Quote:
Originally Posted by Chocaholic
....So, are you worried about covering the entire value of the car or are you willing to self-insure to some extent?
In my case, my pristine 87 Carrera is with American Collectors for a named value of $25k. The car is now worth much more than that, but it is a garage queen mostly. Only driven on occasional nice weekend days. So, I'm keeping it at $25k. Would I sell for that? No. Could I find another one for that? No.
So, you really need to answer your own question.
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My '88 is very similar, and I have it insured for that amount too. If it weren't for liability reasons, I don't think I would even carry insurance on my rental properties which are worth a LOT more. If one of them burned to the ground (uninsured), I probably would not bat an eye....if my '88 goes up in flames, then I'm gonna use the 25K to buy a huge beer to cry in
. It's purely psychological for me...doesn't make a bit of sense, but that's my story....