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Re: 1999 Viggen Totalled why we all need collector car policy ! Posted by TPLS SWD [Email] (#2637) [Profile/Gallery] (more from TPLS SWD) on Fri, 15 May 2020 06:53:04 In Reply to: Re: 1999 Viggen Totalled why we all need collector car policy !, neil dale [Profile/Gallery] , Thu, 14 May 2020 20:11:10 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I'll second the need for better insurance on these. As someone who has successfully argued against insurance in court - it would have been way easier to just have the policy right up front. And, surprisingly, it would have been cheaper too.
I mentioned in one of my initial posts where I explain my year-long fight with my insurance company, that I now have a guaranteed value/ agreed value policy on all 5 of my Viggens. I talked with my State Farm agent and was able to convert all of them over to a policy they reserve for antiques and collectibles. My agent specifically writes a number of these, and is very car savvy - she usually has her husband manage these and he is a bit of a gear head too. He came by, took about 10 pictures including the engine bay, VIN, etc. Then, I explained the value I had for each car, supplied some details about how I arrived at that, and about a week later, it was all approved. No mileage restrictions, but I said I drive each about 3-5k/ year. I was paying something in the $400/ 6 month range prior per car and now I am paying roughly $90/ 6 months per car. A true no-brainer.
Keep in mind - for those shopping, you want agreed/ guaranteed value - not stated value. There is a difference in the type of policy each is, though many people don't notice. Do your research carefully. Stated value pays the stated value OR actual cash value as determined by the insurance company. Agreed value/ guaranteed value allows for the insured to simply get reimbursed for the value that was originally agreed to in the policy, and that's that.
One thing to note; insurance companies will (within a limit) write a policy for nearly anything - it's just whether you will pay the premium. In @neal dale case, I don't know the car, so I won't speculate on if it would have a market value of $20,000. I do know that, if insurance felt it was really only worth, say, $10,000 and that premium is $50/ month, they probably had an actuary who said, "Well, for an extra $18/ month, we are on the hook for double the value. BUT, if this guy thinks its worth that much, he'll treat it that way too - garage it, baby it, maintain it, drive very carefully in it, not park it in seedy neighborhoods, etc." Basically, by @neal dale overvaluing the car (in the eyes of insurance) he is a better risk because he cares more about it. To an actuary, his policy might pose LESS risk than other Viggens, even though the pay-out is more, AND they get to charge another $18/ month. With insurance, you can get almost anything insured for almost any amount - just depends on the premiums you are willing to pay.
What he is saying though, and I agree, is Viggens can be insured "well" for not much, and it's worth doing the leg-work for the right policy. I learned the hard way, just like @GPG is now, but others don't have to. SPG, AirFlow, 99 Turbo, and other niche owners take note as well - might be valuable info for you here too.
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