[DeTomaso] Insurance valuation
Pantdino
pantdino at aol.com
Tue Oct 6 19:41:40 EDT 2015
Does anyone have convincing, multiple comparison sales for stock, US-delivered, unrestored, say 40,000 mile Panteras selling for $90K?
I just did a market search and didn't find any.
I have been impressed that insurance companies are willing to insure cars for SIGNIFICANTLY more than you could actually buy a car for.
The people who run insurance companies are not stupid or in it to lose money.
Jim Oddie
-----Original Message-----
From: B Hower via DeTomaso <detomaso at poca.com>
To: Arjun Ghosh-Dastidar <arjun.ghoshdastidar at gmail.com>; Julian Kift <julian_kift at hotmail.com>; detomaso <detomaso at poca.com>
Sent: Tue, Oct 6, 2015 3:05 pm
Subject: Re: [DeTomaso] Insurance valuation
I have been on the under insured side and had a real fight on my hands
with
insurance company..........You don't want to be there.....Make
sure you know
at what percent of insured value the insurance company
will call it
totaled. Also check out your state rules on same.
Bud #3400 ( Drive it
like there is no tomorrow -- for there may not be
! )
__________________________________________________________________
From:
Arjun Ghosh-Dastidar <arjun.ghoshdastidar at gmail.com>
To: Julian Kift
<julian_kift at hotmail.com>; "detomaso at poca.com"
<detomaso at poca.com>
Sent:
Tuesday, October 6, 2015 4:22 PM
Subject: Re: [DeTomaso] Insurance
valuation
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][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][2]arjun.ghoshdastidar at gmail.com; [3][3]detomaso at poca.com
Subject: Re:
[DeTomaso] Insurance valuation
From: [4][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][5]arjun.ghoshdastidar at gmail.com>
To: detomaso
<[6][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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-------------- next part --------------
Does anyone have convincing, multiple comparison sales for stock,
US-delivered, unrestored, say 40,000 mile Panteras selling for $90K?
I just did a market search and didn't find any.
I have been impressed that insurance companies are willing to insure
cars for SIGNIFICANTLY more than you could actually buy a car for.
The people who run insurance companies are not stupid or in it to lose
money.
Jim Oddie
-----Original Message-----
From: B Hower via DeTomaso <detomaso at poca.com>
To: Arjun Ghosh-Dastidar <arjun.ghoshdastidar at gmail.com>; Julian Kift
<julian_kift at hotmail.com>; detomaso <detomaso at poca.com>
Sent: Tue, Oct 6, 2015 3:05 pm
Subject: Re: [DeTomaso] Insurance valuation
I have been on the under insured side and had a real fight on my hands
with
insurance company..........You don't want to be there.....Make
sure you know
at what percent of insured value the insurance company
will call it
totaled. Also check out your state rules on same.
Bud #3400 ( Drive it
like there is no tomorrow -- for there may not be
! )
__________________________________________________________________
From:
Arjun Ghosh-Dastidar <[1]arjun.ghoshdastidar at gmail.com>
To: Julian Kift
<[2]julian_kift at hotmail.com>; "[3]detomaso at poca.com"
<[4]detomaso at poca.com>
Sent:
Tuesday, October 6, 2015 4:22 PM
Subject: Re: [DeTomaso] Insurance
valuation
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][1][5]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][2][6]arjun.ghoshdastidar at gmail.com; [3][3][7]detomaso at poca.com
Subject: Re:
[DeTomaso] Insurance valuation
From: [4][4][8]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][5][9]arjun.ghoshdastidar at gmail.com>
To: detomaso
<[6][6][10]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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