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I live in the OKC Metro as well. I don't see too many SC guys around here anymore.
That sounds like a pretty good price on your insurance.
Yeah, I can't complain.
I haven't seen hardly any of these cars around, so it's pretty cool to have something that is noticeably different from most cars.
Here's the breakdown of my coverages (12 months)
(Discounts factored into the rates totaled $515.90)
Cars covered are a 2010 Dodge Charger SXT and a 1995 Lexus SC300 (A/T)
And then the renter's policy is about $47/mo making our payments roughly $190.
Prior to switching, the total for just the cars before the renters policy was around 205/mo + the renters policy.
Making the change was a no-brainer. I pay less for everything now than I was paying for just the cars before.
State Farm on mine. Full coverage and $1k deductible comes to $106 per month for me It used to be more until very recently. Nothing major changed on my driving record so it may be my mileage reporting that brought it down. It's daily driven and currently I put between 8k to 9k miles on it every year.
I read a few of the previous posts and getting damage covered is a concern for me too. I keep receipts and records for absolutely everything. The same company was good to me about covering additional modifications to my previous car when someone totaled it in the rear. I've used them since 1996. I'm sure they'd work with me for the SC if it ever happened but I do not have an agreed value policy and that's what I'd like to ultimately get for this car.
When I finally get the car repainted and finish my engine swap I plan to get an appraisal done and likely may seek out a modest policy with Grundy or Hagerty when I get a second vehicle.
When I finally get the car repainted and finish my engine swap I plan to get an appraisal done and likely may seek out a modest policy with Grundy or Hagerty when I get a second vehicle.
Is this type of coverage extremely restrictive when it comes to use of the cars?
I remember talking to a supra owner about their declared value policy a few years ago. He basically told me that he was the only person that could drive the car and that the mileage restriction was so low he only drove it out to special events or car shows then back into storage. I've never looked into it personally, so I don't know all the details of how it works.
Is this type of coverage extremely restrictive when it comes to use of the cars?
I remember talking to a supra owner about their declared value policy a few years ago. He basically told me that he was the only person that could drive the car and that the mileage restriction was so low he only drove it out to special events or car shows then back into storage. I've never looked into it personally, so I don't know all the details of how it works.
It can be very restrictive, yes. Depending on what my future daily driver plans are, I MIGHT use Hagerty. But they probably only allow 2500-3500 miles per year. And require a locked garage. And probably only allow 1-2 drivers on the policy. I don't have recent facts but that was my last understanding of how it usually works with them. They're mostly intended for rarely driven restored classic cars.
Grundy seemed more reasonable. Same requirements for a locked garage but they allow up to 7500 miles per year for one of their types of stated value policies... I think.Have to double check on that.
Originally Posted by mikef
I tried Grundy or Hagerty and they dont take sc yet or ever, not sure why
That's odd, Mike. Can you elaborate on your experience? Maybe they don't want to take on cars unless there has been a certified appraisal...?
It can be very restrictive, yes. Depending on what my future daily driver plans are, I MIGHT use Hagerty. But they probably only allow 2500-3500 miles per year. And require a locked garage. And probably only allow 1-2 drivers on the policy. I don't have recent facts but that was my last understanding of how it usually works with them. They're mostly intended for rarely driven restored classic cars.
Grundy seemed more reasonable. Same requirements for a locked garage but they allow up to 7500 miles per year for one of their types of stated value policies... I think.Have to double check on that.
That's odd, Mike. Can you elaborate on your experience? Maybe they don't want to take on cars unless there has been a certified appraisal...?
When I called I got turned down a 30k insurance value because Both said its not a classic yet, they told me its not on the list for future, I was told that can change when my car hits 25 years old but they are not sure. no one wants to value my car as of right now. they both said supra is fine,
unfortunately our cars may not be collectible, I was told that by both insurance company's. and whats Silly is that my car is in amazing condition, the only way to declare value is to just add the 25k in parts on normal insurance companys and you end up paying something ridiculous
Now all this can change in a few years. but I'm not 100% sure. If you actually call them and tell them what the value is, I get " its an old Lexus" why did you do that. most people dont know these cars.
I hope this helps anyone trying to deal with classic/collectible insurance.
I know a few people who insurance their comic book collection with them and they seem good. I'm actually planning on using them for my comic books and possibly other things
When I called I got turned down a 30k insurance value because Both said its not a classic yet, they told me its not on the list for future, I was told that can change when my car hits 25 years old but they are not sure. no one wants to value my car as of right now. they both said supra is fine,
unfortunately our cars may not be collectible, I was told that by both insurance company's. and whats Silly is that my car is in amazing condition, the only way to declare value is to just add the 25k in parts on normal insurance companys and you end up paying something ridiculous
Now all this can change in a few years. but I'm not 100% sure. If you actually call them and tell them what the value is, I get " its an old Lexus" why did you do that. most people dont know these cars.
I hope this helps anyone trying to deal with classic/collectible insurance.
Huh. They either haven't done their research or it's very convenient for them. My money is on the latter. Of COURSE the Supra is acceptable however. I will test this on my own. Thanks, Mikef.
The response you got is what I get from my own insurance company or any other regular insurance company. That I expect from non-collector agencies.
Sure, anything can change in the future. Or not. We'll have to see and keep our cars in good shape until then.
For my own part, once I have a repaint and my swap completed I will seek out a $16k-$20k ballpark valuation. Probably from an appraisal first. That's pretty much what it costs to get into any similarly spec'd out muscle car on the used market so I'd consider it bare minimum replacement value. But if Grundy and Hagerty don't want to bother I'll go elsewhere or explore other options.
We won't ever see values like Supras but I do feel there is a 50/50 chance we'll see these looked at in a different light 5-10 years from now. That might be just enough. Plenty of older cars without a big history no one would pay much for in decades' past have seen turnarounds. We'll see.
It can be very restrictive, yes. Depending on what my future daily driver plans are, I MIGHT use Hagerty. But they probably only allow 2500-3500 miles per year. And require a locked garage. And probably only allow 1-2 drivers on the policy. I don't have recent facts but that was my last understanding of how it usually works with them. They're mostly intended for rarely driven restored classic cars.
Grundy seemed more reasonable. Same requirements for a locked garage but they allow up to 7500 miles per year for one of their types of stated value policies... I think.Have to double check on that.
The Hagerty requirements sounds exactly like what he described to me. I remember him mentioning that they wanted him to prove he had a second car as a daily driver.
One of my friends has a declared value policy through Farmers for his Lotus Exige S. He said since there was no way to prove the market value on his car, they were only willing to sell him a declared value policy. He commutes about 40 miles a day in that car, so it doesn't seem like he has restrictions.
It might be worth asking your current insurance company if they'll sell you a declared value policy on the car. There was also a former club lexus sponsor based out of Southern California that specialized in insuring modified cars.
Hagerty will accept it through your underwriter if you can prove, rarity, second car and it qualifies as a collector in your state. In order to get hagerty I had to get Collector plates, and database all the spare parts for the car as they are covered under the policy as well. ends up being about $53 a month for a $7000 direct replacement policy. of course that would change with your values and such. I held the papers on the policy but decided to try grundy in the spring when my boost setup was done. My pops loves that company and figure Ill give em a shot.
oh and remember in MN we only drive our cars for like 6or7 months a year weather wise so im sure its greatly different by state. Without looking at the papers I think it was no more than 2000 miles a year or maybe 1k I dont recall but Im waaaay under that anyway.
01-09-16, 10:28 AM
