collector car insurance

Unknown

so,we were rejected by American Collectors Insurance because we don't have a daily driver less than 10 years old.

I HATE NEW CARS!!!

that's why i drive OLD CARS!!!

DASTARDLY SWINE!

[Epithet changed by the Grand High Censor....]

[Deleted User]

That's their not-so-subtle way of getting you OUT of an older car for a daily driver. The insurance companies, of course, have our best interests at heart



Freedom of choice in what we drive is not one of them.

Unknown

Yeah, I've had the same experience up in British Columbia, Canada.

The insurance company requires a separate daily driver (no vintage specified) in order to obtain collector-class insurance. And the insurance company is run by the provincial government, meaning they have a literal monopoly on insurance (not necessarilly a bad thing, in general)



Here's what I've decided to do when I move back there:

A quick calculation reveals that I can insure a motorcycle and the Hudson (with collector plates), for around the same amount of money as insuring the Hudson on its own (without collector plates). So I'm going to get my motorcycle license, buy a bike, and use it as the "daily driver".

A friend suggested that I could probably even license a scooter as the daily driver, which would make insurance costs even lower. But I can't picture myself on one of those...

[Deleted User]

I'm pretty sure you could get a "stated value" policy from a regular insurer (State Farm, Progressive, etc) that won't limit your mileage or require a newer daily driver. Its based on an amout per $1000 value. Your car has to be appraised and/or you can negotiate an amount you are willing to risk on the value. The higher you want to cover it, the higher it will cost you. BUT, you can do whatever and drive wherever whenever you wanna - and its COVERED, no questions.



It won't be as cheap as the collector car insurance - but then you are trying to cheap out in a situation that will bite you on the touche', those policies don't cover running to WalMart for a bag of trail mix. Smack somebody in the parking lot at 2 am on a Wednesday morning (meaning you are in no way going to/from a show or parading) and you will be in an "uninsured" state. Agents will tell you whatever it takes to sell you, adjusters are not so nice. Collector car policies were never intended to be primary vehicle policies and is the reason they are cheaper.



I have regular liability coverage on my two Hudsons, I can drive anywhere at any time and I'm covered. I've discussed "stated value" policies with the company I am with and when I get them restored, that's what I'm gonna do.



Then, DRIVE THE HECK OUT OF THEM!



Mark

Unknown

My daily driver is a 65 Ford pu and it is insured with Bear River (local UT co?) and I

have 46HPU and 59Stu pu with Hagerty ins.

Unknown

I am sure you know why they do that. Its to keep people who think they are getting away with something from driving their old car as a daily driver and paying low rates for collector car insurance. Insure your car with a regular company and drive it with no problems. When I first insured my T8 in 1965, they did not require you to have a regular car, but as more people started getting antiques and driving daily them it caused problems. Face we did it to ourselves.

Unknown

I don't know about anywhere else, but where I come from there are different classes of insurance that one can get for older (25 years+) vehicles.



There is "collector" insurance, which is what I would normally get. This is similar to getting regular insurance, with the restriction that the car cannot be used as a daily driver (eg. to/from work etc). It's similar to putting a "pleasure use" restriction on insurance for a modern car. It's a very good deal, since it's less than half the price of insurance for a comparable modern car.



There is also "vintage" insurance. This is used for antiques or very low use collectible vehicles. Vintage insurance places tight restrictions on the use of the vehicle. It can only be driven to/from car shows or used for special occasions such as weddings or graduations.



In both cases, the insurer requires reasonable proof that the car is in good condition, and at least relatively close to the original factory specs (i.e. You can't drop a Merc engine into your Hudson)



I can understand the requirement of a separate daily driver for vintage class insurance, but not so much for the collectible class. For instance, I don't need a car for daily use. but I still like to take the Hudson out a few times a month for pleasure drives (or to get it to the shop). I realise that there are other people who might abuse the system by registering a collector car and using it as a daily driver. But in my case, I feel like I'm being unfairly penalised because my only car is the Hudson, and its not driven that much.

[Deleted User]

tombpa wrote:

I am sure you know why they do that. Its to keep people who think they are getting away with something from driving their old car as a daily driver and paying low rates for collector car insurance. Insure your car with a regular company and drive it with no problems. When I first insured my T8 in 1965, they did not require you to have a regular car, but as more people started getting antiques and driving daily them it caused problems. Face we did it to ourselves.

Exactly the case. I worked in the insurance industry for a while and inquired about this topic, and got the same answer "they did it to themselves". In addition, the collector car policies were grossly "overinsured" to boot. Which meant that a collision usually netted the owner with a handsome settlement over and above the value of the car or the damage. When I worked with folks wanting covered in any situation, and helped them get a "stated value" policy - I was taken aback at how the arguable "value" went down from what Hagerty etc. was willing to insure them for. The insured usually went down to what they had in it, or purchased it for - which was usually quite a bit lower than the "collector" insurance would have placed on it.



Interesting aside along the line of value. Yesterday I applied for a Tennessee title on the '49 coupe. They dang near charged me sales tax on the NADA value of a '49. Get ready for this - $17500!!!! :eek: Had I not had a bill of sale, signed by seller and previous title holder of the vehicle and what I gave for it, I would have had to fork over sales tax on the NADA mid-range value. And, I'm not in the clear yet - the state may require that I have it appraised by a licensed antique car appraiser to verify the value.



