Edbert said:
Regarding insurance...stateside (at least my state), you can get a policy where the car has a "declared value", you basicallly get to name your price, and they charge you accordingly. Photos and appraisal are usually necessary of you go over $25-30K (USD). I priced out a policy for mine at $30,000.00 declared value, it came with 5,000 miles a year, as a recreational vehicle on a policy with two drivers and two other vehicles. Price was about $100/month IIRC.
The belt on the passenger's side appeared to have broken off the roof mount. If the car can be rebuilt, I will put in a cage and 5 point belts.
Regarding insurance, the agent told me that an appraisal would be required if the car's declared value was very high. I replied to this by stating that I felt that the car was worth EUR 30,000 at the time. She said "ok." When I got the insurance documents (all in dutch) I got a letter from her saying that "I made an indication in your policy that the car is worth EUR 30,000." This led me to believe that I had collision coverage. Now that I have done some further sleuthing, I have found out that with a EUR 750 deductible, full coverage would have cost me 8.25% per year of the declared value, or EUR 2,475 each year based on a declared value of EUR 30,000. If I can fix the frame and replace the broken parts for less than EUR 5700 cash out of pocket, my net financial position would be neutral as I would have paid that much in premiums since 2004 and the EUR 750 deductible. I would be proceeding as if I were self-insured. The low price I was paying did not tip me off because this agency is the insurance agent for my wife's company and we get large discounts. For example, the total price of insurance on my Sebring is listed as costing EUR 1900 per year but I only pay EUR 732. I have several policies with them: Homeowners, auto insurance, personal liability, litigation insurance, etc, and I get an additional discount because I have every conceivable insurance policy.
The ironic thing was that I was almost side-swipped a week ago by a guy talking on his cell phone. He drifted into my lane. At the last second, he jerked the wheel and avoided the accident. In retrospect, I would have been better off had he hit me as I would have discovered then that I did not have the coverage I thought I did and I would have immediately changed the policy.
And the whole thing happened just like that. I lost traction, went sideways, and went down the embankment. I was going less than 40 mph at the time. I only remember thinking "why aren't we stopping?"
