And insurance people wonder why we all don't trust them...SHEESH!
Thanks, Steve.
Rick
-----Original Message-----
From: Steve Laifman [mailto:laifman@flash.net]
Sent: Thursday, November 12, 1998 11:10 AM
To: Larry Paulick
Cc: tigers@autox.team.net
Subject: Re: Insurance
Larry Paulick wrote:
> For your information, I asked my GEICO insurance for a quote for
> insuring my Tiger, in anticipation of it being on the road next year.
> They asked me its worth, I said $15K, but they would take $25K if I said
> so, and with no mileage limit, no deductibles, the quote was $169/year.
>
> I live in Maryland, in the DC suburbs, where rates are a little higher,
> and I have no interest in GEICO.
>
> Pretty reasonable, I think.
>
> Larry
Larry,
DON'T fall into that TRAP! When you answered their question on worth, and
they even came back with a higher number, all you were doing is raising
your costs. They are insuring you for "ACV" (Actual Cash Value), which
means you only get paid, for a total or theft, what THEY think the car is
worth based on someone's survey of some sales. They could, and do, use
values from junkers and project cars because they don't have to compare
condition. You have to fight them tooth and nail to PROVE yours is worth
more than the rust bucket, disassembled "project car" they found sold for
$4,000.
The next trap you get into is "Stated Value". All this means is you pay
even more, then they do the same thing. You have to provide PROOF yours is
worth more. Same deal, more expensive.
"Agreed Value" is the one where they commit to a specific price. You have
to pay for an appraisal, and get it re-appraised periodically, to show
worth. They may still fight you.
"Historic Vehicle insurance is available, provided you only drive to
specific car show events, etc., and put less than a few thousand miles on
it.
Read Jan Harde's comments, who is in the insurance business, and those of
others.
I am not recommending you don't go for it, just don't want you to buy
something that is being misrepresented.
Ask your agent what that "worth" statement REALLY means, and see if he's
straight with you.
Steve
--
Steve Laifman < One first kiss, >
B9472289 < one first love, and >
< one first win, is all >
< you get in this life. >
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