Insurance Fixed Value

[kevins2]

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!

I'm not an insurance expert by any means, but I don't believe these cars follow the same depreciation rules as a "normal" car. The market is certainly a factor, but it is more likely that your Cobra replica will be worth close to its original value over time (or even more, possibly) than your daily driver would...or even a Mercedes.

[motordean]

Originally Posted by Cashburn

Give Mike Smith a shout at Northeast Classic Car Insurance - Classic Auto Insurance

Will do - thanks.

Originally Posted by 427 ISH

I have a declared value. I agree, leaving to "Replacement" value, based on the market will get me another Cobra - However, it will not be "My Cobra". I know where every wire and nut is on mine. If totaled, I will want that same value. I am paying a bit more for the overstated value (versus market value), but I will want to build another if total loss occurs, not buy one.

That's what I'm talking about!

Originally Posted by kevins2

I'm not an insurance expert by any means, but I don't believe these cars follow the same depreciation rules as a "normal" car. The market is certainly a factor, but it is more likely that your Cobra replica will be worth close to its original value over time (or even more, possibly) than your daily driver would...or even a Mercedes.

Agreed 100%

Thanks everyone for your feedback!

[jhv48]

Originally Posted by kevins2

I'm not an insurance expert by any means, but I don't believe these cars follow the same depreciation rules as a "normal" car. The market is certainly a factor, but it is more likely that your Cobra replica will be worth close to its original value over time (or even more, possibly) than your daily driver would...or even a Mercedes.

That's my point, if the market goes up, so does the replacement value of my car. If it goes down, so does mine. Still based on real world prices, and I don't pay for an inflated agreed value. What if the actual value of your car exceeds the agreed value that you originally signed up for? Do you only get the lower amount?