Dear Jack et al., My experience exactly. I live in Canada & that's what
happened to me. I had a custom built Midget Mk1 with Brit-Bits leather
interior, lamswool carpet, Swiftune Road Rocket, Nissan 5-speed, all sorts
of suspension goodies. My insurance company said they would insure it for
whatever came out of an official evaluator's report ($65. no less!) The
Midget was stolen about 7 months after I started paying the higher premiums,
but when it came to paying the claim, they said they would only pay what
THEIR evaluator said it was worth, which is normal retail for a stock
Midget. For my $22,000CA cost, I got paid $6878.!! The company,
incidentally, is Guardian, a large, world-wide company based in Great
Brittain! ....Some days there's no such thing as gravity - the earth sucks!
Regards,
Glen Eldridge
Kirkland, Quebec
-----Original Message-----
From: Feldman, Jack (Jack) <jack@lucent.com>
To: 'mgs@autox.team.net' <mgs@autox.team.net>
Date: Thursday, September 17, 1998 2:54 PM
Subject: Insurance is a Scam
>I was the one who sent the article to C Notes. I was directed to it by
>someone on the list who pointed to the url in one of his messages.
>As a result of that article I have been going around and around with my
>insurance agent. She kept telling me that everything was OK, and that I was
>covered to the extent that I wanted to be. After some prodding I finally
>found out that even Stated Value is a fraud. You tell them how much
>insurance you want to pay for, and when it comes down to it they have two
>books that they consult for the value of your car. When I asked her to show
>me the books, she said she would ask the company for the pertinent
>information from one of them, but the other required a fee to be paid by
the
>insurance company so they wouldn't do it. I can't tell you how many times
I
>asked what I would get if my car was totaled, and how many times I got a
>bull shit answer.
>Bottom line: you can pay all you want for whatever level of insurance you
>chose, but you aren't going to get a cent over what THEY DECIDE your car is
>worth. I am sure it will surprise no one if I tell you the book evaluations
>of my cars was low.
>Since I live in Illinois, and insurance law and rates vary, this might only
>apply to this state. Also, she said I had to have Antique Auto Insurance in
>order to get stated value.
>Jack
>
>
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