> But Randall, how are they actually insuring your Triumphs? Is it agreed
> upon value or blue book value? I have Erie and they will insure
> my TR6, but
> not at agreed upon value. To get this, they have to write a separate
> policy.
Well, neither really, at least not as I understand those terms. We have
agreed on a maximum value, which is the most they will pay. If I do
something that increases the value of the car, it's my responsibility to go
back to them and negotiate a higher cap (which will increase my rate).
However, any payment will be no more than the actual value of the car,
defined as what it costs to replace it with "like in type and kind". I have
no problem with that concept; but I know it's uncomfortably vague for some
people. Worst case, we'll go to court and let a judge decide, which is
always a possibility anyway.
Frankly, if I'm ever in an accident that totals one of my Triumphs ... the
life insurance will pay my heirs far more than the car insurance !
Randall
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