How much insurance should I have for an old car ??

[nick8086]

How much  insurance should I have for an old car ??

 

 

The cost I payed for it??

 

or

 

replacement??

 

 

 

Edited October 10, 2015 by nick8086 (see edit history)

[Guest AlCapone]

Obviously you want to be able to replace it in the event of a total loss. Wayne

[auburnseeker]

Whatever you are comfortable with.  If you just want to recoup what you paid and are happy with that then so be it.  Some of mine are insured for what I paid plus expenses to get to the point they are at,  some are insured for what they are worth.  If it's a cheaper car the difference is so little it's almost a no brainer. 

[R Walling]

 The value placed upon your car should be the amount that you would be comfortable with if someone would buy it against your wishes.

 

Because that is exactly what would happen if a total stranger should hit you in an accident. Your insurance company would then "buy" your car if the est. of repairs exceeds approx. 60% of the agreed value.

 

 If your car is worth $100,000 and you wanted to save paying a high ins. premium, by only paying on a $50,000 policy, then that's all you will get, $50,000.

[Paul Dobbin]

I was an agent for a collector car insurer for 30 years and this is a common question. Roger is right but,the more the coverage, the higher the cost. Let's look at the risk before we load up on coverage.

Notice how inexpensive collector car insurance is compared to your daily drivers insurance. The reason on is that most collector car owners use them very little and protect them as treasured possessions. The

policy requires that you keep them in a enclosed garage and limits its usage. The risk is low and the

premium reflects that.

Establishing the value for insurance should start with what you could reasonably expect to sell the car forif you had to sell it today. What would you be able to get? Not what the world record price at some far

away auction was last January, but its actual sales value now.

Remember if you are like most old car guys, you'll keep this treasured car for a long time and pay premiumsfor years, invest in repairs, restoration & improvements. Each year you'll get reminded to adjust your

coverage to it's current value. If you just bought it, what you paid is the current market value.

As an agent, I didn't what to become the best/only buyer for your vehicle. I wanted you to have a

protective instinct, but to be able to pay you for your actual loss if needed.

Values change over time, review it annually and adjust your coverage accordingly.

[auburnseeker]

Remember you can buy your damaged car back if it's totalled and fix it yourself.  Just like many of you did the first time as well or sell it damaged to be restored by the next guy,  often for more than the buy back if you have intimate knowledge of your car and know stuff like the engine was rebuilt or have parts already on hand to fix it as well.  If I paid full value on all my cars including ones I don't use I would probably owe 3,000 a year.  that's alot to dish out each year.  Especially since the likely hood of all of them being heavily damaged or totalled all at once is extremely slim since they are stored in several different garages in several different locations over 60 miles apart and I'm out of any flood planes and far enough from the coast that a Hurricane  is also very unlikely. 

[cahartley]

Whatever you decide be SURE you get an "AGREED VALUE" policy.

The numbers you and your insurer agreed upon is what you would get in the event of a total loss.

Don't settle for anything else.

Anything else will get the infamous Blue Book treatment........ 

[nick8086]

Here is one of them.

Edited October 11, 2015 by nick8086 (see edit history)

[auburnseeker]

Do you purposely always hold crucial information back when asking questions?  I seem to see a pattern.  Obviously if we were talking about a run of the mill 10,000 4 door sedan and a rarer more specialized car that any existing are approaching 50G + in any condition the advice will be much more different,  especially when you paid nearly scrap value for a car that is actually in say # 3 condition.

[nick8086]

That car is in # 2 condition.. It had a frame off restoration.. 

 

That was a bad car to post.. I was thinking of all the others..

 

Here is one I do not have any insurance on..

Edited October 12, 2015 by nick8086 (see edit history)

[Curti]

I would not insure the old pickup.

[Guest]

I have been using my 1930 Pontiac as a daily driver since 1959. I have never carried any insurance other than PL and

PD. Over the years I have saved just over $17,000 in premiums. So you could say I have been self insured if I were to

damage my own car. My only wish is that I had put that money away every year and collected interest on it.

[Rusty_OToole]

How much of a loss can you afford to take? If the car gets wrecked and it won't kill you financially there is no point in insuring it. I haven't had collision insurance for years, and have saved a bundle. But I drive older cars and can afford to buy another one if mine gets wrecked.

 

Liability is another matter, you could be on the hook for millions. I always have $2 million in liability.

 

Insurance companies always charge more than the risk is worth, that is how they make their money. So if you can afford to take the risk, it is cheaper not to insure. That is my policy anyway.

Edited October 12, 2015 by Rusty_OToole (see edit history)

[auburnseeker]

When you insure an older 50's or older car and it's not real valuable adding it on to your existing policy for more valuable cars,  the premium is so cheap it's a no brainer.  I think a 10,000 value vehicle added around $50 a year to my policy and that allowed me to have liability which is required to operate it anyways.  Of course I probably put less than 1,000  miles total on all my vehicles a year.  

[cahartley]

Liability is another matter, you could be on the hook for millions.

 

All you need to know is right there  ^

[Curti]

Why in the world would anyone put liability on a pickup truck that does not run and appears to be for parts  ?

[auburnseeker]

Why in the world would anyone put liability on a pickup truck that does not run and appears to be for parts  ?

In NY you have to so you can register it to establish ownership.  Of course you can cancel it right after that.  I don't know of a way to register it as a non op like CA.  That would be nice if you could as I have had a few cars over the years that never saw the road and were probably never going to in my ownership..