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Appraisal came in
- Thread starter JPSmit
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paulsherman
Jedi Trainee
Offline
I have both of my "work in progress" BUGEYEs covered for $5000 each. They are just shells. Very cheap
aeronca65t
Great Pumpkin
Offline
Is this something you have to do in Canada (for insurance purposes) or did you choose to do it?
Here in the US we can assign any value we wish on a classic car when we insure it (up to a realistic point).
My ~'69 MGB~ has "classic insurance" which allows me to drive up to 2500 miles per year.
I self-assigned a value of $5000 to the car, which kept my year premium at about $100 (USD) per year. It might take some hunting, but I'm pretty sure I could find another for $5000 if I needed to.
Here in the US we can assign any value we wish on a classic car when we insure it (up to a realistic point).
My ~'69 MGB~ has "classic insurance" which allows me to drive up to 2500 miles per year.
I self-assigned a value of $5000 to the car, which kept my year premium at about $100 (USD) per year. It might take some hunting, but I'm pretty sure I could find another for $5000 if I needed to.
aeronca65t
Great Pumpkin
Offline
Yeah, I have State Farm for my regular cars and they'll give me the same deal, but it's about $600/year instead of $100/year.
For those prices, the classic insurance includes collision and State Farm doesn't. Full coverage (collision) with SF would be another $250 here in NJ.
The unlimited mileage wasn't really useful to me: I drove my MGB about 1800 miles last year which was as much as I really needed to anyway.
For those prices, the classic insurance includes collision and State Farm doesn't. Full coverage (collision) with SF would be another $250 here in NJ.
The unlimited mileage wasn't really useful to me: I drove my MGB about 1800 miles last year which was as much as I really needed to anyway.
Gundy
Luke Skywalker
Offline
I have what is known as a "stated value policy" on my BE.
The carrier and I agreed on a value after submitting documentation and photos. I also have it insured for liability
with a different policy so my mileage is unlimited.
We settled on $25K. Last thing I wanted to have happen was someone crashing into my BE and some liability carrier whining
about my worn out old piece of junk and tendering $500
and wanting to keep the salvage too. Years of litigation delays later I'd be begging 12 people to do the right thing and praying they understood what "classic" means.
If it's smashed now, MY insurance will pay up to $25K to get it right and I will have assigned them the right to sue the other party if the damage was not my fault.
If it was MY fault...they still gotta pay up to $25K to get ol
Mimi right.
I think you made a wise move getting an appraised value. IMHO.
The carrier and I agreed on a value after submitting documentation and photos. I also have it insured for liability
with a different policy so my mileage is unlimited.
We settled on $25K. Last thing I wanted to have happen was someone crashing into my BE and some liability carrier whining
about my worn out old piece of junk and tendering $500
and wanting to keep the salvage too. Years of litigation delays later I'd be begging 12 people to do the right thing and praying they understood what "classic" means.
If it's smashed now, MY insurance will pay up to $25K to get it right and I will have assigned them the right to sue the other party if the damage was not my fault.
If it was MY fault...they still gotta pay up to $25K to get ol
Mimi right.
I think you made a wise move getting an appraised value. IMHO.
Healeysince59
Jedi Warrior
Offline
With an "Agreed Value" policy the insurance will pay the agreed value in case of a total loss. Most collector car policies are agreed value. A "Stated Value" policy is just that. You state what the car is worth and they base the premium on that. In the event of a total loss, the insurance company will decide on the value at that time. Google "Agreed Value vs Stated Value" for lots of details.
Marv J
Marv J
OP
Offline
aeronca65t said:
It's something we have to do for collector car insurance. The company required it. Otherwise I can imagine a lucrative sideline, buying $500 cars - insuring for $20,000 - not hard to write off and even make it someone else's fault. OK a little risk to life & limb but hey, 25k is 25k.
Gundy
Luke Skywalker
Offline
Healeysince59 said:
I misspoke. The policy states the value agreed upon is
$25K. It clearly requires them to pay up to that amount for repairs or that amount in the event of a total loss.
I guess that is why we had to haggle a bit on the amount of coverage they were willing to provide and the reason for the
pictures and specs.
LOL...I had to go read the dang thing after you enlightened me on terms of industry.
Thanks for the info.