Hi Ken,
I am a Roadster owner and an Insurance agent in Fresno, Califorrnia for
Allstate Insurance Company. I cannot say much about who your agent there or
how the insurance situation is in Kansas, I can just tell you what I say and
how I deal with customers here in Claifornia.
We offer 2 types of insurance policies here in California, one is the regular
automobile policy most of us have, and the other is what we call an
Exhibition Auto Policy (Stated Value) which is for coverage primarily driving
to and from Car Shows.
On a standard automobile policy it is stated that you will be paid fair
market value for your vehicle. What that means is that YOU NEED TO PROVE HOW
MUCH YOUR VEHICLE IS WORTH!!! An adjuster can't just look at a computer and
say your car is worth this much. He is going to look at a computer and say
Blue Book is lets say $2500, he doesn't know much more, if you had an
appraisal which here in California runs anywhere from $50-80 dollars, it is
your best evidence to prove the value of your vehicle. I have dealt with this
problem very often.
Example: I had a customer who had an 81 Chevy El Camino, they had rebuilt the
engine had it repainted, big stereo, etc., etc. The car was stolen, they had
invested approximately $10, 000 into this car she felt it was a classic, I
asked her if she had any receipts, she said "they were in the car". Blue Book
came out at about $3800, needless to say she wasn't happy, I asked her if she
had any pictures, she found one, showing the brand new paint job it had, they
offered her $5800. Finally, we went back to the shop that had done most of
the engine work and finishing stuff on her car, they had copies of the
receipts, In the end she got $8200 for the car , but she had to prove the
value. That is the most important thing I can tell you.
Even If you have a Stated Value Policy and you state the value at $20,000, if
the car gets stolen they are not going to give you a check for $20,000 they
are going to say to you PROVE THE VALUE!! Appraisals are one of the best
things you can have in your own defense to prove the value of your car. Also
realize that If you drive your vehicle all the time that most Stated Value
policies are written with clauses saying that this car is only being used
with limited use.
Most Classic Car policies are also limited in the use of the vehicle so be
careful and read the fine print.
Lou Smaldino
69-2000
68-1600
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