Never let anyone borrow your VX!!!

[VehiGAZ]

Seeing that pic when I logged in nearly brought a tear to my eye.

Seeing that pic almost made me puke! So sorry Kodiak! Glad to hear that they're going to cover the damage.

This got me thinking though... why is there such a huge discrepancy between the way-low price at which Edmunds or KBB value a VX and the price insurance companies value it?! When I went to list my VX for sale, Edmunds wanted to value it at like $3-$4k, but here your insurance company is paying out $6600 for repairs without totaling it out, which means they value it for at least $9k. Huh...

[Y33TREKker]

This got me thinking though... why is there such a huge discrepancy between the way-low price at which Edmunds or KBB value a VX and the price insurance companies value it?! When I went to list my VX for sale, Edmunds wanted to value it at like $3-$4k, but here your insurance company is paying out $6600 for repairs without totaling it out, which means they value it for at least $9k. Huh...

I've been looking into the same thing lately. After seeing all the VX accidents this winter, I started wondering what the "real world" market value of a VX really was depending on whether you were talking with a bank (for a loan), an insurance company (when deciding whether to total or not), or a buyer/seller to determine selling/purchase price.

I asked my current insurance provider (Pekin) what options I had for the VX, with my questions centering around the low production numbers for U.S. VX's, the VX being considered a future collectors' vehicle, and the limited mileage per year I tend to put on my particular VX.

I'd seen a Hagerty Insurance plaque in my agents office, so given the specialty vehicles commercials they show on tv, I asked if a policy could be brokered through them. While Hagerty said my VX seemed to fall closest in specifics to one of their Exotic Car policies, the one thing it didn't qualify for was overall value. Vehicles for their "Exotic" policies had to have a rated value of at least $40k. (Given the scarcity of Vx's these days though, who knows, that may be an option sooner than we think).

Anyway, that led my Pekin agent to tell me of their policies which included "stated" value, where it was a matter of getting an appraiser to write off on the value I wanted to declare. That's when I brought up the circular Edmunds/KBB/Insurance industry valueing system, because when I started asking just who I would have to talk to in order to get such an appraisal, my insurance agent was at a loss.

I still think it would be worthwhile to go with a stated value policy, so if any of you have insights into the specialty vehicle arena for getting those sorts of appraisals, it may be an avenue worth further investigation.

Hope everything is still going well Kodiak, for both your father and your VX.

[VehiGAZ]

Huh... did you call Hagerty directly? I got the 928 insured through them as a "stated value exotic" but it was not valued over $40k. They used "Cars that Matter" as a pricing guide (what an obnoxious name!) to confirm what I wanted to insure it for - and I never had to have it appraised separately. They just confirmed that what I wanted it covered for was within the range of "Cars that Matter".

I'd suggest calling them directly and seeing what you can work out...

Good luck!

[Y33TREKker]

Huh... did you call Hagerty directly? I got the 928 insured through them as a "stated value exotic" but it was not valued over $40k. They used "Cars that Matter" as a pricing guide (what an obnoxious name!) to confirm what I wanted to insure it for - and I never had to have it appraised separately. They just confirmed that what I wanted it covered for was within the range of "Cars that Matter".

I'd suggest calling them directly and seeing what you can work out...

Good luck!

Probably a good idea, since it was my Pekin agent who was talking with them as I was in her office, and I suppose if it was a matter of her losing a policy, maybe she wasn't trying as hard as she could have?? She said that she was told it was also a matter of the VX being only 8 years old.

Did your 928 policy end up costing (much) more than a policy through a regular insurance company?

[circmand]

insured through them for stated value of $15000. They are not selling for that but would cost that much to get one and fix it up.

[kodiak]

Thanks everyone, I’m not sure why it wasn’t totaled. I’ve had offers in the past for as high as 15grand. The odometer had 90k on it but other then that my VX was perfect, not a scratch on it. It also seem like the insurance adjuster really wanted to save my VX. I think I was just lucky.

[VCrossfan]

Thanks everyone, I’m not sure why it wasn’t totaled. I’ve had offers in the past for as high as 15grand. The odometer had 90k on it but other then that my VX was perfect, not a scratch on it. It also seem like the insurance adjuster really wanted to save my VX. I think I was just lucky.

15k SOOOOOOLD!!! Then buy a VX for 6k. With 9k of mods and have a 0ne-of-a-kind VX...Glad there taking care of you ! !

[Y33TREKker]

I'd suggest calling them directly and seeing what you can work out...

I called Hagerty direct, and was told that no policy was available because they don't consider the VX a "collectible" vehicle at this time.

[kodiak]

It’s back!!! So far everything looks and feels great and I got an extra new 18in wheel out of the deal. There is a gap that’s off about a milometer or two but other then that it’s perfect.
Thanks again for everyone’s support. It’s like it was all a bad bream.

[nfpgasmask]

[JoFotoz]

DITTO...

Great news....


jo

[Ldub]

It’s back!!! So far everything looks and feels great and I got an extra new 18in wheel out of the deal. There is a gap that’s off about a milometer or two but other then that it’s perfect.
Thanks again for everyone’s support. It’s like it was all a bad bream.

Hey Bro...

I haven't been on in a few days, & this was the first post I clickd on...

VERY glad to hear you're back in the saddle...

[MSHardeman]

Baby's back.....and lookin' gooooood.
Congrats.