So much for insurance making you whole

[Frank Beck]

While having a lengthy conversation with my rep yesterday regarding windshields I learned something startling: If one of my cars has the engine stolen the insurance company is only responsible for the expense of replacement with like kind quality. He explained that since there is only one serial numbered engine that fits my numbered chassis a comparable part can never be attained, therefore all they would be on the hook for is a similar engine. No diminution would be accounted for.

Bottom line? If an engine is stolen and replaced, the 20-25% reduction in value will simply be absorbed by the vehicle owner.

Put that in your pipe and smoke it.

[mfitton]

While having a lengthy conversation with my rep yesterday regarding windshields I learned something startling: If one of my cars has the engine stolen the insurance company is only responsible for the expense of replacement with like kind quality. He explained that since there is only one serial numbered engine that fits my numbered chassis a comparable part can never be attained, therefore all they would be on the hook for is a similar engine. No diminution would be accounted for.

Bottom line? If an engine is stolen and replaced, the 20-25% reduction in value will simply be absorbed by the vehicle owner.

Put that in your pipe and smoke it.

Interesting! I guess you need to total the rest of car before calling the insurance company. Thanks for the heads up and be sure your car is insured for a number you are happy with.

[NeunElf]

That's pretty much what I would have expected. If you're pulling your brand new Turbo S off the dealer's lot for the first time and it's squashed by a drunk in a semi the drunk's insurance company will get the benefit of a lot of first-owner depreciation.

You might be able to get matching-numbers insurance, maybe from Lloyd's of London. The premiums might not be worth it.

[dummkopf]

I can believe that. Insurance companies are always looking for an out.

[Mr9146]

This does not bother me. I suppose I consider it the cost of doing business.

And while we're on the subject, who would steal JUST THE MOTOR?!? Most thieves and scumbags would probably nick the whole vehicle, unless you start talking about engines and gearboxes that are removed from the car for one reason or another and are in storage and the storage gets broken into and raided. I mean, at that point, it's still a "tough luck, Chuck" scenario to me.

[trdking]

More likely steal the whole car, remove engine and roll the rest into an alley for recovery
Insurance companies are always looking for the loop hole. That is the nature of the beast. Applying a little attorney pressure goes a long way saying that by removing the matching engine and replacing it with a like engine wrong serial totals the value of the car (They cannot make it the same) So seeking a value for a partial total is reasonable and will help cover the gap in lost value

This argument works with pressure

[Orval_F]

Aircraft hull insurance is even worse. Say, you have something like a classic Beech Staggering or a Spartan Executive, insured at $500K and you tear up a ring on landing. The insurance company will pay you only for the bent wing, even though the plane is out of service and replacement wings are unavailable.

Classic cars are treated the some way.

[Frank Beck]

This does not bother me.

I think it would bother you a lot Grasshopper if you watched $250k disappear from the value of your 73RS. Or $100k from your 65 911.

[Perry911]

While having a lengthy conversation with my rep yesterday regarding windshields I learned something startling: If one of my cars has the engine stolen the insurance company is only responsible for the expense of replacement with like kind quality. He explained that since there is only one serial numbered engine that fits my numbered chassis a comparable part can never be attained, therefore all they would be on the hook for is a similar engine. No diminution would be accounted for.

Bottom line? If an engine is stolen and replaced, the 20-25% reduction in value will simply be absorbed by the vehicle owner.

Put that in your pipe and smoke it.

I have heard of situations where customers have sued the insurance company for diminished value and won with regard to an insurance claim.
Any time you make an insurance claim on a vehicle with a 17 digit vin it will trigger the event on Carfax. This automatically reduces the street and trade in value of the car. It doesn't matter how substantial or minor the damage is. I am not certain how a claim may show up in Carfax if at all or anywhere else with a vintage car that does not have a 17 digit vin.

[Tdskip]

Hold on a second - has anyone checked with more than one insurance company here? For example, has anyone asked a stated value insurer like Hagerty?