Re: Classic Car Insurance ...are they nuts? (depends who you pick)

[farna@xxxxxxx]

Tom, "over valuing" the car is just costing you money. I have stated value insurance through State Farm as well. All the insurance company is required to pay you if your car is totaled is current market price. It doesn't matter that you have a stated value of $15,000, if the current market value is determined to be $9,000, that's all you'll get. I went through some of that with State Farm when my car was totaled a couple years ago. It really didn't matter because it was the other person's fault, but when I pointed out that State Farm (the other guy had State Farm insurance too) had already accepted the car as worth $10K, they came back with the current market price law. Now that seems stupid to me, but the fact is they don't mind taking your money if you want to over value the car because of what you think it's worth. They will still just pay out what they are required to by law -- current market value -- in the event of an accident. I'd get an appraisal done every couple ye!
 ars and keep it on file, and give your agent a copy. Base your insurance rate on that since it can't be argued with. I do appraisals for AMC cars, but there are several internet companies that do so as well. 

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Date: Fri, 15 Oct 2004 20:27:33 -0400
From: TABunsey@xxxxxxx

John:

I have my 1967 Rogue convertible insured thru my "regular" insurance company 
(State Farm). The original 6-cylinder Rogue has been correctly converted to a 
360 with the appropiate V8 drivetrain and suspension parts.

I have stated-value "Collectors" insurance on the car. The car is overvalued at 
$15,000. To get the "Collectors" rate I have to have ANTIQUE tags on the car. 

--
Frank Swygert
Publisher, "American Independent 
Magazine" (AIM)
*Elite* publication for those 
interested in all 
aspects of AMC 
history,performance,restoration,etc
. 
(AMC,Rambler,Nash,Hudson,Jeep,etc.)
http:farna.home.att.net/AIM.html
(free download available!)