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I would approach the question differently.
If your car was declared a total loss, and you called me looking for a vehicle as close to yours as possible, there is no way that I would be able to find you a comparably modded vehicle of Callaway origin in the low to mid twenties.
That tells me that you are underinsured.
A genuine Callaway, Doug Rippie, or Lingenfleter car that was modded by them would be very difficult to replace under $30,000.00 or even more.
Why gamble?
The coverage is certainly inexpensive if a Collector Policy, so why not make sure that you are carrying enough to replace your car in the event of a total loss.
Marty
I had my 95 ZR-1 insured for an Agreed Value of $50,000. Some companies will do this--it is really just an actuarial calculation. The likelihood of a total loss for me is quite low, so it would depend on your own insurance situation. --Bob
I would approach the question differently.
If your car was declared a total loss, and you called me looking for a vehicle as close to yours as possible, there is no way that I would be able to find you a comparably modded vehicle of Callaway origin in the low to mid twenties.
That tells me that you are underinsured.
A genuine Callaway, Doug Rippie, or Lingenfleter car that was modded by them would be very difficult to replace under $30,000.00 or even more.
Why gamble?
The coverage is certainly inexpensive if a Collector Policy, so why not make sure that you are carrying enough to replace your car in the event of a total loss.
Marty
thanks Marty!
Insurance replacement value updated today!
I've had classic insurance for over 15 years now......Has anyone ever had there auto classified as a total loss ? Meaning ,stolen or involved in an accident or flood damage?
I never really asked my insurance company (northeast classic) what are the parameters if any if the vehicle was ever stolen? Some say the car has to be stolen from your garage, or maybe that is an old wives tale so to speak..I'm sure it is.....
An accident while driving and the auto suffers immense damage I'm guessing is something different than if the vehicle was stolen....
Anybody ever have there classic auto stolen? If so, did insurance company pay the agreed value...???
I had my 95 ZR-1 insured for an Agreed Value of $50,000. Some companies will do this--it is really just an actuarial calculation. The likelihood of a total loss for me is quite low, so it would depend on your own insurance situation. --Bob
Bob,
You and I like the same round number!
That was where I started, and it goes up by an automatic percentage each year.
I sleep much better knowing that my cars are insured more in line with replacement cost, and yes, I have never had a company balk at those amounts.
Marty
I've had classic insurance for over 15 years now......Has anyone ever had there auto classified as a total loss ? Meaning ,stolen or involved in an accident or flood damage?
I never really asked my insurance company (northeast classic) what are the parameters if any if the vehicle was ever stolen? Some say the car has to be stolen from your garage, or maybe that is an old wives tale so to speak..I'm sure it is.....
An accident while driving and the auto suffers immense damage I'm guessing is something different than if the vehicle was stolen....
Anybody ever have there classic auto stolen? If so, did insurance company pay the agreed value...???
John,
Not my personal cars, but I have had at least three customers suffer complete losses, two in the same fire at a garage, and the third in an accident with a fully restored car that unfortunately was under-insured.
One of the advantages to a stated and or agreed value policy is that it should enable you to insure it at or near true replacement value.
Most owners drastically underestimate what it can cost today to repair one of these beautiful older Corvettes.
Marty
Bob,
You and I like the same round number!
That was where I started, and it goes up by an automatic percentage each year.
I sleep much better knowing that my cars are insured more in line with replacement cost, and yes, I have never had a company balk at those amounts.
Marty
I also slept better knowing that my cars were more closely valued to replacement cost. But my policy values did not go up automatically. After I sold the ZR-1, I insured the Z06 for its MSRP as an agreed value. Also had two BMWs (2010 and 2014) covered at Agreed Values. But come to find out that the insurance company (subsidiary of Nationwide) can change the "agreed" value without my "agreement" or even a notice after one year and they dropped my values between 20% and 60%. I was really annoyed; I had switched to them only because of their agreed value approach. I look at it as a bait and switch approach and I will now be looking for a new insurance company. (Have any suggestions?) My agent suggested their replacement cost rider (usually applicable for the first 3 years of a car's life) but when I looked at it, exclusions cancelled the coverage for fire, theft and flood, probably the only three circumstances that I would experience a total loss and still be alive to care about it. What a joke. Anyway, I have seen companies with more reasonable and realistic replacement cost riders and will be looking at them sometime soon. --Bob
I also slept better knowing that my cars were more closely valued to replacement cost. But my policy values did not go up automatically. After I sold the ZR-1, I insured the Z06 for its MSRP as an agreed value. Also had two BMWs (2010 and 2014) covered at Agreed Values. But come to find out that the insurance company (subsidiary of Nationwide) can change the "agreed" value without my "agreement" or even a notice after one year and they dropped my values between 20% and 60%. I was really annoyed; I had switched to them only because of their agreed value approach. I look at it as a bait and switch approach and I will now be looking for a new insurance company. (Have any suggestions?) My agent suggested their replacement cost rider (usually applicable for the first 3 years of a car's life) but when I looked at it, exclusions cancelled the coverage for fire, theft and flood, probably the only three circumstances that I would experience a total loss and still be alive to care about it. What a joke. Anyway, I have seen companies with more reasonable and realistic replacement cost riders and will be looking at them sometime soon. --Bob
Bob,
reach out to Adam or Bobbie Jo at the National Corvette Museum Insurance Company.
They are the absolute best, they will take great care of you, and you are supporting the museum!
I could not be more pleased with them.
Let me know how you make out!
Marty
Bob,
reach out to Adam or Bobbie Jo at the National Corvette Museum Insurance Company.
They are the absolute best, they will take great care of you, and you are supporting the museum!
I could not be more pleased with them.
Let me know how you make out!
Marty
Thanks Marty--I will do that. good idea. I currently do all my insurance with the same company (and have always done so for the discount usually afforded do this). I suppose I should see what carving the cars out would do. --Bob
I would approach the question differently.
If your car was declared a total loss, and you called me looking for a vehicle as close to yours as possible, there is no way that I would be able to find you a comparably modded vehicle of Callaway origin in the low to mid twenties.
That tells me that you are underinsured.
A genuine Callaway, Doug Rippie, or Lingenfleter car that was modded by them would be very difficult to replace under $30,000.00 or even more.
Why gamble?
The coverage is certainly inexpensive if a Collector Policy, so why not make sure that you are carrying enough to replace your car in the event of a total loss.
Marty
04-25-2017, 04:14 PM
Insurance value
