Quote:
Originally Posted by ptc
In a "declared value policy" you get paid RCV not ACV - NO MATTER WHAT for a total loss. You also pay a premium relative to the declared value of the item you are insuring. Do you think that a Van Gough painting is depreciated for being 100 years old???? really guys use some common sense here/ Insurance companies are not in business to rip you off or try not to pay out on a loss, its a business and its a risk versus cost business.
HP rating does not make any difference if it is a show car.... But the cost of that motor is what they are looking at. if you have a 1000hp engine then the cost is $25,000+ starting value for coverage. Add chrome pieces, custom this and that and you get the picture. Now add that to a drive-train that handles 1000hp and there is another $25,000 value added. Figure out all these "replacement cost values" and then you have what a broker is looking at to insure....
Many of these High HP cars, trucks, boats dont have your typical "Speedway Crate Motor" in them for $2995 off the shelf.... 
RCV = REPLACEMENT COST VALUE
ACV= Actual Cost value --(Depreciated) |
So you are claiming it's not about risk,, and the insurer isn't going to see big dollars/power in an engine and say it'll be parked on a show field and never use it..
If any of what you posted was true, they not request photo's..
and just go, ok your stated value is what the price guide list, your good to go..
RCV isn't what the same as agreed..
replacement with like and kind is RCV.
The guy with afr heads and big money short block might get a tad mad when they say well, the RCV of that 454 is 3500.00 (a rebuilder special with china heads)