Insurance coverage question
05-09-2014, 12:59 PM
#1
Rennlist Member
Thread Starter
Insurance coverage question
I have a 97 C4S with < 28,000 miles.
Pristine with no accidents and is a no-issue car with tons of documentation with regard to receipts, upgrades, and service.
It would sell in a few days for $65K +/- a few dollars, it I wanted to sell it.
I am currently insured through Leyland West for an agreed value of $59K (low ball) with a rider to allow 2 work commutes a week (which I do not do).
It seems that several people on here have issues with LW (restrictions etc).
My premium is @ $800/year.
I am up for renewal next month and have been shopping around.
Given some of the issues that have recently been raised on this board regarding insurance and companies these are my options for renewal.
-----------------
Put in on my regular policy with Liberty Mutual ($280/year) but they value the vehicle based on Kelly Blue book at @ $40K. In discussion with the agent they base any total claim value on several sources - not just one. They take many things into account - which is there way of saying that they will not commit to an "agreed value" policy.
Granted that is only an issue if it is totaled or stolen - and then I would have to fight them on that which would be pretty easy given all of the current cars listed out there these days such as:
- EBAY, Auto trader, Sloans, etc. The true marked value of this vehicle would be pretty easy to establish.
Grundy - $900, but restrictive.
Haggerty - $800, but restictive.
American Collectors - $1,500/year.
I am 53, clean license, no claims - ever.
The car is a 4th car.
I could try other regular insurance companies, but these insurance agencies want all of your business, not just a single policy - to work with you.
Thoughts/ Ideas?
It is hard to navigate through the insurance company minefield of Ponzi Policies.
Just looing for ideas or suggestions - thanks.
Pristine with no accidents and is a no-issue car with tons of documentation with regard to receipts, upgrades, and service.
It would sell in a few days for $65K +/- a few dollars, it I wanted to sell it.
I am currently insured through Leyland West for an agreed value of $59K (low ball) with a rider to allow 2 work commutes a week (which I do not do).
It seems that several people on here have issues with LW (restrictions etc).
My premium is @ $800/year.
I am up for renewal next month and have been shopping around.
Given some of the issues that have recently been raised on this board regarding insurance and companies these are my options for renewal.
-----------------
Put in on my regular policy with Liberty Mutual ($280/year) but they value the vehicle based on Kelly Blue book at @ $40K. In discussion with the agent they base any total claim value on several sources - not just one. They take many things into account - which is there way of saying that they will not commit to an "agreed value" policy.
Granted that is only an issue if it is totaled or stolen - and then I would have to fight them on that which would be pretty easy given all of the current cars listed out there these days such as:
- EBAY, Auto trader, Sloans, etc. The true marked value of this vehicle would be pretty easy to establish.
Grundy - $900, but restrictive.
Haggerty - $800, but restictive.
American Collectors - $1,500/year.
I am 53, clean license, no claims - ever.
The car is a 4th car.
I could try other regular insurance companies, but these insurance agencies want all of your business, not just a single policy - to work with you.
Thoughts/ Ideas?
It is hard to navigate through the insurance company minefield of Ponzi Policies.
Just looing for ideas or suggestions - thanks.
05-09-2014, 01:32 PM
#2
Are the premiums that you mentioned for the agreed-value insurers (Grundy, etc.) for $65K or whatever value you want? If you can live with the restrictions, Grundy and Haggerty appear to be your options.
Since you have 4 cars, you may want to check out Grundy's MVP program, for all of your cars, assuming the program is available in your locale.
I avoid regular auto insurance for my 993--too many horror stories; doesn't seem worth the hassle.
Since you have 4 cars, you may want to check out Grundy's MVP program, for all of your cars, assuming the program is available in your locale.
I avoid regular auto insurance for my 993--too many horror stories; doesn't seem worth the hassle.
05-09-2014, 04:11 PM
#4
Rennlist Member
Thread Starter
To qualify for LM classic insurance the vehicle has to be 25 years old or older, so this car does not qualify.
It's beginning to look like I may just stick with LW.
The thing that's odd with this company is that they will provide a policy with out mileage restrictions, allow you to have a commute to work rider for @ $50/year, and yet - they put a ban on "running errands" with the car.
Makes no sense - seems that driving to work and parking in a lot all day is a lot risker than taking the car on an occasional errand.
It seems Haggerty and Grundy have limitless small print - still trying to make up for their losses from Hurricanes Katrina and Sandy - which wipe out quite a few collector cars which were in storage or never used.
It's beginning to look like I may just stick with LW.
The thing that's odd with this company is that they will provide a policy with out mileage restrictions, allow you to have a commute to work rider for @ $50/year, and yet - they put a ban on "running errands" with the car.
Makes no sense - seems that driving to work and parking in a lot all day is a lot risker than taking the car on an occasional errand.
It seems Haggerty and Grundy have limitless small print - still trying to make up for their losses from Hurricanes Katrina and Sandy - which wipe out quite a few collector cars which were in storage or never used.
05-09-2014, 04:56 PM
#5
Drifting
When i was pricing these "collectible" insurances their restructions made me very skeptical of how likely you will be paid on the claim if there is any doubt that you did not follow their rules.
So you are paying reg insurance premium for a questionable coverage. I'd like to hear from those who actually totalled their 993 and got the agreed value.
I would not even qualify for any of them putting 5-7k miles a year, so it was no brainer for me.
On regular insurance:
I just got into fender bender with my DD resulting in over 4k of damange being done at MB dealer. Progressive has handled eveything very well so far.
As an anecdotal story, my MB sales guy was telling me about another Progressive customer who had her SL totalled, and progressive gave her way more than FMV of the car and covered sales tax on purchase of replacement car.
Given that 993 market has been elevated for a few years it should not be hard to prove a reasonable FMV.
So you are paying reg insurance premium for a questionable coverage. I'd like to hear from those who actually totalled their 993 and got the agreed value.
I would not even qualify for any of them putting 5-7k miles a year, so it was no brainer for me.
On regular insurance:
I just got into fender bender with my DD resulting in over 4k of damange being done at MB dealer. Progressive has handled eveything very well so far.
As an anecdotal story, my MB sales guy was telling me about another Progressive customer who had her SL totalled, and progressive gave her way more than FMV of the car and covered sales tax on purchase of replacement car.
Given that 993 market has been elevated for a few years it should not be hard to prove a reasonable FMV.
05-09-2014, 05:16 PM
#6
Agent Orange
Rennlist Member
Rennlist Member
Agreed value is great if you don't drive the car that much and can live with the limitations. Which works for me with my 993. I have it insured through Leland West.
Meanwhile your Geicos, Allstates, etc. are supposed to give you the amount it would take for you to purchase an identical vehicle in your area + sales tax if your insured vehicle is totaled. Of course they give you KBB (or even worse, NADA!) because that works best for them. You don't have to accept their offer but the burden is on you to prove to them the actual value of the car.
Meanwhile your Geicos, Allstates, etc. are supposed to give you the amount it would take for you to purchase an identical vehicle in your area + sales tax if your insured vehicle is totaled. Of course they give you KBB (or even worse, NADA!) because that works best for them. You don't have to accept their offer but the burden is on you to prove to them the actual value of the car.