<VV> Re:Insurance blues

djtcz at comcast.net djtcz at comcast.net
Fri Mar 17 05:41:54 EST 2006


I'd check what the insurance company values my car at right away. They may not be doing you much of a favor by "allowing" full coverage. If my car is hit by a 100% at-fault driver (in a non-no-fault state), their insurance is going to offer some "book" value. If their "book" says it's an $1800 car, that's all they'll offer.  If repairs exceed that (likely after any accident these days) then the car is totaled, and I get a check for $1800 (-) deductible if my insurance company has to pay.  My additional annual premium for comprehensive is likely to be big hunk of $1800. Some sources advocate that if the (collision/comprehensive) insurance premium is more than about 1/3 the potential car value, it might make more sense putting the money in a savings account rather than getting that coverage, since you could have bought another car after 3 claim-free years.  

There is a moderately successful counter-strategy to a low-ball book value offer from another driver's insurance co. Present flattering pictures of your car and repair records and documents to substantiate the car's good condition, and some current retail dealer ads for comparable cars, and suggest that the insurance company simply replace your car with an equivalent one.

The advantage of specialty insurance is they will better understand the real value of specialty cars VS old cars.

The insurance companies' quandary over older car "values" is understandable.  There are some pretty decent Porsche 924s selling for less than a real nice Corvair.
There are some great running  ~10 year old cars for $1000.

--
Dan Timberlake

-------------- Original message -------------- 
I was lucky a year ago when my insurance company let me add my '66 Corvair to my policy with full coverage.  Then last week when I bought another '66 I called my agent and was told that they don't (or won't) do full coverage on classic cars.  If I have a theft or the car is totaled, they only pay blue book value.  He then told me that they have an affiliate insurance company that they use to insure classics and transferred me.  That agent told me that requirements for coverage are a limit on miles and that the cars must be kept in a locked garage.  Well my Corvairs are daily drivers and I have no garage so I'm sunk.  While I have the legal requirement for insurance on both Corvairs, I want insurance that will cover a theft or total loss.  Does anyone have any recommendations?

Art in Missouri
'66 Sport Sedan 140/PG
'66 Coupe 110/4-Spd


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