How to insure your 2002, and other insurance stuff ( long)

[madsman@xxxxxxxxxxxxx]

Hi all,

Re: Don C's query on how to insure his 2002 for its "true" value - call your agent, and inquire 
if he/she offers stated value coverage, as opposed to actual cash value coverage. Stated value 
means that the company will pay the value that the car is insured for, much the same as for 
those of us who have insured our wife's jewelry on our homeowner's policy...you went and got an 
appraisal, and the agent insured the ring for the "stated value " on the appraisal...if the ring 
is lost or stolen, the company pays the the stated amount. The car policy works the same way - 
you go and get an apppraisal on the '02 ( look in Hemmings for appraisers, or contact the CCA ), 
the company charges you the premium, and you're set. Now for the bad news - not all companies 
offer this for autos - in fact, not all companies offer it for jewelry...some will write acv , 
or the lower $ of the two ...this is why it pays to deal with not only a reputable company, but 
a reputable and responsive agent as well. Make sure that you know what you're buying, and that 
your agent understands what you wanted. Another thing - it is YOUR responsibility to increase 
the coverage, not the insurance carrier's - you will need to get a new appraisal every year or 
two, if the car is appreciating in value...if it isn't, than you may forego the updates.  

As to dealing with disreputable insurance cos, if your state has an Insurance Commissioner, and 
a State Insurance Department ( I believe virtually all states do ),and you're having a problem, 
call them - they're ready, willing and able to force a company to play by the rules if 
necessary, as well as to tell you if you're wrong<g>.

Don C's experience was what is known as filing a "third-party" claim, which means he was trying 
to collect from a company that did not insure him, but insured the fellow who hit him. This is 
an excellent way to experience the definition of the term "adversarial relationship", as Don 
discovered. The fellow who suggested the first party claim route has the right idea, in my 
opinion, but if you wish to do this, you have to carry physical damage coverage on your car ( 
collision and comprehensive coverage ), and that costs additional $...but then, that's what 
you're paying for - your own company to fix your car, and pursue the unfortunate malefactor who 
damaged it. I recently stuffed my 5 series into a storm drain that was 8" below grade, due to a 
careless paving contractor - my insurance carrier not only paid the bill without wincing ($5K 
in rear suspension damage!), but actually brought suit against the contractor and the 
municipality that hired him!

Hope this helps clear the air somewhat:)

Regards,


Mike Capaldo

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