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Market Value / Comprehensive Insurance Question

Discussion in '360/430' started by MWM, Apr 10, 2007.

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  1. MWM

    MWM Rookie

    Jan 11, 2004
    6
    Birmingham, AL
    Full Name:
    Mark W. Miller
    #1 MWM, Apr 10, 2007
    OK, say I pay market for a spider (let's say $330k for argument's sake). I then throw my wife the keys. She goes out and t-bones a tank of a car, say an S550. F430 ends up totaled.

    What happens with my insurance company? Is my collision coverage capped at MSRP? Will they cut me a check for the $330k (roughly what the car's worth)? How would this play out?
     
  2. absent

    absent F1 Veteran
    Lifetime Rossa

    Nov 2, 2003
    8,810
    illinois
    Full Name:
    mark k.
    #2 absent, Apr 10, 2007
    I'm insured with Chubb, every car at "agreed value" or market replacement value.
    Already checked with them regarding 599,they said if market is $500k then thats what I get if the car is totalled,regardless of what I paid.
     
  3. $$$=SPEED

    $$$=SPEED F1 Veteran

    Aug 18, 2004
    5,330
    Portland, Or. USA
    Full Name:
    Depends who's asking
    #3 $$$=SPEED, Apr 11, 2007
    Exactly. You need to make sure that your policy is written on a stated amount or replacement cost basis? Very good question BTW. I assure you that 80% of these guys here would get MSRP through their carriers.
     
  4. jim g

    jim g Formula Junior

    Jan 8, 2003
    887
    Waverly, Pa.
    Full Name:
    Jim Gress
    #4 jim g, Apr 11, 2007
    I had my 2002 Spider totaled and Chubb came through. They called some dealers arrived at its market value and I got a check for roughly $33K more then I paid for it.
     
  5. FJerry

    FJerry Formula Junior

    Dec 1, 2004
    933
    United States
    #5 FJerry, Apr 11, 2007
    Hi Mark,
    Jerry from the M5 Board here! Listen its exactly as Absent and the others say. Agreed value will often be more expensive as the agreed value will be greater than the book value, but its worth it if you want to get paid the funds required to just go into the market place and get a new car.

    So- even if you buy a F430 Spider at MSRP- I would advise you insure it to agreed value if you are like me and would want to just walk in and buy a "new" one right there on the spot. I have no patience what can I say. I can say, like Absent, I am with Chubb and I dont have experience with a car wreck but so far I am impressed with them as a whole- had a homeowners claim and it was no problem whatsoever.

    best regards,
    Jerry
     
  6. E60 M5

    E60 M5 Moderator
    Moderator Owner

    Jan 2, 2006
    8,166
    Wash DC area
    Full Name:
    Robert
    #6 E60 M5, Apr 11, 2007
    Some lenders also offer "gap" insurance at market value for the vehicle. I have a 72 month loan on my 360 thru Navy Federal Credit Union and I pay a small premium on the monthly installment for "gap" insurance.
    It was also available thru USAA with my car insurance.

    Robert
     
  7. Brav

    Brav Formula 3

    Nov 20, 2005
    1,029
    OC, Rome
    Full Name:
    Chris
    #7 Brav, Apr 11, 2007
    That is good news for USAA - I have them as well, but didnt know they offered gap insruance. Could use that for my vintage bikes and Smart. USAA has been the best carier I've ever used.
     
  8. MWM

    MWM Rookie

    Jan 11, 2004
    6
    Birmingham, AL
    Full Name:
    Mark W. Miller
    #8 MWM, Apr 12, 2007
    Thanks for everyone's responses. Experience tells me I'd want the agreed-upon value in writing long before needing it, as opposing to hoping my carrier makes good after the fact.

    @Jerry -- Marvelous car you snagged. Mad respect for the 3 pedals; I thought sure you'd go F1. Great options -- from the CCB & shields & chall. whls to the daytonas & carbon & TDF paint -- nice.
     
  9. ZINGARA 250GTL

    ZINGARA 250GTL F1 World Champ
    Owner

    Jun 21, 2002
    17,499
    PA
    Full Name:
    Ken
    #9 ZINGARA 250GTL, Apr 12, 2007
    Righto! I'm a senior USAA member (close to 30 years) for my five cars, house, etc. Also, love that annual return of premium and subscriber savings account.



     

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