Who has collision insurance on their old MB? POLL - Page 2 - PeachParts Mercedes-Benz Forum

Matt L · #16 03-23-2007, 02:32 PM

We were lucky to have collision on a car which was involved in an accident that was completely the other guy's fault.

His insurance company offered 1K for the old SD. GF's insurance gave her 3K, and sued the other company for the whole thing. She got her deductible back.

So we came out 2K ahead (minus premiums, of course) and didn't have to worry about going to court to sue the company. In the absence of our own insurance, we would have had to take the 1K or sue.

tobybul · #17 03-23-2007, 02:43 PM

Quote:

Originally Posted by Matt L

We were lucky to have collision on a car which was involved in an accident that was completely the other guy's fault.

His insurance company offered 1K for the old SD. GF's insurance gave her 3K, and sued the other company for the whole thing. She got her deductible back.

So we came out 2K ahead (minus premiums, of course) and didn't have to worry about going to court to sue the company. In the absence of our own insurance, we would have had to take the 1K or sue.

Does this scenario work in States with No Fault?

samdon · #18 03-23-2007, 03:11 PM

Keep in mind that all mass marketed auto policies, no matter the company, are based solely on ACV(actual cash value) when determining the value if totalled or when determining whether to repair or declare a total loss. What differs between companies is their damage/loss threshold. The company which I represent,to remain nameless, of course; starts to get itchy to total a vehicle when the estimated costs to repair approach 45% of the ACV of that particular vehicle. I know of a few that still play ball when repair costs approach 65%. I do write for a few classic car comapnies that will get down and dirty to properly repair old steel.

Think about the ACV of your wonderful Benz per Kelly Bluebook and the like. Then, think about the cost of even simple parts and repair procedures. My '76 115 diesel is worth the world to me but its value is near nothing to your average insurance company's valuation system. If I were to have a fender bender in the Publix parking lot that really did only dent the front fender; the insurance company would look at the vehicle value and compare that to a new fender, installation, and finishing. What do you thing their response would be? Here's what is most likely.

"Thank you, Mr. Donaldson, for purchasing insurance through our company. We have declared your vehicle a total loss and arrived at a settlement of $642. This amount, minus your $500 collission deductible, warrants a final settlement of $142. Here is your check. We will pick up your vehicle and crush it tomorrow. Have a nice day."

My 115 is my toy and I take care of it. I do not relish the idea of someone taking it from me simply because it falls outside their loss threshold. Sure, I could buy it back from them for a few greenbacks, but with a salvage title? I don't think so. I'd much rather go to the local pick and pull, scavenge a nice fender and button the old girl up.

There is another beast available to us lovers of old steel. If you want physical damage coverage for your example of Germany's finest and it is old enough to qualify for "classic" status; buy a "stated value" policy. This is exactly what it sounds like. You buy coverage based on a stated dollar value, not ACV. If it is delared a total loss, you get a check for that amount minus whatever your deductible is. Some insurers ask for a recent appraisal and go by that. Others will insure your vehicle to your value specs. Mind you; you will pay premium commensurate with whatever value is stated. However; it is somewhat less expensive to go this route for a few reasons. People who care about their cars are careful with their cars. They take good care of them and avoid trouble at all costs. Claims are very few and far between.

As a member of a few local classic car clubs, I have opportunity to write this type of insurance for quite a few car guys. Over the past eight years I have had pressious few claims out of them. Most of those claims have been of the "comprehensive" variety which means something happened to the car at no fault of the owner/driver. Storm damage and the like is a constant.

Another great thing about these policies is that most of them specify original parts. You won't get a hood from China, headlights from Taiwan, etc. It will be more or less what was on the car at the time of the crash...good ole MBZ, Bosch, and all the other wonderful suppliers.

So, do I think comp and collission on an old Benz is a good Idea. You bet! But, make sure it is what you think it is. An AVC policy is decidedly not what you need. Go for a stated value policy and rest a bit easier.

I'm not going to stick my neck out there and tell you all where to go to get such a policy but one of your choosing is but a quick web search away. Try an independant agent, ask around at a car meet. I bet one will be there. If he is highly emaciated and driving a canary yellow 300D; It might be me

tangofox007 · #19 03-23-2007, 03:31 PM

In an effort to make an informed decision about ACV coverage, I asked my insurance company what the value of my car was. They said that they could not tell me until I filed a claim!!!

pj67coll · #20 03-23-2007, 04:42 PM

Is a stated value policy the same as a classic car policy where you cant use it for regular everyday use?

