Insurance rates?
01-28-2010, 12:22 AM
#61
Race Car
Turns out this was all for naught!
Hagerty will not cover me because they went back 5 years on both mine and my wife's records and found 6 tickets total. This was too much for them - i can apply again next year after 3 of them come off our records.
I'm back to the only insurer that will provide coverage (State Farm) at $2100 per year. It's steep, but my lead foot has caught up to me and i don't see any other options.
The good news is that they don't have any mileage limitations but the bad news is I can't get an agreed value. Looks like I just need to be extra careful. I did not plan on doing any after market upgrades so that helps a little in terms of the value.
Hagerty will not cover me because they went back 5 years on both mine and my wife's records and found 6 tickets total. This was too much for them - i can apply again next year after 3 of them come off our records.
I'm back to the only insurer that will provide coverage (State Farm) at $2100 per year. It's steep, but my lead foot has caught up to me and i don't see any other options.
The good news is that they don't have any mileage limitations but the bad news is I can't get an agreed value. Looks like I just need to be extra careful. I did not plan on doing any after market upgrades so that helps a little in terms of the value.
01-28-2010, 12:30 AM
#62
Race Car
Now may be the time to re-shop your whole insurance portfolio (home-auto-umbrella-life). You do have umbrella right?
Turns out this was all for naught!
Hagerty will not cover me because they went back 5 years on both mine and my wife's records and found 6 tickets total. This was too much for them - i can apply again next year after 3 of them come off our records.
I'm back to the only insurer that will provide coverage (State Farm) at $2100 per year. It's steep, but my lead foot has caught up to me and i don't see any other options.
The good news is that they don't have any mileage limitations but the bad news is I can't get an agreed value. Looks like I just need to be extra careful. I did not plan on doing any after market upgrades so that helps a little in terms of the value.
Hagerty will not cover me because they went back 5 years on both mine and my wife's records and found 6 tickets total. This was too much for them - i can apply again next year after 3 of them come off our records.
I'm back to the only insurer that will provide coverage (State Farm) at $2100 per year. It's steep, but my lead foot has caught up to me and i don't see any other options.
The good news is that they don't have any mileage limitations but the bad news is I can't get an agreed value. Looks like I just need to be extra careful. I did not plan on doing any after market upgrades so that helps a little in terms of the value.
01-28-2010, 01:09 AM
#63
Burning Brakes
I have talked with several insurance agents, people in the field, other people that filed claims etc and they all agree on this; you get what you pay for.
When I see the cheapest $$$..... I think cheap coverage. Ask what the coverage is for those cheap rates.
50/50/10 is normal and most court cases settle for alot more than $50,000 these days.
Good insurance coverage is more like 500/500/300 combined with your home insurance in an umbrella plan.
I pay $1680 per year for 500/500/300 $1000 deduc for 6 vehicles; 2-Porsche 928's(full cov), 2-Chevy blazers(liab only), a Jeep cherokee(liab only) and a Honda accord (full cov for 23y/o driver) with the umbrella.
It maybe expensive; however, I know that if I go to court I don't lose my kids college money or have to sell my house to pay a law suit.
Also the collector car insurance companies have to many limitations. I got my Porsche to drive it. The '81 is a daily driver and I put 30,000 miles on it since 9/2005.
That's way over the 5,000 miles they usually allow.
Cheers,
When I see the cheapest $$$..... I think cheap coverage. Ask what the coverage is for those cheap rates.
50/50/10 is normal and most court cases settle for alot more than $50,000 these days.
Good insurance coverage is more like 500/500/300 combined with your home insurance in an umbrella plan.
I pay $1680 per year for 500/500/300 $1000 deduc for 6 vehicles; 2-Porsche 928's(full cov), 2-Chevy blazers(liab only), a Jeep cherokee(liab only) and a Honda accord (full cov for 23y/o driver) with the umbrella.
It maybe expensive; however, I know that if I go to court I don't lose my kids college money or have to sell my house to pay a law suit.
Also the collector car insurance companies have to many limitations. I got my Porsche to drive it. The '81 is a daily driver and I put 30,000 miles on it since 9/2005.
That's way over the 5,000 miles they usually allow.
