Doug :
Well, market value is what someone is willing to pay. Doesn't have to be a
lot of someones, just one will do, right ? So, if I've "spent more than the
car's worth" on a restoration, there was at least one person that was
willing to spend that much, me. The fact that no one else would spend that
much shouldn't be relevant.
Besides, the concept of damage insurance is to "make me whole" after a loss.
It shouldn't matter that I owned the world's only perfectly restored 1980
Chevy Chevette, if it was lost, it should be replaced (to the extent
possible). Determining fair market value so I can be recompensed in cash
instead of a replacement car (or whatever) is purely a convenience for the
insurance company (which BTW they should be required to pay for as well).
But, I'm well aware the world doesn't work that way. Especially the world
according to insurance companies !!!
Cheers
Randall
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