From: Jerry on 9 Dec 2008 16:00 "Adrian" <toomany2cvs(a)gmail.com> wrote in message news:6q836uFb69d7U7(a)mid.individual.net... <snip long dead thread> "Please do not feed the wild animals".... -- Regards, Jerry. Location - United Kingdom. In the first instance please reply to group, sorry, Emails to the reply-to address are deleted unread.
From: Kevin Poole on 10 Dec 2008 05:15 Ian wrote: <snip> > > What you are asking, basically, is "Can I get insurance to cover the > cost of rebuilding my car, even if that exceeds the market value?" > It's a reasonable question ... but the reasonable answer is "no". > Nobody will insure anything for more than it's worth on the open > market, because doing so would be an invitation to fraud. It's as > simple as that. > As I wrote previously, two of the most common forms of insurance - house buildings and contents - do precisely that. One can even argue that insuring against a person's death is a third example. Can you quote a house insurance policy which allows the insurer to "write off" a house, and say to the owner "Buy yourself another one, and we'll keep the land" -- Kevin Poole ****Use current date to reply (e.g. dec2008(a)mainbeam.co.uk)****
From: Ian on 10 Dec 2008 08:08 On 10 Dec, 10:15, Kevin Poole <nov2...(a)mainbeam.co.uk> wrote: > Ian wrote: > > What you are asking, basically, is "Can I get insurance to cover the > > cost of rebuilding my car, even if that exceeds the market value?" > > It's a reasonable question ... but the reasonable answer is "no". > > Nobody will insure anything for more than it's worth on the open > > market, because doing so would be an invitation to fraud. It's as > > simple as that. > > As I wrote previously, two of the most common forms of insurance - house > buildings and contents - do precisely that. I think it was pointed out to you that house insurance covers rebuilding costs precisely because they are LESS than the market value. No insurance company is going to buy the house next door for £300k when they could rebuild on the smoking ashes for £100k. Otherwise precisely the same opportunity for fraud exists: I burn my house down, get the house next door bought, sell it, rebuild my own house and laugh all the way to the bank with £200k. An equivalent goes for contents as well: you don't get some arbitrary value of your own, but a market value. You can agree that it's the market value of a new replacement ("new for old"), but that's as far as it goes. > Can you quote a house insurance policy which allows the insurer to > "write off" a house, and say to the owner "Buy yourself another one, and > we'll keep the land" No. Precisely. Ian
From: Roger on 10 Dec 2008 09:39 The message <a899b215-8a69-4cf2-b5c2-f5a899c935b5(a)s9g2000prg.googlegroups.com> from Ian <ian.groups(a)btinternet.com> contains these words: > > As I wrote previously, two of the most common forms of insurance - house > > buildings and contents - do precisely that. > I think it was pointed out to you that house insurance covers > rebuilding costs precisely because they are LESS than the market > value. No insurance company is going to buy the house next door for > �300k when they could rebuild on the smoking ashes for �100k. > Otherwise precisely the same opportunity for fraud exists: I burn my > house down, get the house next door bought, sell it, rebuild my own > house and laugh all the way to the bank with �200k. Don't be absurd. Rebuilding costs have frequently been in excess of the open market value of the property. Insurance companies protect themselves by not offering a write-off option and no doubt rook their customers by insisting that they will only pay out to build a house to the original specification and require the captive customer to pay the extra knowing full well that building regulations would require a house rebuilt to a higher standard unless it was very new. 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. -- Roger Chapman
From: Phileaus Leaius on 10 Dec 2008 10:08
Ian wrote: > > What you are asking, basically, is "Can I get insurance to cover the > cost of rebuilding my car, even if that exceeds the market value?" > It's a reasonable question ... but the reasonable answer is "no". Thank you for that answer. It would have saved fifty-odd posts if that could have been the *initial* response, but hey, it was an interesting thread anyway. Thank you also for agreeing it was a reasonable question, despite the posts earlier in the thread that suggested it was a stupid one and that I obviously knew nothing about insurance, or classics. > Nobody will insure anything for more than it's worth on the open > market, because doing so would be an invitation to fraud. It's as > simple as that. > I still think that a subtle difference exists between the question in my mind and the question in the minds of those who replied - I'm NOT looking for my insurance company to pay out more than the GV, but was instead looking to pay MORE MONEY for an ADDITIONAL policy on top of that. Still, as we've all agreed now, it isn't available. Shame, but thems the breaks |