RE: [Chrysler300] Baited Breath, Barrett-Jackson, & Collector Car Insurance

["Rich Barber" <c300@xxxxxxx>]

I had Hagerty jack up the coverage on my C-300 from $30K to $40K last year
with no flack.  I have provided pictures of my 2-3 grade car to them.
Insurers that over-insure property tend to have losses, some VERY
mysterious.

C-300'ly,
Rich Barber-Looking forward to Lawton!
Murietta, CA (Temp)
1955 C-300 (the sales and tech staff at the Chrysler dealer loved our cars
and had lots of good questions)

On Behalf Of rob kern
Sent: Thursday, January 26, 2006 7:36 PM
Baited Breath, Barrett-Jackson, & Collector Car Insurance

Hello 300'ly to all!
    I called American Collector Car Insurance today who is the insurer of
Mopsy, my 300 C to check on increasing the comprehensive coverage.  I
mentioned that the Barrett-Jackson recent auction had 2 Cs selling for $100K
each and I was concerned about increasing value for insurability. VERY
ENLIGHTENING! My car was considered a class 2 since I drive her and she is
not "bubble wrapped" or in a museum.  The value increased from $28,500
(January, 2003 appraisal) to now $40,000. My premium increase would be $68
per annum should I elect to increase the coverage.  I did. My concern was
"market value".  They will not underwrite a collector car for any more than
their book value.  So I couldn't insure her for $100K even if I wanted to!
Now this missive is not to release another "firestorm" (no pun
intended...especially for the California, Texas, & Oklahoma weather scenario
that was recently experienced) of collector car insurance stories.  We've
gone down that road too many times in 
 the past few years.  I am only bringing this up for club members to
realistically assess their coverage.  It highlights another point that Andy
Mikonis recently (in the past year) wrote about the cost of restoration of
our vehicles compared to their actual worth, not only on the market but now
via insurance pay out values! The agent was very nice and also stated that
Barrett-Jackson prices don't reflect reality (???) in the insurance
business.  This leads me to believe that our cars are leading a life of a
double standard in value....where what we are putting in to them far exceeds
what we will be reimbursed should we have a total loss from an insurance
standpoint versus what the emotional value we have placed upon them and what
it commands on the glitzy auction blocks.
One thing for sure, and this was coming to the surface at the last meet when
I queried those in attendance about a drag strip event for the Lawton
meeting was that the cars are getting too expensive to stress them at a drag
strip.  Add my concern about security at meets.  The Lawton meet will have
24 hour security in the parking lot. So, you all come to Lawton and have a
good time with your Brutes!  ROB KERN

[Non-text portions of this message have been removed]




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