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?
-Dondo
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.
rhys
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, etc...
NZ is sounding better every day. Maybe one day I'll even get to visit....
-Dondo
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