Insurance for our Alfas
Interested in getting my 75/Milano insured with some sort of collector type insurance company. Would also be useful to see what resources to keep to help claims.
Insurance
Well Zamani this isn't going to help you specifically as it applies to my Oz colleagues but I have found TORQUE insurance most cost effective. Particularly for agreed value policies. You also get to keep the wreck.
Sometimes the parts are worth more than the whole !
Sometimes the parts are worth more than the whole !
Transaxle Alfas Haul More Arse
Check out classic car insurance offered by most agencies. This generally limits the car use time and look at the fine print about not leaving your car in a mall parking lot!
Track use would probably require a specific high risk insurance rider or separate policy.
Documentation very important, reciepts, video, pics, etc..
I wonder if we could form some sort of specialty group insurance policy...I have to check out the local and national Alfa club on that one...
Track use would probably require a specific high risk insurance rider or separate policy.
Documentation very important, reciepts, video, pics, etc..
I wonder if we could form some sort of specialty group insurance policy...I have to check out the local and national Alfa club on that one...
Z - thanks for starting this thread.
Tom - here are a few thoughts on dealing with insurance.
- Understand clearly the regulations around insurance in your State. They will give you some guidance on what is required for your insurance company to close out the claim, what your rights are for appeal, etc.
- Get a copy of the valuation report used by State Farm to assign value. They will usually use an outside firm to do this, to get comps on your vehicle in your area. Now these comps may come from anywhere, make sure they are legitimate and call the dealers to verify that the calls were actually made, and the dealers were legitimate. In my case there were some questionable items. Even if the dealers don't talk to you, note the call in your diary.
- Look at the black book valuation. You should be able to get it from a Mercedes club or other sources. Sports Car Market Magazine uses black book values, check and see how they value your car. This is typically higher, in some cases much higher, than for NADA, etc.
- Generate your own list of comps, cars for sale and cars sold. This might take a bit of research. Insurance company will say that it should be based on local market conditions but you can make the case for a specialty care that national market prices are legitimate.
- If you use a dealer or independent mechanic, see if they will write a notarized letter stating the condition and value of your car. If you can find an independent marque specialist, they may do the same thing.
- Document any work done on your car to support the top condition value. Document also any improvements made. You may get a percentage of recent work added to the settlement if it is significant. You may also get an increase for special equipment added, even if it is not "original". For example, I received extra cash based on the OZ 2-pc wheels even though they were not original equipment.
- Document every conversation you have with the insurance company. Keep your cool. Once they know you are serious and not going away, you might find a good guy who actually wants to settle this out the right way. State Farm will push this up to another level.
- Request the independent appraisal at their expense, but make sure the appraiser really knows what they are looking at (don't get a guy who does mostly muscle cars). Most of the appraisers are big time car guys you can have a good dialouge with around you car. Before the appraiser came I detailed the entire (wrecked) car, including the undercarraige, interior and engine bay. My neighbors thought I had lost my mind completely, buffing a shredded panel.
I went through this entire process, which took nearly a year. I did take the initial money they offered only on condition that the claim was still open, which the insurance company agreed to and was documented in writing. Your call on doing this based on your state's insurance regs.
My documentation file (letters, comp vehicles, service records, price build up, vehicle history, comments on their valuation methodology, communications with the insurance company) was nearly 60 pages. You have to give them an entire story, which prompted the insurance company to then go to the outside appraiser. If you choose to use an outside appraiser on your dime, make sure they are certified and have worked extensively on this kind of claim - cost is high $500 to $1000 so I'd try to get the insurance company to do it instead.
Enough for this thread!
Tom - here are a few thoughts on dealing with insurance.
- Understand clearly the regulations around insurance in your State. They will give you some guidance on what is required for your insurance company to close out the claim, what your rights are for appeal, etc.
- Get a copy of the valuation report used by State Farm to assign value. They will usually use an outside firm to do this, to get comps on your vehicle in your area. Now these comps may come from anywhere, make sure they are legitimate and call the dealers to verify that the calls were actually made, and the dealers were legitimate. In my case there were some questionable items. Even if the dealers don't talk to you, note the call in your diary.
- Look at the black book valuation. You should be able to get it from a Mercedes club or other sources. Sports Car Market Magazine uses black book values, check and see how they value your car. This is typically higher, in some cases much higher, than for NADA, etc.
- Generate your own list of comps, cars for sale and cars sold. This might take a bit of research. Insurance company will say that it should be based on local market conditions but you can make the case for a specialty care that national market prices are legitimate.
- If you use a dealer or independent mechanic, see if they will write a notarized letter stating the condition and value of your car. If you can find an independent marque specialist, they may do the same thing.
- Document any work done on your car to support the top condition value. Document also any improvements made. You may get a percentage of recent work added to the settlement if it is significant. You may also get an increase for special equipment added, even if it is not "original". For example, I received extra cash based on the OZ 2-pc wheels even though they were not original equipment.
- Document every conversation you have with the insurance company. Keep your cool. Once they know you are serious and not going away, you might find a good guy who actually wants to settle this out the right way. State Farm will push this up to another level.
- Request the independent appraisal at their expense, but make sure the appraiser really knows what they are looking at (don't get a guy who does mostly muscle cars). Most of the appraisers are big time car guys you can have a good dialouge with around you car. Before the appraiser came I detailed the entire (wrecked) car, including the undercarraige, interior and engine bay. My neighbors thought I had lost my mind completely, buffing a shredded panel.
I went through this entire process, which took nearly a year. I did take the initial money they offered only on condition that the claim was still open, which the insurance company agreed to and was documented in writing. Your call on doing this based on your state's insurance regs.
My documentation file (letters, comp vehicles, service records, price build up, vehicle history, comments on their valuation methodology, communications with the insurance company) was nearly 60 pages. You have to give them an entire story, which prompted the insurance company to then go to the outside appraiser. If you choose to use an outside appraiser on your dime, make sure they are certified and have worked extensively on this kind of claim - cost is high $500 to $1000 so I'd try to get the insurance company to do it instead.
Enough for this thread!