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
Hey, wake up! We’re here now! We’ve arrived! It’s 2016 and all of those car projects you were going to do this winter aren’t done. You know it and I know it. Why do I know it? Because my stuff isn’t done either! Every fall I make a huge list of improvements and...read more
The shock to my system has worn off already as I acclimate to the cold back on the tundra. I want to write down some thoughts about my trip to the AZ auctions this year for those of you who watch them. Understand, I am no “old hand’ at the AZ auction...read more
I attended my first Auction Preview a few years ago here in Scottsdale when our Austin Healey 100R was at Bonham’s. Normally I’m not much of a guided tour kind of guy so I figured I would just walk around with the catalogue and do my own research. But then...read more
My friend Andy Reid was asked to be the chief judge for a new car show here in Arizona to compliment the already crazy week of activities. The show was titled “Future Classics” and the main sponsor was www.classiccars.com, where Andy is their East Coast...read more
Let's get this week going!! Arizona Concours d’Elegance today at the lovely Biltmore. What a great backdrop for the fine cars shown. I'll be posting more pictures this week as I check out the auctions, beautiful weather, and car values. Stay tuned!...read more
Back in 2014 I made my first trek west to Arizona Auction Week here in Scottsdale. It was so successful, and I had so much fun, that it is now an automatic repeating event on my January calendar. Aside from the fact that the weather in Illinois is...read more
I first became interested in the restoration British cars about 20 years ago when an acquaintance agreed to sell me his long-dormant Triumph TR-6. For that learning experience I did a basic mechanical and cosmetic restoration. It wasn’t a “ground up”...read more
Turns out that some years ago Mark Baker (former S&S owner) rebuilt a BMC A series motor and Austin America automatic transmission for a custom motorcycle. I went to look at it for some work last weekend. It turns out it was for an Auto Four, one of Wild...read more
These two unabashed car guys, Bob Kendall and Larry Noble, came out to the shop yesterday for their annual pilgrimage and quality inspection. Bob posted some musings on his blog; http://pilotesanciens.blogspot.com/ Take a quick peek at some of the work we...read more
I went to a great luncheon on Tuesday at D & J Bistro in Lake Zurich with a group of Vintage Sports Car Club members and friends. Food and company was great, and it's guaranteed that unique and fun cars will show up too. Here's a few and one of my...read more