How does one insure a restored car?
A hypothetical example: Someone has 67 Chevelle that he's put many $K and untold hours of personal sweat time into. We figure he could get $12K out of it in the unlikely event that he were willing to part with it.
He gets broadsided at an intersection and his insurance company, feeling it's being exceedingly generous, agrees to give top blue book for a totaled '67 Chevelle, $750.
How does one avoid this hypothetical catastrophe? How does one document the true value of the car? Does one get an appraisal? What special arrangement do I need to make with my "State Farm" agent in advance to assure I'm not stuck with a $750 settlement. My safe driver premium for a similar unrestored car; top end liability, collision, comprehensive, (the works) is $203 for 6 months. Approximately what multiple can I expect to be applied to that premium?
I'm sure many of you have worked through this. Would like the benefit of your experience.
Thanks,
Larrym
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A hypothetical example: Someone has 67 Chevelle that he's put many $K and untold hours of personal sweat time into. We figure he could get $12K out of it in the unlikely event that he were willing to part with it.
He gets broadsided at an intersection and his insurance company, feeling it's being exceedingly generous, agrees to give top blue book for a totaled '67 Chevelle, $750.
How does one avoid this hypothetical catastrophe? How does one document the true value of the car? Does one get an appraisal? What special arrangement do I need to make with my "State Farm" agent in advance to assure I'm not stuck with a $750 settlement. My safe driver premium for a similar unrestored car; top end liability, collision, comprehensive, (the works) is $203 for 6 months. Approximately what multiple can I expect to be applied to that premium?
I'm sure many of you have worked through this. Would like the benefit of your experience.
Thanks,
Larrym
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