Cheers,
I do not disagree with your point however, many of us quoted only the 928 which I only own 1 of. If you break down your coverage per car your 928 premiums I would guess are fairly low since you are only paying $1680 for 6 cars, which breaks down to an average of $280 per year per car give or take $$, which in my opinion is fairly low "(cheap)"$$.
'89 S4 GP White/Black
'76 912E Silver Black sunroof
01-28-2010, 10:18 AM
#64
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I do have a radar (Escort x50) which I am very happy with but of course 3 of the tickets i received was driving my wife's car (no radar) and once when I let my friend use my radar for a road trip. Dumb luck huh?
01-28-2010, 12:24 PM
#65
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Pardon my delay as I just checked this thread...
As stated in other posts since I last posted about American, I can use the car for occasional errands, etc with no problem...however, since I am moving back down to NC and American does not offer liability coverage there, I will most like be switching to Haggerty.
Best,
-Mark
As stated in other posts since I last posted about American, I can use the car for occasional errands, etc with no problem...however, since I am moving back down to NC and American does not offer liability coverage there, I will most like be switching to Haggerty.
Best,
-Mark
02-16-2010, 05:55 PM
#66
Rennlist Member
Re: Occasional Use Coverage
Sorry I rehash something that's already been said in this thread, but here goes:
If your Porsche(s) are occasional drivers and/or garage queens, and you're currently using a major insurer (USAA in my case) as opposed to a specialty collector's car insurer, don't just compare premiums. Compare the overall savings of removing your garage queen from your daily driver carpool policy.
After looking at the 'occasional use' premium on my GT with USAA, I decided to give them a call to see if I could tweak my policy a bit, since it was roughly 2x that of an online Leyland West & American Collectors quote.
Here's what I found:
In a nutshell, a carrier who doesn't offer collector car coverage likely isn't the best place to have your occasional use/garage queen insured.
My current auto policy is with USAA. I'm guessing that the other major auto insurers are similar in that:
YMMV
If your Porsche(s) are occasional drivers and/or garage queens, and you're currently using a major insurer (USAA in my case) as opposed to a specialty collector's car insurer, don't just compare premiums. Compare the overall savings of removing your garage queen from your daily driver carpool policy.
After looking at the 'occasional use' premium on my GT with USAA, I decided to give them a call to see if I could tweak my policy a bit, since it was roughly 2x that of an online Leyland West & American Collectors quote.
Here's what I found:
In a nutshell, a carrier who doesn't offer collector car coverage likely isn't the best place to have your occasional use/garage queen insured.
My current auto policy is with USAA. I'm guessing that the other major auto insurers are similar in that:
- They don't offer agreed value as part of the premium, which is something that I highly recommend if available, as I saw my buddy go through the ringer trying to get fair market value for his totaled '89 GT w/USAA.
- They don't provide a way to really define an occasional use collector car as a truly low-exposure/low risk vehicle; therefore you can't benefit from the reduced premiums of low-exposure vehicles.
- They regard an occasional use vehicle as nothing special/nothing meticulously cared for/nothing kept off limits to everybody. It could be a second car, or a pickup truck that's only used to go back and forth to the dump.
- Having a sports car in the same insured vehicle pool as your wife's minivan and your SUV actually makes the sports car available to all drivers in that pool, and all drivers are rated as having that access - thus paying a higher individual premium for it. God help you if you have 16 and 18 year old males in your household.
- Taking a sports car out of the general use, generic vehicle pool will very likely reduce the total premium of your daily drivers by more than the sports car premium. The USAA rep's explanation for this is that since my wife and I now don't have access to my Porsche in their insured 'pool of vehicles', there is less risk of exposure to USAA for both my wife and me.
YMMV
Last edited by JPTL; 02-17-2010 at 11:12 AM.
02-16-2010, 06:23 PM
#67
Burning Brakes
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Sorry I rehash something that's already been said in this thread, but here goes:
If your Porsche(s) are occasional drivers and/or garage queens, and you're currently using a major insurer (USAA in my case) as opposed to a specialty collector's car insurer, don't just compare premiums. Compare the overall savings of removing your garage queen from your daily driver carpool policy.
After looking at the 'occasional use' premium on my GT with USAA, I decided to give them a call to see if I could tweak my policy a bit, since it was roughly 2x that of an online Leyland West quote.
