I've got to agree with both Andrew and Chris about this.
I built my Pontiac for me. Not to sell it, and knowing full well that if I did want to sell it, I'd never get out of it what I put into it. So, in that regard, the "street" value is far lower than my "personal" value.
OTOH, I INSURED my ride for an amount based on what it would take for me to build it all over again. I've protected my "overall" investment, meaning that if it were stolen, I could essentially duplicate what I built down to the last nut and bolt were I to choose that. That's what insurance is for - to protect the OVERALL value so that if it is stolen, I can get "it" back in some way. Not just some equivelent kind of car. I provided massive documentation up front to my insurer so we're both on the same page. It costs me a couple hundred extra a year, but could save me tens of thousands of dollars down the rode.
So, different definitions of "value"
|