In the "Holy Crap" category, I offer you the following. I had to have my Jag appraised in order to be put into the 'collector' category with my provider. Now, my car is nice - really quite nice. It runs perfectly, looks great, and needs nothing. I've worked hard during my ownership to work out the niggles. I paid $2500 and have stuck money into it. I think I'd have a hard time selling it for 4K unless the right buyer came along who knew what he was getting. On a whim I once listed it and got zero bites, despite being exponentially superior to the loads of crap cars in the same price range that you know have nothing but problems. My insurance company's independent appraiser (who loved the car, and rightly so!) said it was worth almost FOUR times what I cannot get anybody to pay for it.

You should have seen the look on my face. Can any one explain this to me?

Scott

 

is it possible that the inspection for the value of the vehicle was for an agreed value policy? if so it is what your insurers would feel would be a realistic price if you personally had to replace on like for like basis - hence a higher value. So in theory you are not asking someone to pay the market value because they may not know the time and effort you have put into the vehicle, but to hopefully provide you with enough money to purchase the right replacement. I would pay the additional premium then at least you have the right cover in the event of a total loss. Hope this helps.

 

Thanks, Jakey - yes this makes more sense. I guess this is the first time I've seen in dollar signs what I have always known in my heart. I get to drive a pristine, luxury vehicle that only happened to cost me pennies. To replace it, on the other hand, would cost a mint. I will certainly pay the additional premium!
Cheers,
Scott

 

Nice story Midwest, thanks for sharing.......hoping you pay the extra premium for the cover to replace like for like, but that you never need to use it....

 

Glad to have offered some positive advice - just check with the insurers that I am correct and that it is an agreed value policy!!