In a message dated 9/1/99 5:46:48 PM EST, jblair@exis.net writes:
> I paid $2,500 for my 77 Spit and have put several $100 into it not counting
> labor and it needs a paint job and maybe
> some rear end and eng. work. So
> by the time I really get her "reliable" I'll have at least $4,000 in her.
> If I actually restore her - I'll have a lot more!
>
> Again, now I NEED to be able to insure that car for at least $4,000 or what
> ever I have in it. Otherwise I and others - especially the younger ones
> that WE need to bring into this hobby will go by a 6-8 yr. car for $4,000
> that THEY CAN insure for $4,000.
Well, maybe. But consider: If you're willing to spend $10,000 to "create"
a car and you could buy one substantially identical elsewhere for $5000,
you can't realistically expect an insurance co. to give you what you
invested.
And that's the nature of the hobby; the difference between a $5000 and a $6000
Spitfire is more than $1000 worth of parts and labor. That's the point
I guess; it is a hobby, a way of life, that we've managed to combine with
the basic need for transportation. Yeah, we might not get all of our
investment back if the unthinkable happens, and this is something that
needs to be considered as we spend. But think of people that you know
and their hobbies - skiing, elaborate vacations, Las Vegas, computers, the
list is endless - and how much they spend and never expect to recoup.
In a message dated 9/1/99 6:21:28 PM EST, brichard@us.oracle.com writes:
> Here's my scoop on insurance. I'm in Oregon, and my spitfires are
> insurred with State Farm Insurance company. They do NOT consider them
> sports cars, but compacts. The insurance on my spirtires is less than
> my 79 Crystler New Yorker. Yes, they will only pay me back for the
> value of the car should it get stolen of destroyed, but they will give
> me market value. And, if I can PROVE that significant improvement
> repairs were made that would have extended it's life, the value is
> adjusted for that.
>
I am also insured with State Farm. When I was involved in an accident
a couple of years back, they appraised my car at $2000 and then deducted
the minor rust and dings for a final value of $1100. I tried to point out
that the
rust and dings WERE the reason it was valued at $2000 and you can't
have it both ways - either value it at $3000 and deduct the rust and dings
or value it at $2000 with the rust and dings. I guess everyone thinks that
their car has an inflated value and they have stopped listening - certainly
they did not listen to me... very frustrating....the point being that the
standard market can be clueless at valuing "rare" or "unusual" cars and
be prepared to battle.
In a message dated 9/1/99 7:36:59 PM EST, tambrose@tir.com writes:
> They agreed to insure my Spit for an agreed value of $4200 and I get first
> salvage rights in case of a total.
I don't know how your insurance actually works, but just a word of caution:
most "Agreed Value" clauses will pay:
- The Agreed Value or
- The Actual Cash Value or
- The Cost to Repair or Replace
Whichever is LESS. Agreed value is generally designed to set a ceiling on
the value, not a floor and protects the insurance company, not the insurance
buyer. It is very possible that since your policy is specifically written for
classics, this may not be true in your case, but you may want to check.
In a message dated 9/1/99 8:55:25 PM EST, Laura.G@141.com writes:
> Of course, California has among the highest rates and the insurance
> commissioner is a joke! We voted how many years ago for no-fault insurance
> but never got it-so much for the will of the people -the people who aren't
> insurance companies.
I'm not really up on California, hard to believe I know :) , but isn't
generally
the lawyers who resist no-fault inititives? Again, without doing any
research, isn't it reasonable to believe that California has such high rates
because there are so many lawsuits? Not that the insurance companies
aren't part of the problem, they are, but so are the lawyers and the juries
and the doctors and the police and the lawmakers all of whom are
actually, I guess, only reflecting the wishes of society...
WOW, where did all THAT come from? I'm definitely going to have to cut
down on the Mountain Dew and Snickers bars before checking my mail....
:)
Greg Rowe
78 Spitfire
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