[unruhjonny]

You make some very good point, and I do not want to seem to diminish anything you've said;

Originally Posted by The Champ

The cost for bodily injury, property damage (not to your car), medical payments, uninsured motorist, etc is the same whether your car is new or old.

The physical damage portion (comp and collision) of your insurance policy should drop a little as your vehicle ages, but not as much as you'd probably like.

Nailed it.

When I bought my car (see sig) brand new it was classified as high risk, because of the number of kids writing them off;
The vin indicates it’s an SS, so there was no getting around the fact that inept drivers were taking these cars and wrecking them at an astonishing rate.
My only regret in buying the car, was not being aware of just how much I was going ot get dinged for having a high risk car.
Also, in addition to the high risk factor, insurance companies now classify ANY two door car as a sports car

My policies have NOT dropped, even though my car is probably worth less than ¼ of the original purchase price – but here’s the kicker to me;
If the car is written off, insurance companies are incline to just look at any Cobalt, not an ’08-’10 SS.
The same can be said about my wife’s car, a 2008 Caliber SRT4.

Now, small disclaimer;
I have actually seen some drops, by shopping around, and changing insurance companies - but why should I have to do that?

My brother late last year was hit while driving his ’09 Caliber SRT4, and in spite of the fact that he had ridiculously low miles (iirc he had something like 30k miles), or that it was an SRT, the insurance company tried to pay him off, “market value” for a "pedestrian" ’09 Caliber.
Not funny.
He was beyond mad, and to me, it seemed understandably so.
He had to fight with his company for over a month and pay out of pocket to get his car back so that they didn't force settlement upon him.

Originally Posted by The Champ

The vast majority of physical damage claims are to repair the vehicle - which costs roughly the same - old or new. A replacement fender is a replacement fender. A replacement radiator or grille is a replacement radiator or grille. A replacement windshield is a replacement windshield.

I don’t disagree with you.

Originally Posted by The Champ

And once again, I seriously ask you the question - how much should you get paid for your 3, 5 or 10 year old vehicle? The actual cash value (less the deductible you selected) which is what it would cost to buy the same year, model, trim level with similar miles, options and condition is what your policy pays right now.

How much of a bonus do you expect for totaling out your vehicle?

I’m not looking for any bonus.

I just wished it was possible for you to get your vehicle insured annually at an agreed upon value (based on market prices of similar vehicles), so that should the unexpected happen you should have roughly enough to purchase a replacement vehicle.

It is worth noting that both ’08-10 Cobalt SS’s and ’08-09 Caliber SRT4’s were built in VERY low numbers (probably because both models were launched at the height of the 2007-2010 global economic down turn) and with the values/asking prices that I have been watching, the values of more pedestrian version of these cars have a chasmic price difference from these specialty models.

Originally Posted by The Champ

Now having said that, there is an option available from several daily driver insurance companies called a "replacement cost" rider. What this does for owners of a brand new vehicle is if the new vehicle is totaled while you have the rider in force, you will get paid the replacement cost of a current model (or equivalent) car that you totalled. So if you bought your 2018 car or truck new and had the rider put on your policy, and totaled it out today, you would get paid whatever the new 2020 model would cost (less your deductible).

I had that coverage for my car for the first couple years, it was an additional expense on top of the policy cost.

But, to bring things back around I am a Hagerty customer, and have an agreed value to the three vehicles which I have insured through them.
I only wish they would extend as a courtesy to policy holders the opportunity to have the same style insurance on their daily drivers, if they are specialty vehicles.