When I added my GTS to our car insurance (Liberty Mutual), they offered a "Better Car Replacement" addition. They claim that, if the car is written-off, they will pay for one a year newer and with 15k fewer miles. At $29 a year, I bit their hand off!

I really hope that it doesn't happen, but I am intrigued as to how much it would cost them (if they could be made to pay-out ..). What's the delta between a '93 GTS (auto) with 61k miles and a '94 GTS with 46k miles?

 

Ha! I have Liberty Mutual too and need to look into this. I have an 87 and that means going to an 88, ho hum. Wish I had an 88 then if something happened my Club Sports would be model correct!

 

That sounds a bit subjective too me, so they don't offer a stated value option?
Just give me the $'s and I'll decide what it buys, just saying.

Dave

 

hmmm. What about the guy with a 95?

 

I'm sure there's some fine print here. I'd seen those ads but never thought to apply it to anything that is at all "rare". (hell, I'd put it on my Scout if they really won't weasel out for hard to replace vehicles.)

 

My parents are on Liberty too and just suffered a loss with my Mom's SLK. The 'better replacement' is actually the same year (or newer) car, or whatever you want.

 

Yes, there's small print, including on "unique or unusual" vehicles, but that only looks to apply if they are insuring a stated value.

There is a limit of 120% of the value of the insured vehicle, but that's still quite generous IMO. It isn't what they told me when they sold me the cover though - they said full market value of a model year newer with 15k fewer miles. Still good value, if they stuck to it.

 

You know for a minute, I thought a fine wedge between the 928 would be a '94 964 Turbo 3.6, but good luck selling that idea to your insurance company.

 

What they told you means absolutely nothing.

What is written in the policy is the only thing that counts.

Read the fine print. Very carefully.

BEFORE you need the coverage.

 

The real question is ALWAYS what is the value of the car in the mind of the insurance company....that determines what 120% will be

 

I have "agreed value" on my collector cars, and that's what really counts. I just renewed my policy with Hagerty, and up'd the value of 3 cars. My rate did increase, but not by much.

FWIW, I had to use my agreed value policy a few years ago. Hagerty sent out a check for the agreed value. I had a couple of hassles, but it was all worked out.

 

Been with Hagerty for at least 15 years myself. Never heard a complaint on any claims. Good friend had two minor claims within two years on two different Corvettes...cracked bumper on one and gouged door on the other. Both his fault due to his unorganized garage.
One estimate and a picture and he had a check within days. After the second claim he did get a stern letter about taking better care of his cars.

I'm always amazed how many people don't know the difference between agreed value and stated value...including my own State Farm agent.

 

The scary one how ever is the typical...."Actual Cash Value" , just look up a few methods used to calculate that number. Probably 99.99% of auto insurance is based on that and often it really sucks.