CPL55

Hi all, I have an insurance question for you... with the current exceptionally high market value of our cars, I sometimes think about the fact that it would be really hard to replace mine in the event of a total loss or theft. I know they're pretty much all going to undervalue any car as a rule, but wondered if there are any insurance companies you know to be better than others in terms of assessing value for cars like ours?

desmotesta

As someone who had a total loss exactly a year ago I can share my 2 cents

in the event of total loss, car’s value is determined by the insurance company (actually usually a 3rd party hired by your insurance company). Determination is based on comparable analysis in addition to the normal mileage, options criteria.
In an environment like this one, most modern cars will be fine as any similar comps they find will report a much higher market value than even 1-2 yrs ago.

owners who have to really be careful are the ones with extremely hard to find unicorns and those with classic cars that may not appear on a comp search leaving wiggle room for adjuster to low ball the insured. for those people it’s a good idea to go through any number of classic car appraisals and companies that specialize in such coverage
hope this your question somewhat.