Do you Need Insurance On A Classic Car collection? Nah

[Cranky]

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.

I'm that way on flood insurance. The premium went through the roof and combined with my homeowners insurance, my bill for both was going to be 48k a year!! Screw that crap. Been here 33 years and my place has never flooded. Even thought about dropping my homeowners to but that would not be a smart move imo.

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.

Not sure if he ever got them to pay up or not but last time I talked to him about it, he said there would be legal action if they didn't.

 

[Dennis H]

Insurance is one of the biggest ripoffs on the planet. That said, I insure most everything. Biggest ripoff you can't live without.

 

[Photon440]

Did he pay that much for the collection or did he acquire it over a period of several hundred years?

Yep, I'm sure he paid only a few cents, or perhaps traded a wagon wheel for some of his stuff when he started in 1643.

 

[Jeremiah]

I just paid my Hagerty policy!

 

[polywideblock]

Did you click on the link?

yes only shows burnt out scrap and "heaps" under snow

 

[dangina]

I bet a large part of that 3 mill is the farm equipment as its not cheap, and if he inherited the farm from his parents, well....