[DML] Re: D's Book Value

[Ann & Ed Thompson <RappaRivaRat@xxxx>]

> ryan arsenault wrote:
> 
> Hi list. I know that a DeLorean can sell for $7,000, or $25,000. What do
> the insurance companies value the cars at? Is there a web site I could
> go to that has the book value of older cars? 

Please be advised that insurance companies are regulated by individual states
and each state sets their own rules and regulations.

There are value guides for cars such as the DeLorean but they are only "guides"
and not necessarily guides for actual values. These guides are generally used
for personal property taxes (where applicable) and loan values by lending
institutions. Here in Virginia, the owner of a "vintage" automobile is allowed
to establish and "declare" the value. The insurance premium is then adjusted
according to the "declared" value. Of course the insurance company reserves the
right to have the car appraised and the declared value authenticated.

For example, in Virginia, a $25K DeLorean (mine) would have the same insurance
rate as any other car with a value of $25K (assuming everything else remains the
same). The rate is adjusted for things like frequency of being driven. For
example, my DeLorean is NEVER driven to work or business (or even shopping for
that matter). At 9,850 total miles, it has been driven an average of about
500 miles a year. On the other hand my $25K Chrysler Concorde has been driven
considerably more and consequentially has a much higher premium. If by chance
I were to (shudder) "total" my DeLorean, the damage would be considerably more
than $25K but the insurance company would only have to cough up $25K (less
salvage value). BTW, a "totaled" Delorean could possibly have a salvage value
of more than its insured value (because it wouldn't take a great deal of damage
to exceed its value as a whole car and good used Delorean parts are quite valuable).

Does this help?

Regards,
Ed Thompson (#6419 since 1982)
Midlothian, VA