2022 Super Stock. Sold

[1971demon]

We have a post office in our community. No door service.

Whew.....well...that settles that...

 

[Bobo]

You should insure with an agreed value policy.

I understand and agree but how do you come up with a good value if you don't know what they are worth, selling for?? Need the most up to date info to keep current.
I would hate to insure for $84,000 only to discover after the fact that you need $116,000 to replace it. Insurance won't insure for $116,000 if it's only worth $84,000 but sure as hell will insure for $84k if it's worth $116k I don't 100% trust them to know the current values for sure or to tell you that you are underinsured.

 

[DavidKFla]

I understand and agree but how do you come up with a good value if you don't know what they are worth, selling for?? Need the most up to date info to keep current.
I would hate to insure for $84,000 only to discover after the fact that you need $116,000 to replace it. Insurance won't insure for $116,000 if it's only worth $84,000 but sure as hell will insure for $84k if it's worth $116k I don't 100% trust them to know the current values for sure or to tell you that you are underinsured.

I've always told them what it was worth. Never had a problem.

 

[Bobo]

I've always told them what it was worth. Never had a problem.

Not being accurate always reminds me of this scene in Trading Places
I just want to insure to replace/be made whole

 

[JohnB]

Old...I;m startin to wonder..just how many "old"cooters are on this Forum...and just how old is old.

Hi am an old coot like you

 

[vortecd]

The sale price was not disclosed to me so I have no idea what it sold for. John

You can ask?

 

[DavidKFla]

Not being accurate always reminds me of this scene in Trading Places

I always make sure that I'm in a good position but if you try an insane number they'll suspect you of trying to setup a situation.

 

[Ronin]

It depends on what type of insurance it has, but if it's a standard policy, you're unquestionably gonna be SOL in the event of a total loss. The purpose of insurance is to be made whole and if you paid $84K for it you're not going to be paid $116K for it come a total loss; you're being made whole by getting $84K (subject to depreciation), and that's what you paid a premium for. Like it or not cars are considered to be depreciable assets and that's how standard premiums are calculated. If you want your vehicle insured for either a specific amount and/or insist that it's value has appreciated over sticker/purchase price, you need either an actual cash value (ACV) policy or agreed/stated value policy. Of the two the agreed/stated value policy is the better of the two come total loss time as depreciation is still factored into ACV policies...

I previously had ACV policies on custom motorcycles before but went with a stated value policy on my new Hellcat with Hagerty.

With one motorcycle that was wrecked and totaled it was a total shitshow (I can't remember but I think it was Foremost). Bike had over $70K in it and insured for $50K, declared a total loss and they tried to depreciate the fuck of it and their first offer was under $30K and the comps they used were garbage. I proceeded to bury them with receipts, invoices, etc., etc., etc. and got them to settle for the full $50K. That clearly infuriated them as they doubled the premium on the other custom I was insuring with them the following renewal, which I moved to Progressive and was a third what they wanted for an ACV policy.

Agreed/Stated value policy with Hagerty is just that; the car is a total loss and that's what you get paid, the only hitch is that they agree to what the stated value is, and your estimate of market value is subject to their approval. In this particular case I don't think it'd be a real stretch for them to insure this SS for $130K, and your premium would reflect that...

 

[DavidKFla]

It depends on what type of insurance it has, but if it's a standard policy, you're unquestionably gonna be SOL in the event of a total loss. The purpose of insurance is to be made whole and if you paid $84K for it you're not going to be paid $116K for it come a total loss; you're being made whole by getting $84K (subject to depreciation), and that's what you paid a premium for. Like it or not cars are considered to be depreciable assets and that's how standard premiums are calculated. If you want your vehicle insured for either a specific amount and/or insist that it's value has appreciated over sticker/purchase price, you need either an actual cash value (ACV) policy or agreed/stated value policy. Of the two the agreed/stated value policy is the better of the two come total loss time as depreciation is still factored into ACV policies...

I previously had ACV policies on custom motorcycles before but went with a stated value policy on my new Hellcat with Hagerty.

With one motorcycle that was wrecked and totaled it was a total shitshow (I can't remember but I think it was Foremost). Bike had over $70K in it and insured for $50K, declared a total loss and they tried to depreciate the fuck of it and their first offer was under $30K and the comps they used were garbage. I proceeded to bury them with receipts, invoices, etc., etc., etc. and got them to settle for the full $50K. That clearly infuriated them as they doubled the premium on the other custom I was insuring with them the following renewal, which I moved to Progressive and was a third what they wanted for an ACV policy.

Agreed/Stated value policy with Hagerty is just that; the car is a total loss and that's what you get paid, the only hitch is that they agree to what the stated value is, and your estimate of market value is subject to their approval. In this particular case I don't think it'd be a real stretch for them to insure this SS for $130K, and your premium would reflect that...

My 18 Charger is $75K.

 

[Bobo]

It depends on what type of insurance it has, but if it's a standard policy, you're unquestionably gonna be SOL in the event of a total loss. The purpose of insurance is to be made whole and if you paid $84K for it you're not going to be paid $116K for it come a total loss; you're being made whole by getting $84K (subject to depreciation), and that's what you paid a premium for. Like it or not cars are considered to be depreciable assets and that's how standard premiums are calculated. If you want your vehicle insured for either a specific amount and/or insist that it's value has appreciated over sticker/purchase price, you need either an actual cash value (ACV) policy or agreed/stated value policy. Of the two the agreed/stated value policy is the better of the two come total loss time as depreciation is still factored into ACV policies...

I previously had ACV policies on custom motorcycles before but went with a stated value policy on my new Hellcat with Hagerty.

With one motorcycle that was wrecked and totaled it was a total shitshow (I can't remember but I think it was Foremost). Bike had over $70K in it and insured for $50K, declared a total loss and they tried to depreciate the fuck of it and their first offer was under $30K and the comps they used were garbage. I proceeded to bury them with receipts, invoices, etc., etc., etc. and got them to settle for the full $50K. That clearly infuriated them as they doubled the premium on the other custom I was insuring with them the following renewal, which I moved to Progressive and was a third what they wanted for an ACV policy.

Agreed/Stated value policy with Hagerty is just that; the car is a total loss and that's what you get paid, the only hitch is that they agree to what the stated value is, and your estimate of market value is subject to their approval. In this particular case I don't think it'd be a real stretch for them to insure this SS for $130K, and your premium would reflect that...

THIS IS my whole point and WHY it's good information for us owners to know what the market is doing so we can cover our asses!!