Quote:
Originally Posted by jhv48
I guess I'm sort of confused about why some of you insist on getting a stated/declared value on your cobras by the insurance company.
As far as I, and my insurance company, are concerned, my car is worth whatever the market says it's worth at the time of the incident. Do I expect to be able to replace my 4 year old SPF with a brand new SPF if mine is stolen? Of course not. I expect to be able to buy a similarly constructed, four year old, used SPF. And my insurance company agrees with me.
If you buy and insure a $100K Mercedes and it is stolen four years later, you're not going to get enough money to buy a brand new Mercedes. You'll get whatever your car was worth at the time of the incident. Seems fair to me!
|
The replica market varies so much in the market it would be hard to find a true market. Even within specific manufactures there is a wide gap.
I've seen SPF's sell for $30k and I've seen them sell for $70K, guess which one your insurance company think you own when it's time for a payout?
I have an FFR, I've seen them sell for $18k and $70k. Mine is agreed upon at $40k. Could I replace/rebuild it for 40? no, but it's a "fair market" value. maybe a little strong.
The same could be said for continuation cars. If you and the insurance company "agree" on value, there's no debate when you think it's worth $150k but they're selling real world for $80k
An agreed value policy takes all the guesswork and back and forth between you and the insurance company