[kodomokid]

Hello All,



Do you any of you who do not drive your 968 very much ever insure your car with a collector car insurance company? They are darn cheap. I was reading about it in April's issue of Hemmings Sports and Exotic Cars. Way cheaper than insuring it with a State Farm or Progressive type of company. I went and got a quote at one of the companies they listed and got quoted for around $373 annual cost with full coverage for both my 968 and Corrado. What are your thoughts? What are some of the pros and cons that you have come across?



Brian

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[flash]

i looked into this for mine and determined that it was not worth it for our cars - while there were no mileage limits or anything like that, and they would do any value i gave them for the car, i couldn't find anything that went beyond $300k in liability - that left a big gap between where the collector's insurance starts and the umbrella policy picks up, and around here you could be sure you would need it



if somebody finds a stated value california policy that goes to $500 liability, let me know

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[jeff968]

[quote name='kodomokid' post='48926' date='Mar 10 2008, 03:38 AM']Hello All,



Do you any of you who do not drive your 968 very much ever insure your car with a collector car insurance company? They are darn cheap. I was reading about it in April's issue of Hemmings Sports and Exotic Cars. Way cheaper than insuring it with a State Farm or Progressive type of company. I went and got a quote at one of the companies they listed and got quoted for around $373 annual cost with full coverage for both my 968 and Corrado. What are your thoughts? What are some of the pros and cons that you have come across?



Brian[/quote]



Brian,

I only put about 3K miles on my 968 a year. I went to a collector insurance company last year because of the stated value issue. I was able to get a stated value of $25K for $375 a year at American collectors.

Jeff

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[spectre996]

[quote name='flash' post='48938' date='Mar 10 2008, 08:54 AM']i looked into this for mine and determined that it was not worth it for our cars - while there were no mileage limits or anything like that, and they would do any value i gave them for the car, i couldn't find anything that went beyond $300k in liability - that left a big gap between where the collector's insurance starts and the umbrella policy picks up, and around here you could be sure you would need it



if somebody finds a stated value california policy that goes to $500 liability, let me know[/quote]



Ok, I'll be the first to admit. I am an insurance novice! While I understand my current coverage and the benifits of stated vaule insurance, but I don't understand the necessity of the over 500K liabilty and the big gap that you mention. Care to enlighten me?

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[flash]

no worries



move to an area where the AVERAGE house is well over a million dollars, and the other vehicle is frequently 100k or better, and it becomes very evident very quickly - one accident with an injury, and the lawsuit goes right up there in a heartbeat - insurance only goes so far - after that, it's up to you - i have no desire to lose the house over it



the gap is from 300k to 500k - that would befall me



i often think of moving to texas or someplace cheaper, so as to avoid that, as well as the rest of the expense, but then i look at the weather and humidity and the ocean and such, and remember why i am here



gotta pay to play though

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[ds968]

[quote name='jeff968' post='48942' date='Mar 10 2008, 08:48 AM']Brian,

I only put about 3K miles on my 968 a year. I went to a collector insurance company last year because of the stated value issue. I was able to get a stated value of $25K for $375 a year at American collectors.

Jeff[/quote]





Jeff, did they require you provide them with an appraisal of the vehicle ?

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[ds968]

[quote name='flash' post='48938' date='Mar 10 2008, 05:54 AM']i looked into this for mine and determined that it was not worth it for our cars - while there were no mileage limits or anything like that, and they would do any value i gave them for the car, i couldn't find anything that went beyond $300k in liability - that left a big gap between where the collector's insurance starts and the umbrella policy picks up, and around here you could be sure you would need it



if somebody finds a stated value california policy that goes to $500 liability, let me know[/quote]





Bob, there should be a number of insurance companies which will issue umbrella policies with an attachment point of a $300k primary limit. Check with a broker and they'll identify the best choice for you, but even direct writers like Liberty Mutual will issue $ 2mil. or higher umbrellas with as low as $ 250k underlying limit and they'll do it either bundled with their own primary policy, or on top of any other legitimate insurer's policy. Or they did a couple of years ago anyway..

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[flash]

i poked around quite a bit, and didn't find anything, but i suppose i could do it again (oh goody - i just love talking to insurance agents) - i kept bumping into either gaps, comprehensive limitations, or other dumb things that just made it make no sense



i used to use lloyds, but they don't do it anymore - i'll check out liberty though - thanks

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[jeff968]

[quote name='ds968' post='48951' date='Mar 10 2008, 02:12 PM']Jeff, did they require you provide them with an appraisal of the vehicle ?[/quote]



Nope, my value and a photo, that's all.

