Insurance value?, Insurance |
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Insurance value?, Insurance |
DTMLGND |
Jan 18 2021, 03:22 PM
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#1
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Newbie Group: Members Posts: 32 Joined: 6-November 11 From: US Member No.: 13,756 Region Association: Southern California |
Hi!
After a few years of on/off working on getting my '74 914 2.0 back on the road I'm ready to insure it for proper value. I'd like to get an idea from anyone that cares to offer who and what figures they are going with currently. Here's my car and general info: 1974 2.0 FI Stock motor and transmission(miles unknown) Paragon Headers Modified Suspension Stock 2L Fuchs Roll bar+harnesses CA Car, mostly rust free, Paint and body is straight, but patina'd. Driven weekends only, maybe car shows, Auto-x. Greatly appreciated. Paul |
Racer |
Jan 19 2021, 12:58 PM
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#2
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Senior Member Group: Members Posts: 787 Joined: 25-August 03 From: Northern Virginia Member No.: 1,073 Region Association: MidAtlantic Region |
make sure you have the right language
QUOTE Because most cars begin depreciating the moment they’re driven off the lot, standard insurance companies insure your cars accordingly. They will adjust your payout based on what the car would be worth the day of the accident (prior to any damage occurring), instead of what you originally paid. This is referred to as a vehicle’s Actual Cash Value. Stated Value is coverage that reflects an amount that is “stated” at the onset of the policy. You tell your insurer what your car is worth (with proper documentation) and it is insured for that amount. The caveat here, however, is that the insurance company can choose to pay you either the Stated Value or the Actual Cash Value, whichever is less. Alternatively, Agreed Value , coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss. |
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