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Classic Car Insurance Coverage
I have a 1977 Fiat Spider and want to get Classic Coverage for it. So
far all the companies are requiring that it be in a locked garage. Anyone know of a company who will give me coverage even if it is in a carport? Thanks, Josh |
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#2
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Classic Car Insurance Coverage
On Jun 12, 2:29 pm, wrote:
> I have a 1977 Fiat Spider and want to get Classic Coverage for it. So > far all the companies are requiring that it be in a locked garage. > Anyone know of a company who will give me coverage even if it is in a > carport? > > Thanks, > Josh I had a series of 850s (including 2 spyders) and had fun driving them whenever I wanted. I even passed a be-winged Z car on a downhill mountain road! Just use regular insurance with a stated value. Them buggies are meant to enjoy and a good alarm / locking system / BMF dog, should make them safer from theft. (Unless foks looked at the smile on my face, no one but I knew I was driving 9/10ths!) |
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Classic Car Insurance Coverage
There's usually a max mileage per year limit in those classic insurance
policies, in addition to the normal "locked garage" situation. Something like 3000-5000miles/yr. My carrier wanted me to put "a value" on my pre-1980 cars before they'd give me an insurance card. Coverage was still there (guaranteed renewal), just that they wanted the value so they could rate the vehicles. The local agent's operative had no knowledge of what the rates/$1000 value would be. ONLY after submitting the values would we know what the rates would be. I kind of cringed a little, not knowing what they'd been using to rate the cars all of these years. I know it seldom went down, though. When I went in to get an insurance card so I'd be legal (in that respect), I asked what value guide(s) they used for rating purposes. I was told about NADAGuides.com and another one. Old Cars Price Guide was not in their vocabulary, it appears, so I didn't ask. So, I got out my Old Cars Price Guide and looked at the values in there. I then went into the NADA website, clicked on "classic" (or similar), and then looked at their value format. I found that website's values similar to OCPG, but sometimes different. Using both prices, I considered where my cars would fit into that matrix, then added a little (but not too much) to cover appreciation over the next couple of years (for good measure). I submitted the values and the rates went down some, which was a relief. NOW, as the agent's operative pointed out, "stated value" is only for rating purposes and "total loss" considerations (one reason I added a little, too). The actual price of the vehicle at the time of the loss will be what the insurance will pay, less some other "normal" things. All the stated value does is put a cap on the total amount the insurance company will pay. If you undervalue the vehicle too much, it might make it easier for them to "total" it, I suspect, but it'll also mean that those less expensive rates (from the lessened stated value) result in less total compensation in the end. In reality, ALL insurance is "stated value" insurance. Just depends upon if THEY have what they consider to be an accurate and reliable value guide to work from (which they do for newer vehicles) . . . or if the OWNER puts a value on the vehicle they are comfortable with (hopefully reasonably accurate). In the case of a loss, things work just as they would on a newer vehicle, with the owner having to prove the vehicle is worth what he claimed it might be rather than what the adjuster claims it might be. Now, in the classic realm of insurance, there's now "AGREED VALUE". Similar to stated value in that the value the owner wants on the vehicle determines the rates. Different in that in the case of a total loss, the insurer pays the "agreed value" rather than what they claim it might be worth. You claim the vehicle is worth $10K, that's what you've been paying rates on, so they (from what I have read) pay you $10K for the vehicle and take it away. All pretty "click-click". Be sure to see if your current carrier has an "antique" policy and what the stipulations might be. In some cases, if the car is in your carport and it's secure (which might be debateable), they might cover it as if it was in a locked garage. KEY thing is that YOU have control of it and it's safe from other "perils" at that time. Some companies can even get a little picky if you happen to leave it parked outside, in your driveway, overnight . . . but will allow you to park it in a hotel parking lot/garage overnight if you're on a car club activity trip. Others acknowledge that you might leave it outside at night, occasionally, but not as a normal situation. These are strong talking points in determining who ends up writing your policy. I have limited space in my "locked garage" storage building, so the rest are under the carport, so to speak, or in the driveway. I have normal coverages on them, at the present time, though. If your current carrier has something you can put the car under and save some money (i.e., limited use not to exceed 5000miles/year), it'd be better for them to write the coverage, I suspect, as you already have a history with them. They'll probably want to keep your complete business, too, so that could be some leverage on your part. Should a claim arise, you know who you'll be dealing with, too. In shopping, don't be afraid to ask lots of questions covering possible scenarios. Better to find out, or get assurances (in writing, hopefully) up front than to worry abou them later. Just some thoughts, C-BODY |
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