought early and
>   cheap, but is not likely to get you back into an equivalent Pantera, to
>   save what? Maybe a couple hundred bucks a year or a couple thousand
>   spread over a 10 year ownership where (and I am assuming you drive the
>   car) the probability of some kind of incident increases.
>   Julian
>   Date: Tue, 6 Oct 2015 17:03:33 -0400
>   To: [2]arjun.ghoshdastidar at gmail.com; [3]detomaso at poca.com
>   Subject: Re: [DeTomaso] Insurance valuation
>   From: [4]detomaso at poca.com
> 
> But do keep in mind that above a certain amount ($60K?) you are really only insu
> ring against a total loss or unrecovered theft.  What the odds of that happening
> ?
> 
> So you are paying in this case 50% more for your insurance with a microscopicall
> y small chance of it benefiting you
> 
>   Jim
>   -----Original Message-----
>   From: Arjun Ghosh-Dastidar <[5]arjun.ghoshdastidar at gmail.com>
>   To: detomaso <[6]detomaso at poca.com>
>   Sent: Mon, Oct 5, 2015 6:10 pm
>   Subject: [DeTomaso] Insurance valuation
>   Got my insurance renewal letter in the mail today and the carrier is
>   pegging
>   replacement value of valuing an unrestored car at $90K for
>   2016. Spoke with
>   my agent to confirm this.
>   If your car is insured at an agreed value below
>   this amount, time to
>   call your agent and up the amount.
>   For the rest of
>   you peeps, further proof that the value of our cars is
>   on the rise and even
>   the stingiest appraisers are giving $90K for
>   replacement value.
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> References
> 
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>   2. mailto:arjun.ghoshdastidar at gmail.com
>   3. mailto:detomaso at poca.com
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