Here's what I found:
In a nutshell, a carrier who doesn't offer collector car coverage likely isn't the best place to have your occasional use/garage queen insured.
My current auto policy is with USAA. I'm guessing that the other major auto insurers are similar in that:
YMMV
If your Porsche(s) are occasional drivers and/or garage queens, and you're currently using a major insurer (USAA in my case) as opposed to a specialty collector's car insurer, don't just compare premiums. Compare the overall savings of removing your garage queen from your daily driver carpool policy.
After looking at the 'occasional use' premium on my GT with USAA, I decided to give them a call to see if I could tweak my policy a bit, since it was roughly 2x that of an online Leyland West quote.
Here's what I found:
In a nutshell, a carrier who doesn't offer collector car coverage likely isn't the best place to have your occasional use/garage queen insured.
My current auto policy is with USAA. I'm guessing that the other major auto insurers are similar in that:
- They don't offer agreed value as part of the premium, which is something that I highly recommend if available, as I saw my buddy go through the ringer trying to get fair market value for his totaled '89 GT w/USAA.
- They don't provide a way to really define an occasional use collector car as a truly low-exposure/low risk vehicle; therefore you can't benefit from the reduced premiums of low-exposure vehicles.
- They regard an occasional use vehicle as nothing special/nothing meticulously cared for/nothing kept off limits to everybody. It could be a second car, or a pickup truck that's only used to go back and forth to the dump.
- Having a sports car in the same insured vehicle pool as your wife's minivan and your SUV actually makes the sports car available to all drivers in that pool, and all drivers are rated as having that access - thus paying a higher individual premium for it. God help you if you have 16 and 18 year old males in your household.
- Taking a sports car out of the general use, generic vehicle pool will very likely reduce the total premium of your daily drivers by more than the sports car premium. The USAA rep's explanation for this is that since my wife and I now don't have access to my Porsche in their insured 'pool of vehicles', there is less risk of exposure to USAA for both my wife and me.
YMMV
......
02-16-2010, 07:33 PM
#68
Rennlist Member
02-17-2010, 12:49 AM
#69
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Summary/update on agreed-value policy search
Here's a summary of my recent experience on this topic:
1. Tried Hagerty's and was refused. They seemed very suspicious about the intended use of the S4. Also didn't like the fact that my daily driver is another 1988 Porsche (924S).
2. Called American Collectors Insurance (http://www.americancollectors.com/) and thought I was speaking with Hagerty's again! I thought I may just have reached cantankerous, negative salesperson and made a note to call back the next day and ask to speak with a manager.
3. I actually got several follow-up calls from American over the next week or so, but got involved with other things. When I finally called back, I related my previous negative experience and I met with an entirely different attitude. Lots of apologies for the previous experience, and my application was taken to underwriting, with a comment that they didn't really see any problems.
4. Heard back from an underwriter the next day and we exchanged a few emails and phone calls to clarify what was and wasn't allowed under their usage rules. Summary of American's rules as explained to me:
They have two basic agreed-value policies. One with annual mileage of 5K and another with a 7.5K mileage limit. The 5K policy for Sharky, with agreed value of $17K (optimistic, I know), is $292/year. The car is supposed to be used for car-collector/hobbyist-related activities and PLEASURE driving. I specifically asked about taking the car to work once in awhile and that was OK. Taking the wife out to dinner--OK. I used the example mentioned earlier in the thread about attending a car-related event and stopping at the store on the way home and getting hit in the parking lot--they specifically said that would be covered. I asked about driving out-of-state to attend something like the Dallas get-together--also OK (although probably hard to do with the 5K annual mileage limit!). The 7.5K-mile policy is DOUBLE the price of the 5K policy, and includes an even more lenient driving policy, but I didn't get into specifics about that. If my mileage starts approaching 5K for the year, I'll look into upgrading to that policy.
I haven't yet received the actual policy to review the language, but if the sales reps are to be believed (famous last words???
), this seems to be a fine compromise.
The underwriter did email back the next day and wanted to know why one of my 1988 Porsches was a "collector" car and the other wasn't....I simply quoted her the original retail price for Sharky vs. the 924S...
So I didn't save a hell of a lot of money, but I feel a lot better knowing that if something were to happen to the car I would be made whole and not have to be fighting a $5,000 settlement offer.....knock on wood.
And that's the news from Lake Woebegon for now.
