RE: [DML] Insuring a Delorean?

["Mike & Ann Griese" <roscsyl@xxxx>]

Be careful here. There are two terms you need to be
aware of for insurance - declared value and agreed
value. There is a huge difference between the two.
You want an agreed value policy. This means that 
both you and the insurance company agree on the 
settlement price for the car. A declared value
policy only covers replacement value, not the value
you assign to the car. For example if you declare
a value of $50,000 for your car and it is stolen, 
the insurance company does not give you $50,000.
Instead they will give you another car of equal 
condition or the cash equivalent. Your premiums 
will be based on the $50,000 value however.

As always, read the fine print and ask a lot of 
what-if questions of your agent.

Mike

-----Original Message-----
From: Michael Pike [mailto:iqintermedia@xxxx]
Sent: Tuesday, March 06, 2001 4:58 PM
To: dmcnews@xxxxxxxxxxxxxxx
Subject: Re: [DML] Insuring a Delorean?


When you say full coverage, they will give you what
they feel the car is worth... to insure a car as a
classic, you must declare an amount for the car...