'Gap insurance' for classics?
in [Classic Cars]
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From: Ian on 10 Dec 2008 12:56 On 10 Dec, 17:31, Roger <ro...(a)nospam.zetnet.co.uk> wrote: > Even today outside the property hotspots like London the > value of the land is a relatively small proportion of the typical house. Up here - rural south west Scotland - building plots cost about 40% of the value of the house. And there are - or were - still a LOT of builders making a LOT of money by putting up houses. Which they wouldn't, if building costs were more than the market value. > And you have to insure at a realistic rebuild cost otherwise you will > get crucified on a partial loss which is far more common than a total > rebuild event. Last time I checked, I was insured for unlimited rebuilding costs. > > In exactly the same way that the OP's insurance company is reluctant > > to allow him to insure to have every bump, ding and shiny bit he has > > put in over the years recreated at their expense. > > I suspect that the real reason for not finding such a policy is that the > demand for it is so small that the insurance company can't rely on > statistics to predict the extent of claims and with such a small > potential market can't be bothered to even quote an inflated premium to > cover the lack of predictability. That, too. Plus the excess amounts will vary wildy. The chap who does bodywork for me is doing a Mini Cooper (proper) for a local landowner. He has already spent over twenty five thousand on bodywork ... > > > And new for old contents insurance is now so common it must be difficult > > > to actually get the old fashioned 'subject to average' type insurance.. > > Indeed. It's still a market value, though. > > It is difficult to see how getting a new piece of kit costing £1000 to > replace something several years old and worth say £500 has anything much > to do with the market value of the original piece. It's the market value of the new piece. As I pointed out initially, and reiterated with "a market value" above. Ian
From: Ian on 10 Dec 2008 13:00 On 10 Dec, 15:28, Adrian <toomany2...(a)gmail.com> wrote: > Ian <ian.gro...(a)btinternet.com> gurgled happily, sounding much like they > were saying: > > > The best route is to push hard at agreed value time. I know of one > > super-concours (think autistic levels of anal retention) Citroen DS > > which is insured at an agreed value of £80,000. That's four times more > > than you'd pay for a superb one ... > > True, but I know he's turned down unsolicited offers of close to that in > the past. You know it then? I heard a Well Known Citroen Nut say that he's helped the guy prepare it for a contest and had found - shock, horror - some dried traces of polish in the corners of the part numbers moulded into the rear lenses. At which point I realised that concours at that level is not a hobby. It's a mental illness, pretty closely related to Obsessive Compulsive Disorder. Seriously. Ian
From: Adrian on 10 Dec 2008 14:26 Ian <ian.groups(a)btinternet.com> gurgled happily, sounding much like they were saying: > At which point I realised that concours at that level > is not a hobby. It's a mental illness, pretty closely related to > Obsessive Compulsive Disorder. Seriously. It's taken you this long to realise that?
From: Rob, Jane and Freddy on 25 Dec 2008 12:21
theres no such thing as gap insurance for classics, you obviously dont understand what gap insurance actually is? "Phileaus Leaius" <whos(a)prettyboy.then> wrote in message news:oSB_k.47$K87.44(a)newsfe26.ams2... > I've managed to get a guaranteed value policy for �11k on my freshly > rebuilt motor, but I know it would cost more than �14k to have a > replacement built for me if the worst happens. I'm happy that the GV is > 'correct', but where can I buy an *additional* policy to 'top up' that > �11k to the amount it would cost to replace? Gap insurance seems to be the > term for the policy I want, but it seems that its only available on new > cars - how can I do the same thing for a classic? > TIA |