There are basically 3 types of insurance. Actual cash value (ACV), Stated value, and Agreed value. With ACV, which if the normal type of insurance, in the case of an accident the car is evaluated by the insurance appraiser based on the ACV of comparable vehicles based on age and condition, etc. With Stated value, the car is also evaluated for it's ACV but if a total loss the insurance will pay either ACV or the stated value, which ever is less. With Agreed value you and the insurance company agree before hand on the value of the car and if you suffer a total loss that is what you get.
Many umbrella policies require a minimum of 250,000/500,000 of auto insurance, or they won't issue you an umbrella policy.
I've only heard of something like that for a business, and then I believe the business had to make a financial commitment with a bond, as the state required proof that there were funds available in the event a claim was made (but this could vary in different states).
This is where I got the initial idea of self insuring. In my case it won't work..but might for someone else? Thanks,
Ooops...'86, 328 GTS...lol There's a pic of the car earlier in this thread...it's a driver. Would need a total restoration at some point in the future. I've done some things to it...leather shelf deck, new carpets, etc. I do see your point...if I had to replace it, what am I going to have to pay? Thanks,
