Ferrari Mailing List: Re: Today's Ferrari Chuckle

[Brian E. Buxton (BrianBuxton]

Stated value policies have to (should be) be adjusted yearly.  Most cars 
will depreciate every year, so you can lower your insurance costs 
according to the lower values.  Same with a home.  You also want to make 
sure cars or homes that are appreciating yearly are covered by 
increasing stated value coverage.  Stated value doesn't necessarily mean 
the amount it would take to buy a 2009 Porsche, Ferrari or home, it's 
simply the amount you want to receive in the case of a total loss.  In 
insurance on track events etc. you also want to insure the FULL value of 
your car.  Some people will buy a $100,000 policy and self insure the 
rest.  BUT if you damage the car badly enough that you do $60,000 worth 
of damage, the insurance co. will total the car, take it from you and 
hand you a check for $100,000, EVEN if the car is worth $400K.  Payout 
is based on how much insurance you bought, not the total value of the car.

Brian



Larry B wrote:

> Replacement cost/agreed value policies aren't so unusual.  My coverage with 
> Chubb has always had that feature.  But the point is not that if, for example, 
> you have a 1995 Porsche 993 (forgive the example) which was totalled you would 
> have enough to buy a 2009 model.
>
>
>
> The most annoying part is on the house side; I have a Chubb "Masterpiece" 
> policy, and am paying a premium based on what it would cost to completely rebuild my 
> house -- even though that is about four times the market value of the house.
>
>  
>
> > Date: Tue, 15 Sep 2009 13:52:04 -0700
> > From: cavallino_rapante [at] yahoo.com
> > Subject: Re: [Ferrari] Today's Ferrari Chuckle
> > CC: ferrari [at] ferrarilist.com
> > To: larrybard [at] hotmail.com
> >
> > I thought you had one of those agreed-value policies that would allow you to 
> > 'trade-up' to a newer/better model if you ever lost a car due to an accident 
> > for natural disaster?  Those kind of policys are hard to come by, no?
> >
> > M
> >    
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--

Brian E. Buxton, President



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