Collector's Insurance Policies

[lnirenberg]

I seem to recall other threads on the Action Center that covered this topic. I am stuck in an Insurance mobius loop which always ends at the beginning. My big problem is I like to drive my car whenever it is not winter, the sun is shining and I just simply feel like it--I don't do restrictions! My standard policy which is in effect now has cash value on a claim which is crap. I can get an appraisal and they will do an agreed upon value at the appraised amount, but they will depreciate the value every year over some arbitrary usefull life probably between 5-10 years. This means every year as the value goes up my agreed upon cash value goes down. The collector car companies do not write full policies in Massachusetts but do write collision and comprehensive. The problem is the ones that we have contacted want to limit my driving to events, service and occassional joy rides but not regular use. I don't mind limiting how many miles I drive annually but I do mind limiting for what purpose. Anyone know of a collectors' car insurance company that will let me drive up to a set # of miles whenever or for whatever reason I want?

 

[Erik S. Klein]

American Collectors Insurance (http://www.americancollectorsins.com/)has a somewhat more liberal version of what you describe above. They allow occassional "expected use" of the car so that if it gets damaged in a McDonald's parking lot they'll cover it because you don't just do Sunday drives and car shows.

From their website:

Your claim would be paid for a covered loss, regardless of whether or not you were “attending” the vehicle. Leaving your collector car unattended would not be reason to deny a claim. The circumstances of the claim, however, and your adherence to our usage requirements, would be reviewed. If you left your collector car unattended for 6 hours in a busy mall parking lot while you were doing your Christmas shopping, for example, we would conclude that you were abusing the program (using your collector vehicle for "regular" use) and non-renew your policy. On the other hand, if the claim occurred when you stopped for a burger on your way home from a weekend drive or a car show...well, that's what you have insurance for, isn't it?!

They do have a few limitations on thinks like mileage and storage, etc. but they're probably worth a look since they have a way to get around the stupid MA laws about agreed value policies.

This still isn't what you're looking for but, from my experience, you're not going to find an agreed value policy that allows free use of the car.

If you do, please let me know!

Best of luck!

 

[JohnZ]

"Agreed Value" collector policy rates are based on limited risk exposure for the insurer, thus the restrictions, especially against driving the car to work or school or for regular or substitute transportation, which dramatically increases the risk exposure. There's really no inbetween - you either go with a collector policy and abide by the restrictions, or you're stuck with a conventional auto policy which allows regular use, but leaves a total loss payout totally at the discretion of the insurer's worth and depreciation formulas.

 

[Evolution1980]

The only thing that has kept me from going with a specialty insurance company is that I can't find one that will insure my car if anything ever happens to it at work, ever! Essentially, they said "We won't cover your car if you drive it to work." And then they gave one or two reasons why blah blah blah. I don't often drive my car to work, but there are times that I like to do so. For that reason, I won't/can't go with a specialty insurer. Fine...whatever... :eyerole

Right now, I have State Farm. I have full coverage everything and 24/7/365 driving privs for $53/month. I'm certainly not going to complain about that if I can drive it whenever I please. However, the catch is that they won't do "agreed" or "stated" amount. So in that respect, I'm kinda screwed until my agent and I work something out. It may involve lots of pictures and someone of their choice to appriase the car. But even then, my agent still isn't sure. She's working on it and we'll get back to it more as the warmer weather starts to approach.

 

[lnirenberg]

The only thing that has kept me from going with a specialty insurance company is that I can't find any that will car my car if anything ever happens to it at work, ever! Essentially, they said "We won't cover your car if you drive it to work." And then they gave one or two reasons why blah blah blah. I don't often drive my car to work, but there are times that I like to do so. For that reason, I won't/can't go with a specialty insurer. Fine...whatever... Right now, I have State Farm. I have full coverage everything and 24/7/365 driving privs for $53/month. I'm certainly not going to complain about that if I can drive it whenever I please. However, the catch is that they won't do "agreed" or "stated" amount. So in that respect, I'm kinda screwed until my agent and I work something out. It may involve lots of pictures and someone of their choice to appriase the car. But even then, my agent still isn't sure. She's working on it and we'll get back to it more as the warmer weather starts to approach.

I surrender! I just contacted every single (that I know of) collector's car insurance company and I with the same info as you did. The closest I got to a reasonable position was from Sneed as they responded "...The car cannot be used as a daily driver to and from work, however most owners do drive in on occasion and have a car serviced while at work". I think they were telling me that it was OK to cheat once in a while but don't make a habit of it. Not makin' me all warm and fuzzy. With a regular policy and given the basic modus operundi of the average insurance giant doing a regular old policy I am sure that if I ever had a major damage and destruction they would do everything they could to screw me. The best I have been able to get was my regular carrier has agreed to issue a stated value policy with an appraisal but they will treat it like any new car and depreciate that amount every year despite the fact that in reality it is an appreciating entity. Just goes to show ya can't fight the man (or woman, as the case may be).

