[DML] Insurance comments

[BurkePhoto@xxxx]

Sent this recently and did not see it on the list.

With the recent talk about auto insurance, an important point to consider 
(especially with collectable vehicles) is that most insurance does NOT 
provide for replacement cost. What this means is that if your Delorean 
receives considerable damage in an accident, your insurance company may 
decide that the repair cost exceeds the DEPRECIATED VALUE of your eighteen 
year old vehicle. Believe it or not, your regular auto insurance may put a 
value on your Delorean of only a few thousand dollars. You could become 
painfully aware of this fact, only when you filed a claim. Let's say someone 
backs into your door, and the repair costs to replace the door are $5000. 
The insurance company may calculate the depreciated value, on your 1982 
Delorean, that originally sold for $20,000 when purchased new, is now only 
worth $4,500! The $4,500 would be the amount you would be paid, upon 
surrender of the vehicle. This is the case with most auto insurance, unless 
stated differently, IN WRITING. 

If you think this sounds outrageous, check it out, BEFORE you need to file a 
claim. I'm speaking from personal experience, fortunately the vehicle was 
not my Delorean.

The way around this debacle, is auto insurance stated value riders, or 
insurance from companies specializing in collectible vehicles. This is one 
of those areas where extra caution is needed and everything needs to be in 
WRITING.

Burke 

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