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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