Insurance Payoff for Total Loss?

[flixbiz]

Has anybody ever suffered a total insurance loss of their older SL? I'd be curious to know how your insurance company treated the value, if it's not too painful to discuss. I am looking for a Gap Insurance Policy to make up the difference between Geico's book value and the replacement value of my 1986 SL. (In case I ever need to replace her) I want to drive this car more often than I do, but not until I'm comfortable that she is fully insured for loss! A collector policy is not an option. I don't drive her to work, but I need to be able to leave the car unattended on occasion.

[Steve Gutman]

If you do not agree up front on the value of your car the insurance company will use a book value for your car. When repair cost exceedes the cost of a similar car they will pay you or find you a similar car. When I insured my 1985 500SL my agent asked me what I paid. I bought the car cheap because it needed work so I added in for it and told him $12,000. Now I'm into it for $15 and still want to put thousands in (don't tell my wife). If I finish all the work and the cars value goes up I can insure it for more but will need a professional apprasial to support it. You rate will reflect it as well.
A 1986 560SL could be sold for $5000 to $35,000 depending on condition. If yours is worth so much you should have no problem getting a high appraisal. If Geico won't work with you, dump them.
Last week my front end was smashed. I chose to have State Farm go after Allstate so I don't have to do it. So far, so good. They haven't called me yet but the body shop guy said the estimate is about $6100, 48% of value. I don't know if they are looking at book or agreed value.

Look here too: http://www.stycksbodyshop.com/consumer-safety.html Interesting.

[tecqboy]

I recently had a total lose on a 1973 AMX in collector / concours show condition. It was broadsided at an intersection by a woman who ran a red light while talking on a cell phone. Geez, I never even saw her coming. Anyhow, the car was totalled. Now AMC cars aren't particularly valueable to begin with, but I had recently had it appraised by a professional. The insurance company initially offered only $3000. But I had a professional opinion of $10,000. I also offered proof to the insurance company that similair vehicles were selling in the trade magazines for $10,000 to $15,000. The insurance adjuster then came back with an offer to settle for $7,000. I figured that's the best I would get and settled. I then sold the car for parts to another collector for $3000. So I got my $10,000 for the car in the end. I had purchased the car new in 1973 for $5,200. I would rather still have the car over the money. BTW the insurance company was State Farm. My point: Get your car professionally appraised.

[flixbiz]

Both extremely informative. Thanks! Steve: Can you recommend an appraisal company? I will get started on this immediately!

[need2speed]

Originally posted by tecqboy
Now AMC cars aren't particularly valueable to begin with, but I had recently had it appraised by a professional.

Great advice, but you can also use the appraisal to set your insurance rates according to the appraised value - then your insurance company won't argue about the value at all!

[Steve Gutman]

I don't know of a place local to you but there is a place called the "Volo Auto Museum" in Volo, IL that sells collector cars. I don't know local to you but if you look around I am sure you can find one.