Hi there
Please forgive the intrusion of a Scot into what seems like a US
insurance discussion, I guess there are very different ways of working in
the insurance business on both sides of the pond ?
My observations, I have had my truck`s insured for approx. 20 yrs without
claim with the same company, they recently wrote to say that I should make
alternative arrangements as they were no longer seeking to cover vehicles
larger than 1600cc ! Yes I did communicate with them and they offered
further insurance which I declined. So I guess customer loyalty is
misplaced with some companies ?
We are all happy to buy insurance at the right price, though the price can
only really be assessed when a claim is made. The premium may not be the
only assessment of cost or value ?
Agreed value, is a popular type of insurance cover for classics in the UK,
the agreed value is not as automatic as the owner stating a value and the
insurance company accepting his valuation and basing a premium on that
value. Usually a third party is involved, a club official from the club
representing the marque or some other "expert", there is a requirement to
provide photographic evidence of the current condition of the car, sure
there is room to "fix" the situation, though ins companies can "fix" things
too, they generally have more experience ?
On occasion agreed value can back fire, in that in the case of a claim, if
the car is deemed an uneconomical repair, the ins company may pay out and
"retain" the scrap, you loose the car !!! It pays to ask questions and have
answers in writing.
Getting cover for a car in bits is difficult here also, though what is the
value of a lost or irreplaceable part from some old car, I guess in some
cases potentially more than the sum of all it`s parts collectively when
assembled into a car, I base this thinking on restoration costs as opposed
to the actual value of the finished car if sold, in most cases ? If this
type of insurance is sought it may be possible to get cover by extending
your household contents insurance until the car is in a more complete state
?
The real value of insurance is in getting cover that really suits your needs
in as many areas as possible, I like others have been happy to get the bit
of paper that lets me get on the road legally, and paid scant regard to the
likelihood of it`s value in a claim, best to assume nothing.
May all your insurance be inexpensive as the result of never having to claim
(-:
Cheers, George.
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