Stated value insurance

[Mike Arman <armanmik@n-jcenter.com>]

>
>Huw Powell <human@nh.ultranet.com> wrote;
>
>> It's too late now :-( but the way to go is a "stated value" insurance
>> policy, which is based on an appraisal.  You insure your car for what
>> the appraiser deems it worth (your collision policy) now you have an
>> established value besides the pathetic book value.
>>
>> This is going to be a must after I paint my car
>>
>You are kiddin' right Huw?   You have collision on an 82 or 85?  Total
>waste of money.  Virtually doubles your insurance.  What is the car
>worth with a new paint job?  You decide to drive off into the woods or
>smack someone when you are not paying attention, c'est la vie.  Get
>another ride.  They are not going to pay you for the powder coated
>parts.
>
>Geo


Huw is right about adding stated value insurance - dropping collision
insurance on older cars only makes sense when the older car is an appliance
and has nothing special about it to give it extra value. His paint job will
probably cost him a grand, and it DOES add to the value of the car.

I had a 1968 MB 280 SL - according to the insurance, a 1968 car is down off
the bottom of the chart somewhere - but try to buy one for $1,000 or so -
good 280SL's are over $20K these days. How happy would I have been with
$1,000 to replace the car?

If your car is ANYTHING but a bread and butter run of the mill beater, I
highly suggest you investigate stated value insurance. It isn't that much
more expensive, and if anything happens, you'll be SO glad you did!

Again, according to "the book", 86 5K 2WD cars are worth maybe a grand -
no, you CANNOT buy mine for that. If you accept the insurance company's
valuations for what you are driving, you are shooting yourself in the foot,
and being EXTREMELY penny wise and pound foolish. I hate paying insurance
companies as much as anyone else, but for a few bucks more a year, I give
them the opportunity to pay me back in spades!

Best Regards,

Mike Arman