Yeah, they are a lot like mortgage applications and loan agreements that way.

Doesn't matter if I read them or not, I'm not legally trained to interpret the "fine print" any better than most, and I'm no dummy. Of course, the "fine print" is very succinct, straight forward, and designed to help the "layman" understand his policy, but that's another subject. About those Katrina victims... :(?

The strange part of this is that a "stated value policy" is normally something that's done in conjunction with "collector car" insurance, which in turn limits you (severely) on the usage. I believe it's something like 3,000 miles a year. I looked into this on the 951 and decided the mileage restriction was ridiculous. Same with my other 944 which has a similar "normal" policy on it, and I'm now looking to get appraised so I don't get screwed this way again - I checked the policy and guess what? Yep, another "made up" number assigned to the car. No notification, no nothing. I'd LIKE to get it appraised and assign a value to it (and am willing to pay whatever the premium is for the coverage in that amount), but it's apparently not an option without "collector" coverage.

So effectively, what are the options to get REAL, "FAIR MARKET VALUE" coverage on one's "older" vehicle so that they can actually drive it, instead of keeping it in stasis in a bubble?

I have to do some checking on this, but it appears it's getting difficult to find. Your choices are either (1) get "assigned" a value by some insurance company (who knows how they come up with this number - it's WILDLY different from both KBB and NADA values for the 951). If something happens, you're likely to get that number, which will almost certainly be below "fair market value", or (2) get a "collector" policy and never drive it.

This reinforces my belief that the insurance companies, banks, government and automakers are in cahoots with the goal of forcing everyone to buy a new car every 3-5 years. I think if the insurance companies could say "we won't insure anything older than 10 years at all", they'd do it in a heartbeat. That's where things seem to be heading. . .

This whole incident is only galvanizing my cynicism about the whole insurance racket. Again, I don't fault Mercury specifically, but that's like saying I don't fault a particular Nazi SS officer for the entire Holocaust. They're all part of the problem, IMO.

There are insurance companies that will give you an agreed value policy (so you never have any valuation issues if the car is totaled), and have no mileage restrictions, or very reasonable mileage limits.

You can find one that suits your needs next time around (when you wise up and finally get that 911!), investigate and shop around.

I specifically asked my ins. agent about an "agreed upon value" policy, and that's when I got the spiel about it not being necessary in NC...blah, blah, blah. Now, I can surely go home and read the "fine print" of my policy, but I'm still not going to be sure that I'm adequately covered regardless of what the policy states. What to do, what to do...any other NC pelicans have advice? I have no problem paying whatever premium is fair, just insure my freakin' car so it can be replaced :)

Get a different insurance agent or just can him and do your own research and get your own agreed value policy directly from an insurance company.

But you should first read and understand the policy that you have.

Stated value means nothing. It's like declared value and replacement value. It's a value THEY put on your car through whatever means they want to use. If you want your cars worth in your terms, it has be agreed value. You are compensated the amount that was agreed upon and you pay premiums based on that amount.

Collector car insurers deal with agreed value. Along with agreed value you can get hit with all the limitations of usage.

Stated value = insurance stated the value

Declared value = insurance declared the value

Agreed value = mutually agreed to a value

Mercury and most other common carriers will never provide an agreed value policy.

Thanks for the clarification - yes, that's what I'm looking for - an "agreed upon value" of $X for my car, but with terms of use that make it usable, not just a garage adornment. Anyone know of a place that will do this?

Try starting with Haggerty.

Good deal - I'll check into it.

Of course this whole issue might become moot if I decide to abandon the Callaway conversion project or if I decide the whole Kalifornia Smog-Nazi crap ain't worth it (making it an "off-road-use only" vehicle) but we'll see. At least I've got somewhere to look.

I tried the second part, and couldn't :( ....My policy is soon to expire and I like the first bit of advice...

ps: My current policy states: "Actual cash value less $500" (my deductable). Anyone care to interpret what that means :)?

I use an insurance "rep" rather than an agent. He does all my business ins as well. What I mean by rep is that he shops everything available and has no allegiances.

Not sure how normal this is, but I couldn't be happier with my 15 years with him. I'm not sure how common this non-denominational:) "agent" thing is but I like it.