Original poster, bob (Keptin Komrade Dr. Bobwrench III) wrote:
1>
1> Anyone have any luck getting SVI on their car? I can't seem to get
1> anyone to insure 'Lizbeth (1976 TR-6) for more than book value (< $1K),
1> including classic car companies. The regular agents won't touch it for other
1> than book if it's made after 1969, and the classic car companies I've talked
1> to won't touch it if I drive it more than 2500 miles a year. And back and
1> forth to the VTR convention is further than that sometimes.
Tom Watt responds:
2> One way you may be able to circumvent the seemingly impenetrable SVI game is
2> to have your car "professionally" assessed for stated value, and take the
2> assessment to the insurance company - where you claim you won't drive it
2> more than x miles. Good Luck!
Tom is basically correct.
I'll include a posting I made to this list about a year ago:
I wrote in July 1989:
(Subject: Re: insurance for this fine british buggies)
#> > From: yale!harvard!cs.utah.edu!grizzly!hansen (Chuck Hansen)
#> > Gary writes:
#> > > It is true that the insurance company is only interested in recovering
#> > > the value of the car as per their "North American Dealers Association"
#> > > guides --- or "Blue" Books ... You will only get what the book says.
#> >
#> > This isn't true for all insurance companies. When I purchased my Lotus,
#> > I was worried about collecting on a 'totaled' claim. Explaining this to my
#> > agent, they wrote up the policy as a 'classic' car with any value I wished
to
#> > attach; the higher the value the higher the insurance. Of course, I had to
#> > show the car to the underwriters to justify the $8K coverage ... just a
drive
#> > down to their office and nothing more. I suggest checking with your
#> > insurance company to see if they offer such coverage. I'm currently
insured
#> > with Nationwide for those who want to know.
#>
#>
#> I stand corrected, Chuck (albeit I'm partly right). I asked my missus who
#> works for an insurance agency and is somewhat of an expert on certain types
#> of policies after taking several courses and licensing exams.
#>
#> The part I'm correct in is, if you insure your classic (or whatever) as you
#> would, say, a brand new car, then if you get totalled, you will only get
#> "blue" book (or equivalent) value or thereabouts.
#>
#> However, as Chuck has correctly pointed out, that for classic cars you can
#> arrange for a policy called "Stated Value" (the term my wife used) and works
#> out virtually exactly as Chuck points out above. You literally *must* have
#> your car appraised by a professional (much like when insuring jewelry was
#> the analogy my wife used). Records and photos would help too ---- in fact
#> ANYTHING to help justify the "stated value". i.e. Say you have a classic
#> car, a 1950 Bristol Clunker in pristine condition. With regular insurance
#> the blue book (or equivalent) says you will only get $3000 if it is totalled.
#> But wait! You have records from the day you bought it in 1962! And photos
of
#> it's complete restoration. Other than that, it is also rare and a
collector's
#> dream. The qualified appraiser looks the car over and states the value to
#> be $20,000 and writes up a certificate. You then take that certificate to
#> your insurance agent who in turn contacts a specialty insurance company.
#> Only specialty insurance companies can write up a policy for "Stated
#> Value", not your regular insurer. My wife says that her agency (in New
#> Haven, Connecticut) uses a company called J.C. Taylor in Upper Darby
#> near Philadelphia. Apparently J.C. Taylor will only write up antique or
#> classic car policies with stated values for vehicles that are 25 or more
#> years old. She thinks J.C. Taylor may even have Lloyds of London write
#> some of their policies.
#>
#> Anyway, I'm told that if your car is not 25 years old, you may not be
#> able to get the antique or classic car policy. However, you can still
#> get your car appraised and get the certificate I suppose (might help
#> when selling the car!). You'll just have to check with your insurance
#> agent.
#>
#> Sometimes it's nice having a contact in the insurance industry!
#>
#>
#> Garry Archer ("I *hate* insurance companies!")
And I still hate insurance companies...
Hope all this helps, even a little bit.
Garry Archer Esq. {yale, uunet}!hsi!archer -OR- archer@hsi.com
Code 3/HSI Systems (a 3M company), Wallingford, Connecticut, U.S.A.
"An Englishman never enjoys himself, except for a noble purpose." - A.P.Herbert
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