Insurance and Studebakers..........

[Hawklover]

Consider that my ride is insured for 25k. Now consider additionally that the car is in a collision and the cost of repair is over 30K........the sad reality is that the car will not be repaired...........they will total the car give you a check for 25k, and you are on your own. So, only if the damage is non-monumental, will you have any possibility of a car repaired and returned to derivable condition.

[jd-stude]

You will get the check for the agreed value but you will not have to worry about the car as it belongs to them. You will have the opportunity to buy it from them. The cost of restoration or major repair will generally exceed the market value of the car.

[StudeRich]

Your best bet in THAT situation would be take your 25K and run to Buy one someone else has spent 30K on, and can only get 16K!

[Hallabutt]

It would have to be a pretty special Studebaker to be worth more then $30,000. If the insurance would only cover $25,000, the car was under-insured, and it was your fault for accepting an agreed value that was less the true value of the car. I've found that insurers are usually willing to fudge a bit the other way (over-insure) in order to satisfy the customer and to receive a larger premium.

[studegary]

Consider that my ride is insured for 25k. Now consider additionally that the car is in a collision and the cost of repair is over 30K........the sad reality is that the car will not be repaired...........they will total the car give you a check for 25k, and you are on your own. So, only if the damage is non-monumental, will you have any possibility of a car repaired and returned to derivable condition.

The simple answer is YES.
You usually have the option of buying back the totaled car and then you can do as you wish, including spending more on it than it will be worth.
Often cars that do not look like they have received much physical damage are totaled because the cost of repair exceeds the value of the car or the agreed insurance amount.

[Silverplate]

It’s important to have your car insured for the maximum value you can. I agree that if it’s totaled I am not sure I would have much interest in after that. Probably would take the pay out and move on. I had a friend late last year with 1970 Chevelle totaled and insured by a collector auto insurance company, they would not pay and settle until they had title in hand and no possibly of retaining the wrecked car.

[Hawklover]

I know someone with an Avanti that the insurance company paid out twice to repair, due to hurricane Sandy. The cost was almost 80K...

[Hawklover]

It would have to be a pretty special Studebaker to be worth more then $30,000. If the insurance would only cover $25,000, the car was under-insured, and it was your fault for accepting an agreed value that was less the true value of the car. I've found that insurers are usually willing to fudge a bit the other way (over-insure) in order to satisfy the customer and to receive a larger premium.

What I said was a supposition, not an actual fact.

[Hawklover]

It’s important to have your car insured for the maximum value you can. I agree that if it’s totaled I am not sure I would have much interest in after that. Probably would take the pay out and move on. I had a friend late last year with 1970 Chevelle totaled and insured by a collector auto insurance company, they would not pay and settle until they had title in hand and no possibly of retaining the wrecked car.

After a certain figure I guarantee the insurance company will want the car inspected by experts in the field, like the appraisers that work for Barrett Jackson.

[Silverplate]

After a certain figure I guarantee the insurance company will want the car inspected by experts in the field, like the appraisers that work for Barrett Jackson.

Totally agree.