I'm "restoring" my old 89 Trooper - complete mechanical overhaul, new
paint job, new badges, new metal grille to replace the plastic, etc. The
book on it is something like $2,500; I'd like to get a declared value
insurance policy on it as it will be worth more than that (at least I'd
like to think so.)
Does anyone have such a policy on an old Trooper? What sort of
restrictions for use did they write in? Any other deals/pitfalls in
getting a declared value policy?
Where are you? Here in NZ for declared value, you simply state a value, they
state a premium, and thats it, standard terms as for the normal
replacement/book value insurance but they pay out the agreed value minus
whatever the standard excess is.
It's usual to get Agreed value for the value of a Financed vehicle at a used
car dealer, even if the book value is lower, so Agreed value is common here.
Ask around the different insurance companies. once you have a few
quotes/conditions, go to others, or return to previous ones and ask if they
can better the terms the others offer.
General note from what I hear on the newsgroups, in the US avoid State Farm.
Well, I'm in the US, and US companies appear to treat you as a criminal if
you ask for a declared value policy. There may be restrictions on the type
of use, number of miles driven, number of times driven per year, etc,
NZ is sounding better every day. Maybe one day I'll even get to visit....
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