Insurance
01-22-2013, 10:16 AM
#6
Instructor
an exclusion to the policy that states you and the insurance company 'agree' prior to a total loss event that the car is worth X amount of dollars.
in a normal insurance company, an evaluation is performed on the vehicle by an adjuster and they make the determination of the car's value for you, and then without much leayway with that number. It's determined by NADA pricing, market surveys and a report on the vehicle that takes into consideration options, mileage and condition.
in an agreed-price situation with a specialty insurance company, you and the company agree that the car is already worth 20K up front, or w/e and you will then pay the premium based on that price.
When a TTL event occurs, the agreed price is taken into consideration and the adjuster only writes for appreciation or minor depreciation due to circumstantial factors and/or if it's condition has worsened over the time the inital agreement was made (ie.. if you left your car outside for 5 years to the elements, it's obviously probably going to lose some of it's value. )
The advantage is obviously that you don't have to hassle with an adjuster for the value of the car based on retail or market pricing, the downside of course, is that you have to notify your insurance company when you want the car re-evaluated if the car appreciates significantly.
There are of course limitations, you can't say a DD pacer is worth 100K and then wreck it, but generally, it will net you much more than what an ACV evaluation would have.
in a normal insurance company, an evaluation is performed on the vehicle by an adjuster and they make the determination of the car's value for you, and then without much leayway with that number. It's determined by NADA pricing, market surveys and a report on the vehicle that takes into consideration options, mileage and condition.
in an agreed-price situation with a specialty insurance company, you and the company agree that the car is already worth 20K up front, or w/e and you will then pay the premium based on that price.
When a TTL event occurs, the agreed price is taken into consideration and the adjuster only writes for appreciation or minor depreciation due to circumstantial factors and/or if it's condition has worsened over the time the inital agreement was made (ie.. if you left your car outside for 5 years to the elements, it's obviously probably going to lose some of it's value. )
The advantage is obviously that you don't have to hassle with an adjuster for the value of the car based on retail or market pricing, the downside of course, is that you have to notify your insurance company when you want the car re-evaluated if the car appreciates significantly.
There are of course limitations, you can't say a DD pacer is worth 100K and then wreck it, but generally, it will net you much more than what an ACV evaluation would have.
Last edited by ThatVguy; 01-22-2013 at 10:24 AM.
01-22-2013, 03:25 PM
#11
Safety Car
Try J.C. Taylor antique & collector car insurance. Get the "Agreed Upon Value". With J.C. Taylor, the price you and they agree on is the price you are guaranteed to get. There is no haggling over depreciation with their guarantee. It's in writing with them. You pay the premium and they pay the value if need be. You should try and keep all receipts and good recent pictures of the car to prove it was well kept though. I pay about $130.00 for 12 months of full coverage, full tort and no deductible with a guaranteed value of $11,000.00 on my 85. My yearly payment is based on the full value of $11,000.00. 
Last edited by FOURSPEEDVETTE; 01-22-2013 at 03:31 PM.
01-22-2013, 04:33 PM
#12
Instructor
Try J.C. Taylor antique & collector car insurance. Get the "Agreed Upon Value". With J.C. Taylor, the price you and they agree on is the price you are guaranteed to get. There is no haggling over depreciation with their guarantee. It's in writing with them. You pay the premium and they pay the value if need be. You should try and keep all receipts and good recent pictures of the car to prove it was well kept though. I pay about $130.00 for 12 months of full coverage, full tort and no deductible with a guaranteed value of $11,000.00 on my 85. My yearly payment is based on the full value of $11,000.00.
I may split the difference and get 12.5K for a little less than the NCM quote.
Anyway ... my two-cents, and here is the link to JC Taylor:
http://www.jctaylor.com/antique/insure_my_01.html
01-22-2013, 04:52 PM
#13
Le Mans Master
What are the requirements of these policies?
I won't be driving to work, but I will want to take it to the mall when I feel like. Seems all of these kinds of policies have strict limitations on driving.
I won't be driving to work, but I will want to take it to the mall when I feel like. Seems all of these kinds of policies have strict limitations on driving.
01-22-2013, 07:01 PM
#14
Safety Car
Last edited by FOURSPEEDVETTE; 01-22-2013 at 07:04 PM.
01-22-2013, 09:43 PM
#16
Safety Car
They have multiple websites . Just enter "J.C. Taylor Antique Insurance". They've been around for many years and were recommended through my regular everyday car insurance carrier. I'm very pleased with them.
01-23-2013, 07:33 AM
#18
Le Mans Master
The idea with this type insurance is that the vehicle won't be used as an "everyday" driver. That's why it's so cheap. With J.C. Taylor (I use) they ask that you try to keep your usage to car shows, parades, club activities and occasional pleasure driving. There is no mileage limit specified on mine. It's in writing in the policy that they WILL pay out the agreed upon value regardless of mileage if you suffer a loss. I'd say that most of us with this type insurance honer their request and don't put more than 3 to 4 thousand miles a year on our cars. I'm sure if you put 30k or more a year on it, it's bound to raise a few questions though. You might have to prove you go to alot of car cruises!
01-23-2013, 10:05 AM
#19
Race Director
Thanks for the info and I've already been on line and got a quote. I'll check around with a few other companies and see what I come with.
01-23-2013, 03:33 PM
#20
Burning Brakes
I own and drive, and try to do all my own wrenching on 6 Corvettes ...
I used American Collectors for years and was completely satisfied ..even had a claim that was taken care of to my satisfaction without any hassles at all...
BUT I switched to Adam and the Museum a few years ago.. Mainly when I purchased my 6th Corvette and discovered I could insure all 6 of them with the Museum for less then i was currently paying for the 5 Corvettes I had insured with American Collectors...
For guys like me with multiply Corvettes the flexibility on millage etc the Museum offers and the fact that they only charge you (to insure yourself as the driver) for one car is nice.. American Collectors charge you for your first 3 Cars before they no longer charge you again ..kike you can drive 2 cars at once ??
Bottom line... I'm Happy
Bob G.
I used American Collectors for years and was completely satisfied ..even had a claim that was taken care of to my satisfaction without any hassles at all...
BUT I switched to Adam and the Museum a few years ago.. Mainly when I purchased my 6th Corvette and discovered I could insure all 6 of them with the Museum for less then i was currently paying for the 5 Corvettes I had insured with American Collectors...
For guys like me with multiply Corvettes the flexibility on millage etc the Museum offers and the fact that they only charge you (to insure yourself as the driver) for one car is nice.. American Collectors charge you for your first 3 Cars before they no longer charge you again ..kike you can drive 2 cars at once ??
Bottom line... I'm Happy
Bob G.