Insurance
Thread Starter
Track Day
Joined: Aug 2010
Posts: 15
Likes: 0
From: North of Boston
Insurance
Hi All:
Newbie (1 mos) 82 SC owner. I have owned a number of sports cars, recently a '68 Triumph TR20 & used it 5-6 mos out of the year, weekends & some week days. I had Hagerty collector ins, agreed value of $10k (car needed work). It ran me $125/year incl $300 towing.
So now I have the P car & plan on driving it much more; almost daily during the summer and may leave it at my suburban "safe" train station as I work in Boston. Anyhow, Hagerty has some limitations and "may" not cover incidents if car if parked for work.
Not to mention I now have 4 drivers, my 17 YO is driving 1 year. He uses my Landcruiser, hence the P car for me!
Hagerty or other collector car co's will not insure unless you have 1 driver, excluding classic for each household driver (can't blame them).
Currently my P car is on my standard policy, to the tune of $1100 a year. My wife's 2 mos old Volvo XC70 is $1400!
Now the rub; in MA ins co's are not bound to an assigned value. They cannot tell me what the payoff would be in the event of a total. It's based on 3 sources at current time of write off. Here's the kicker; I got a Cert appraisal, as recommended by my agent; but that is only a guide; they still may not pay my appraised price! Even if I get a stated value the price paid can fluctuate.
Unlike an "agreed" value which means they cut a check for that amount you gotta be wary of "stated" values.
Until I get a beater for a 4th car I am going to have to stick with my reg ins & hope for the best.
p.s. $38/hr is max payout for mechanical/body work in the Commonwealth. Yea, democracy (read anti capitalism at it's worst!). Until 4 years ago ALL ins rates were fixed by the state, not the risk the co's were willing to take.
All states are different, but you might want to check with your agent.
Newbie (1 mos) 82 SC owner. I have owned a number of sports cars, recently a '68 Triumph TR20 & used it 5-6 mos out of the year, weekends & some week days. I had Hagerty collector ins, agreed value of $10k (car needed work). It ran me $125/year incl $300 towing.
So now I have the P car & plan on driving it much more; almost daily during the summer and may leave it at my suburban "safe" train station as I work in Boston. Anyhow, Hagerty has some limitations and "may" not cover incidents if car if parked for work.
Not to mention I now have 4 drivers, my 17 YO is driving 1 year. He uses my Landcruiser, hence the P car for me!
Hagerty or other collector car co's will not insure unless you have 1 driver, excluding classic for each household driver (can't blame them).
Currently my P car is on my standard policy, to the tune of $1100 a year. My wife's 2 mos old Volvo XC70 is $1400!
Now the rub; in MA ins co's are not bound to an assigned value. They cannot tell me what the payoff would be in the event of a total. It's based on 3 sources at current time of write off. Here's the kicker; I got a Cert appraisal, as recommended by my agent; but that is only a guide; they still may not pay my appraised price! Even if I get a stated value the price paid can fluctuate.
Unlike an "agreed" value which means they cut a check for that amount you gotta be wary of "stated" values.
Until I get a beater for a 4th car I am going to have to stick with my reg ins & hope for the best.
p.s. $38/hr is max payout for mechanical/body work in the Commonwealth. Yea, democracy (read anti capitalism at it's worst!). Until 4 years ago ALL ins rates were fixed by the state, not the risk the co's were willing to take.
All states are different, but you might want to check with your agent.
Three Wheelin'
Joined: Dec 2004
Posts: 1,479
Likes: 0
From: Lawrenceville, GA
On my 80 SC I pay 200 a year for 5k miles max in GA. I can't drive to work and must garage it at home as the only two really strict rules for limited mileage agreed value of 15k. There are some other rules, including no driver under 25 but they don't really apply to me. The state doesn't dictate the policy terms here though, at least not yet.