1. Tried Hagerty's and was refused. They seemed very suspicious about the intended use of the S4. Also didn't like the fact that my daily driver is another 1988 Porsche (924S).
2. Called American Collectors Insurance (http://www.americancollectors.com/) and thought I was speaking with Hagerty's again! I thought I may just have reached cantankerous, negative salesperson and made a note to call back the next day and ask to speak with a manager.
3. I actually got several follow-up calls from American over the next week or so, but got involved with other things. When I finally called back, I related my previous negative experience and I met with an entirely different attitude. Lots of apologies for the previous experience, and my application was taken to underwriting, with a comment that they didn't really see any problems.
4. Heard back from an underwriter the next day and we exchanged a few emails and phone calls to clarify what was and wasn't allowed under their usage rules. Summary of American's rules as explained to me:
They have two basic agreed-value policies. One with annual mileage of 5K and another with a 7.5K mileage limit. The 5K policy for Sharky, with agreed value of $17K (optimistic, I know), is $292/year. The car is supposed to be used for car-collector/hobbyist-related activities and PLEASURE driving. I specifically asked about taking the car to work once in awhile and that was OK. Taking the wife out to dinner--OK. I used the example mentioned earlier in the thread about attending a car-related event and stopping at the store on the way home and getting hit in the parking lot--they specifically said that would be covered. I asked about driving out-of-state to attend something like the Dallas get-together--also OK (although probably hard to do with the 5K annual mileage limit!). The 7.5K-mile policy is DOUBLE the price of the 5K policy, and includes an even more lenient driving policy, but I didn't get into specifics about that. If my mileage starts approaching 5K for the year, I'll look into upgrading to that policy.
I haven't yet received the actual policy to review the language, but if the sales reps are to be believed (famous last words???
), this seems to be a fine compromise.The underwriter did email back the next day and wanted to know why one of my 1988 Porsches was a "collector" car and the other wasn't....I simply quoted her the original retail price for Sharky vs. the 924S...
So I didn't save a hell of a lot of money, but I feel a lot better knowing that if something were to happen to the car I would be made whole and not have to be fighting a $5,000 settlement offer.....knock on wood.
And that's the news from Lake Woebegon for now.
Last edited by Stephen Porter; 02-17-2010 at 12:29 PM. Reason: Typo
02-17-2010, 11:19 AM
#70
Rennlist Member
Stephen,
FYI, American Collectors Insurance partners with USAA, which lends credibility to ACI, IMO. USAA holds them to a pretty high standard. I was also surprised to see how little the effect of a lower deductable was on the annual premium. It's worth comparing a $1,000, $500 and $0 deductable just to see the difference.
Also towing, lockout and roadside assistance coverage is pretty inexpensive and should be considered in the overall coverage of a 928 (particularly towing...we aren't going to leave our shark on the side of the road while we hunt down a $15 relay
)
FYI, American Collectors Insurance partners with USAA, which lends credibility to ACI, IMO. USAA holds them to a pretty high standard. I was also surprised to see how little the effect of a lower deductable was on the annual premium. It's worth comparing a $1,000, $500 and $0 deductable just to see the difference.
Also towing, lockout and roadside assistance coverage is pretty inexpensive and should be considered in the overall coverage of a 928 (particularly towing...we aren't going to leave our shark on the side of the road while we hunt down a $15 relay
)
02-19-2010, 08:12 PM
#71
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Stephen,
FYI, American Collectors Insurance partners with USAA, which lends credibility to ACI, IMO. USAA holds them to a pretty high standard. I was also surprised to see how little the effect of a lower deductable was on the annual premium. It's worth comparing a $1,000, $500 and $0 deductable just to see the difference.
Also towing, lockout and roadside assistance coverage is pretty inexpensive and should be considered in the overall coverage of a 928 (particularly towing...we aren't going to leave our shark on the side of the road while we hunt down a $15 relay )
FYI, American Collectors Insurance partners with USAA, which lends credibility to ACI, IMO. USAA holds them to a pretty high standard. I was also surprised to see how little the effect of a lower deductable was on the annual premium. It's worth comparing a $1,000, $500 and $0 deductable just to see the difference.