- Peter.

Hatterasguy · #21 03-23-2007, 06:02 PM

If I was 40 and insurance was cheap I would go for it, but I'm 21 and its expensive. $150 a month without collision, probably near double with.

In a couple of years I'll get the SDL on a "stated value" policy, since it won't be a daily driver anymore. I'd like to do a stated value of about $15k on that car, so at least I wouldn't lose that much if someone totals it.

sailor15015 · #22 03-23-2007, 06:14 PM

I had to have collision on the '85 when I first got it because the bank through which I had my loan required it. When it was hit and totaled, my mom just transfered the whole package over to the '84, keeping the collision. She also added it to the SD when I got it, until last week. The whole reason she'd kept it after I took care of the '85 was because she wanted me to be able to get another car in case I needed to buy another car. Last week, she took a look around and, realizing that I have five cars, she came to the conclusion that I would have no problem getting another and dropped the collision. It was ok with me, because its a lot cheaper for me now, by nearly half. I've also only been in two wrecks(not my fault!) and have yet to get a ticket in my three and a half years of driving.

engatwork · #23 03-23-2007, 06:32 PM

Full coverage on the Harley only. I had one stolen in '82 with just liability and I don't want to experience that again

.

rg2098 · #24 03-23-2007, 07:26 PM

Way to expensive for me age-wise (17) even though my driving record is perfect without a single ticket or accident.

cavaliers16 · #25 03-23-2007, 07:29 PM

Quote:

Originally Posted by rg2098

Way to expensive for me age-wise (17) even though my driving record is perfect without a single ticket or accident.

Exactly the same case for me. Some kids give the rest a bad deal on insurance. The twerps

deerefanatic · #26 03-23-2007, 09:23 PM

I don't have full coverage myself...... BUT, when I get my new body and paint job done, I'll get full coverage. I will have a yearly appraisal, but keep it at home. Accident.... Agent raises "totalled" stamp and I flash em the appraisal.. Read it and weep as they say.......

IF you tell em of an appraisal before hand, they'll charge you a fortune in premiums because they know you'll hold em to paying up.. But if yo show them after the fact, they're hard pressed to not honor it...... and won't have sucked a ton of premiums out of you either.....

truckinik · #27 03-23-2007, 10:02 PM

Full coverage, on all my vehicles, all the time , no matter what. Fire, Theft, Vandalism (A Ct. thing ) and Glass. All of my trucks as well, and of course bonded carrier for the trucks also. Bob-Tail,Cargo, all of it, even break down insurance, in case a situation should ever become that desperate.

tangofox007 · #28 03-23-2007, 10:51 PM

Quote:

Originally Posted by deerefanatic

I have a yearly appraisal, but keep it at home. Accident.... Agent raises "totalled" stamp and I flash em the appraisal.. Read it and weep as they say.......

The insurance companies do business on their terms. They won't be the ones doing the weeping.

What you are describing amounts to an after-the-fact, retroactive agreed value policy. Best of luck with that idea.

deerefanatic · #29 03-23-2007, 10:59 PM

Except, I don't think it could be construed as "retroactive" if the appraisal was dated some time previous to the wreck, especially several month previous.... You have a piece of paper that says "We feel this car is worth this much" from an authority on the subject, dated in the recent past. No different than pointing your insurance company to sales of equal quality vehicles when they try to overly depreciate yours after-the-wreck.....

Maybe, I don't know...... I'm no Insurance expert.... And of course one can't rely on his personal agent to steer him correctly on a matter like this...

captainmonk · #30 03-24-2007, 01:44 AM

as i posted on another thread Dad has insurance thru Commerce Ins They sent the appraiser both cars insured for an agreed upon price daily drivers if driven over 5000/year need yearly survey under 5000/year biyearly survey
My car was hit last august with full coverage Progressive totaled it for 2500 and i bought it back for 300 fixed it for 1200 In NH anything over 20 years old doesnt need a title so now i just have no collision
The good part though is at 55 my insurance on my truck with full coverage and the MB only cost 700/ year

View Poll Results: Do you have collision coverage on your MB?
Yes, full collision insurance.	49	46.23%
No, not worth it for my car.	22	20.75%
No, because it is too expensive to be worth it.	22	20.75%
No, but I do on another vehicle I own.	12	11.32%
No, and I have had a bad experience due to it.	1	0.94%
Voters: 106. You may not vote on this poll