You have let the cat out of the bag. Stated Value
just sets the upper limit of the insurance company's
risk, if a total loss occurs. Assume you insure your
beauty for $20,000 what you think is a fair market
value. A few years pass and you have put $5,000
more into of enhancements to the car. If a total
loss occurs (theft, fire, etc.) all the insurance will
pay is $20,000. Its up to you to continually upvalue
your policy and be ready to document the value.
In addition you have been paying insurance for a
$20,000 car.
With an ACV value policy (most everyday cars)
the value is determined at the time of loss
according to a 'blue' book value. If you can document
the value at $25,000, that's what you get less deductible.
As a bonus most companies don't list Tigers and will
insure it as a 36 year old car.
The onus is then on you to be ready to establish
the condition and value of your car. I sent in
pictures about every 3 years with club's newsletter
ads for similar cars. When my son took down that
light, there was no arguments. I got what I felt
was a fair value for the car.
Classic Insurance is just another form of Stated
Value insurance. You set the value and pay
accordingly. Assume you acquire rust bucket
for $2,000 and then insure it for $15,000 with DIC Taylor.
If a total loss occurs you will not get $15,000 unless
you can prove it. Likewise if you spend $20,000
and completely restore it, The most you will get
is $15,000, even if you have $20,000 in receipts.
The best thing to do is not get into a situation
where you must make a claim.
Also beware many classic car insurers have
severe restrictions on the vehicle's use.
Not more than 2500 mi/yr, not used for daily
driving, not left unattended at parking lots,
etc, etc.
Dave Johnson B382002668(under repair) Aurora, IL
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