Insurance ideas

[Guest Jonny88]

Hello once again everybody. I have a question for you all. Considering from what I have been telling you from past threads, about my 51 olds super 88, what do you guys think the overall current value of the car is. I paid $4000, and think in its current condition it is worth $5000 or $6000. The car is not by any means %100 show quality but is %100 complete in terms of cosmetics and mechanical. the reason I am asking is that my insurance lady needs to know this information to make a proper quote for my insurance price for the car. I just don't have the experience to value antique vehicles yet. My current insurance policy on my daily driver is progressive and I plan to get a policy from them as well for my 51 olds. Is this a good idea or can any of you give me direction to a better antique car insurance company that has fair insurance prices. Thanks

Jonny88

[rocketraider]

Go with an established collector car insurer. There are several including a couple who advertise on the AACA site. Rates will be lower and they are more in tune to an old car owner's needs. As long as you can live with the mileage and use limitations some of them have, you'll be ahead in the long run. Keep in mind most if not all will require the car to live in a locked garage when not in hobby use.

[Guest Jim_Edwards]

Insurance underwriters are not likely to accept value to be agreed upon unless it is from a licensed appraiser.

My personal opinion and practice is no car having a value of $5,000 or less is worth the cost of full coverage, I don't care how old the vehicle may be. Makes no sense to me to pay premiums of that nature if you are not driving the car in excess of four thousand miles a year, if that much, and a couple years of premiums exceed the value of the car on the best day it will ever have.

If you simply take Progessive's liability coverage for a vintage car driven less than four thousand miles per year the premiums are cheap as dirt. I have all the vintage cars I own covered that way with Progressive, except for the ones that I don't take on the road under their own power and that even includes two that have alleged value considerably greater than $5,000.

Jim

Edited January 11, 2011 by Jim_Edwards (see edit history)

[Guest Bluevista]

My wife has worked at Progressive for over thirty years.

She knows all about that stuff and we have Condon & Skelly insurance on my cars.

Regular car insurance companies are not for collector cars , my wife has heard all the horror stories and it never ceases to amaze her when people do use it, I guess some people have to learn the hard way.

The Progressive website links you to Hagerty if you want classic car insurance.

Edited January 20, 2011 by Bluevista (see edit history)

[Guest Jonny88]

Wow, Bluevista, thanks so much for the help, I am new at this collector car stuff and need a insurance company specific to my needs. I did check out Hagerty classic auto insurance and got a decent quote. Thanks so much for your help I greatly appreciated it! thanks

Jon

[Guest mortsciguy]

I would also say you should give Hagerty a call. I have insured 4 or 5 through them, with one claim over the years. Claim handled fast and fairly. Rates are excellent.

Kelly Martin

P.S. Full coverage, no deductible on a $25,000 agreed value Olds Rag is half what I pay for liability on my 95 Riviera.