Scott Tilton wrote:
> I'm trying to add my Triumph TR4 to my regular auto insurance policy through
> Geico.
My TR4 is covered with USAA on my regular policy. I had no problem
getting coverage, although after they insured it they send a letter that
said more-or-less "we understand that classic cars may cost a lot to
restore, but that doesn't mean they're worth that amount on the market.
We provide replacement value insurance blah blah blah." If my car
were totalled I'd likely want to buy another nice driver, so that's great
for me. I have lots of photos and receipts to help establish the condition
of the car -- a good excuse to take a couple vanity shots. ;-)
I've had two claims with USAA -- one in '93 (?) for a 5 year old Honda
Civic after a driver's corner head-on, and the other after a golf ball sized
hailstorm left golf ball dimple sized dents in my '72 BMW 2002. In the
first case, I did my research before the estimator called and... the USAA
offer was almost $700 more than I thought the car was worth. I didn't
haggle. For the BMW, the estimator called with a serious lowball offer.
But in fairness it was based on all the local 2002's for sale in rocky
mountain papers -- both of them. They were running, but really project cars.
I emailed estimator's with comparables drawn from online classifieds, the
2002list mailing list archives, and an old car price guide in the library.
About that time he must have found the old car price guide on a shelf in
his office since he sent me an offer based on his book. Which was within
a couple hundred of what I'd paid several years before, and I took the
settlement less salvage and kept the car.
This will echo Randall's comment, but each of my estimator's explained
that they have a legal obligation to make a good faith offer based on the
fair market value of the car. In my case if I didn't agree with the offer I
could have taken them to arbitration. I haven't had a reason to do so.
--
Steven Newell
Littleton, CO
'62 TR4
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