Re: [Chrysler300] Baited Breath, Barrett-Jackson, & Collector CarInsurance

[Tony Rinaldi <awrdoc@xxxxxxxxx>]

Hi Rob,

Better switch than fight!

Switch to Hagerty. 

Since they sponsor the BJ Auction for the ³bubble wrapped² and otherwise,
they are very cooperative.

Tony



From: rob kern <robkern@xxxxxxxxxxxxx>
Reply-To: rob kern <robkern@xxxxxxxxxxxxx>
Date: Thu, 26 Jan 2006 21:36:12 -0600
To: <Chrysler300@xxxxxxxxxxxxxxx>
Subject: [Chrysler300] 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

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