OHSIXX

The Agreed Upon Value Insurance I am considering will limit me to 3000 miles per year. So, how will the insurance company know if I actually drive 6000 miles per year?

vettfixr

They usually go by what you tell them. If you have an accident or a loss and you are using the car "improperly" (i.e.daily driver) or if they see that your indicated mileage is way above the agreed upon mileage they may not want to pay off. You can always disconnect the speedo but that's risky too. Unfortunately to get the cheap insurance and be sure that they will pay off you have to stay within the rules.

page62

There are companies that provide 6000 mi./yr. policies. And there are companies that aren't too concerned about mileage.

Insurance is not something to be trifled with...

Gordonm

My company asks every year to state what the mileage is. You could lie but if they catch you you are out of luck.

Robert N

The short answer - they will not know.
The risk - they do find out and don't pay on a claim.

I have a standard policy on mine (risks in terms of what they will pay if it's wrecked) and have ALL documentation as to value (apprasial, purchase cost, money put in, resale value from multiple sources).

I think the ability to drive as I like and when I like with a ower payout if needed is a better deal than limited use or the possibility of no payout.

You have to decide what makes you more comfortable.

For what it's worth, my policy is $258 per month for 3 cars with FULL coverage at maximum payouts and $500 deductibles and that includes a 2000 Dodge 4X4 and the wife's 2002 Honda CRV. The vette is cheap!

OHSIXX

My actual mileage will probably be 5000 to 6000 miles per year. I have a standard policy on it, but am afraid if someone hit me my insurance company will only pay out up to the book value of a 31 year old car which probably is not much.

So, how can I convince them it is really worth much more? :confused:


[Modified by OHSIXX, 11:46 AM 1/16/2003]

Robert N

Talk with the agent first to get a feel for how the adjusters work. Second, document everything and get an apprasial. The more paperwork you have to support the actual value of the car, the better. NADA has muscle car pricing guides.

Tom73

Robert,
You may want to check something out. Ask you agent what you would get if your car was a total loss or stolen and not recovered. Would be interesting what they say. You stated you have a standard policy. My understanding is that on a "standard" policy they will pay their book value. If your car is higher value then their book value (i.e. your apprasial) then they will usualy require a "rider" to cover the higher value. Their rates are figured on their book value. If the car is worth more then their book value they will want a higher premium to cover their additional risk. Just a thought.

By the way, I have three cars under a full coverage agreed value classic policy. My annual premium is $340/year.

tom...

tshort

I'm with Hagerty and they are cheap (like $150 a year) and have no mile limitations. They just ask that it's not daily driven, that you have another daily driver car, and that it's garaged.

Robert N

Just got off the phone. The payout WOULD be MARKET value. Market value would be based on what the car would be replaceable for in its current condition (I have ALL receipts, a video diary and photos to support). Worst case scenario, they will use NADA guides (Kelley Blue Book does not go back that far) and that puts my vette at $15 to $27K in value.

My company does not generally use KBB regardless since many cars are priced WELL above its listings.

The other benefit - I have an umbrella policy that covers the vette since it is through the same company.


[Modified by Robert N, 10:08 AM 1/16/2003]

Tom73

Did they give you a dollar amount? Not being negative but have seen too many times where someone thought they were going to get X amount only to have the insurance company figure in depreciation and other items to reduce the payout. :(

tom...

OHSIXX

tshort: Do you have a web site or phone number for Hagerty?

Tom73

http://www.hagerty.com

Avette4me

I'm using a standard full coverage policy. Got the car appraised, set the payoff value (in writing) on policy. No mileage limit at all, no promise to leave her in the garage. It might cost a little more (about $350/year), but I can put 50K a year if I like.

Got it to dtive! :thumbs:

OHSIXX

I just called USAA. She said they would only pay book value, but did not know the amount.

Robert N

I tend to be very skeptical also. I take insurance and replacement cost very serious. I have to as a business owner and homeowner - I have too much to lose. The price given for the car when bought (based on not running for 23 years - $10-12K, running $16 to 17k or right where I'm at.

As said, NADA becomes the proof on its value in court (gotta love having a corporate attorney a phone call away).

Tom73

I just pulled up the Hagerty site and pluged into their online quote system a 72 Vette in Fla with a value of $15,000. They showed a quote of $148/year. Of course with that there is no driving to work, car must be stored in a locked garage, driver must have at least 10 years experence, etc, etc..... This type of insurance is intended for true collector car, cars that are seldom driven. Without it I could not afford to have five cars, insurance would eat me alive.

tom...

OHSIXX

tshort: Thanks!

Now check out my sig. Just wonder if the insurance world would consider it modified or stock?

Robert N

Hagerty:

Vehicles insured on our program must be used on a limited basis consistent with the operation of something valuable, such as club functions, exhibitions, organized meets, tours, and limited pleasure driving.

Grundy:

This policy authorizes unlimited hobby use of your collector vehicle in collector activities, exhibits and parades. While participating in these events, owners are free to enjoy their collector vehicle without monitoring the odometer.

No mileage limits, but if I was on the way to work (leaving work and going to a parade later) would they cover me if the car was plastered by a red light runner?

This is my biggest issue with collector insurance. Perfect for show cars, limited use etc, not drivers IMHO.

Tom73

Right, classic/collector insurance is not for drivers.