Insurance Question

[Wyvern]

I have had some interesting discussions at my weekly PCA breakfast about insurance.
The topic of different value methods came up.. any help / insight ?

As it relates to me ...I have a very nice 75 Widebody 911s.
It is actually a special order , from the factory 911S with all 930 options .
It is not a $50K car but not a $5000 clunker. .. A Carrera or something really unique could be big bucks .. but if anything ever happened there are POS 911s in the local paper for $5K

I looked at NADA value
1975 Porsche 911S 2 Door Coupe
TOTAL PRICE $20,400 $23,300 $31,100

In looking at my policy I see no mention of the value system used or what that value would be ...

"Actual cash value"
"Agreed upon value"
"Stated Value"

any insight would be very much appreciated

[drcoastline]

Wyvern- is your policy a standard auto policy or is it a classic policy?

If it is a standard auto policy (one issued through a company like Geico, State Farm or Progressive etc.) it is an ACV (actual cash value) policy unless other wise stated. an RC (replacement cost) or stated value standard auto policies are very rare and rather expensive. The valuation is stated some where in the body of your policy.

If you have a collectors policy (a policy issued through a company like Grundy or Haggerty) They are stated value policies.

Read your policy you will find your answer.

[Wyvern]

Thank you ..

I did some checking and found this informative ..
maybe others have questions...

Car Insurance - Classic Car Insurance - Learning Center - Is It Classic Car Insurance or a Crossword Puzzle?

I do have an appointment with my agent (State Farm) next week and hope to get there take on this.

[venus18812]

no idea regarding this

[Wyvern]

Great post there "venus18812"
I really like you marketing.
Ohhh ...and here is an interesting fact: 4 of your 5 posts are 4 words ..

Brian

www.WyvernMotorsports.com