 

[lbitp37]

If you go to Leland-West, you will find the resriction is 5000 miles, etc, etc.
But it is cheap 1992 , full cover, Value $17.000, $500.00 ded. @ $304.00 ? year

 

[lnirenberg]

If you go to Leland-West, you will find the resriction is 5000 miles, etc, etc.
But it is cheap 1992 , full cover, Value $17.000, $500.00 ded. @ $304.00 ? year

What kind of driving restrictions?

 

[hodgesgi]

Have you tried combining your car insurance with your homeowners policy? I have 5 collector cars and I wasted several years with sub-par insurance on them. Last year, my agent combined my cars with my home owners policy at Cincinnatti Ins. Co. The only provisions were, appraised value statements (all over 40K), and 3000 mi./yr. limit.
If I could only find insurance for the dragstrip.

 

[Evolution1980]

Have you tried combining your car insurance with your homeowners policy? I have 5 collector cars and I wasted several years with sub-par insurance on them. Last year, my agent combined my cars with my home owners policy at Cincinnatti Ins. Co. The only provisions were, appraised value statements (all over 40K), and 3000 mi./yr. limit.

I have my 2 cars, motorcycle, and house with State Farm ("SF"). That's why I have the low rate that I do. As I said though, SF won't do apprasied value without tossing my car into the collector/specialty category which eliminates it from work driving.

If you go to Leland-West, you will find the resriction is 5000 miles, etc, etc.
But it is cheap 1992 , full cover, Value $17.000, $500.00 ded. @ $304.00 ? year

As Inirenberg asked, any driving restrictions from either Leland-West or Cincy Ins Co.? I'd have to specicifically ask "What about occasional drives to work?"

And I guess they might not find it too amusing if they ever came across one of my top-speed run videos on the net! "No, I swear, those are from 3 years ago!!!" :eyerole :L

 

[JonM]

I posted this in another thread...but I don't want to look for it so I'll post it again.

VEHICLE
Year: Make: Model: Value: $15,000 500 DED
1984 CORVETTE

PLEASE MAIL QUOTE, DECLARATIONS PAGE FROM DAILY CARS, PICTURES, AND PAYMENT WITH APPLICATION!! COVERAGE CANNOT BE BOUND WITH FAXED OR EMAILED APPLICATION AND PICTURES.

COVERAGE
Single Limit Liability Personal Injury Protection(PIP) Medical Payments PPI(MI Only) Uninsured and Underinsured Motorist
$100,000 1,000 100,000

PREMIUM
Liability Physical Damage Taxes and/or Surcharges Total Estimated Annual Premium $335 GJ
$87 248


FEATURES & BENEFITS
NO MILEAGE LIMITATIONS!
NO USAGE RESTRICTIONS!
FULL REPLACEMENT COST ON PARTIAL OR TOTAL LOSS!
AGREED AMOUNT NON-DEPRECIATING COMP & COLLISION!

This quote is good for up to thirty days from this email. Coverage is subject to underwriting and may only be bound by Sneed, Robinson, & Gerber, Inc. in Memphis, TN. The policy is issued by Travelers Insurance Company. If you have any questions, email us today or call us at (800) 619-7827.

 

[redvett]

Check out Hagerty
http://www.hagerty.com/
I have my 72 LT-1, 94 ZR-1 insured through them. Very happy with there services.

 

[Evolution1980]

Check out Hagerty
http://www.hagerty.com/
I have my 72 LT-1, 94 ZR-1 insured through them. Very happy with there services.

Hagerty was one that wouldn't allow me work-driving privs...

 

[blacksharkL82]

insurance

Try, AON. The best there is. More coverage, less money, use your vette anytime anywhere.

 

[lnirenberg]

Try, AON. The best there is. More coverage, less money, use your vette anytime anywhere.

Thanks for the tip. I checked their web site and they wisely don't offer coverage in Massachusetts--the highest % of moronic drivers per capita me thinks.

 

[TWINRAY]

American Collectors Insurance (http://www.americancollectorsins.com/)has a somewhat more liberal version of what you describe above. They allow occassional "expected use" of the car so that if it gets damaged in a McDonald's parking lot they'll cover it because you don't just do Sunday drives and car shows.

Good folks for 15 years but then I've never put in a claim