John ED Renstrom
PCS Member
So the key is to watch what you buy. Ask questions up front. But I would like to see the appraised value and post sales on some of the amounts discussed.
Appreciating Value
- Thread starter Channing Spencer
- Start date
Gentlemen, having taken the giant Insurance enema a time or two I'll mention a couple things.
The Insurance industry exists to take your premium and not to pay claims. NY has laws to help the company, NOT the insured.
In the case of insuring classic/vintage/collectible cars it becomes a nightmare for the insured fast. 3 types of coverage exist, Stated, Agreed, and ACV.
This fairly well explains the coverages.
https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm
Bear in mind the Carrier, not you writes the contract and they have very good Lawyers doing that.
When, not if, the moment comes you see the giant screw coming toward you on the Carriers drywall gun, there is one final fallback position, IF you bought the policy correctly.
IF you bought from an Agent instead of directly from the Carrier, you can and should Litigate against the selling Agent. I was taught this by an old independent Agent who showed me the Policy he carried to cover himself for Errors and Omissions.
Insurance Agents are Licensed Professionals, and as such have an obligation under Law to protect You from buying the wrong Policy. Don't buy Insurance on the phone or Internet. Protect yourself, no Carrier will protect you.
It will also become helpful to learn the difference between a Mutual Carrier and a Stock Carrier.
What you don't know will cost you mightily.
The Insurance industry exists to take your premium and not to pay claims. NY has laws to help the company, NOT the insured.
In the case of insuring classic/vintage/collectible cars it becomes a nightmare for the insured fast. 3 types of coverage exist, Stated, Agreed, and ACV.
This fairly well explains the coverages.
https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm
Bear in mind the Carrier, not you writes the contract and they have very good Lawyers doing that.
When, not if, the moment comes you see the giant screw coming toward you on the Carriers drywall gun, there is one final fallback position, IF you bought the policy correctly.
IF you bought from an Agent instead of directly from the Carrier, you can and should Litigate against the selling Agent. I was taught this by an old independent Agent who showed me the Policy he carried to cover himself for Errors and Omissions.
Insurance Agents are Licensed Professionals, and as such have an obligation under Law to protect You from buying the wrong Policy. Don't buy Insurance on the phone or Internet. Protect yourself, no Carrier will protect you.
It will also become helpful to learn the difference between a Mutual Carrier and a Stock Carrier.
What you don't know will cost you mightily.