Thread: Insurance

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You should always have an appraisal performed on your car when you insure it.

Here is why:

Even when we build our cars we are not really sure of what they are actually worth. Sometimes, we enjoy building them (I did) and forget to add the value of our own work into the picture.

The value of the car needs to be based on what it would cost to Replace OR Repair to pre-accident condition, if you had someone else (qualified shop) perform the repairs.

Now we know that you built the car and if possible, you will repair it. However that is not what insurance is for. It is to bring the car back to pre-loss condition, by a qualified shop.

In case there is a loss, do you want to be standing there talking to the adjuster, saying something,
"Well, I am not really sure what it's worth" ???

Heck no!!!

You want to be there and showing him/her your copy of the appraisal while asking if he has the companies copy of the same report.

BTW:
As mentioned above, there is a HUGE difference in the way our cars are insured.

Actual Cash Value, or ACV

Stated Amount

Agreed Value

Please get in touch with your agent, (OR me if your in Texas) and find out the difference. It will open your eyes to what you may or may NOT have as far as coverage.