Insurance

[navion]

Well, 11 days after double knee surgery and appear to be managing the pain issues reasonably well. ZR1 will here here in about 10 days from Oklahoma so I put insurance on the car. Even with a copy of the Bill of Sale showing the purchase price, State Farm does not recognize that the ZR1 is a little different than a regular vet and will only cover me for $42k! I can`t live with this as I paid considerably more for the car and am seeking yopur opinions and or ideas on how get get full coverage. With my `67, I got it professionally apparaised and they accepted the full appraisal but they will not accept one for the ZR1. Go figure!

 

[Case75]

Terry, Hagerty might be able to insure you for full value. They will insure late model specialty vehicles. Newer Vehicles: limited production, exotic & special interest

I have Hagerty on my Vette.

P.S. Glad to hear your recovery is progressing.

 

[CCO]

Gee Terry, sorry to hear that.. That is a little strange......they must know as well as anyone that there are varying prices for 'vettes with very divergent values...

I think you're doing the right thing looking somewhere else. I doubt you'll have any trouble getting the right insurance on it.
Is your home insured thru another company? That would get you a multi policy discount too.
Good luck with that.

I'm very glad to hear that you're feeling much better and your recovery is progressing well. Please keep us in the loop.

Best wishes

Colin

 

[navion]

So I take it that the majority here do no put replacement value insurance on your cars? I could/would not like to take such a large loss on the ZR1. From what I have learned so far, many of you will get a real shock if you end up writing your car off and what the insurance company pays out to you. Just my thoughts.

 

[CCO]

So I take it that the majority here do no put replacement value insurance on your cars? I could/would not like to take such a large loss on the ZR1. From what I have learned so far, many of you will get a real shock if you end up writing your car off and what the insurance company pays out to you. Just my thoughts.

Not sure why you say that. I certainly have replacement value on my car(s).
I wouldn't have it any other way.

How's the knees today Terry?

C.

 

[navion]

Hi Colin, knees are pretty sore but after only 12 days from surgery, I think all is going according to plan. As to replacement value insurance as long as that is stated on your policy, you will get full value. If it is not stated, STATE FARM for example will only give wholesale payout according to my local broker. Other companies may be different but it sure got my attention when it came to insuring the ZR1

 

[Somebuddy]

I also have replacement value on my vehicles. Glad to hear your coming along with your recovery Terry and good luck with getting your ZR1 properly insured.

 

[Pyro]

Is this a brand new ZR1? or a new to you ZR1? I see you are in Ontario, so for a brand new one, make sure you have OPCF 43 under the endorsement section of your policy. It is the waiver of depreciation and for most companies it is good for 3 years from the date of purchase.

If it is a new to you vehicle, the only way to guarantee it's actual value is to have an appraisal from a certified appraiser otherwise you will get the actual cash value (read: blue book price) once you have the appraisal make sure the company includes OPCF 19A under the endorsement section of your policy.

If your insurance company refuses either of these, ask them why (feel free to report back here), and try to resolve the situation. If they simply will not offer you the coverage even with an appraisal, ask for a written letter stating they are refusing coverage (They are required to by law if you request it) and contact the Ombudsman and FSCO (Financial Services Commission of Ontario) and file a complaint with them. Problems tend to get resolved real quick once FSCO gets involved.

 

[Manny@Dasilva]

Please call me at the shop Monday amd I will get you looked after.

 

[CCO]

Good info Pyro -- you must be in the insurance industry??

You can bet everyone is checking to make sure of their coverages. I review mine occasionally with my rep just to stay up on it and get all the recent changes.

Thanks for helping.

Colin.

 

[navion]

Many thx. to both Pyro and Manny. Manny, I will call you on Monday after you get some time in the shop after you vacation. Pyro,I will certainly follow the advice given here to get this resolved. The car is a 2009 ZR1 new to me.