andy-gts

can a person expect to have say , hagerty insurance give a reasonable "estimation of value" to have my new greg brown stroker properly insured .
It will be used for ORR and pleasure driving but not fender to fender racing..Just wondered if anyone else has had their 928 strokers reassessed for more value or do I just eat it?

andy
thanks for any input ...

Abby Normal

Grundy had no issues putting a premium value on my turbo 928. I provided receipts for the hard parts and gave them a labor figure and had it added on to the replacement value.

Rob Edwards

I have an agreed value policy with ACI on the GT and GTS, for $71K of coverage (50.5 GTS, 20.5 GT) it costs $862 per year. Something tells me they might not like the ORR part...

andy-gts

very nice, and this is one you race? or a drivers car.

andy

GlenL

I'm afraid it'll be tough. There is "agreed value" insurance and "track day" insurance but for timed ORR it'll be tough.

http://wurthmotorsports.com/car_insurance.asp

andy-gts

My life insurance premiums had to be paid for 2 yrs before it would kick in in full just to cover me for the orr.

I guess I should have expected this to be the way it is ....oh well thought I would ask.

thanks

andy

BC

You can indeed find a policy that will specifically identify your car as "special" and that it has a higher value. Pictures, an inspection, and it not being driven to and from work daily are usually the requirements. You need "agreed value" - what do you think someone does when they have a 57 Chevy that's been restored for 200,000? They sure as **** don't use the book value on that car.

This only solved half the problem however - the part where you cause the accident or issue.

What if someone else hits you? In this case you would be initially, unless you claim on your own insurance and have them subrogate, on the OTHER guy's insurance - and they operate on book values.

Even more reason to spend some time finding the proper policy issues by a GOOD company. And you may have to pay for it.

BC

Andy - I am concerned over your statement. 2 years is the time usually identified by the insurance company as the "contestibility period" - a time in which any death would be specifically investigated, and if there were purposeful mis-statement made on the application for life insurance by the insured, the policy payout could be recinded.

That said, and please understand I am trying to help - if at application time you were doing ORR and that is provable, and it is NOT written into the contract that you are doing organized motor racing, the company will not need to follow the 2 year rule to not pay your beneficiaries. It can be 15 years later, or 50 years - if you die do an activity that was deemed to be dangerous enough by the company to have an addendum questionnaire required at the time of the application - and you were DOING that activity around the time of the application AND at the time you died - and you did not tell them - they can deny claim.

Example: Lets say John Sky-dives. Its 2011, and he skydives once or twice a year, and has done for some time. He is noted as being part of a group that does this, and has all the materials required to do so. On his facebook page, in 2011, it says "had fun skydiving"

John buys 1M of life coverage for insuring his death and his spouse is the beneficiary. He is asked during the application process by a slick, quick talking insurance sales agent about all sorts of things. Do you smoke? Do you "participate" in motor racing events? Do you scuba? Do you skydive?

He says "no" and signs the application form with all these questions on it that have been answered no and gives the agent a check. He gets the policy and puts it in the drawer.

10 years pass.

John bounces into the earth at 165mph and dies doing what he loves.

His wife, imagining the Bugatti she can now afford with the 1M, files the claim, and the company gets the death certificate and cause of death.

Skydiving.

A quick investigation into whether the policy was issued as having this dangerous activity listed - and it is found that it wasn't.

When did John start? More investigation.

He says no on the app 10 years ago but he was indeed jumping out of perfectly good airplanes.

Claim Denied, and instead of 1M the wife gets all the premiums returned that were paid for 10 years.


Everyone -

DO NOT under any circumstances believe that an insurance company is there to help you, assist you, or play any positive community or personal roll in our society other than to make money.

Further - do not assume that they are going to "help someone out" when there are discrepancies.

IF there is the slightest ability for the company to get out of paying a claim, they will - especially if its in the contract they can.

I am sure that non of us are purposely making material misrepresentations or even purposely leaving information out. But be sure to be an educated consumer, and CYA

Landseer

Great post. Thanks BC. Crucial stuff right there.

Once I had to help an indigent neighbor lady (had about an 85 IQ) collect on a policy. It was war.

Mark Anderson

Thanks for the insight Brendan

S4ordie

Unless John jumped out of the plane just before it crashed into the ground a more likely speed would be 112mph. Assuming he had exited the aircraft at 3,000' or above and hit the ground at sea level. Higher elevations would result in a slighter higer impact speed due to lower air density.

andy-gts

thanks bc , looks lilke Greg did me a favor as I can prove no racing done for 18 months during that time application was done ....
( said tonque in cheek)

andy

rider was added for orr

BC

I thought terminal velocity was higher... Hmm. I think most of the time he'd still be dead.

IcemanG17

Andy
ORR is a dangerous activity...so is any type of "closed course" racing...which ORR also is.....having a rider specifically for ORR is a great idea.....

Also considering the POWER your machine is going to put out and the speeds it can reach.....While ORR sure looks fun.....the thought of being out in the middle of the desert...probably 15+ minutes from real help going 200mph were it is VERY possible the Viper that started in front of you blew up and oiled the whole road is just too scary for me............ I understand that racing on track isn't super safe, but at least help is there...only a couple minutes away..

GregBBRD

Trust me....he knows the exact speed.

I don't think the speed of falling is the problem...it's the abrupt stop that does you in.