Also towing, lockout and roadside assistance coverage is pretty inexpensive and should be considered in the overall coverage of a 928 (particularly towing...we aren't going to leave our shark on the side of the road while we hunt down a $15 relay
)I have a friend coming over tomorrow and I wanted to let him drive Sharky, but I wasn't sure if that would be covered, so I called to check and no problem. Anyone who has been a licensed driver for 10 years or more can drive the car. Also upgrade to the 7,500-mile/year tier can be done at any time and this includes an even more liberal driving policy--like you can take it to work "occasionally" and not just "once in a blue moon." Also learned the 7,500-mile/year tier requires a $1,000 deductible instead of the $500.
02-19-2010, 08:19 PM
#72
Burning Brakes
Just got my policy in the mail today and it has something called "TLC" which includes towing, etc. Not sure if it included with what I bought or not. I'll check on that. If not, I'm sure the AAA Premium 100-mile towing would suffice.
I have a friend coming over tomorrow and I wanted to let him drive Sharky, but I wasn't sure if that would be covered, so I called to check and no problem. Anyone who has been a licensed driver for 10 years or more can drive the car. Also upgrade to the 7,500-mile/year tier can be done at any time and this includes an even more liberal driving policy--like you can take it to work "occasionally" and not just "once in a blue moon." Also learned the 7,500-mile/year tier requires a $1,000 deductible instead of the $500.
I have a friend coming over tomorrow and I wanted to let him drive Sharky, but I wasn't sure if that would be covered, so I called to check and no problem. Anyone who has been a licensed driver for 10 years or more can drive the car. Also upgrade to the 7,500-mile/year tier can be done at any time and this includes an even more liberal driving policy--like you can take it to work "occasionally" and not just "once in a blue moon." Also learned the 7,500-mile/year tier requires a $1,000 deductible instead of the $500.
'89 S4 GP White/Black
'76 912E Silver/Black sunroof
02-19-2010, 08:20 PM
#73
Rennlist Member
You paid for it...but not a mistake, IMO. The "spare parts" coverage is included.
The "TLC" means Towing and Labor for Collectors. The basic plan is in the $20 range & covers something like $100 or $125 for towing. I believe that it's towing reimbursement (any tow company) as opposed to having to wait a couple hours for a guy who participates w/AAA. TLC also covers roadside assistance and lockout reimbusement. The Gold gets you $200 towing, I think. Good peace of mind for the price, IMO
The "TLC" means Towing and Labor for Collectors. The basic plan is in the $20 range & covers something like $100 or $125 for towing. I believe that it's towing reimbursement (any tow company) as opposed to having to wait a couple hours for a guy who participates w/AAA. TLC also covers roadside assistance and lockout reimbusement. The Gold gets you $200 towing, I think. Good peace of mind for the price, IMO
02-20-2010, 11:08 AM
#74
AutoX
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Sanjay,
I suggest you ask your state farm agent about their collector car insurance if you haven't already. I have all my cars through SF, and those that are over 10 years old are under the classic coverage. For example, my 1990 Corvette ZR-1 is about $300/year through them. Since you have a daily driver insured with them, this shouldn't be an issue.
Hope that works for you!
Regards,
Sanjay (yes....that's my name too! ;-))
I suggest you ask your state farm agent about their collector car insurance if you haven't already. I have all my cars through SF, and those that are over 10 years old are under the classic coverage. For example, my 1990 Corvette ZR-1 is about $300/year through them. Since you have a daily driver insured with them, this shouldn't be an issue.
Hope that works for you!
Regards,
Sanjay (yes....that's my name too! ;-))
02-20-2010, 11:43 AM
#75
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Sanjay,
I suggest you ask your state farm agent about their collector car insurance if you haven't already. I have all my cars through SF, and those that are over 10 years old are under the classic coverage. For example, my 1990 Corvette ZR-1 is about $300/year through them. Since you have a daily driver insured with them, this shouldn't be an issue.
Hope that works for you!
Regards,
Sanjay (yes....that's my name too! ;-))
I suggest you ask your state farm agent about their collector car insurance if you haven't already. I have all my cars through SF, and those that are over 10 years old are under the classic coverage. For example, my 1990 Corvette ZR-1 is about $300/year through them. Since you have a daily driver insured with them, this shouldn't be an issue.
Hope that works for you!
Regards,
Sanjay (yes....that's my name too! ;-))
