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I started a discussion on stated value auto insurance. Grundy, a company that writes stated value policies on collectable cars, seemed to have some great rates. So I inquired, but it turned out to be a deadend since Grundy does not regard the Z32 TT as having collector car status. Some forum members related good experiences with such carriers as Shelter, Condon and Skelly, and Hagerty. I sat on my butt and did nothing about changing my policy. Then a few months ago I mentioned to my Allstate agent that I was interested in stated value insurance and that my car was worth $20,000 to me. He looked into it and said that if I changed to a stated value policy my 6 month premium would DROP from 412 to $297. Didn't make much sense to me but otherwise it's the same policy. I told him that I was down with that and I switched to a stated value policy. OK, before everyone gets excited, after a few months of enjoying my reduced premium I thought I would investigate further about stated value coverage as Allstate sees it. My agent advised me that if I hope to recover the value I think my car is worth I should be prepared to substantiate that value with an appraisal or actual sales of similar cars. And as we all know, blue book prices and what we have to pay for our cars are usually a world apart. So anyway, what is useful here at least is that you may be able to be reduce your premium by changing your comprensive coverage from actual cash value to stated value. But pay attention to how the value of your car is going to be determined if it becomes a total loss. You can link to the threads on Collectors CI, dated 3/17 and 3/20/05, in the general forum through my member page. BTW I have 3 insured cars, get a speeding ticket about once every 3 years and am WAY past 20.
 Chance favors the informed. |
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