Olustee bus

I have a stated value of $85,000 on my coupe and I am paying $1,300 a year. My insurance is with a collector car insurer. Is that reasonbable?

Frankie the Fink

No.

Its about 125% "unreasonable"....if you have a clean driving record...
Contact Adam Boca on here of the National Corvette Museum..

survivor66

My AGREED value is $120k with a collector car company (Condon Skelly), and I pay $490/year. The usual restrictions apply - safely garaged, limited driving (car shows, some pleasure, photos on file), $1000 deductible. I am also in FL. You decide.

dkleather

I have two houses and three other vehicles insured with State Farm and therefore get discounts for having everything insured with them. They placed the agreed replacement value on my 64 at $55k. (Very generous! ). I pay $210 per year with the usual restrictions on driving found in other classic type policies.

Easy Rhino

vettebuyer6369

My value is $90k, I pay about $300 a year full coverage, can drive it 12 months a year with the usual collector car restrictions, which does not affect my use. Thats with zero deductible.

Yours sounds high.

Tampa Jerry

I pay that for three cars with $900K of liability. I have agreed value on my 70 SS Chevelle, 68 and 66 coupes. I use Collectors Car. Jerry

Duck916

Seems high, but you can't really compare your rate to others with different driving records and who live in different areas.

Best thing to do is to get quotes from other insurers. Adam Boca would be a good start. I'd try Hagerty as well.

Black_Magic

'63 Vette --- '66 Vette --- '69 Vette

Combine agree total value $165k
$0 deductible -- $1081 per year (just got invoice)

Grundy -- With normal collector car restrictions.

SDVette

Sounds high to me. I have collector car insurance with AAA. Paying $258/year, $250 deductibles, $60K agreed value.

Adam Boca

I haven't seen your name in forever! Hope you are great! One day you will give me a shot to save you some $$$...

Thank you!!



Give anyone on my team a call, ncminsurance.com. 877.678.7626

68hemi

I live in central Arizona and drive my car more than most members here so I don't use the collector car companies that limit your use. I have been with Allstate for 30 plus years and get homeowners and multi-car discounts. I have my 1957 and 1965 Corvette, 1999 Ford F150 insured for collision, glass damage, increased liability limits with 250 deductible and my 1966 Charger and 1987 Jeep on the same policy with the same coverage but these two are listed as in storage. My MONTHLY premium for all is $205. I have my 2011 RZR 900 on a seperate policy.

histoy

We have State Farm. $280 a year for $56,500 collector car agreed upon value.

Frankie the Fink

I wouldn't let State Farm insure my grand daughter's tricycle....their unscrupulous handling of Florida policy holders during the 2004 multiple hurricane 'hit' has forever tainted them in my opinion...

GCD1962

And when you crash your 57 (hope not) Allstate will pay you what THEY want for a '57 car, not what you think it is worth. Same with your other cars. You are cheating yourself using Allstates standard coverage. Many collector insurers are not as hard *** on usage as you might think

AZDoug

I pay less than half that much on my 2016 Z06, full coverage, no restrictions, $500K liability.

My 6 collectors cars, '61 Corvette, '72 Corvette, '79 Ferrari, '37 Ford, '33 Chev, i pay about $1300 total, agreed value thru NCM.

Doug

68hemi

I have had a few collector car claims with them and have always been satisfied with them. You need to know the market and be armed with the info in the case of a total lose no different than you regular late model car they will pay you fair market value. OTOH if you are financially buried in your car they are not going to fix that no different than when you try to sell it. I had a 1981 H.D. Sturgis LowRider that I had for 10 years that was stolen and they paid me $7K for it in 2007 which was exactly fair market retail based on my Internet research at the time. I had paid $7K for it when I bought it so I was happy.

You need to READ those collector car companies policies carefully. There are several thread here concerning what they really cover and many people WANT to believe they can drive their cars more than they are covered for.

GCD1962

Of course you can do as you please, but it might be worth looking into and considering a few things.

1) You are paying liability cost on each of the cars. With collector policies you only pay once.

2) Allstate and other regular insurers pay a set amount for repair labor. For example, they allow the repair shop $50 an hour labor cost. To repair a Corvette you want to go to a place that knows what they are doing. If there labor cost is $100 Allstate will only pay them $50. Most collector policies allow you to use the repair shop of your choice to ensure proper repair.

3) Most collector policies have zero deductible.

4) If you think your '57 or '65 is worth $60k each, ask Allstate what they will pay for a total ? Then ask them what value they are basing your '57 and '65, then ask them if they will pay $60k if totalled. They base their rates on certain amount depending on the value of the car and cost to repair. Seriously doubt they have the '57 and '65 in their actuary and instead are taking a low default number.

5) Ask if you can bring the car to your choice of shop and what hourly labor rate they will pay.

It's always best to find things out beforehand and not after the fact. Your example of the motorcycle I don't think in comparable to say a claim of $20k damage to one of the Vettes. Likewise a minor repair would maybe fall through the cracks, but a major one could be a real bank breaker for you. No harm in finding out now.

Yes collector car insurers do have rules, but that's how they are able to offer such low rates. Think how you use those cars and chances are your usage is pretty much the same as they want. Do you really drive and leave those cars at Walmart or at a large mall ?

Only trying to help

68hemi

I appreciate the thoughts but I have already been through all of this.

I can take the car to my shop of choice but if it is not one of their "pro shops" Allstate has little leverage over them so you are on your own in dealing with them if there is a problem.

They will pay the shops labor rate. There is not a body shop in the USA that only charges $50.00 per hour.

If it is a total they research the market but you also need to do this and then it is a negotiation with the adjuster but I have found them to be fair. The bottom line is they have to make you "whole."

I know I am way ahead insuring the way I do and can drive them anywhere I want.

bj1k

State Farm gives you a false sense of security . You think you have a good company as long as you don't need them . Over 50 years with them with no claims . Then two situations where someone else caused damaged to my car and couldn't collect from them and State Farm turned down my claims and with one they put it on my record as an accident against me , even though they never paid out a dime to me . I told them to take it off of my record and they said that it couldn't be removed once it was on there . A record that works against you if you try to go with another company .