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[kodomokid]

[quote name='ds968' post='48951' date='Mar 10 2008, 11:12 AM']Jeff, did they require you provide them with an appraisal of the vehicle ?[/quote]



I talked with a company called Classic Auto Insurance and I got a quote of $418/year for full coverage of my 968 and Corrado. I called them to ask what they would need and they said that once I fill out the form, I just need to include a couple of color photos of my cars and proof of insurance of my daily driver. These were one of the companies that were listed in Hemmings.



Jeff,



Are you pretty satisfied with the coverage with American Collectors?



Thanks,

Brian

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[rxter]

I'm with flash. Unless I can get the higher liability limits I'll stay away from the collector insurance. I really don't want to end up working for someone else in a hospital bed.

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[kodomokid]

[quote name='rxter' post='48968' date='Mar 10 2008, 01:49 PM']I'm with flash. Unless I can get the higher liability limits I'll stay away from the collector insurance. I really don't want to end up working for someone else in a hospital bed.[/quote]





Check out Classic Auto Insurance



www.classicins.com

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[flash]

i did - property limits are too low

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[josephsc]

[quote name='jeff968' post='48942' date='Mar 10 2008, 08:48 AM']I was able to get a stated value of $25K for $375 a year at American collectors.[/quote]FWIW, your vehicle has to be at least 15 years old before American Collectors will cover it. So I guess '92 and '93 would qualify.

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[jrallen01]

There are definite limitations on a Collectors car policy. Basically from the ones I have seen, you can only use them for limited driving like in parades. The policies are designed for everyday cars.



Stated value doesn't necessarily help you. It limits how much the insurance will pay but doesn't guarantee it.



I was an Allstate Agent and the normal policy covers my 968 for its replacement value based on its condition. You can buy an everyday policy with a stated value if you want it however. In the event of an accident, a lot will depend on your adjuster so from the aspect that the stated value is declared, it may help you.



In the winter I save money by storing it and keeping only comprehensive coverage on it.

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[badberry68]

I know someone that called a classic car insurance company and asked them if they were covered for DE events, and they said no. Has anyone had to make a claim for damage that happened from a track incident? Just curious, I am becoming increasingly paranoid, as I dump money into this car <img src="/forum/images/smilies/968/unsure.gif" class="smilie" alt="" />

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[Ryan]

I don't think anybody covers "track incidents" You just have to be able to write off your car to play in that game.

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[flash]

which is the primary reason i don't think people should drive their daily drivers on the track - i realize it's fun, and not everybody can afford a track car, but there is a fairly substantial risk of damage or loss when taking it out there - who wants that?



this is further exacerbated by the fact that most people let their daily drivers run down a lot more than they would a dedicated track car, increasing the risk of an incident



i take pretty darned good care of mine, and i can see the issues from taking it out to the track - something i am currently willing to live with, but not for much longer

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[rxter]

I checked out Hagerty Insurance today. http://www.hagerty.com/



Cheap - $340 per year with a cap of 3500 miles. Problem is the liability.



100K personal

300K aggregate

100K property



I have 500 for my other cars. That is a huge gap. Having to pay 400K out of pocket would be, to say the least, a financial disaster. Not worth the $500 I would save.

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[ds968]

[quote name='rxter' post='49294' date='Mar 14 2008, 05:51 PM']I checked out Hagerty Insurance today. http://www.hagerty.com/

Cheap - $340 per year with a cap of 3500 miles. Problem is the liability.

100K personal

300K aggregate

100K property

I have 500 for my other cars. That is a huge gap. Having to pay 400K out of pocket would be, to say the least, a financial disaster. Not worth the $500 I would save.[/quote]



absolutely baseless for an insurance company to provide a lower liability limit on a collector's car than they would for any other kind of vehicle. liability coverage responds to third party injury and/or damage you cause, and IMHO, you can cause as much pain and destruction to someone else and to their property with your 1971 toyota tercel as you can with your collector's '57 300 gullwing mbz .



of course you can also argue all you want that driving at DE track is much, much safer than your average freeway and provide statistics to support that, but it'll fall on deaf ears. logic and insurance are often in contradiction with eachother <img src="/forum/images/smilies/968/dry.gif" class="smilie" alt="" />

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