Salvage/Reconstructed/Totaled Insurance

[varg]

Whether or not the title is salvage, the key to being completely covered on an older car is to go with and "agreed value" or "stated value" policy.
You tell the insurance company what the car is worth to you. It costs a little bit more, in my case I pay an additional $84 a year, but if the car is totaled I'll get back my investment. I was told I may have to provide documentation for money spent if that happens but that's not a problem.

Aren't agreed value policies always for limited mileage, garage kept cars though? A lot of us DD our E30s.

[Vincent Brick]

I don't know about that, but if you do a search here you will find the tale of one E30 with a stated value policy that was totaled and the insurance still didn't pay out in full. Apparently stated value is not a sure thing.

[eur04lif3]

I don't know about that, but if you do a search here you will find the tale of one E30 with a stated value policy that was totaled and the insurance still didn't pay out in full. Apparently stated value is not a sure thing.

Was the car appraised? From what I understand that agreed on value is meaningless, unless you have a professional appraiser saying so.

In other words, insurance companies would be more than happy to raise your rates to your claimed value...however, when when they need to pay you they resort for facts and not claims.