[DeTomaso] Insurance valuation
Jeff Cobb
jeffcobb1 at me.com
Wed Oct 7 23:48:20 EDT 2015
I dealt with five insurance companies five months ago for my cars.
I took Mike Drew’s advice and checked out the sixth one, Heacock. The were the best with Grundy close behind them and with two of the companies at least 300% above the identical values of Heacock. Hagerty was the highest. I sent all six insurance companies the same info, pictures and 3,500 miles year use on the four cars and was able to compare apples to apples.
I live in Louisiana where their are few good drivers so are rates are higher. I would suggest you all try Heacock as my given to them value of a $335,000 deTomaso plus for the other three cars which value to $810,000. is only $1,900. a year. Fantastic and they treated me well. Though the Mangusta by itself was $1,500. yr. Once you go over $500,000 the rate drop dramatically.
Some people foolishly decide to undervalue a $100,000 car to $80,000 + - so the can save $200. a year premium are only hurting themselves and their family when the will is read.
Hope this helps and thank you Mike.
Jeff Cobb
On Oct 6, 2015, at 5:04 PM, Mike Drew via DeTomaso <detomaso at poca.com> wrote:
> 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
>>
>> 1. mailto:julian_kift at hotmail.com
>> 2. mailto:arjun.ghoshdastidar at gmail.com
>> 3. mailto:detomaso at poca.com
>> 4. mailto:detomaso at poca.com
>> 5. mailto:arjun.ghoshdastidar at gmail.com
>> 6. mailto:detomaso at poca.com
>> 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 --------------
I dealt with five insurance companies five months ago for my cars.
I took Mike Drews advice and checked out the sixth one, Heacock. The
were the best with Grundy close behind them and with two of the
companies at least 300% above the identical values of Heacock. Hagerty
was the highest. I sent all six insurance companies the same info,
pictures and 3,500 miles year use on the four cars and was able to
compare apples to apples.
I live in Louisiana where their are few good drivers so are rates
are higher. I would suggest you all try Heacock as my given to them
value of a $335,000 deTomaso plus for the other three cars which value
to $810,000. is only $1,900. a year. Fantastic and they treated me
well. Though the Mangusta by itself was $1,500. yr. Once you go over
$500,000 the rate drop dramatically.
Some people foolishly decide to undervalue a $100,000 car to $80,000 +
- so the can save $200. a year premium are only hurting themselves and
their family when the will is read.
Hope this helps and thank you Mike.
Jeff Cobb
On Oct 6, 2015, at 5:04 PM, Mike Drew via DeTomaso
<[1]detomaso at poca.com> wrote:
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
<[2]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][3]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][4]arjun.ghoshdastidar at gmail.com; [3][5]detomaso at poca.com
Subject: Re: [DeTomaso] Insurance valuation
From: [4][6]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][7]arjun.ghoshdastidar at gmail.com>
To: detomaso <[6][8]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.
_______________________________________________
Detomaso Forum Managed by
POCA
Posted emails must not exceed 1.5 Megabytes
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manage your subscription (change email address, unsubscribe, etc.)
use
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References
1. [13]mailto:julian_kift at hotmail.com
2. [14]mailto:arjun.ghoshdastidar at gmail.com
3. [15]mailto:detomaso at poca.com
4. [16]mailto:detomaso at poca.com
5. [17]mailto:arjun.ghoshdastidar at gmail.com
6. [18]mailto:detomaso at poca.com
7. [19]mailto:DeTomaso at poca.com
8. [20]http://poca.com/mailman/listinfo/detomaso_poca.com
9. [21]mailto:DeTomaso at poca.com
10. [22]http://poca.com/mailman/listinfo/detomaso_poca.com
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References
1. mailto:detomaso at poca.com
2. mailto:arjun.ghoshdastidar at gmail.com
3. mailto:julian_kift at hotmail.com
4. mailto:arjun.ghoshdastidar at gmail.com
5. mailto:detomaso at poca.com
6. mailto:detomaso at poca.com
7. mailto:arjun.ghoshdastidar at gmail.com
8. mailto:detomaso at poca.com
9. mailto:DeTomaso at poca.com
10. http://poca.com/mailman/listinfo/detomaso_poca.com
11. mailto:DeTomaso at poca.com
12. http://poca.com/mailman/listinfo/detomaso_poca.com
13. mailto:julian_kift at hotmail.com
14. mailto:arjun.ghoshdastidar at gmail.com
15. mailto:detomaso at poca.com
16. mailto:detomaso at poca.com
17. mailto:arjun.ghoshdastidar at gmail.com
18. mailto:detomaso at poca.com
19. mailto:DeTomaso at poca.com
20. http://poca.com/mailman/listinfo/detomaso_poca.com
21. mailto:DeTomaso at poca.com
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