Bill B asks,
----------
> Any suggestions on which classic car insurance company to use.....your
> advice would be appreciated
>
> thanks
> Bill B
> Charlotte
> '67 Healey BJ8
----------
Bill,
While this question has come up before, it once again deserves a reliable
answer, as it is important and it is also clear that there are still urban
myths out there stated as being gospel.
I have read the responses to your question to date, and I might offer the
following,
a. An excellent starting point is to listen to Jay Fishbein, one of
your correspondents to date. While it is easy to view him as the "enemy,"
due to his profession, he is, quite to the contrary, one of your best
friends when this issue comes up. My comments below supplement his
comments, all of which are quite valid. For the record, I have never had
the pleasure of meeting Jay.
and
b. Be very careful when taking advice from others just because they may
have been around in this hobby for a while.
For example, with all respect, one of your correspondents has just rather
shockingly, while innocently, misdescribed "stated value" coverage in more
than one respect. You need to consult with an impartial expert who has NO
financial ax to grind. You need to learn the difference, for example,
between "replacement value" and "pre-accident fair market value," and which
of those is insurable in your particular state. Insurance is not a lottery.
(I am assuming you are in the USA. This is not necessarily true in some
countries.)
It is my opinion that no matter how highly you regard your insurance broker
you should not consider him to be impartial. I will stress Jay's point that
your policy is what it says in writing, not what your broker says it is. If
he misleads you you may have recourse, at great expense and hassle, from the
broker, but not very likely from the insurance company.
You need to know the difference between "stated value" and "agreed value"
coverage. You need to learn who gets what under each. It is quite
arguable, for example, that as compared to the "standard" auto insurance
coverage, in many if not most cases stated value coverage protects only your
insurance company. Insurance is a product you purchase like any other, and
it is distressing how many classic car types know not what it is they are
purchasing when they mail their premiums in to certain specialized carriers.
I would submit that your very question begs the question. You ask which
classic car insurance company you should use, not whether you should use a
classic car insurance company. The latter question is the first question
you should ask.
Ask yourself why you have even asked the question. Usually this question is
asked for one of two reasons --- (a) you are unable to put the particular
car on your regular policy, for whatever reason, or (b) you hope to save
money by going to a specialist company. I trust that it is a truism that
one gets, in general, what one pays for.
I realize that I have suggested more questions than I have answered, but I
truly distrust this medium for getting such advice -- it is just too likely
that the advice you will get is untrustworthy. The advice you get from
neutral experts after going to the trouble to find them, and perhaps even
pay them, will have a much more lasting impact.
For the record, I am not in the insurance business. I am, however,
regrettably experienced in suffering the total loss of a magnificent,
possibly unique, classic motor car in a road accident. I paid a substantial
sum for my education on this, and I will assure you that it sank in. :-)
All the best,
Jim Brown
Bentley buff
Houston
|