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CSLTracey

BridgePoint Risk Management - Protect your Shelby!

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Is your Shelby protected?  Are you sure?

A total loss has a way of putting an insured's policy into perspective. The following story is a perfect example of why providing agreed value coverage is a must have for Shelby owners.

A car ran a red light and t-boned a beautiful, low mileage and all-original 2012 Shelby GT500 Super Snake. Fortunately, no one was hurt, but when the owner went to file the claim, he was dumbfounded by the payout. He had a stated value policy with a standard carrier that set the value of his 2010 Mustang at $85,000.  After sending in pictures, they referred to Kelly Blue Book and tried to find his car. The closest they came was a 2010 Ford Mustang GT; they assumed it had 125,000 miles on it and set its worth at $34,000, in Excellent Condition.

When the Shelby owner expressed his displeasure, his insurer used NADA, which had a 2010 Shelby GT500 on the books. Being the correct car, they honored this payout, but in Excellent Condition they set its worth at about $65,000. The Shelby owner checked a classic car auction website and found a car almost identical to his that sold for $83,000. But because it was a stated value policy, the insurer would not consider this a valid resource.

If the Shelby owner would have had an agreed value policy he would have received a check for the original agreed value of $85,000.  What type of coverage/policy do you have?  You need to check!  Must be an agreed value policy, not a stated value, not an actual cash value policy. One simple word could cost you tens of thousands of dollars. 

Nathan Sheets  |  Team Shelby Client Advisor
BridgePoint Risk Management

 419-794-7866     nsheets@bridgepointrm.com
 419-794-7867     bridgepointrm.com
 1440 Arrowhead Drive Maumee, OH 43537

 

 

 

 

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I heartily endorse this insurance!!

This is also known as the Barrett Jackson insurance.  It is underwritten by AIG. Before the association with Barrett Jackson,  I used it on my Shelby GTs and Cobra, and then later the Ford GT.  When I first started using it in 2009 it was known as the Private Client Group and was underwritten by American Family (if I have the history correct).  AMFAM underwent a financial crisis and split off their PCG into AIG which was and remains profitable.  The insurance was later rebranded as the Barrett Jackson insurance but is still the AIG plan.  What is now BridgePoint has been marvelous to work with.  When we lived in Colorado all of our insurance needs were managed through their office.  In addition to the AIG insurance for collector cars they also represent other companies for just normal insurance. We used Auto Owners for our daily driver and homeowners policies at substantial savings over the regular crowd like Farmers.  You don't need to advertise when your product works and is passed by word of mouth.  It's almost always worth bundling both for a discount, and the A-O discount was 10% for paying the full year.  A-O isn't offered everywhere, alas, not in Nevada.    I keep asking BridgePoint in my annual price check if they cover NV.

Things may have changed with regards to single or small collections especially of modern cars.  But I can say that when I still had the Cobra the inclusion of the 65 car reduced the rates for all the vehicles to a very very competitive rate. So if you have a collection be sure to price the coverage for all your vehicles.  With my single Ford GT the rate went up, but was still less than the others in the space like Grundy etc.

I saw two booths for BridgePoint at the BJ auction.  I don't know if Nathan is there but stop by if you are in Vegas and check them out.

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