Here's a quick summary of a bad experience coming home from an LBC convention
from another list, but very applicable to any classic car.
Coming home from a beautiful week in Key West a fellow club member (we'll call
him Bob) was rudely introduced to what a nonattentive semi truck can do to our
low profile cars. Long story short, driving down the freeway the semi
unknowingly cuts back over to the right lane not seeing the MGA that is even
with his cab, pinned the MG between him and the guard rail. Thankfully Bob
was not hurt but very shaken up, literally shaking and could not speak very
well for quite some time.
This was a near perfect restored car that any of us would have been proud
of.
The car was appraised at $37,000, the owner only had $15,000. (he admits this
was a HUGE over sight on his part) The insurance co. totaled the car and
told the owner that the salvage cost would probably be about $500. Of course
Bob had the intentions of buying it back to restore or use for parts.
Apparently the insurance process is to put the car up for auction and it goes
to the highest bidder or the owner can match the high bid and the car is his
again. The high bid was $5,100.00. Needless to say this just made the bad
situation much worse.
The $5,100. was over Bobs limit so a wrecker picked the car up for the new
owner. Bobs' baby is gone forever.
So the point here is pretty obvious I think. Know the value of your car,
get the right insurance value on it, and make sure the company intends to pay
you the actual cash value of the car when you have a problem.
Good thing I can't send the accident pictures on this list cause some of you
guys wouldn't sleep well tonight I'm afraid.
Call tomorrow, Mark
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