RE: Re: [classicrv] RE: RE: Re: Advise on buying a Older RV
- The more I understand of insurance companies, the less I like them... I'm trying to figure out what to do myself...got a 92 Dodge Caravan with 222k miles on it. I want to fix it up and keep driving it very long-term. At this point, it needs a paint job, which is going to run $2500-3000+. Ouch. l have already rebuilt the transmission (the more reliable 3-speed thankfully) and had some engine work done in the last few years, so it is in pretty good shape for the year. I want to see what I can do insurance-wise to at least cover what it is actually worth...which I'm sure if someone hit me, they would want to give me $1000 (maybe) and move on. I know it's not an antique vehicle, but it is certainly moving into that realm with regards to determining a value. State Farm just says do what you want and take your chances, nothing we can do to help you out over book value. Gee, thanks. Need to call around and see if another company can do better...if total cost is similar, they'll get all of our other insurance as well. I guess we'll see what happens...Last time I visited with them, we talked a bit about insuring outbuildings, our travel trailer (an 89 Sunline worth around $2000-2500 in my mind), and the carport canopy that covers it. My question being, if the carport blows over in a storm, destroying itself ($1700 to install) and the trailer, how is it covered, etc. It basically came down to the fact that if you can afford to pay for it yourself rather than turn in the insurance claim, you should...otherwise it's a hit against you, making it more likely they will cancel your policy or raise your rates. Apparently because you use the insurance you paid for, you are now a risk and might be trying to defraud them or something...good grief...Wesley
From: firstname.lastname@example.org [mailto:email@example.com] On Behalf Of mattcolie@...
Sent: Monday, October 07, 2013 9:38 PM
Subject: RE: Re: [classicrv] RE: RE: Re: Advise on buying a Older RVHis carrier wrote him a check for total write-off at 3K. He screamed, shouted and carried on and they finally agreed to buy him off at 3500$us and let him keep the coach. He repaired it. It looks great and it only took two years (and about 5k$ cash out of pocket and 300hrs). That same coach is now insured on an agreed value of 35K (I think that is a little low, actually).Matt
I happen to have a one owner California 67 Mustang convertible, not restored, that was appraised at $25K...my insurance company only charged me $4 a month over my normal insurance cost for a full value policy....So in my case anyway, there was no problem choosing what to get....
There are also many specialty insurance companies that will sell you a full value policy, check out Hemmings for ads.....
---In firstname.lastname@example.org, <email@example.com> wrote:With an agreed value policy. You tell them you want to insure the restored Mustang for, say, $20K instead of $5K, document the value, and if they agree, they charge a premium based on that higher amount.
On 10/12/2013 10:01 AM, Wesley Furr wrote:
I think the average condition argument make sense up to a certain age...but in my mind, there comes a point where specific condition makes a difference. How does one insure a fully-restored classic mustang compared to one that looks like crap because nothing has ever been done to it...?Wesley