I just increased my insured value from $18,000 to $33,000. The $18,000 value was from 1991. What do you gentleman insure yours for?
$30,000 but that is New Zealand dollars so about $24,000 US Dollars at todays exchange rate -Karl
I think we have $25K on our policy.
Ya know,,,,thanks Gary! What a twit I am and need to go look... I don't think I've revalued my '15 Runabout for insurance purposes since 1995 when I bought it, and it's in even better shape today than then. My guess is the value stated 'might' just get me a replacement but in the 'it runs and looks OK, but you are probably going to have to re-do everything' category.
I don't read the annual invoice as it covers a bunch of cars (JCT), just write the check and send it back 'no changes'....d-uh?
So keep the thread going...
And...check your insurance policies!
I am more tired today than I thought. Mine is a '14. But they are close enough to value them the same. Mine has extra nice paint and real leather upolstery. One of our local members a few years ago had his truck and trailer with the 1911 EMF in it stolen. He was underinsured. This led a lot of people in our area (San Francisco Bay Area) to have their vintage cars appraised and to increase the insured value.
I just updated my policy June 1st. I valued my 14 at $25K.
Just be careful how we phrase this suggestion--for instance, "I upped mine--up yours!" might not be interpreted properly!
BTW, I did raise my cars' values this year when I renewed at the suggestion of the insurance company as it had been decades since I last changed it!
I usually have my classics insured for 125% what it would cost me to buy a similar car. A nice 1913 Touring is a $20K car, so $25K would be the bullseye, but $30K is also okay. A problem is if your valuation is totally out of whack That would invite scrutiny in case of a claim.
would the value not include for someone else to fully rebuild your car back to a pre accident condition, including a total loss due to fuel fire.
That's the way l insure my cars, it may cost me a bit more, but if the worst happens( other than death )l am covered completely.
Even in death your covered completely...usually with six feet of dirt!
Dennis l can not argue with that.,then we have to wait to spend all of eternity with someone else on top of us ...again.
hey David, mine is $33k and I get the wreck back not that I want it and it gives me $20,000,000 public liability for $125... Ray