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Several months ago I saw a thread on this board about insurance which I can't seam to locate in the archives. The problem is my regular insurance carrier wants to much money to cover my 65 roadster and the collector car companyies I have called all have provisions against the occasional drive to work or leaving the car "unattended, say at a restaurant for dinner. If those of you who have this figured out could share who you have your policies with I would be greatful.
I recently re-shoped insurance and wound up staying with State Farm Antique/Classis with a "specified" value. I received quotes from the "agreed value" folks and found their pricing to be about double what I am paying SF. SF has some restrictions in that most of the driving has to be club/parade stuff BUT some of it can be just for fun. I have to support the "specified" value with documentation and I probably should get an independant appraisal as well. Some of the folks here say SF is higher than Agreed value in near neck of the woods. .... Some thoughts..
JimV
My Nationwide agent suggested comprehensive insurance for my 65 without specific
provisions-said this route was cheaper. I did include pictures and a recent appraisal. Price is supposed to be $300 per year. I guess you really don't know how it will be until you have to make a claim.
I haven't read my Hagerty policy in some time but I think it is fairly liberal in its terms re: occasional joyrides and has no specified mileage restriction. But I have made two claims both of which were expediously handled with only a couple of questions: were you or anyone else hurt? Did you file a police report?
They've renewed me at the same annual $300 rate twice since then. The policy is for an agreed value of $40,000.
One important item is the difference between a company offering a stated value vs. agreed value policy. Stated value ( an perhaps State Farms specified value ) means that value is the most the company will pay in the event of a total loss. An agreed value is what the company agrees to pay in the event of such a loss. The stated value contracts leave the actual value of the vehicle open for consideration at the time of loss and could be less than the stated amount but not more. The agreed value pays the agreed amount.
I have Grundy insureanse. I have staeted valew coverage. I cant use my car to by eggs or milk. I have a 1965 Corvett Roadster. I pay very low pryces and had to say nobody under 25 years old drives my car. I had to say I only use my car for parades and shows. I cant race my car. Nobody asked me about the miles I put on the car. Hope I helped.
I read my Hagerty policy and didn't find much that restricted a ride to charge up the battery etc. They also upped the agreed value based on prices seen at various shows etc. You may want to cover yourself further by adding the car on an umbrella policy for your other cars/homes. There wasn't much of an increase to add the 70 convertible to our State Farm umbrella.
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