OK I went to three insurers for quotes for the following:
'96 C2 coupe
28,000 miles on the car
Alarm and immobilizer
<2000 miles per year
standard liability coverage for Ohio ($100,000/$300,000, and etc.)
some minor mods (exhaust, suspension, lowered, wheels)
no daily driving or errands (read: Garage Queen)
excellent condition
clean driving record
replacement value: $40,000

I'm currently covered by USAA for almost $600 per year and no guarantee of replacement value. Here are the quotes:
Hagarty: $1084 per year
American Collectables (USAA's affiliate): $802 per year
Leland West: $495 per year

So obviously I'm going with Leland West UNLESS this august body tells me there is reason to reconsider. What say you all??

 

2 things come to mind:

1) Your claimed stated value seems a little low. $40,000??? Should be a little more.
2) You hear good things about LW, but they have stipulations and limitations for things like overnight parking, and such, IIRC.

I use State Farm for both Porsches, full coverage, suspended for winter hibernation, and my insurance costs are pretty low for the driving season (7-8 months). About $350 for each Porsche. Always difficult comparing insurance rates among other owners. Lots of factors.

What about the insurance through PCNA? Don't they offer something? Maybe it's with LW.

 

I got a quote from Hagarty last week for my C2S with a $55K agreed value and my rate was $729.

 

Do all those assume you have another car? I get stuck because these places say I have to have another car, even though I live in NYC and don't use another car.

 

Same here and I do have another car. They tell me that my wife ALSO needs another car

The agreed value makes little sense now that KBB has updated their database to reflect the real values of the 993. So I've been with Allstate now for a couple of years and pay about $700/year for the 993.

 

im with Geico... Had an accident last year, and they paid out nearly $18k. I have a second car, and park it in winter. So far, after accident premiums went from $450/yr to $650/yr. Before I got the 993, I was paying nearly $1900 for two older volvo's, and after the switch for all 3 cars its still less then $1900.

BTW... Geico was a pleasure to work with. No issues.

 

I have been with Leland-West who is a broker, the policy is underwritten by American Modern Home Insurance Company out of Cincinatti, OH. They do have some restrictions - overnight locked garage parking, no business use, 2500 or 5000 mile/year limits and having another vehicle as a DD are the big ones.

I just paid $535 for a 1995 C4 Cab and a 1996 C2 Cab at 2500 miles/year on each. They now offer an option to be able to drive the car to work ocassionally (a couple times week/month) which of course adds cost.

They will ask you to send them (L-W) a copy of your declarations page on your DD - they will match your limits up to a point. But all in all I am have been very happy with them over the last 10 years and a variety of p-cars.

I like the agreed value since it lets me insure the cars for what I think they are worth. But the intial policy will be written at the purchase price and after a month or two you can get it adjusted.

 

Ask your State Farm agent what they'll pay you on a total loss - it's not "full coverage." I just had exactly this discussion with my SF agent. She spoke with SFs underwriting group and, if totaled, my car (96 C2) would be valued at something like $27,000! And SF will not do agreed value insurance. So, while SF has been good to work with overall, when you look at your rates, remember that you're not getting all that much cover.

Regards to all.

 

And what does the current market value your 96 C2 taking into consideration, mileage and condition?

When I stated 'full coeverage' I was mainly refering to things like liability, comp., collision, mediical, towing. Not full coverage for the cars values.

 

Comparing quotes from different states is meaningless as the state has more bearing on the premium than anything else.

PS - I use Chartis and they will pay me $55K or $57K (based on an appraisal I got) if the car is wrecked or stolen.

 

That's exactly the problem with regular policies. You'll have to jump through hoops to prove the value and it may not always work out to your satisfaction. By the way both SF and Allstate have bad reps in that regard, but sometimes the agents can make a difference so YMMV. To me the real worry about a low valuation is the increased probability that they will try to total my car in a relatively minor accident because the damage is expensive in the context of their low valuation.

Not just states but also the exact location: city vs. suburbs, aggressiveness of the local legal crowd, types (really cost) of the cars other people tend to drive, all factor in.

 

Does the whole valuation issue go away if your car is totalled and you simply say to the insurance company "Pay to replace it for the same model, similar (or lower)miles, and same (or acceptable to me) color combo" ?
I realize they are experts at wiggling out of of paying, but I can't think of any defensible reason they could cling to for not accepting that. This approach effectively neutralizes the blue book issue and results in a fair deal for all, no?
Thoughts? Has anyone had experience doing this with a "standard" insurer?

 

Almost all policies specify that they will pay "replacement value", but not actually help you replace it or let you replace it at your full cost (although a couple of very high end insurers sometimes will). The problem is still all about agreeing on the the value as the car you find won't ever be exactly like the one you lost. To most common insurance companies it's the depreciated value of the item or what they believe to be the average value of a comparable item that sets the settlement price. Where it gets sticky quickly is that we all think (mostly correctly) that our cars are worth more than the average but it's up to us to prove it. You see this depreciated value issue come up all the time in regular P&C insurance. Here's an example: You buy a new flat screen TV for $2,000 and it gets stolen a few months later. You expect to get paid $2,000 (not counting the deductible) to replace it but your insurance co says when it was stolen it wasn't a new TV, it was a few months old and a similar "used" TV is only worth $1,500 so that's all they'll pay. That's how it works even for a lot of "replacement" policies as to them they're actually only replacing your used TV. Some policies are better but you'll pay for the extra coverage. Same principle with older cars but the whole issue gets avoided if you have a written agreement about the value before something happens. It certainly pays to shop around for insurance but you need to look for the best combination of coverage and cost, not just go with the low bidder. Always ask, "If my car get's stolen 6 months from now how much will you pay me?" You may be surprised at the answer sometimes.

 

Replacement value, unless AGREED UPON replacement value generally = blue book. I had a total of a 95 cab (long story). They started at I think 21, which was around KBB, known to be low. After about 30 phone calls, 50 pages of faxes of classifieds, receipts, PCNA letters, etc, I got them to I think 31.

Very painful process. FWIW, I have SF. Geico had "non-renewed me" when I moved from Cali (which was fine with DE) to NY (which was not), as insurance is usually state to state.

If I had USAA I'd never, ever, ever leave.

 

Based on what I see here, my estimate is that SFs valuation represents a discount to replacement/market of $7000-10,000. Real money.