[ds968]

I finally decided to buy an "agreed value" insurance policy for the car. The stipulated value is set at $ 35,000.
The insurance company is Safeco. ( coverage takes effect tomorrow ).

The advantages of having coverage which pays beyond the "average market value" justifies this for me
and the associated $ 900/yr premium, which inludes $ 250k/$500k/$100k liability limts , but there is one drawback ;
the only way I can have anyone else drive my car is on a pre-authorized basis , and even that by itself would not be that big of an issue as is what follows : with any other driver, the liability limits of the policy drop down to the State's MINIMUM required levels, so there is no way I can take any chances violating that provision.

No more exchanging cars for fun runs and testing to see what the other person's 968, [img]style_emoticons/<#EMO_DIR#>/dry.gif[/img] or mine drive like.. except in remote areas where there is absolutely zero chance of colliding with another car..

No track events either, or runs which are timed, or which are arranged for the purpose of competition ( fortunately our get togethers do not fall into that category, I got this in writing from the insurer [img]style_emoticons/<#EMO_DIR#>/smile.gif[/img] ) but was not planning to do those anyway so no big deal there..

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[94SilverCab]

I am in the process of exploring this option too. I am curious how you set the $35,000 price. I'm looking at a stated value of $25,000 (enough to replace the 968, bring the maintenance up to snuff and install the mods.).

Thoughts?

Jay

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[ds968]

More than anything it was an estimated cost to completely rebuild my car in the event it's totaled ( without significant frame or major engine damage.. )
I checked with a few reputable body shops, got estimates on what that might be and it was in the $30k-$35k range. The painting alone was at least $10k.

Also as the back up I took the high-end price of an excellent condition coupe with approx. 50k miles ( let's say $ 18,000 ), added $ 5,000 for duplicating the mods I have on my car , then added another $ 2,000 for misc. "bring up to par" mechanical work and what not, and since I'm so friggin picky about color combo I added $ 10k for repainting the car.

If I have to re-upholster the entire interior to another color I'm screwed, but was banking on the probability of finding a coupe with classic grey or cashmere interior in top notch shape..

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[banditsc]

If it makes you feel any better, that $900 a year in some way may go back into a 968. I work for the the parent company of Safeco.... [img]style_emoticons/<#EMO_DIR#>/smile.gif[/img]

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[ds968]

<!--quoteo(post=75848:date=Jul 21 2009, 05:18 AM:name=banditsc)-->QUOTE (banditsc @ Jul 21 2009, 05:18 AM) <{POST_SNAPBACK}><!--quotec-->If it makes you feel any better, that $900 a year in some way may go back into a 968. I work for the the parent company of Safeco.... [img]style_emoticons/<#EMO_DIR#>/smile.gif[/img]<!--QuoteEnd--><!--QuoteEEnd-->


well, that's good to know.. so, if I they give me any crap on a claim, I can just call on the big guns ( you ), right ? [img]style_emoticons/<#EMO_DIR#>/wink.gif[/img] [img]style_emoticons/<#EMO_DIR#>/tongue.gif[/img]

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[banditsc]

Right... I don't even think they know I exist..

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[josephsc]

Interesting... And is there any mileage limitations? I use American Collectors Insurance for one of my vehicles, but it has annual mileage limitations.

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[94SilverCab]

The insurance I'm lookking at is 5,000 miles/year. I only drive 3,000

Jay

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[ds968]

Yes, also a 5,000 miles a year limitation on my policy, but that's the option I chose ( I expect I'll be able to keep it slightly under that.. ) The other option Safeco offered was for unlimited mileage, but the premium for that was more than double the amount of the 5K limit pricing, so it can get very expensive.

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[DiREW0LF]

I just switched to Grundy. $25K agreed value. Unlimited mileage, no stipulations about other drivers. Cannot be driven as a daily driver. The limits are really nice too, $500,000 CSL. Includes all the other specialty insurance perks such as towing, trip interruption, etc...

$315 per year.

I had looked at Barrett Jackson insurance as well since it also seemed like they had a good policy (and was cheaper), but they wouldn't insure anyone younger than 26.

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[ds968]

wow, that's cheap ! i'll have to check that one out ( I can always cancel my current coverage with a pro-rata return of premium ) after all, we're we're talking about a third of what I'm paying now, but even if it's half of my premium for the $ 35k value I want, it's still a great deal..

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[josephsc]

I'll have to check out Grundy as well -- it sounds cheap. Do they pay out? Have you crashed your car to find out? [img]style_emoticons/<#EMO_DIR#>/smile.gif[/img]

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[ds968]

you can do a search on the net for insurance cos ranking based on number consumer complaints which at least gives some indication of their m.o.

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[DiREW0LF]

I haven't had to deal with them yet, my policy only went into effect yesterday. Most collector car insurance policies are fairly cheap. Grundy and Barrett Jackson were the cheapest. There were a few others that cost $400-600 per year but even those had negatives.

One thing to remember with specialty insurance, don't expect to settle quickly. Its just the way they operate. Many of them will even mention it on the policy that it will take more than two weeks to settle claims.

OH! another thing to note. Most specialty insurance companies will have requirements for your daily driver as well. Less than X number of years old and less than so many miles. This is to ensure the specialty car isn't actually a backup to a s*** box you drive every day.

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[rf285]

Thanks for the tip guys! Just insured my 968 M030 for 25k with the Barrett Jackson affiliate. Only downside is it is underwritten by the government.... i.e. AIG. 221 a year. 0 ded 500k liability. The policy is written for 2500 annual miles, but they don't check your odometer. (didn't even ask for photos of car which is a little weird). I don't drive it more than 100 miles a month anyways.

Much cheaper than USAA which it was insured with previously at 750 per year with 1000 ded.

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