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TR6 My smashed TR6....OR..Indemnity....fact or fiction

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Moseso said:
...I don't even carry comprehensive and collision, as the main line insurers insure for "actual cash value," which means "the depreciated value of a 50-year-old car."
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Moseso said:
...What I don't get is why NO ONE will insure me? I can demonstrate $18,000 in recent receipts -- not to mention the time I put into that car. Why can't I insure it for that AND drive it daily? I would happily pay as much as anyone else who owns an $18,000 new car to insure it. Well, maybe not "happily," but I'd do it... That insurance doesn't seem to be available anywhere. At least, I haven't found it yet -- and I've looked.
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State Farm lets me submit an appraisal and puts 'Estimated Vehicle Value $13,575' on the front page of my daily driver policy. Once they had the intitial appraisal they have let me update the amount whenever I felt the need. I pay a higher collision & comprehensive premium as a result but take some comfort in having the amount stated balck-on-white. I know it is not as solid as a collector policy but they would have a hard time applying 45 years of depreciation with a current estimated value on the policy.
 
Moseso said:
What I don't get is why NO ONE will insure me? I can demonstrate $18,000 in recent receipts -- not to mention the time I put into that car. Why can't I insure it for that AND drive it daily? I would happily pay as much as anyone else who owns an $18,000 new car to insure it. Well, maybe not "happily," but I'd do it... That insurance doesn't seem to be available anywhere. At least, I haven't found it yet -- and I've looked.
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Insurance companies recognize classic cars that are daily drivers as 1) A high cost to repair/replace compared to a modern vehicle 2) A lot higher risk of personal injury ie no airbags, poor seatbelts etc 3) A lot higher risk of a mechanical defect resulting in an upset 4) higher risk due to them being "generally" lower performance vehicles in terms of brakes and suspension etc 5) more difficult to place a "fair market value" upon (from their point of view).
All this adds up to a risk profile that insurers would prefer to stay away from. The exception of course is collector car insurance where the insurer is taking little risk because these vehicles are limited in the distance and conditions under which it can be driven; this is reflected in low premiums. BTW I'm not an insurer but I do understand risk.
 
Geo Hahn said:
State Farm lets me submit an appraisal and puts 'Estimated Vehicle Value $13,575' on the front page of my daily driver policy. Once they had the intitial appraisal they have let me update the amount whenever I felt the need. I pay a higher collision & comprehensive premium as a result but take some comfort in having the amount stated balck-on-white. I know it is not as solid as a collector policy but they would have a hard time applying 45 years of depreciation with a current estimated value on the policy.
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State Farm let me do the same thing back in the 80's for my TR4A after I restored it to be my daily driver up until I stopped driving it in the 90's.

Scott
 
If you hold out for quite some time, you become an unknown liability. I had a hit and run in January, chased the guy down while calling 911, got the info, and fought with his insurance company. They paid the damages right away, it was the suffering and injuries that took forever. After 6 months a new adjuster was assigned. She called, introduced herself, asked what I thought was a fair and reasonable settlement, I told her, she accepted. 5 minutes. 2 business days later I had a check in my mailbox.

The big thing was that I had no permanent injuries. I've always focused on the human side, as it's harder to fix that than sheet metal.
 
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