Hello again Everyone,
I just finished the restoration of my 1994 940 Turbo wagon to a “Factory - Just off the truck condition”.
I’ve owned it since it was new, and always had it fully insured with a well-known premier insurance company.
After my 2 year restoration was completed, I paid for a professional appraisal to learn the “real value” of this otherwise common 940 wagon. To my surprise, the appraisal came in with an actual cash value north of $12,000.
In the event of a Total Loss, my present insurance company would view my beloved 945T as a rather pedestrian vehicle with a value of $2,000 or less.
Wishing to bridge that gap and protect my investment, I submitted a lengthy application to a popular insurance company for collector cars. They advertise in most car magazines, as well as some Volvo club publications.
I asked for an agreed value policy in the amount of $12,000 and after talking to the representative over the phone, I was lead to believe coverage was no problem. I submitted a hard copy application, pictures, appraisal and the other requested documents.
I received the entire package and my check back in the mail with a big rubber stamping of “Denial” on their cover letter.
Stated reason: “None Collectible Vehicle - Low Value”. Imagine my dismay.
Question:
1) Has anyone else suffered the same treatment from a collector car insurance company?
2) Do any Brickboarders have a suggestion from their personal experience with a collector car insurance company, who has obtained an agreed value policy on a similarly restored 240/740/940?
Thanks everyone as always. Stay healthy.