I had a value dispute once.................
Check the paragraph of your policy regarding replacement value. Average
Market price is not what most of us have. NADA and Kelly's prices are too
vague to do most of our cars justice. As stated before the insurance company
must replace and be able to provide a comparable car.
When purchasing insurance always get the replacement value clearly defined.
Hagerty, JC Taylor and American Classic make this a very easy part of their
agreement. Your cost is based on the stated value in part, the rest is all
to do with medical and third party injury and other fees.
When I restored my TR3A I bought classic car insurance for a $30,000 agreed
value. I needed to provide pictures from every angle to show the cars
condition. That is what it would have cost to buy one and restore to the
standard and detail of mine, if I were to do the work, as I did before. If I
get into a major accident, the car is gone and I get the check. More than
likely I don't get a second chance at being insured again with them if I
replace the car. They generally drop you like a hot potato.
Two years ago I increased it to 38,000 because of cost of replacement parts
have gone up as well. Should I want a reputable classic car restorer to do
the same job it will be closer to $55-60k, which is way over the price of a
good looking, TR3A, but the cost of my insurance will double along with
having an appraiser from the insurance company come and look at the car.
They are some very knowledgeable appraisers who know and understand British
Cars, and then there are the opposite as well. Over insuring a car makes the
companies suspicious of possible fraud. At that point, most of them decline
to insure at inflated prices.
Just my two cents worth.
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