RE: [Chrysler300] Insurance.

["D'Aloise, Lawrence Jr." <ldaloise@xxxx>]

John,
Many classic insurers will not insure a car for over an arbitrary
amount, say $20000, without complete documentation, pictures and an
appraisal. The reason is to make sure the insured doesn't overinsure the
vehicle. My policy states that the insurer will pay the agreed value, & I
would hold them to it if the need ever arose.

Larry D'Aloise


-----Original Message-----
From: John Hertog [mailto:crossram@xxxx]
Sent: Friday, February 27, 2004 3:20 PM
To: John and Donna; mr-320@xxxx; yelof@xxxx; ken boyd
Cc: chrysler300@xxxxxxxxxxxxxxx
Subject: [Chrysler300] Insurance.


John in Wisonsin, and all

In many states, even an "Agreed Value " policy does not mean that you will
be reimbursed the agreed value. I found this out when my '62 300 was
totalled.

Mostly, "agreed value" or not, insurance companies are only bound to
reimburse you for "Fair Market Value" of the vehicle. Usually, by state law.

I did not have a problem getting reimbursed, as the '62 was only insured for
$12,500.00 ; the carrier estimated that this amount was indeed "fair" for
that specific car model. Indeed, it could have been more. But I had failed
to raise the amount of insurance after completing the restoration.

Had I been paying premiums on an 'Agreed Value' policy of, say, $150,000.00,
there is no way that the insurance would have shelled that out. Even though
they would have gladly accepted my payments all along.

What this all means is that, if the "Agreed Value" is quite a bit higher
than current market value, you are wasting your premium money - the
insurance co. will never pay up over "fair market value" in case the car is
a total loss . Forget about overinsuring your car !

John Hertog
Sag Harbor NY


----- Original Message ----- 
From: "John and Donna" <drjjkoot@xxxx>
To: <mr-320@xxxx>; <yelof@xxxx>; "ken boyd" <Kenrand65@xxxx>
Cc: <chrysler300@xxxxxxxxxxxxxxx>
Sent: Friday, February 27, 2004 1:30 PM
Subject: Re: [Chrysler300] Insurance.


> Hi, Ken and others. My only comment with regard to this very helpful,
> interesting car insurance thread is to be well aware of the difference
> between "Stated Value" and "Agreed Value" coverage. These coverages will
> likely have two very different pay-off amounts in case of a total loss,
> regardless of the "value" you have previously placed on the car, and paid
> premiums on. If you have "Stated Value" coverage now, read your policy
> carefully, and discuss with your agent what it means to you in the event
of
> a complete loss. My viewpoint is that by purchasing "Stated Value"
coverage,
> all YOU have done is establish a maximum amount the insurance company can
be
> compelled to pay. But, you are not GUARANTEED to receive this maximum
amount
> in the case of a total loss. It is a max. that the insurance company will
> then work to reduce by depreciation, wear and tear, challenges to the
> overall condition of your car before the loss, etc.
>
> My understanding is that "Agreed Value" is the only one of these two types
> of coverage that is certain to deliver the named dollar amount to the
> insured, in the event of a total loss collector car claim. Of course,
> "Agreed Value" vintage car coverage usually carries a higher premium, but
> now you know why! I believe "Agreed Value" old car insurance is the only
way
> to go for a no-surprise settlement in the event of a total loss on your
car.
> If your present major carrier, or old car specialty carrier is offering
only
> "Stated Value" coverage to you now.....be aware of the potential downside,
> and then decide if you need to look elsewhere. Best to all, John in
> Wisconsin
>
>
> ----- Original Message -----
> From: ken boyd <Kenrand65@xxxx>
> To: <mr-320@xxxx>; <yelof@xxxx>
> Cc: <chrysler300@xxxxxxxxxxxxxxx>
> Sent: Friday, February 27, 2004 11:43 AM
> Subject: Re: [Chrysler300] Insurance.
>
>
> > My 2 cents
> > Hartford will insure some collector cars along with your daily drivers.
We
> > are in our late 50's and some of their rates are very very low. Example
!
> > year, full coverage, hi limit lia, "0" dedut coll & comp: '01 PT
Cruiser
> > $297, '80 Rolls Shadow stated value $234, '70 Avanti II stated value
$285.
> > My 3 300's are insured with Condon - don't know why - just always
were!?!?
> >
> > Ken Boyd
> > Albuquerque
> >
> > >From: mr-320@xxxx
> > >To: yelof@xxxx (Marshall R Larson)
> > >CC: chrysler300@xxxxxxxxxxxxxxx
> > >Subject: Re: [Chrysler300] Insurance.
> > >Date: Fri, 27 Feb 2004 01:42:02 -0700 (MST)
> > >
> > >all;
> > > this is a good time to tell of how i saved a thousand dollars a
> > >year!!!
> > > for 29 years we had been customers of state farm, not 1 claim
and
> > >zero accidents in that whole time, as of 03 when i bought a new car we
> > >would have had to pay 1900and change for yearly insurance, my wife is a
> > >member of aarp and suggested checking out the hartford as aarp claimed
> > >they were good. were they ever right!! ive switched to the hartford and
> > >for more coverage than state farm am paying less that a thousand a
year.
> > > id strongly recommend anyone who is an aarp member to check
them
> > >out and anyone else who is eligible [over 50] to join and check them
> > >out. i dont think that the hartford is a fly by night company and the
> > >rates are great.....
> > >
> > > JEFF
> > > tucson az.
> > >
> > >
> > >
> > >To send a message to this group, send an email to:
> > >Chrysler300@xxxxxxxxxxxxxxx
> > >
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> > >
> > >
> > >
> > >
> > >
> >
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>
> To send a message to this group, send an email to:
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>
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