I Want To Get Additional Insurance For My 90 Ls400

[dthouston]

I have an extremely well-maintained 1990 LS400 (~280K miles). Conservatively, I have put at least the present "book" value of the car into repairs and maintenance in the past couple of years.

But my insurance agent says that all I would get if it were "totaled" would be the standard book value, with very little (if any) allowance for the condition of the vehicle.

Is there additional "specified value" insurance available for cars that would compensate me if the vehicle were totaled (I'm in Texas, where the insurance rules are probably different than other states).

Sort of like collector car insurance, but for cars that aren't quite (yet) truly collector cars...

TIA

DT

[eatingupblacktop]

Even though your LS is not a classic, I would contact a club for the name of an appraisor they use for insurance purposes. They could also fill you in on the insurance nicities in your state. Sounds like you take good care of your LS. When it comes to insurance claims, it never pays to total your car unless you're behind in your payments. B)

[fencera]

I am interested in exactly this!

It is frustrating to me that there doesn't seem to be anything we can do...

I haven't been able to find any solutions and I would be willing to pay quite a premium for this service.

Please let us know if you find anything. I will make sure to do the same.

Good luck.

[914lps]

I have an 84 Saab that is appraised at over $7,000.00. Blue book is under $1,000.00. I have it insured under a policy that is called "Stated Value". Almost all insurance companies will do this. You get the car apprised and they get a coy of the apprasil. But shop around. A lot of the policies limmit how many miles you can drive.

The other thing you can do is every year just have it apprased. If it is "totaed" demand the apprased value, and give the apprasail as proof. I had to do this on my truck a few years back.

Ask you insurance company for an appraser that works in your area. Advantadge. They can't knock an appraser they use. Disadvantadge, apprsail most likly to be on the low side.

Hope this helps.

I have American Family Insurance in Arizona, but I did this with the Auto club when I was in Caliornia.

[fencera]

From my understanding, a stated value policy does not guarantee a minimum above book value but instead sets the maximum amount that can be reimbursed.

"The "Stated Amount" form states the insurance company will pay the lesser of:

1. The Stated Amount or

2. The cost to repair the covered auto not to exceed the "Stated Amount" or The "Actual Cash Value""

http://www.vehicleappraisers.com/Insurance_Information.html

In our case, the actual cash value would almost certainly be the blue book value.

What we need is an agreed value policy. This type of policy guarantees a certain reimbursement regardless of the value of the car.

http://www.insurancejournal.com/news/south...05/24/55395.htm

It looks like Chubb is the only company to do this outside of classic or collector insurance which limits the car to show use.

This seems to mean that self insuring is the only way to go as Chubb insurance would probably be too expensive for cars worth so little (in addition to in an absolute sense most likely!).

Maybe there's something else out there... but agreed value policies seem to be pretty hard to come by.

[TexasLexus94]

My '94 LS is pristine in every way. Perfect condition. But I live in Las Vegas, with out of town rental car drunks everywhere. So I simply have liability and property damage coverage. Plus uninsured Mexican coverage. When I get nailed by whomever, the Lexi will be simply dragged to the junkyard. Sad, but I have a Mazdaspeed convertible as a backup.

There's something odd about people who want to be "insurance poor". You qualify, and need to realize that an old car is an old car. Nothing more. Our Lexus is a great car, but will never qualify for those auctions shown on the Speed Channel.

[eatingupblacktop]

My '94 LS is pristine in every way. Perfect condition. But I live in Las Vegas, with out of town rental car drunks everywhere. So I simply have liability and property damage coverage. Plus uninsured Mexican coverage. When I get nailed by whomever, the Lexi will be simply dragged to the junkyard. Sad, but I have a Mazdaspeed convertible as a backup.

Sad that is. Sounds like you'd be better off in a full sized pickup with bruiser bumpers in town and save the LS for out of town! B)