[DeTomaso] Insurance valuation

Thu Oct 8 14:45:59 EDT 2015

I have been w Heacock for about 25 yrs and have been happy with them (although never had a claim so I can't comment on that aspect).

I got an estimate from Hagerty, IIRC, about 5 yrs ago and it was 2-3 X what Heacock charges me.

I am not recommending underinsuring a car, but overinsuring is of questionable logic too.

I note that no one has posted multiple auction results of stock, unrestored Panteras selling at 90K.  I think you'll find that $65-70K is more like it.

Jim

-----Original Message-----
From: Jeff Cobb <jeffcobb1 at me.com>
To: Mike Drew <MikeLDrew at aol.com>; Arjun Ghosh-Dastidar <arjun.ghoshdastidar at gmail.com>; detomaso <detomaso at poca.com>
Sent: Wed, Oct 7, 2015 8:48 pm
Subject: Re: [DeTomaso] Insurance valuation

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.
      _______________________________________________

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      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.
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  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.
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  22.
http://poca.com/mailman/listinfo/detomaso_poca.com
  23.
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  24. mailto:DeTomaso at poca.com

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-------------- next part --------------
   I have been w Heacock for about 25 yrs and have been happy with them
   (although never had a claim so I can't comment on that aspect).

   I got an estimate from Hagerty, IIRC, about 5 yrs ago and it was 2-3 X
   what Heacock charges me.

   I am not recommending underinsuring a car, but overinsuring is of
   questionable logic too.

   I note that no one has posted multiple auction results of stock,
   unrestored Panteras selling at 90K.  I think you'll find that $65-70K
   is more like it.

   Jim

   -----Original Message-----
   From: Jeff Cobb <jeffcobb1 at me.com>
   To: Mike Drew <MikeLDrew at aol.com>; Arjun Ghosh-Dastidar
   <arjun.ghoshdastidar at gmail.com>; detomaso <detomaso at poca.com>
   Sent: Wed, Oct 7, 2015 8:48 pm
   Subject: Re: [DeTomaso] Insurance valuation
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][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][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][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][4]arjun.ghoshdastidar at gmail.com; [3][5][5]detomaso at poca.com
      Subject:
Re: [DeTomaso] Insurance valuation
      From: [4][6][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][7]arjun.ghoshdastidar at gmail.com>
      To: detomaso
<[6][8][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
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      DeTomaso mailing
      list
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     use

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     Managed
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      3.
[15][15]mailto:detomaso at poca.com
      4. [16][16]mailto:detomaso at poca.com
      5.
[17][17]mailto:arjun.ghoshdastidar at gmail.com
      6.
[18][18]mailto:detomaso at poca.com
      7. [19][19]mailto:DeTomaso at poca.com
      8.
[20][20]http://poca.com/mailman/listinfo/detomaso_poca.com
      9.
[21][21]mailto:DeTomaso at poca.com
     10.
[22][22]http://poca.com/mailman/listinfo/detomaso_poca.com

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References

   1. [27]mailto:detomaso at poca.com
   2.
[28]mailto:arjun.ghoshdastidar at gmail.com
   3. [29]mailto:julian_kift at hotmail.com

4. [30]mailto:arjun.ghoshdastidar at gmail.com
   5. [31]mailto:detomaso at poca.com
   6.
[32]mailto:detomaso at poca.com
   7. [33]mailto:arjun.ghoshdastidar at gmail.com
   8.
[34]mailto:detomaso at poca.com
   9. [35]mailto:DeTomaso at poca.com
  10.
[36]http://poca.com/mailman/listinfo/detomaso_poca.com
  11.
[37]mailto:DeTomaso at poca.com
  12.
[38]http://poca.com/mailman/listinfo/detomaso_poca.com
  13.
[39]mailto:julian_kift at hotmail.com
  14. [40]mailto:arjun.ghoshdastidar at gmail.com

15. [41]mailto:detomaso at poca.com
  16. [42]mailto:detomaso at poca.com
  17.
[43]mailto:arjun.ghoshdastidar at gmail.com
  18. [44]mailto:detomaso at poca.com
  19.
[45]mailto:DeTomaso at poca.com
  20.
[46]http://poca.com/mailman/listinfo/detomaso_poca.com
  21.
[47]mailto:DeTomaso at poca.com
  22.
[48]http://poca.com/mailman/listinfo/detomaso_poca.com
  23.
[49]mailto:DeTomaso at poca.com
  24. [50]mailto:DeTomaso at poca.com

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References

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   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?
  22. http://poca.com/mailman/listinfo/detomaso_poca.com
  23. mailto:DeTomaso at poca.com
  24. http://poca.com/mailman/listinfo/detomaso_poca.com
  25. mailto:DeTomaso at poca.com
  26. http://poca.com/mailman/listinfo/detomaso_poca.com
  27. mailto:detomaso at poca.com?
  28. mailto:arjun.ghoshdastidar at gmail.com?
  29. mailto:julian_kift at hotmail.com?
  30. mailto:arjun.ghoshdastidar at gmail.com?
  31. mailto:detomaso at poca.com?
  32. mailto:detomaso at poca.com?
  33. mailto:arjun.ghoshdastidar at gmail.com?
  34. mailto:detomaso at poca.com?
  35. mailto:DeTomaso at poca.com?
  36. http://poca.com/mailman/listinfo/detomaso_poca.com
  37. mailto:DeTomaso at poca.com?
  38. http://poca.com/mailman/listinfo/detomaso_poca.com
  39. mailto:julian_kift at hotmail.com?
  40. mailto:arjun.ghoshdastidar at gmail.com?
  41. mailto:detomaso at poca.com?
  42. mailto:detomaso at poca.com?
  43. mailto:arjun.ghoshdastidar at gmail.com?
  44. mailto:detomaso at poca.com?
  45. mailto:DeTomaso at poca.com?
  46. http://poca.com/mailman/listinfo/detomaso_poca.com
  47. mailto:DeTomaso at poca.com?
  48. http://poca.com/mailman/listinfo/detomaso_poca.com
  49. mailto:DeTomaso at poca.com?
  50. mailto:DeTomaso at poca.com?
  51. mailto:DeTomaso at poca.com
  52. http://poca.com/mailman/listinfo/detomaso_poca.com