It’s Insurance Review Season: Do you even know what the limits are on your policy?
Do you even know what the limits are on your policy? Do you know what the current value of your vehicle is? If your car gets hit, will you be able to fix it or will it be a total because the entire amount will be used up?
Did you know that, depending upon the state, your insurance company can take possession of your car and sell it for parts or scrap when the payout exceeds a percentage of the limit of your policy?
Over the past five years we have taken in more than a few cars that have been underinsured. In a few cases, they have also had poorly repaired or restored work that must be re-done to fix a current issue. This typically puts me in the uncomfortable position of informing an owner that their beloved vehicle cannot be fixed for what it’s insured.
We don’t have an underinsured rate. It costs the same to properly fix a car regardless of the policy limits. We also don’t have a magic relationship with the insurance carrier where we can “work things out.” No winking and nodding goes on in my world.
A few other things to remember:
- The policy will not pay to repaint the whole car if only a portion is damaged. You may get a decent color match, but you may end up with a half lacquer and half urethane finished car.
- Be certain your carrier has adjusters on hand who are acquainted with, and the know how to properly fix your marque. Most don’t, and this will mean hours of time for your chosen repair facility in preparing addendums and correspondence. Most replacement body parts don’t “just bolt on”.
- Pre-existing conditions don’t only apply to health insurance. New parts cannot be welded or bolted to filler and fiberglass repairs. Many times, this isn’t apparent until the job is underway. The repair for this is the responsibility of the car’s owner.
- A super original collector car’s value will be significantly diminished once a significant collision repair has been performed. That is real money.
This isn’t an indictment of the insurance industry, simply a reminder that it’s our responsibility as owners and collectors to make sure that we are managing our investments wisely. It may certainly be worth a look!!
Read More of My Blog Posts
There are sand bags hiding in these two Healeys. We're not waiting for a flood or storing for the sandblaster, we’re making sure that everything is in balance. To get the lines and gaps right you really need to weight a car’s chassis when you do a total...read more
Hurray! In a few days I will celebrate five years as a small business owner. I often believe I have made it over the hump, but I know enough to never become complacent when moving forward. I hear a lot about “Living the Dream,” but there are some days I...read more
I was honored to be interviewed by Cars Yeah's Mark Greene, "an incurable automotive enthusiast interviewing successful automotive entrepreneurs who live a lifestyle around their passion for automobiles" for his latest podcast. You can find the full...read more
A quick wrap up from my trip to the 2017 Austin-Healey Conclave - in short: another great event, organized this time by the Texas Austin Healey Clubs. A quick wrap up from my trip to the 2017 Austin-Healey Conclave - in short: another great event,...read more
After spending some time studying my new Hammer Price app (a must-have) and going through some of my auction notes for the week, I have come to some of the same conclusions I did last year—some marques did well, and others lost a little ground in value. it...read more
Ever since I sold Mark Baker’s 100R Healey at Bonham’s Auction in Scottsdale four years ago I eagerly await coming back to Arizona for my now annual trip to the land of auctions and car shows. Once here, a common question I get from old and new friends...read more
The majority of our restoration work at Sport and Specialty doesn’t drive or roll into the shop. Most of our work is pushed in on a transport dolly and unloaded unceremoniously in a variety of mismatched wood and cardboard boxes. Sometimes we even see...read more
Last weekend we pulled the trigger and launched the latest iteration of the Sport and Specialty website. All of the digital switches fell into place and with a sigh of relief a year’s worth of effort came to fruition. We had put together a simpler site...read more
We delivered this beautiful BJ8 Healey to David and Ellen with a mini mechanical restoration. Full engine and all accessories rebuild with a new wiring harness. Good for many more thousands of miles of fun! Read More of My Blog...read more
Read More of My Blog Postsread more
Yesterday's results. People's choice 1951 Dodge. Founders Award 1952 A6G Maserati. Best in Show 1914 Stutz Bearcat!! Beautiful Car! Read More of My Blog...read more
Some new pics and updates of some of the work we have in the shop at the moment. Give a call at (815) 629-2717 and set up a time to stop by to see what's new! More Blog Postsread more