Do you Need Insurance On A Classic Car collection? Nah

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  1. Pops1967GTX

    Pops1967GTX FBBO Gold Member FBBO Gold Member

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  2. NJRR

    NJRR FBBO Gold Member FBBO Gold Member

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    He's an idiot.
     
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    • vintage chromoly

      vintage chromoly Well-Known Member

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      I agree.
      Gambled and lost!
       
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      • NJRR

        NJRR FBBO Gold Member FBBO Gold Member

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        If you have that much in cars and no cash, sell something to insure the collection. No excuses except stupidity.
         
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        • Sixpactogo

          Sixpactogo Well-Known Member

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          I guess he saved a lot of money on Premiums huh?
           
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          • ws23jrt

            ws23jrt FBBO Gold Member FBBO Gold Member

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            If the collection was insured the owner would still be without his collection.:eek:

            Unique and special things are gone when they are gone.--But pile of money is better than just a pile of ashes.
             
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            • Dennis H

              Dennis H FBBO Gold Member FBBO Gold Member

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              Wallets don't make brains. Idiotic not to insure. Then dumb enough to disclose it.
               
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              • Budnicks

                Budnicks You Can Just Thank Me Later FBBO Gold Member

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                Poor {cheap} sucker
                 
              • Mike67

                Mike67 FBBO Gold Member FBBO Gold Member

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                If they were in his house I would think his homeowners policy would cover it...???... Or at least some of it...
                 
              • NJRR

                NJRR FBBO Gold Member FBBO Gold Member

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                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.
                 
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                • polywideblock

                  polywideblock FBBO Gold Member FBBO Gold Member

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                  so where are the before and after pics
                   
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                  • Bladecutter

                    Bladecutter "Pursuit of Shape"

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                    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.
                     
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                    • monaco66coupe

                      monaco66coupe Well-Known Member

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                      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

                      dangina Well-Known Member

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                      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

                      Paul Boucher FBBO Gold Member FBBO Gold Member

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                      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!
                       
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                      • Cranky

                        Cranky Banned Staff Member FBBO Gold Member

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                        Is he an idiot? Did he pay that much for the collection or did he acquire it over a period of several hundred years? :D 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?
                         
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                        • NJRR

                          NJRR FBBO Gold Member FBBO Gold Member

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                          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

                          Bladecutter "Pursuit of Shape"

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                          Cars He had collected over 45 years so not a cash loss of 3 mil,,,a worth of 3 mil. & time invested.
                           
                        • Moparsmitty

                          Moparsmitty Well-Known Member

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                          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.
                           
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                          • bm02tj

                            bm02tj Well-Known Member

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                            I always opt for the highest deductible to keep the cost down because they know you will not make any claims unless it is bad
                             
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