tell you how much money you will get if your Vette is written off? My broker is telling me that my insurance company(pilot) will not give out that info..they said to go on autotrader to get an idea of how much the car is selling for and i would have an idea..
also that an appraisal of the car would be done by the company after an accident...how the fluck are they supposed to get a good value on the car after it has been totalled?
It really depends on what car you're talking about. Your 69, sure get an appraisal because it's rare and you'll have a good idea what you'll get for it if it's in an accident, but the premium you pay will be based on that value.
If your car is new, you can purchase the 'limited waiver of depreciation' which means they won't depreciate your car for the first 24 months of ownership if it's written off or stolen (tires and battery are not included in this...don't ask why...it's just been done like this for years).
Now if you're talking about the new to you car in your life...they will use dealers and the trader for reference in establishing the value. They can't tell you how much it will be worth 6 months from now because they don't know what kind of wear it will be subject to. An appraisal after the fact can help the adjuster see the wear and tear. Now if it's a theft and isnt' recovered, it's going to be up to you to prove it's value beyond the 'average' Vette out there. Did I just say average and Vette in the same sentence?
Best advise is keep some documented photos of it's condition and anything you do to it.
But also remember...and this is just an example...the car came with rims and tires, so just because you put new tires and new rims on doesn't mean you'll get full pop for those...you'll probably just get the difference in price in a total loss.
Location: Mississauga, Ontario I know all the answers it's the questions I don't understand
Unless you have agreed-value coverage you are going to be nickle and dimed by the insurance company who will be looking to pay you the minumum amount they can legally get away with
It is what insurance companies do, they collect premiums and when you need their help they try and figure out ways not to pay you
Be careful with this supposed agreed value insurance. People will tell you that you have this agreed value for your car aka OPCF 19 ... well heads up, this isn't agreed value.
What this is, is insurance companies get you to get an appraisal on your car, and then limit the amount they will pay you to that appraised value. What most people don't realize, insurance companies still settle on ACV (actual cash value) of the car or the amount stated, whichever is lesser.
I always say, better to tell you the truth and have you walk away then to lie and get you to buy a policy.
Last edited by FrankTheTank; 08-02-2007 at 11:20 PM.
Location: Mississauga, Ontario I know all the answers it's the questions I don't understand
I agree you need form OPCF 19A this is the one that makes the insurance company pay the appraised value of the car. This is the policy you want but it is hard to get and there a limitations.
A little more to what Frankthetank is saying. THe insurance company can tell you your C5 is insured for say 50grand, but all that means is they will pay up to 50 grand and if the car is totalled and after the insurance adjuster works his magic you will be getting no where near 50 grand.
I agree you need form OPCF 19A this is the one that makes the insurance company pay the appraised value of the car. This is the policy you want but it is hard to get and there a limitations.
A little more to what Frankthetank is saying. THe insurance company can tell you your C5 is insured for say 50grand, but all that means is they will pay up to 50 grand and if the car is totalled and after the insurance adjuster works his magic you will be getting no where near 50 grand.
Insurance companies will demand you have OPCF 19 on older cars, cause they can't predict the apprecation of a car.
They limit what they will pay you, but if the ACV of the car is less the the appraised OPCF 19 value, they will pay you ACV. Which is a shame, because alot of people think they will get automatically what is listed on the OPCF 19 (seen it numerous times)
The key to remember about insurance is that it is there to put you back in the same place you were 'just prior' to the loss. It's not a make money venture. Why should a company pay you more than your car is actually worth? They shouldn't and they won't. Just because you 'think' your car is worth 'x' dollars, doesn't mean it is in the real world. The key is documentation so you can prove it's value if you feel it's worth more than the other comparable cars out there.
Insurance companies will demand you have OPCF 19 on older cars, cause they can't predict the apprecation of a car.
They limit what they will pay you, but if the ACV of the car is less the the appraised OPCF 19 value, they will pay you ACV. Which is a shame, because alot of people think they will get automatically what is listed on the OPCF 19 (seen it numerous times)
I think these 19 things are put there so they can charge a premium reflecting the expected payout on the car. The unsophisiticated rating manuals are like Red Books and just drop the cars damage coverage every year based on average automobile depreciation. They don't research collectability.
The actual cash value of a 69 corvette is still $30,000 and not $3000 so if you have evidence of the car's condition prior to it's loss I think the insurer has to pay you that big number anyhow. The 19 is to protect them from insuring the high value collectable for a fraction of it's actual worth. Actual cash value = market value, not a number pulled from a book.
With newer cars that are still on the depreciating side of the curve the rating manuals are more accurate so they don't care about special limits. A late model Vette is no different than any other late model car in that respect. Autotrader should get you close but those are asking prices, not selling prices.
