[DML] Re: Value to insure the car for?

["jtrealtywebspannet" <jtrealty@xxxxxxxxxxxxx>]

Agreed value should reflect what it will cost to replace your car in it's current condition at today's market price. Remember, the higher your agreed price the higher your premium. One way to decide what your car is worth, if you were to sell your car today what can you expect to get for it, be honest, are you really going to get $50K? Unless it is "special" in some way, extremely low mileage, owned by a celebrity, was in a movie, $30K is probably a fair price. I would ask what the difference would be to up the value to $40K or $50K and then decide. Agreed value will only come into play if the car disappears (is stolen) or is totaled in an accident. Both are unlikley but possible. You might also want quotes from others than Grundy. Try Haggarty, Taylor, Classic, and others specializing in collector car insurance.
David Teitelbaum






--- In dmcnews@xxxxxxxxxxxxxxx, "iguanajade" <delorean@...> wrote:
>
> I have always used Grundy worldwide to insure my car for an agreed "replacement value".   Over the past nine years, I have upped the value slightly as I made improvements to my car (from the original purchase condition) and the prices have crept up.   Currently I have the agreed replacement valude set to $30K
> 
> Now I am wondering if I should raise the agreed value to somewhere in the area of $50-60K?   It seems almost crazy to me, but let me site the reasons why.
> 
> - Barret Jackson cars have been selling well into the $50K price range.   These cars (from what I have seen) are similar in condition to my car
> - DMCH is selling their refurbished cars starting in the mid $50K range and higher (pending accessories)
> 
> So, Is it crazy for me to go up to a value of $50K?   Assuming the prices above become standards and in the next couple of years continue to rise?  
> 
> Kevin Abato
> Vin# 16680
> www.grenexmedia.com
>




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