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agreed value insurance... Posted by Snowmobile [Email]  (#686)  [Profile/Gallery]
(more from Snowmobile) on Fri, 14 Feb 2014 07:03:00
In Reply to: Customers, No Snaab, Fri, 14 Feb 2014 04:37:34 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I thought this was typically done for antique or historic cars that weren't going to be driven as much? I didn't realize it was possible for a daily driver? Maybe this is jurisdiction dependent?
When I looked into this for the c900's, the cars had to be >22 years old iirc, could not be driven to work, school, or the mall... only for car show/sunday drives. An appraisal was probably required also (I forget, but you can imagine someone requesting $100k of insurance on a c900 would likely be turned down - obvious risk of insurance fraud). Insurance rates for this are really low, but probably because the cars are to see limited use.
I'd be interested to hear how people here successfully use agreed upon value insurance - are these only garage queens, or used a bit more? to what extent? There is clearly a gap in the insurance industry for dealing with nicely maintained older dd's... but they don't care because that is such a small fraction of their market.
For "ninety-five" I would ask: 1) were you at fault? (is this your insurance company or the other guys?) 2) what kind of damage did you incur? 3) is it repairable? 4) why does the insurance company feel that your car is worth over $3000 for them to keep in it's damaged state but not worth over $3600 undamaged? You should be asking the insurance company this last question. If the car is not really that damaged, then they should not be writing it off. Especially if this is something you could fix yourself, you should negotiate for a better buy back price.
Personally, on a 10+ year old car, I don't think it is worth paying to insure the car for damage that you inflict. The car isn't worth that much anymore, and presumably you could fix or buy another one for the cost differential the insurance company will add to your premium for submitting the claim.
The reality is that cars are not investments - even if you look after it, they drop in value, because stuff starts to break with age (even if you have not had issues yet, it becomes inevitable). Owners of used cars need to keep a slush fund to cover these kinds of problems (collision or breakdown costs)... it is still waaay cheaper than buying new or leasing (if you are smart about it anyway)!
, Fri, 14 Feb 2014 15:06:49
, Fri, 14 Feb 2014 08:09:59
, Fri, 14 Feb 2014 06:05:29, Fri, 14 Feb 2014 07:03:00 <-- Viewing This Message
, Fri, 14 Feb 2014 13:05:36
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