Insurance question, please help
Thread Starter
Heel & Toe
Joined: Aug 2009
Posts: 18
Likes: 0
From: Boston MA
Insurance question, please help
My father and I have been restoring a 68 vette over the last 5 or so years, its been roadworthy as a driver for about 2 years. This year he said he would consider putting me on the insurance so that I can also drive it because of the time and money that I have invested in it. Long story short, the antique insurance that he currently has will not insure anyone under the age of 25, considering I'm 21 that's a problem. Does anyone have any recommendations or incite on this, maybe another insurance company that would insure me? How devastating is this bill going to be? Or is it just not realistic to find a reasonable quote even with my clean driving record because of my age? I'm located in Mass if that makes a difference. Thanks a lot.
Melting Slicks
Joined: Jan 2003
Posts: 2,813
Likes: 1
From: JOPPA MD
My father and I have been restoring a 68 vette over the last 5 or so years, its been roadworthy as a driver for about 2 years. This year he said he would consider putting me on the insurance so that I can also drive it because of the time and money that I have invested in it. Long story short, the antique insurance that he currently has will not insure anyone under the age of 25, considering I'm 21 that's a problem. Does anyone have any recommendations or incite on this, maybe another insurance company that would insure me? How devastating is this bill going to be? Or is it just not realistic to find a reasonable quote even with my clean driving record because of my age? I'm located in Mass if that makes a difference. Thanks a lot.
Stay in tiune....
Drifting
Joined: Jan 2008
Posts: 1,962
Likes: 5
From: Schererville IN
Is his "antique" auto insurance stated amount or is it agreed value? If it's a true agreed value policy, most of the specialty carriers have a driver age or driver "experience" rule. If he has a typical stated amount policy that most carriers offer, the age is not as big of a criteria. Call around or check the websites for Hagerty, JC Taylor, NCM, Grundy, Lelandwest....
Your only option may be to purchase a stated amount policy from a regular company such as Geico, State Farm, Allstate, etc.... Not as good coverage, but they will cover you.
Your only option may be to purchase a stated amount policy from a regular company such as Geico, State Farm, Allstate, etc.... Not as good coverage, but they will cover you.
Team Owner
Joined: Jan 2006
Posts: 37,637
Likes: 3,114
From: Crossville TN
You will have to contact all of the collector car insurers to see if someone will underwrite a policy for you. They may not. If you go with a standard auto policy, you will not get "Agreed Value" for the worth of your car. They will give you other names for their evaluation, but it won't be Agreed Value. To clarify this, ask your agent a simple question: "If I have an accident, how will the value of the car be assessed to determine if it is a total loss?" If he is honest he will tell you that it will be assessed against the "Average Wholesale" value of an 'old' Corvette...which is next to nothing,
Don't get caught in this "trap". If you have a significant accident, your car will be totaled and you will get a check for just a fraction of the real value of the car. Then the insurance company will repair their Corvette and sell it for its real value. You'll be the one who is out-of-luck.
You need an Agreed Value policy to protect yourself.
Don't get caught in this "trap". If you have a significant accident, your car will be totaled and you will get a check for just a fraction of the real value of the car. Then the insurance company will repair their Corvette and sell it for its real value. You'll be the one who is out-of-luck.
You need an Agreed Value policy to protect yourself.
Drifting
Joined: Feb 2010
Posts: 1,551
Likes: 10
From: Kulpmont PA
Perhaps it's a benefit of surviving to an "older" age. I remember when I was in the service (many years ago) being forced to by cars based not on the cost of the car, but on the cost of the insurance for the car.
Be very cautious with 'standard' insurance policies/companies. My daughter recently "totaled" a vehicle --- on top of the deductable, the insurance company deducted another $500 for having tires that were going to need to be replaced.
My recommendations would be to call around, or email, the companies that specialize in collector car insurance. It doesnt cost you anything to get a quote.
Be very cautious with 'standard' insurance policies/companies. My daughter recently "totaled" a vehicle --- on top of the deductable, the insurance company deducted another $500 for having tires that were going to need to be replaced.
My recommendations would be to call around, or email, the companies that specialize in collector car insurance. It doesnt cost you anything to get a quote.
