DE Insurance Valuation

[widebody911]

I'm going to try and get DE insurance thru American Collector's, and had a question about valuation.

How would I come up with a reasonable value for my car? Jack mentioned that he took out insurance for $20k; that would be low for my car, much less for his. I was thinking of putting $40k. That wouldn't completely rebuild my car, but it would be closer than $20k would be!

I know it's not as simple as adding up my receipts, or even adding up my receipts and dividing by x.

Any experience in this realm would be appreciated.

[juanbenae]

if you were to value the car at what you feel its worth you will pay a premium cost that would be very high. i have no experience with track insurance but my guess is that its pretty high due to the nature of the coverage. that all said maybe a appraisal would help you get a value that does not count the love sweat and tears you have put into the car. an objective opinion from somebody in the know might give you the most accurate price.

i feel my car is worth more than i could sell it for. my percieved worth of the car is generated from my love, sweat and tears not what the market will bear.

just my 2 cents

[91C2wrencher]

Thom, years ago I carried track insurance, I had an agreed value that covered the outstanding auto loan so at least I would break even. I think you'll find that the insurer will have limits on certain cars. After all they not about to insure a ratted out 72 track car for $40K, Jeez then we'd all be running them into each other just to collect. Generally, track insurance is to minimze your losses vs. make a profit and the more protection you want the steeper the price of admission.. I should have added that IIRC, my policy was for a specific period (90 days?) and cost again IIRC $1600 and would have been for about $20K coverage

[mm86911]

Thom - I just did a policy for $30K at a cost of $450. After the deductable this would yeild $24K if total loss - much less than what I have into the car but reasonable for an equivalent replacement at todays market prices.

I am very interested in hearing anyone's experience with American Collectors Insurance regarding claims.

[Jack Olsen]

My memory is that the 20K figure was the highest one they would accept without an appraisal being performed on the car. As true as it is that I might have slightly more than 20K into the car, it's difficult to imagine many collisions doing more damage than that (although I'll grant that it's possible). At the time, I figured the $20,000 would certainly help a rebuild along -- even if it didn't make it painless. When I was signing up, it was more important to have coverage in place right away than to wait for their appraisal process to run its course.

But if Mike's policy is for 30K, and he didn't have to justify it to the company, then I could be remembering it wrong.

As it happened, I totaled my car at a timed event, so I paid the entire cost of rebuilding out of pocket.

Mike, in a recent thread about the same company, several people had had great experiences with ACI paying out promptly and fully.

[mm86911]

I provided extensive photographs of the car, inside and out, as well as a detailed list of overall condition and major improvements. Remember, it is a "stated value" policy.

[Jack Olsen]

Then I'm remembering it wrong, since I also provided photos and details. Originally, I applied for their 'collector cars' policy, but they switched me to the DE polich when I talked to them about DE coverage.