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Message |
Dennis (Bighead)
Junior Member
Username: Bighead
Post Number: 74
Registered: 2-2003
| | Posted on Monday, April 07, 2003 - 9:05 pm: | |
FWIW, at the Ferrari Club of America, New England Region annual dinner, we had an insurance agent give a little presentation on a new policy available to residents of Massachusetts(!).
Doug Reinbold, of Reinbold Insurance, representing American Collectors Insurance, answered a lot of questions on coverage, valuations, savings on premiums, and collision repairs.
You may want to check with him regarding the availability of special or stated value insurance.
His email is "[email protected]"... I don't have other contact info for him, but he can't be hard to find. If you want to talk to someone from American Collectors Insurance directly, try Jill Bookman (800-360-2277 ext. #217, www.AmericanCollectors.com)- but I suspect she'll just refer you to an agent.
Disclaimer -- I just heard his speech, I have no pecuniary interest, do not work with the guy, blah blah blah.
vty,
--Dennis
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Thomas Saupe (Tom_s)
New member
Username: Tom_s
Post Number: 20
Registered: 1-2003
| | Posted on Wednesday, February 05, 2003 - 8:11 am: | |
Doody,
When I inquired about my cars being insured for a stated value I was told that I had a couple of choices.
The first was to register the car as an antique. However, neither of my cars qualify in the prescribed age requirements.
The other was to have the car appraised and have the appraised value settled on by the insurance company and the appraiser. I believe that Boston Sportscar can arrange appraisals. Since both of my cars are in the age range ('88 328, '79 308) where their book value and market value are very close, I opted not to do this.
My understanding is that insurance on an appraised car is much like a "fine arts" policy you would have for your home. The sort of insurance you get on jewelry or antiques. In other words, you pay extra per additional $1000 over the book value. This can become very costly and probably isn't worth the extra cost unless you have a nearly totalled vehicle.
Due to the archaic insurance laws in MA, there really doesn't seem to be a cost effective way to properly insure an Fcar. The insurance agency I go through has been nothing but helpful, but I think the problem lies with the state. What a surprise!
Tom |
Mr. Doody (Doody)
Member
Username: Doody
Post Number: 734
Registered: 11-2001
| | Posted on Monday, February 03, 2003 - 1:58 pm: | |
i'm curious to hear from other MA residents as to how they're dealing with auto insurance. in particular, i'm curious to hear about whether folks have been successful in getting any policies above and beyond the standard MA crap to cover stated value or the like.
the laws apparently dictate some math to calculate Actual Cash Value in the event of a total loss, but i can't get a straight answer out of my insurance agent as to what those numbers are for my cars. i don't want to know those numbers AFTER something goes wrong :-).
i have been told that the carriers have a software system that spits out ACV based in part on KBB and NADA data. Kelly doesn't seem to track F-cars. NADA has overly high values for 550s and overly low values for 355s.
i've heard told of people buying "inland marine" policies to cover stated value above and beyond what the moronic MA insurance companies will cover.
my agent has not been terribly useful. none of the f-car-friendly insurers (chubb, leland west, etc.) can/will do business in MA. i have called around to a fair number of insurance agencies and haven't hit on one that does any f-cars, so they're all clueless.
any experiences appreciated.
doody.
ps: i'd also be interested in hearing experiences with getting MA insurers to properly pay for repair costs, which are certainly pricier than repairing a ford explorer, and are (generally) expected to be done to a higher standard of quality and workmanship.
pps: i'm currently with commerce insurance. apparently the principals are big f-car fans, so hopefully i won't get too terribly reamed if something goes wrong, but that's hardly the optimal way to buy insurance!
ppps: that is all ;-) |
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