Man am I irritated.
I'm trying to add my Triumph TR4 to my regular auto insurance policy through
Geico.
The insurance company can't or won't tell me what they consider the car to be
worth.
The mention two different ways of calculating value that don't agree with each
other.
One is the absurd: Take the original sales price of your car and then
calculate the depreciation over the years since its manufacture.
Well . ..lets see . . . $3000 in 1963 . . . 40 years later . .That would make
it worth $3 I suppose. Maybe less.
If that's the case .. then of course I'm not going to add any sort of collision
or comprehensive coverage. After all . . . a bug splat on the window could be
a total loss.
The other method they mention is the NADA value . . .from www.nada.org
Which would be fine with me . . . low value something like $5000, high value
$16000
My car is mechanically excellent . . . but the body sucks eggs.
If I had a total loss and they wanted to give me the low value .. that'd be
acceptable in my case.
What I fear is that an adjuster comes out and says: your car was only worth
$1000. You have a $500 deductible . . so here is your check for $500.
Why the heck can't they tell me what I'm purchasing before I have a claim??
ARRRGH.
NO I don't want classic car insurance . . I want to drive the car to work
everyday.
I can't say as I've paid attention to the "agreed value" policy discussion that
have gone on here . . . but my general recollection is that they aren't all
that great.
What's a guy to do?
Scott Tilton
Trying to have a '63 TR-4 everyday
In Leesburg, VA
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