Classic car insurance

[jfa.series1]

We've covered the insurance topic in prior posts but its always important to keep in mind that "stated value" and "agreed upon value" can always be challenged by an adjustor should your car or other classic vehicle get damaged and potentially totaled.  No matter what you think the vehicle is worth and what value you were paying for in premiums, its the adjustor's valuation that will decide the payout.  That's not the case with "guaranteed value" - this type policy will pay up to the full face amount if the vehicle is totaled, no questions asked and no adjustor challenges.  This is a good example of you get what you pay for!

[sweatybetty]

19 minutes ago, jfa.series1 said:

We've covered the insurance topic in prior posts but its always important to keep in mind that "stated value" and "agreed upon value" can always be challenged by an adjustor should your car or other classic vehicle get damaged and potentially totaled.  No matter what you think the vehicle is worth and what value you were paying for in premiums, its the adjustor's valuation that will decide the payout.  That's not the case with "guaranteed value" - this type policy will pay up to the full face amount if the vehicle is totaled, no questions asked and no adjustor challenges.  This is a good example of you get what you pay for!

that is good to know

[siteunseen]

2 hours ago, jfa.series1 said:

We've covered the insurance topic in prior posts but its always important to keep in mind that "stated value" and "agreed upon value" can always be challenged by an adjustor should your car or other classic vehicle get damaged and potentially totaled.  No matter what you think the vehicle is worth and what value you were paying for in premiums, its the adjustor's valuation that will decide the payout.  That's not the case with "guaranteed value" - this type policy will pay up to the full face amount if the vehicle is totaled, no questions asked and no adjustor challenges.  This is a good example of you get what you pay for!

Yes this is good to know, thank you Mr Arnett. 

I'll start saving sales of some "comps" for any potential disagreements just in case.

I had to send a bunch of pictures and a completed application before getting approved but I'm going to email my insurance agent and ask specifically about this.

Thanks again

Cliff

Edited April 29, 2017 by siteunseen

[charliekwin]

I have all my cars insured through Costco via Ameriprise. I think the premium on the Z for full coverage is about $70 for 6 months. I've used Costco since my wife and I got married some 10 years ago. For full coverage on all our cars, we're paying ~$1,000/year. Everyone else I checked was about twice as much.