Re: [DML] Insurance, stated value, daily drivers

[mike.griese@xxxxxxxxxxxxxxxx]

It's not hard to understand why the majors don't do stated value
policies.  It's much to easy to state a value for a car that is more
than you have in it, bash it into a tree, and claim an instant profit.
And you really don't want a stated value policy - what you really
want is an agreed value policy.  In this policy, both you and 
the insurance company agree up front what the car is worth.

Major insurance companies work off of statistical risk equations.
These equations only work if the population of cars is high enough
for the statistics to work out.  Specialty car insurers have a different
model.  Their analysis is based on owner behaviour as much as 
statistical risk models.  The underlying concept is that an owner of
a specialty car is proud of it, will take care of it, and avoid putting
the car at risk by driving it to work or to the mall, and actively try to 
keep the miles off of the car.  They enforce this concept with their policy 
limitations.  They reduce risk of accident damage and theft so that they 
can offer lower premiums.  

Even with a specialty company, you will still need to provide the same
amount of documentation about the condition of your car and the 
prevailing market for a similar car in the same condition.  No insurance
company will just take your word for it.  Your best way to justify
a value for your car is to have an up to date appraisal from a recognized
authority in the marque, good, high-quality, recent photos of your car
- inside and out - including flaws, a detailed and current maintenance history, 
and receipts for parts and work done (particularly if it's restoration work).
It also helps to keep track of market values through a number of venues
like eBay, Sports Car Market, Cars of Particular Interest, and Hemmings
Motor News.  Most importantly, build a relationship with your agent.  Take
the car to their office.  Offer them and their staff rides.  Let them know when
you have made an improvement to the car.  Don't be a stranger.
If something happens, you are a person who is proud of their car and not
just a policy number.

--
Mike


-------------- Original message from Ryan Wright <ryanpwright@xxxxxxxxx>: -------------- 


> With the recent discussions on insurance, I thought I'd ask: 
> 
> Does anyone offer stated value coverage on DeLoreans that are used as 
> daily drivers? 
> 
> Thus far, I have had no luck finding such coverage. I called virtually 
> every insurance company in my yellow pages, including several 
> "brokers" that deal with dozens of companies. None would insure a 
> DeLorean at stated value. The collector car companies won't touch 
> daily drivers. 
> 
> So far I've been "risking it" with State Farm - they don't offer 
> stated value coverage. It's funny how you can pay top dollar for 
> insurance and still have no guarantees of being able to replace the 
> car in the event of an accident. I figure, in the event of an 
> accident, I'll have to sue them to get a fair settlement. I'd be much 
> happier if I had stated value coverage. 
> 
> -- 
> - Ryan 

[Non-text portions of this message have been removed]





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