Insurance Recommendations
01-07-2019, 02:19 AM
#1
Rennlist Member
Thread Starter
Insurance Recommendations
Hi, looking for a cheaper way to insure my car. A friend of mine is with american collector insurance and is paying for his 76 911 Targa 300 dollars per year. There are bunch of similar insurance companies for exotic cars which have decent rates (most consider boxster and caymans exotic enough). My biggest issue with most of these insurance contract is, that all you are allowed is only to drive around or go to car shows. If you want to go out and have dinner or on your way stop at groceries, they dont cover your car. Mileage restriction is no problem, since I dont drive that much. Are there any recommendations for insurance companies without big restrictions and decent rates?
thank you in advance
thank you in advance
01-07-2019, 03:20 AM
#2
Rennlist Member
I’ve been happy with USAA insurance for a few years now, but I’m paying a lot more than $300 per year for my Cayman. That being said, rates obviously depend on the coverages/deductibles you elect and where you live - if you’re a USAA member, it might be worth pricing out a quote online.
01-07-2019, 08:46 AM
#3
A lot of people like Hagerty for their weekend toy. But once I figured how frequently I intended to drive the car and the modifications it has, it was going to cost over $1k a year. Hagerty is great for track insurance, but I ended up putting my Boxster S on the same Geico plan I have for all my cars. I've never had the negative experiences with Geico that many others have.
All modifications listed for my 2008 and it's costing me less than $500 a year. It's listed as a "pleasure vehicle" with an estimated 5,000 miles annually, but I've never been penalized when I go over that.
Should note that my wife is also on my policy, no major tickets or accidents on our records, and we have 6 cars. A lot of factors go into the premium costs. It doesn't hurt to fill out a few instant-online quotes to get an idea of what might be cheapest.
All modifications listed for my 2008 and it's costing me less than $500 a year. It's listed as a "pleasure vehicle" with an estimated 5,000 miles annually, but I've never been penalized when I go over that.
Should note that my wife is also on my policy, no major tickets or accidents on our records, and we have 6 cars. A lot of factors go into the premium costs. It doesn't hurt to fill out a few instant-online quotes to get an idea of what might be cheapest.
01-07-2019, 12:02 PM
#5
Banned
State Farm does do agreed value. I have had an agreed value policy with them for many years.
https://www.statefarm.com/insurance/...e-classic-cars
Funny thing is the WEB paged referenced above states limitations on use but the actual declaration page for the policy does not. This could vary by state or region.
01-07-2019, 12:16 PM
#6
Rennlist Member
I think it does vary by state. State Farm here in Dahlonega, Georgia wrote agreed value coverage on my '97 993 for several years. It was back when 993 prices were increasing seemingly on a daily basis and not only did they write the agreed value coverage, but they also automatically increased the car's value (and my premium) according to the current market each policy period. I have to say that I felt their premiums to be fair given that the only restriction on use was the that they didn't cover track use.
YRMV
YRMV
01-07-2019, 12:37 PM
#7
Instructor
Contact Grundy insurance, i have my GTR Porsche and my infiniti, price is the best so far, i left Geico for them , they hooked me up with AIG insurance group. anyways i got this information from the GTR forums when i was looking for cheaper car insurance( many use this insurance ), Louisiana has the second highest in car and home insurance in the nation. sucks to be here. but i managed to get something decent.
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01-07-2019, 05:46 PM
#10
Rennlist Member
If in California or Oregon, call Wawanesa. By far the best price around if you have a spotless driving record. Good service too, the couple times I've needed to make a claim.
01-14-2019, 09:34 PM
#11
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SF does not insure for “stated value”, they insure for “market value”. IMO, you want market value, let’s say you bought a 83 911 turbo new for $47k and kept it until 2018 with 25k miles. All the time it was insured for market value. Today in 2018 destroyed by fire, what is a 1983 911 turbo worth today with 25k miles? That’s what you would get paid with market value. With stated value it’s like trying to hit a moving target. Stated value you are establishing price at time of policy inception, market value establishing price at time of loss. The Loss settlement clause in any policy will spell out how they will determine value at time of loss. Some carriers use the stated value as a starting point to determine what premium to charge for comprehensive and collision premium only but will settle on a market value at time of loss..
01-14-2019, 10:18 PM
#12
Banned
SF does not insure for “stated value”, they insure for “market value”. IMO, you want market value, let’s say you bought a 83 911 turbo new for $47k and kept it until 2018 with 25k miles. All the time it was insured for market value. Today in 2018 destroyed by fire, what is a 1983 911 turbo worth today with 25k miles? That’s what you would get paid with market value. With stated value it’s like trying to hit a moving target. Stated value you are establishing price at time of policy inception, market value establishing price at time of loss. The Loss settlement clause in any policy will spell out how they will determine value at time of loss. Some carriers use the stated value as a starting point to determine what premium to charge for comprehensive and collision premium only but will settle on a market value at time of loss..
01-14-2019, 10:28 PM
#13
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Unless you work for SF your comment has no validity. Valid comments come from those with first hand knowledge. Sorry to disappoint you with info you did not want to hear and for what is accurate.
01-15-2019, 12:40 AM
#14
Banned
Endorsement 6171CJ ANTIQUE OR CLASSIC MOTOR VEHICLE (AGREED VALUE)
While I have been with State Farm forever, in spite of being a long term USAA member which by the way also offers Agreed Value, it is things like this which can motivate me to shop around.
01-15-2019, 12:48 AM
#15
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There is a insuring agreement in every policy and loss settlement provision. There is no agreed value provision. Policies have state specific requirements per state statute. I would suggest reviewing the insuring agreement of the policy in relation to your specific state and you will find the example provided is a rendition as to how the valuation of a vehicle is determined. All accurate information.
