| Author |
Message |
david handa (Davehanda)
Junior Member
Username: Davehanda
Post Number: 116
Registered: 5-2001
| | Posted on Friday, July 19, 2002 - 7:33 pm: | |
Oops, I didn't argue with the Grundy folks (the policy writers), but the Chubb folks who underwrite the policies. |
david handa (Davehanda)
Junior Member
Username: Davehanda
Post Number: 115
Registered: 5-2001
| | Posted on Friday, July 19, 2002 - 7:31 pm: | |
I just had an accident in my 308 GTS and it was "totalled" by the insurance company. Surprising, since I drove it home, but those parts are awful expensive. The "agreed value" does not help when they determine whether to total the vehicle or not. Yes, surprising, but they will go up to 80% of the book value (not your agreed value), then pay out. That's what happened to me, and I argued with the Grundy folks, but that is the typical way it works according to them. So I received my much higher "agreed value" pay out check, when they could have saved themselves $$$ by just fixing my car. Go figure, but now I have the check and plan to "upgrade" to a nicer F-car. :-)
So get the "agreed value" policy, but don't believe for a minute it will help keep your car on the road after an accident... |
Mike Fisher (Mikef)
Junior Member
Username: Mikef
Post Number: 104
Registered: 11-2001
| | Posted on Friday, July 19, 2002 - 8:32 am: | |
For an exotic or collector car, stated amount is the only way to go. You can set your amount above the average market value as long as your car is a nice example. That way you are well protected: as we all know repairs to these cars can be extremely expensive. I bet book value on an early 308 is around $20,000. As most insurers will total a car at about 75% of book value, you can only have $15,000 of damage before you get a check and lose your car. Unless you go to Bondo Bruno, you won't get much body and paint work on a Ferrari for $15,000. |
Vince Canipelli (F308vc)
New member
Username: F308vc
Post Number: 35
Registered: 2-2002
| | Posted on Thursday, July 18, 2002 - 9:44 pm: | |
I have stated value on my 80 308GTBi, through Leland-West, American Modern Home Ins. Co. |
David Harris (Dakharris)
Junior Member
Username: Dakharris
Post Number: 143
Registered: 6-2001
| | Posted on Thursday, July 18, 2002 - 8:52 am: | |
For an older car, or one in which you have invested a lot of money in repairs or modifications, you want Stated Value. ACV can't properly account for collector cars. Specialy insurers will give you Stated Value with no trouble. |
Al Johnson (Bigal)
New member
Username: Bigal
Post Number: 12
Registered: 3-2002
| | Posted on Wednesday, July 17, 2002 - 5:41 pm: | |
Do you guys have Actual Cash Value (ACV) or Stated Amount for your insurace? |
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