Location: Mississauga, Ontario I know all the answers it's the questions I don't understand
The guy with the 69 Vette is going to get it appraised for 30 grand, then get it insured by Lant Ins. Custom Wheels with a 19A policy. If the car goes over Niagra Falls Mr. Lant will give him 30 grand, that's it, no blue books, no adjusters no nothing except 30 grand. This is the policy I have on my '80
The guy with the 69 Vette is going to get it appraised for 30 grand, then get it insured by Lant Ins. Custom Wheels with a 19A policy. If the car goes over Niagra Falls Mr. Lant will give him 30 grand, that's it, no blue books, no adjusters no nothing except 30 grand. This is the policy I have on my '80
Didn't you read Mr Lants 'Waterfalls' exclusion on the policy?
Good for you...you've done what you needed to do to give yourself piece of mind.
And there is significant difference between the OPCF 19 and 19A...The 19 is what the company usually insists on for 'specially modified vehicles' (wheelchair lifts, hand controls, etc) and the 19A is usually attached to antique or special interest vehicles. There is a 'minimum' age requirement very similar to Lant's Silver Wheels or Lant's Custom Wheels where the vehicle has to be at least 15 years old. So us C5 and C6 guys are out of luck for several more years.
The guy with the 69 Vette is going to get it appraised for 30 grand, then get it insured by Lant Ins. Custom Wheels with a 19A policy. If the car goes over Niagra Falls Mr. Lant will give him 30 grand, that's it, no blue books, no adjusters no nothing except 30 grand. This is the policy I have on my '80
Wayne, are we still lining up that group appraisal by Davies? Let me know.
__________________ 1974 Corvette convertible 2001 Porsche 911 Carrera 4 Cabriolet
The key to remember about insurance is that it is there to put you back in the same place you were 'just prior' to the loss. It's not a make money venture. Why should a company pay you more than your car is actually worth? They shouldn't and they won't. Just because you 'think' your car is worth 'x' dollars, doesn't mean it is in the real world.
This is absolutely correct. Insurance companies are profit-making business organizations, not charities. The frustration that people often have in a write-off situation arises from a disconnect between "actual cash value" and the owner's (i) self-deluded perception of what the car is worth to him; and (ii) inability or refusal to come to terms with the fact that all the money he put into the car didn't make it worth a nickel more in the real-world market. You could ask any number of our Forum colleagues over the years how far they had to climb down from their expectations when the time came for them to exchange their car for someone else's money.
Quote:
Originally Posted by nuck
The actual cash value of a 69 corvette is still $30,000 and not $3000 so if you have evidence of the car's condition prior to it's loss I think the insurer has to pay you that big number anyhow.
Er ... right. If that were anywhere close to being true, our friend 1Bad69 would be buying a new C6 vert, not a 2000 ....
The thing that always worries me if my Vette is ever written off is exactly how do they determine it's value? Are they giving you the wholesale value of the car or it's retail value? And even if they do give you retail value, do they take into account the fact that you'd need to pay tax on that if you were to buy a replacement? For instance, say that my 98 C5 is worth $20,000 retail right now, and it's written off, so the insurance cuts me a check for $20,000. If I find another one out there for $20,000, it's going to cost me $22,800 after taxes (if I buy from a dealer, which I most likely would, private sales scare me too much)
Or will a good insurance agent actually sit down with you and let you show them the available cars you're looking at as replacements, and then once you make a deal they'll give you the right amount to cover it?
It won't be the insurance agent it will be the adjuster. And yes they look at retail value not wholesale value. But again it will be comparable models that have similar options and mileage.
Yes taxes are added on top of the price, you get pst and gst.
And finally not all companies will jerk you around...most times you'll get fair service
It won't be the insurance agent it will be the adjuster. And yes they look at retail value not wholesale value. But again it will be comparable models that have similar options and mileage.
Yes taxes are added on top of the price, you get pst and gst.
And finally not all companies will jerk you around...most times you'll get fair service
I would hope to get pretty decent service from State Farm since I've been with them since 1987! And I've got all my insurance with them too, life, home, car, the works. They've been good to me so far, although I've never made any major claims with them either (a window that was smashed in on one car, and a minor flood in our basement and that's it)
I don't know what your OPCF 19 (19A) forms are but here in the wonderful province of "Gov't only Insurance Co." of ICBC in B.C. it is confusing. First they tell me to get an appraisal and come back with that and I can get some "extended coverage" to the value of the appraisal. When I show up with the appraisal they say that there is no such "extended coverage" for my car because it is not an antique or vintage car. (very specific) They now say to keep the appraisal and my original Bill of Sale and if I have an accident and the car is a write off I then have to "FIGHT" them for the value of the car.
Anyone in B.C. have a seperate Insurance company that they have gotten extra coverage with?
Corvette Store
Does your insurance company.....
amen 
