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

["Gary Holm" <gholm@xxxxxxxxxxx>]

To all in 300 land;    I have my 300 G convt. Insured With Haggerty . I
started out with $50k until the auction at BJ in 05.  Then I called and
raised it to $100k  over the phone with no appraisal . When they sent back
the acknowledgement there was a hand written note stating " you are aware 
that two of these sold for over $200k ", which led me to think maybe I'm a
little bit under.  Also,  under stand, that if they do pay off you on a
claim , that they now own the car, and if you want it, for part you have to
buy it back at their price!! My car is a very nice driver, which I do intend
to drive, But only when the weather is nice, as many of you can understand. 
Gary Holm With a big G
 
-------Original Message-------
 
From: rob kern
Date: 01/26/06 19:36:57
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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