Man, its all relative huh?



Mark

[Deleted User]

The states are getting to be like a seller who thinks his 318 Barracuda is worth Hemicuda prices. They watch the Barrett-Jackson absurdities on TV and think "hey, every old car owner out there is lying to us about what they paid for their cars!", so we'll screw them where we can.



State governments, insurance companies, hmm, all run by the "L" word.



Surprise, surprise, surprise!



I'm not.

rambos_ride

66patrick66 wrote:

The states are getting to be like a seller who thinks his 318 Barracuda is worth Hemicuda prices. They watch the Barrett-Jackson absurdities on TV and think "hey, every old car owner out there is lying to us about what they paid for their cars!", so we'll screw them where we can.



State governments, insurance companies, hmm, all run by the "L" word.



Surprise, surprise, surprise!



I'm not.

The real question is why do we still have to pay sales tax on cars that have been bought and sold 100's of times already - each time the gov getting their chunk? :mad:

[Deleted User]

rambos_ride wrote:

The real question is why do we still have to pay sales tax on cars that have been bought and sold 100's of times already - each time the gov getting their chunk? :mad:

It's called the death tax for cars.... Niels

Unknown

I have worked for several insurances companies and have owned and operated an independant adjuster company for the passed 19 years. Agents of course want to sell policies, as that is how they make their money. There are several ways a policy is worded that is important to understand. If you buy a stated value policy for say $25,000. Your car is worth $10,00 and you know it. If it is a total loss a stated value policy will pay ACV or the market value of the vehicle up to the $25,000. In this case $10000. Many of the collector companies offer to pay what amount of coverage you buy and these do not cost as much as you can not drive it like a regular car. Some limit milage, and or use. If you drive it every day and the adjuster happen to talk to your neighbor and he told him that you do no coverage. If it is a covered loss and a total loss they will pay you as in the first example $25,000. They will also take the salvage if they pay you for the car(since they bought it) but many times they will let you buy it for the high bid or some set price. Some collector policy also have the market value wording. Ask the agent before you buy what the wording is and when you receive the policy read it. It will tell you how they will settle on a total loss. In the 80's the insurance industy changed most policies to easy to read. However insurance policies give coverage in some places and take it away in others. I know the so called easy to read may be hard to understand but if you study it and still can't understand it you will need to talk to someone with insurance experience. It is much better to do so before the accident. As an adjuster I have nothing to do with selling the insurance and sometimes when an insurance company instructs us to deny a claim or to offer the market value we do so and the owners gets mad because of what his agent told him. I fell for him but that sure does not help but we do not know what the owner wanted or what the agent told him but have to work off of the contract(policy) he has. I have heard many owners say I told the agent I wanted to be fully covered. There is no such policy. Eash policy has separate coverages you can buy. Bodly injury coverage and that should be high enought to protect you not the state requirements. What if you changes lanes and hit an 18 wheeler and the 18 wheeler ranover another car and killed 4 people. Two of the people killed make $250,000 a year and have chrilden that are young. Each of these claims could be worth $750,000 or more. There are a lot of factors in these but this is to ask do you have enough coverages? Then there is property damage liability. the 18 wheeler was also was new as was the trailer and the cargo was worth $75,000. The car hit was worth $35,000. So if you have liability coverages of $100,000/50,000/25000 this means $100,000 for all bodily injuries, $50000 for one bodily injury and $25,000 for property damages. So you see you need to come up with some mony. You can also buy a single limit such as $500,000 for bodily injury and property damage and also additional amount above that. The amount you need to have is do you have assets that someone could get if the coverages are not enough. IN additional there is medical payments, collision, other than collison(thief, glass brakage, fire etc) rental reinbursement, towing and labor and uninsured motorest/underinsured(UM) has bodily injury and property damage coverages. this coverages covers you if the person at fault has no insurance and does not have anything you can get in suit. In additional they have excess insurance for liability and uninsured. YOu can buy several million if you see you need and can afford it. So get out your policies and see what you have. If I can help answer any questions let me know. However most states have different laws and my answer while is cost you nothing I do not assume any liability for the above remarks.Some may say it is worth what it cost.

Unknown

JMiller is on the money. I tried to answer the same question and problem about a month ago and got called every name in the book. Hope this doesn't happen again.



READ YOUR POLICY. READ YOUR POLICY. READ YOUR POLICY.



I cannot emphasize this enough. There is coverage out there for anything and everything, make sure you understand what product you are buying and what is covered/not covered. Nuff said...

[Deleted User]

Maybe you didn't actually answer the question like J Miller did!



And what I said to you before, still applies.



Nuff said.

Unknown

Done and said, see ya...

Unknown

Only 5 or 6 years ago health insurance premiums seemed very affordable with fantastic coverage to match. Well, if you're an individual or family who pays for insurance today chances are you're literally getting punched in the pocket book, and it hurts. check http://www.insurancepaylite.com see how insurance companies price against each other hehehe, insurance has changed dramatically over the last five years and this article will no doubt arm you with the knowledge you need to get the most out of your next insurance plan. First, an individual or family needs to identify with what they need out of a plan. Notice I say need, because unless you make more money than you know what to do with there is no way in the world most people can afford the "Perfect" plan with all the bells and whistles.