- Local time
- 1:51 PM
- Joined
- Oct 25, 2010
- Messages
- 35,076
- Reaction score
- 133,822
- Location
- Monroe, New York
Do you Need Insurance On A Classic Car collection? Nah
- Thread starter Pops1967GTX
- Start date
vintage chromoly
Well-Known Member
I agree.
Gambled and lost!
Gambled and lost!
NJRR
Well-Known Member
If you have that much in cars and no cash, sell something to insure the collection. No excuses except stupidity.
Sixpactogo
Well-Known Member
I guess he saved a lot of money on Premiums huh?
If the collection was insured the owner would still be without his collection.
Unique and special things are gone when they are gone.--But pile of money is better than just a pile of ashes.
Unique and special things are gone when they are gone.--But pile of money is better than just a pile of ashes.
- Local time
- 10:51 AM
- Joined
- Jan 16, 2011
- Messages
- 70,577
- Reaction score
- 101,580
- Location
- NorCal Sierras
Poor {cheap} sucker
Mike67
Well-Known Member
If they were in his house I would think his homeowners policy would cover it...???... Or at least some of it...
NJRR
Well-Known Member
Doubtful. Cars are usually excluded from homeowner's policies. Also, there are limits on contents. I don't know anyone with $3million on contents. And collectables are usually listed as supplemental and extra premium is charged.
so where are the before and after pics
Bladecutter
"Pursuit of Shape"
All the same, i feel His pain.
A shame that so much history was lost.....the fact He didnt insure has NO bearing on that.
A shame that so much history was lost.....the fact He didnt insure has NO bearing on that.
monaco66coupe
Well-Known Member
If my Insurance expires just one day I lose sleep. I can't Imagine losing even $150,000 in cars, let alone 3,000,000.00,,,,,,,,, mental illness.
dangina
Well-Known Member
just to chime in here and being from alberta, my dad owned 30 cars of which two were insured, the cost of insurance is not cheap here, and to insure more than a few is ridiculous, so I can see where the owner is coming from,
Paul Boucher
Well-Known Member
I am sorry but this idiot should of had insurance, no matter how expensive. I have no sympathy for this guy. If you had 3 million in cars and couldn't afford insurance, maybe you should have only had 2.5 million in cars and half a million to help insure them for many years, or 2mil/1mil, or however the numbers worked. No excuses. To me this just means he couldn't really afford 3 million worth of cars. Sad to see the cars gone, for sure, but feeling sorry for this guy, no way!
- Local time
- 12:51 PM
- Joined
- Dec 4, 2009
- Messages
- 34,000
- Reaction score
- 41,675
- Location
- Pasadena, Texas
Is he an idiot? Did he pay that much for the collection or did he acquire it over a period of several hundred years? I don't know the guy and do not know any other details so I'm not going to judge him. Several years ago a buddy lost a pretty decent collection of Mopars due to a fire that a worker set. He had to move his cars (15 I think) and he temporarily moved them to a warehouse his sister and BIL owned. The building had spray in insulation and when new roll up doors were being installed, one of the installers lit up a gas axe and caught the insulation on fire. Once that crap lights up, it's not easy to put out. He didn't have insurance on the cars because several of them were being restored and before the move, his homeowners covered that kind of stuff. And he was more or less self insured. Sure, it's a gamble but so is driving to work.....
I don't know the guy and do not know any other details so I'm not going to judge him. Several years ago a buddy lost a pretty decent collection of Mopars due to a fire that a worker set. He had to move his cars (15 I think) and he temporarily moved them to a warehouse his sister and BIL owned. The building had spray in insulation and when new roll up doors were being installed, one of the installers lit up a gas axe and caught the insulation on fire. Once that crap lights up, it's not easy to put out. He didn't have insurance on the cars because several of them were being restored and before the move, his homeowners covered that kind of stuff. And he was more or less self insured. Sure, it's a gamble but so is driving to work.....Did you click on the link?
NJRR
Well-Known Member
Is he an idiot? Did he pay that much for the collection or did he acquire it over a period of several hundred years?
Did you click on the link?
No one payed for his cars? The door company has insurance. If it was a warehouse, they usually have insurance. His cars should have been paid for by SOMEONE !! And he was more or less self insured? That mean he had money and could afford to replace those cars? The guy with the $3million loss is now looking for a different hobby. Sounds like a totally different situation than your friend.
Bladecutter
"Pursuit of Shape"
Cars He had collected over 45 years so not a cash loss of 3 mil,,,a worth of 3 mil. & time invested.
Moparsmitty
Well-Known Member
I tend to agree. It's a terrible loss but if this guy is truly rich it might not be that big of a loss to him money wise. I know a few people that are well off enough that they don't insure some of their stuff. They are willing to assume the risk because they can afford it. Insurance is a game of risk vs cost. For example I have the usual auto and homeowners that most people have but I don't have earthquake insurance. It's just too damn expensive. Could I get wiped out by an earthquake? Sure, but that's a risk I'm willing to assume vs the cost of the policy. A gamble I'm willing to take.Is he an idiot? Did he pay that much for the collection or did he acquire it over a period of several hundred years?
Did you click on the link?
Similar threads
