Be careful out there...this can happen..

Tim M

Tim M

PRESIDENT, Member # 015
Staff member
Paid Member
Location
St. Charles
First Name
Tim
Last Name
Mauldin
Some of you may remember Jody & Nancy from the Texas Cobra Club. Right before Christmas, Jody was out for a nice drive when he felt the right rear tire go flat and pulled off as quickly as possible. Mad as any Texan would be, he stomped off, made a few phone calls and a guy going the opposite way asked if he needed help. Jody told him he didn't that he had called his wife to come out. At this point, the good Samaritan told him he thought he needed more help than his wife. Jody ran up to the car to get his extinguisher, but, the flames were so high and hot, the couldn't get to it. Jody said it took no more than 10 minutes to burn to the point in the picture. He suspects the tire came apart and hit a gas line, but, really doesn't know.

Jody is very distraught and hasn't even given thought about a new car. I told him how many blessings he got just in that short period of time. From having the flat tire, to walking away a bit, to the phone call to not exploding when he ran back to the car....he had an Angel on his shoulder is all I can say.

So, just a reminder, make sure all is safe, shut down and off before you walk away.

Before:
JodynNancyCar1.jpgJodynNancyCar2.jpg

After:
JodynNancyCar.jpg
 
This total loss brings a question to mind. What type of insurance policy do most of us have: Replacement cost or some predetermined dollar value? I went for a higher fixed dollar amount than my car cost me so I can purchase a replacement car if I decided I didn’t want to build a replacement. And if you do plan to rebuild it yourself, how much “value” do you carry for your labor? Kent
 
Mine is an agreed upon value based off the initial assessment done on it. Each year, it increases in value, but, I need to cap that because I'm nearing Superformance value on my Factory Five :D He said he hadn't gotten anything from his insurance company yet, but, said he wasn't concerned either. He said he isn't buying another Cobra, next car will have a top :(
 
I am insured through State Farm (Wentzville office - Stegman) they looked at car, sent pics to Bloomington headquarters, and I requested coverage of $65,000. This is what GRACIE is insured for.... registered as a HISTORIC 1965,running a approved 1965 MO tag, and claimed for personal property tax as a “1965 Ford”... only $100.00 (just paid it and got receipt back)...so that’s my story.
 
Mine's insured thru Midwest as stated value. Came highly recommended on the FFR forums. I started @ $30k before it was licensed and while in Gel-coat. After it was painted I bumped it to $35k and as Tim said, the value automatically increases every year I think it's nearing $45k now, need to check and begin slowing it down.
 
Tim, I would be interested in knowing what the insurance company offers him versus what he thought it was worth if Jody is willing to share that info. Kent
 
Kent the insurance company pays you what you have the car insured for, no lower offers, if he has the correct insurance. If he gets less than he thought it was worth, he had it under insured, or the wrong policy.

"Stated Amount simply tells the insurance company what you feel the vehicle is worth. From there, they charge you premium based upon that number. Where the issue lies is at the time of a claim. Stated Amount allows the insurer to then decide what the value of the car is, (value may have dropped due to wear and tear, mileage, depreciation, market values in the area, etc.) Meaning that you may have been paying premium dollars on $50,000 in coverage, but at the time of loss your insurer subtracts out what they want, and hands you a check for $35,000. Stated Amount is nothing more than a fancy way of charging for an Actual Cash Value Policy.

AGREED VALUE is a far superior type of policy. AGREED VALUE is when you AND the insurance carrier AGREES at the time of application what the value of the car is (think, 'snapshot in time'). At the time of loss/claims time, the insurer will pay you what the AGREED VALUE is on the policy. In the case of a $50,000 car, -$50,000 will be paid to the insured in a total loss situation. No questions, no bickering as to what has deteriorated on the car, etc. ."
 
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Wording can be so important! I just checked the wording on my policy and I have an Agreed Value policy.
 
Me as well AGREED VALUE....”Gracie” is well covered....beyond all this...looking under my car...NO FUEL LINES ARE NEAR THE TIRES, flat tires, ruptured PinDrives and the alike, would be difficult to cause a fuel line rupture hence causing a fire...take a moment to investigate...recently had the fuel line replaced at top of the tank (Franjo pointed out how it was cracked and worn)....the rubber hose was ruff looking! Corrected now...also sound deading done on fuel pump, inspected and now very quiet vs. prior noise generated similar to a Cessna 172 starting up!
 
That's for hi-lighting the difference Rich. I may have mis-stated what I have, using the term interchangeably.
I'm going to call and double check the type and amount now. I've forgotten / lost track.
 
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