Re: Insurance Coverage for \"Stated Value\" - Who\'s good
"Receipts for parts and labor don't count"
- Not necessarily true.
I recently completed a frame up resto/upgrade on my 1969 CJ5. I contacted my insurance carrier, State Farm Mutual, and was told that they would insure the vehicle if I got an appraisal. OK, good so far. My agent recommended a local appraiser that specializes in classic/antique vehicles (he showed up for the $125 appraisal in a 1927 Chevrolet).
First question was "What do you think this Jeep sold for new?" Well, would you care to look at a copy of the original bill of sale (I am the only owner)? "Do you really have that and receipts for labor and parts? OK, I believe I will do what I usually don't do, and that is to take the cost approach in appraising your vehicle since you can support all your expenditure claims." Alright, I know I have more invested in the Jeep than I could ever sell it for, but what do I need to insure it for? "$27,700". Gulp. . . well, if you say so.
State Farm said the documented, stated value and 12-page report looked fine. They did insist on an alarm system, which I had already installed. Now I'm wheeling my well-insured "new" old '69. Premium wasn't all that bad either.
Sidenote: I continually hear "But you could have bought a NEW Jeep cheaper". Yes, but I didn't WANT a new one. You don't understand, it's a Jeep thing.