with the storms in the atlantic lining up me being basically on the beach I'm sweating this..... I know what I would value my truck at if I built it today.... I,m not dilusional and think the truck is an old cover car, show winning, 32 3w....but I do have tons of old photos, know the O.G. builder, and have done my part, as others(thanks again choprods) to keep this truck the same. Im calling grundy today, for a policy with them.... sooooooo what should I add on to compensate for the historical significance.... if anything?
I don't know much about insurance other that "Stated Value"is a catch phrase that is very important. You state that the vehicle is worth X and if it is totaled that is what you get, not some "Book Value" BS.
so basically I give a VALUE.... pay the rate based on that value and thats what determines my payout in case of loss.....KNOCK ON WOOD... thanks man.... insurance always seems so weasely....
WOAH, hold your horses, "stated value" is what daily drivers have, ie "book value". What you want for collector cars is AGREED VALUE, where you and the insurance company agree on the value and that is what you pay your premiums based on. Whitey,you want the value to be such that you can go out and buy/build exactly what you lost and in this case you would want to buy another "historically" significant vehicle of the same calibur.
PLEASE insure the car for what it would cost to replace or rebuild it. I wasn't educated on the finer points of specialty vehicle insurance when I insured my Model A. Now that my A is destroyed I'm fighting a major battle to be compensated fairly.
Grundy will help you out. I saved a ton of money by switching to them. You will have to send them photos so that they can "agree" that your ride is worth what you say it is. They know what the collector market pricing is. They will not try to treat it as a used car if that is your fear. Talk to them. They understand the collector car market.
THANK YOU! What I said was what you clairified, insurance is something that has always been a mystery to me, must employ a lot of wordsmiths.
"You will have to send them photos so that they can "agree" that your ride is worth what you say it is." I've had seven vehicles insured thru Grundy and have never had to send any photos in. I've just told them what the vehicle is worth and that is what the premiums are based on. Great company to do business with. Once I acquired the policy and wanted to add another car I would call them, give them the necessary info and the car was insured before the phone call was ended.
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