Re: [FWDLK] Anyone know of any good antique auto appraisers in NY?

[Jan & Roger van Hoy <vanhilla@xxxxxxxxxxxx>]

Ahem... the specialty companies [such as MetLife which is brokered by 
Condon-Skelly, which is an agent, not a company] will also look at actual 
cash value on their stated value policies.

In other words you can't insure your $25,000 car for a million and make a 
windfall.  They're going to expect you to be within the fairly broad range 
of old car values.

Also, if you've grossly undervalued your collector car and suffer a partial 
loss, you may be faced with only a partial payment.  For example, if your 
car is worth $50K and you only have it insured for $25K and you suffer 
$2,500 damage you may only collect $1,250.

But if you're in the ballpark you'll have less hassle if you've agreed on a 
value, like the CA guy in a recent Hemmings Classic Car who was barred from 
getting his cars out of a fire zone and they all burned up. [Some were 
uninsured]

The moral of the story:

[1] Insurance companies are crooks [?!??];
[2] Be honest about the value;
[3] Review your policy amounts at each renewal

--Roger van Hoy, Washougal, WA, '55 DeSoto, '58 DeSoto, '42 DeSoto, '66 
Plymouth, '41 Dodge


----- Original Message ----- 
From: "eastern sierra Adj Services" <esierraadj@xxxxxxxxx>
To: <L-FORWARDLOOK@xxxxxxxxxxxxx>
Sent: Monday, June 27, 2005 9:27 PM
Subject: Re: [FWDLK] Anyone know of any good antique auto appraisers in NY?


> Snake Farm offers an "Estimated Value" policy
> (as opposed to :"Stated Value", wherein  a "Specialty-Insurer"  [e.g.
> Condon & Skelly, etc]  agrees to pay a specified-amount,  "no-
> questions-asked"  [like Life Insurance]  if your car is determined to be
> a Total-Loss.) .
>
> Some (all?) of the 'specialty' carriers place certain usage/storage
> restrictions on a "collectable" vehicle.
>
> The Snakester allows complete freedom of usage/storage, but reserves the
> right  [ahem]
> to 'adjust' the value of your settlement, based upon the physical
> appearance (primarily) of the
> 'car' , at the time of its damage, or demise. But, the E.V. DOES act to
> place an upper-coverage limit, on your policy limits.
>
> The difference between the "Estimated" value, and  the concept of a
> standard insurance-policy's "Actual Cash Value"--------- (which means
> :"market-value", in California, and NOT : "replacement-cost, less
> physical-deterioration" . But, YOUR  state may use the latter
> 'definition' of value, which tends to imply "depreciation", while, the
> former CAN, and does  reflect  "appreciation", in value)---------
> is that, @ least, The Company has agreed to START negotiations @ a
> certain amount, subject, again, to your car's pre-loss "condition", as
> opposed to starting 'from-scratch', which IS what happens, on virtually
> all 'normal' vehicles, which become 'totalled'.
>
> So, I've got $25K Estimated Value coverage, on Horrie (too little,
> really) for Collision loss, w/a $250.00 deductible, and TWO-hundred
> dollars premium, per year. Comp is also "250", but I forget what the
> premium is, on that, right now.
>
> Oh, yeah, I forgot; NO formal value-appraisal was required by the
> Company, IIRC, back in 1981, when I took out the coverage, on him; the
> friendly agent & I just 'agreed' on the coverage-limit, based upon my
> bringing the car, to the agency, for inspection.
>
> I THINK  'it' still works like this, today; it should.
>
> Check with your Agent, for (the cost and availability of) "Estimated
> Value" coverage.
>
> Neil Vedder

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