Gap Insurance

[rawlus®]

also collector car policies, depending upon the jurisdiction, may also require other measures be taken - annual mileage limitations, storage conditions, etc. in some cases, it may need to qualify for collector's registration plates. in my experience, not just any car can obtain collector's car policies.
stated value can, but premiums can be significantly higher depending upon location again.

[JPaul]

Thank you all. Very good advises so far.
For a general interest purpose, I suppose that those who finance their car better have a gap insurance, to cover the difference between the book value and the loan. I couldn't find a book value for smarts...
In my case, I paid cash. I just want to cover the difference between the book value and the actual value for an eventual replacement.

[CruisingAZ]

Originally Posted by JPaul

I paid cash. I just want to cover the difference between the book value and the actual value for an eventual replacement.

This is the hardest coverage to find because most insurance companies do not want to replace a used car with a new car, If you find someone willing to do that let us know.

[MB DNA]

"In my case, I paid cash. I just want to cover the difference between the book value and the actual value for an eventual replacement."

That my friend is a whole different question.

Buying gap to cover the blue book (which will never reflect a current model USED car showing appreciation when IN THEORY a new one can be bought for window sticker) value to street replacement value for a smart is a whole different spin.

Perhaps an umbrella policy where you roll your home insurance and a STATED vehicle replacement value under one policy? Juice may not be worth the squeeze here?

Good luck with that one!

[JPaul]

Just as an example:

Originally Posted by evilbean42

Hey, just wanted to give an update, we are finally working towards getting a new smart. Insurance company (geioco) took forever to move forward with the claim because they had no idea what the car was worth. when they finally gave us a number it was just over $13K b/c they said it depreciates as soon as you drive it off the lot. Even though new york state requires banks to include gap insurance with all car loans I didn't think it was ok for geico to depreciate a car that clearly gains value when it gets driven off the lot. After some arguing i convinced them to give us exactly what we paid for the car. I told them if you want to argue that the value changed I will prove that it went up, so give me what I paid or we can fight a bit and you will end up giving me more. Anyway, with check in hand we spoke to dave schembri about getting help with a new car. Today we placed our order and were told it will be fast tracked, and should be in by the last week of august. This time we chose blue silver with black interior, kept the gauges, dropped power steering. Hopefully we will be up and running soon.

From the thread:
Personal "Crash Test"

[alexpeister]

Originally Posted by CruisingAZ

This is the hardest coverage to find because most insurance companies do not want to replace a used car with a new car, If you find someone willing to do that let us know.

I have allstate insurance. with the premium package (gold package maybe), if a new car is totaled in the first 3 years they will replace it with a new car of the current year model.

[Big Panda]

try Hagerty OR Grundy Insurance....as a 'special interest' car

Collector Car Insurance,Antique Car Insurance - Hagerty

http://www.grundy.com/