Car Insurance

[Guest]

I have a restored 64 wildcat, appraised at 15K. It is my daily driver. I can't seem to get a "stated value policy for it since it is not just used for show. Does anyone have a tip about a company that will insure for the appraised amount, even when it is used as a daily driver?

many thanks,

rob.

[Guest]

i just insured my 76 buick..for about 15k...agreed value.....antique/classic insurances do not allow daily drivers....they might ..but it might be very high....there is a link on this page ,,upper left j.c.taylor..give them an e-mail....i used haggerty myself.....

..my own insurance ,,that i have my regular cars on...wanted big money 2 insure with an agreed value.&.with unlimited miles...and i mean big $$$

[NTX5467]

You will need that appraisal in case of loss--even with a stated value policy.

All a stated/agreed value policy does is set a maximum limit on the insurance company's liability in the case of a loss AND set the rates you pay. Other than that, it's just like a regular policy and in the case of a loss, you'll still have to deal with an adjuster as they will still pay just as they did before--meaning you'll still have to prove the value of the vehicle at the time of the loss. They'll still want to deduct salvage value and such as part of the settlement too.

Pretty much all classic/antique "limited use policies" do NOT allow for daily use and cap the mileage in the 2000-3000mile/year range. Just because you have a restored vehicle that is used for daily transportation doesn't mean you can get classic/antique insurance for it or probably run antique license plates on it either (with some exceptions).

Therefore, you probably would be better of with a regular automotive policy and put the appraisal on file in your safe deposit box and a copy with your insurance agent. The rates probably would be cheaper and you'd still have the same coverages as you desire with the antique vehicle insurance policy.

My personal and professional orientation is that any vintage vehicle which you can't readily buy NOS, used, or reproduction parts for (particular with respect to "crash parts"!) should NOT be used for regular, daily transportation. Basically, let the collector vehicle stay in the garage except for special situations or "maintenance runs" and use an "expendable" vehicle for the regular day to day running around that is done plus to and from work. That way, you'll be spared the grief of chasing parts to rebuild it after some thoughtless "person" in an "appliance vehicle" does something stupid, not to mention haggling with the insurance over a settlement/repair situation.

It might be really neat to drive a vintage vehicle every day, but after the sudden hail storm that rolled through the DFW area several years ago, when a beautiful day turned really nasty later in the afternoon (vehicles looked like the outer surface of golf balls and convertible tops were shredded! from the large and heavy hail storm, not to mention the holes in the windshields and such!), that was probably the best argument for NOT using collector vehicles for daily transportation.

What you do with your vehicle is your determination, but doing some advance damage control to prevent possible future grief might be taken into consideration also.

Just some thoughts . . .

NTX5467