[Chrysler300] Collector Car Insurance

["Ryan Hill" <ryan_hillc300@xxxxxxxxxxx>]

I have two vehicles that I am going to need to insure in the near future and 
wonder how insurance companies look at or handle the issue of replacement 
cost vs. actual market value. I have just recently restored my 65 300 and I 
have a pretty good idea of what it's market value is. I did 99% of the 
restoration myself and managed to keep the restoration costs fairly close to 
the market value. The car might have cost me 3 times the market value if I'd 
paid to have most of the work done.

I assume I would be awarded a settlement equal to the agreed market value 
and I would be on my own to replace the car if it were to be stolen or 
burned etc.. What would I do if I couldn't find a replacement that equals my 
lost car? Would I be naive to think an insurer would pay to restore a 
similar car to the same level regardless of the cost excedeing the market 
value?

Perhaps a better example, I also have a mahogany runabout that was custom 
built (by my father) 45 years ago. The actual market value I'm not certain 
of as there is really only one way to find that out. However, I know it 
would cost many times the market value to replicate the boat today if 
anything were to ever happen to it.(even though I have the blueprints) Would 
replacement cost ever be considered or is market value (appraised value) 
always the best we could hope for?

Hope this is considered 300 related. These questions might be best asked of 
my agent but I wanted feedback from anyone who has had issues with replacing 
rare vehicles.

Ryan Hill




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