I see that this topic has been discussed in the past a little bit but wasn't able to see an answer anywhere related to my issue and was hoping that someone can help me out. I have a 69 convertible that I think is worth around $35k. Don't really want to get into a discussion about what its worth here just want some guidance on getting good daily driver insurance coverage. It is a second car but I will be using it almost every day for personal use or overnight trips to the Keys and stuff. It seems that Haggerty and Adams Boca and the other classic car insurance companies won't cover you for a "daily driver" use. The quote I got from those guys was around $450 with a $35k value. I know that I am going to pay more insuring it not as a classic car but my real issue is the amount of replacement coverage that I can get. It seems that Allstate and others will only cover you for the "book value" if it has a total loss. I can just imagine if my car got stolen what they would want to pay me (probably $15k). Does anyone know any companies that insure these cars for daily drivers with a stated value if a total loss takes place. Thanks

 

Talk to your insurance agent about agreed value. They may go for it, but you can expect to pay for it.

 

Since you have another "Primary" car, this is a "Secondary" vehicle.


You won't find "Agreed" value on any daily driver policy.

Talk to your agent about "Stated" value. As a secondary car, most companies will offer it. Stated Value is better than normal ACV, but not as good as Agreed Value. If you buy a Stated Value policy and document the value (ie appraisal and reciepts) you should be better off than a regular ACV auto policy.


Most companies offer a "classic car" rating which include "Stated Value".
This should fit your need.

 

I've never spoken to a DD insurer that would do agreed value. That doesn't mean they don't exist, but I couldn't find one when I bought my car. My regular insurer would do "stated value" if I got an appraisal from an appraisal company approved by them. If the appraisal came in above $35K, they will give you insurance at that level, which is an "up to" kind of insurance. If you have a total loss, they will only pay out what they think the car is worth at that time, up to $35K.

I think the reality is that in the insurance world, using a high-value 42 year old car as your daily driver is not a market they address in the way we would like them to. I hope to someday not need to ride a train to work every day anymore. When I get to that point, and the weather is like it is here today (absolutely gorgeous), I will want to drive my convertible as my regular car for the day. When that day comes, I will have to chose my risk, get stated value and take risk of not getting full payment on a total loss, or violate my classic car usage guidelines and risk not getting paid at all if something goes wrong. I'm hoping that when I get there, I'll have enough money that if the stated value guys nick me for five or ten grand when something happens won't be that big of a deal to me, so I am sure I will chose stated value.

 

i use these guys..

http://www.americancollectors.com/

 

just a thought ,,

http://www.farmers.com/collectible_auto_insurance.html

 

Thanks all. I am going to make some calls tomorrow. I just don't understand why a regular insurance company like Allstate can't quote you insurance for an "Agreed Value" of say $35k for an old vette but they will insure new cars with book values of $35k or more all day long. Seems like they should be able to price this. Will let you guys know how I make out. I am going to call everyone out there until I find a daily driver with an agreed value provision.

 

with most new ins you always want to get gap ins cause once you drive that car off the lot its value drops way below what you owe..so yes they ins a new car. they dont ins for the new price..

also try state farm,,, i think they do agreed...

 

 

welcome to the absurdities of the insurance world..

the premise here is that you can't insure something for more than its worth, no matter what premium you pay. there are teams and teams of actuaries and risk calculators and lawyers behind every insurance policy written. The depreciation calculations are standard and there is no way to get around them..

like I have stated, I pay about 50 cents a mile to insure my classic vette for agreed value and I pay about 5 cents a mile to issure my daily driver. I paid the same premuim when it was a new 30,000$ truck as I do 7 years later when it is worth about 8..
so the value they would pay out for a total loss drops from 30 to 8K, yet the premium does not fall.. somebody 'splain that to me.

again, the absurdities of insurance.

 

try this one also

http://forums.corvetteforum.com/c3-g...insurance.html

Look at post # 8 in the above link. I typed out the policy wording on the declarations page from Safeco. Doing a search on Safeco and you will find other threads as well.

 

They probably could, but considering the risk involved with daily driving, you would then start bitching about the price they would have to charge.

You too can play the risk odds with regular insurance, just like they do.

 

Haggerty is $450 for $40k value. I would pay $1,000 for daily driver insurance with a cap of 4,000 miles/year and not bitch at all. I have a 2008 BMW 750LI that costs me $1,000/year and is worth around the vette's value with no cap on miles/year.

 

Most claims on daily drivers tend to be "repaired" claims, "partial losses" not "total losses". Just because your car depreciates, does not mean the cost of repairs goes down. Does labor get cheaper year after year? Do replacement parts get cheaper? The cost to repair a 5 year old car is no less than the cost to repair the same new car. Your rates on daily drivers are based on the chance of an accident and the ensuing repairs, not so much on a total loss.

Get the body shops to charge less on older cars, and your insurance company can then afford to lower their cost of premiums on older cars.



As for collector policies being less expensive than daily drivers with the ability to include agreed value, this is because the claim frequency is so much lower due to the limited use and the fact that the car spends most of it's time sitting in a garage.

 

Daily driver cars are regularly parked on the street and in work parking lots which are not protected. A good looking C3 is a prime candidate for theft. With the value at $40K, the collector car companies don't want to sell you [inexpensive] collector car insurance...with limitations that protect them from high risk situations...for low dollars; and the regular insurance companies want to only pay you "average wholesale" money for your car if it is a total loss. Wanting to drive a 'collector' car as a daily driver doesn't fit into either carrier's business model. Good luck. But don't accept any policy that doesn't provide you with "agreed value" coverage, or you are putting yourself at risk.

 

Thank You, thats a good explaination... I will back off from my insurance criticism... just a little!

 

That is a good explanation re: repairs vs. total loss - makes sense that it costs the same to fix a 5 year old model car as a new one. Would still be nice to be able to pay up for greater total loss coverage. Good explanation though

 

Agreed. Will let you know how I make out.

 

Anyone ever speak with Infinity Insurance Company? They offer a rider for an additional 20% of premium that says that you can drive the car to work up to 12 times/year. I am not sure how they would ever know how many times you drove to work but bottom line is they will cover it. I had a very good conversation with them and asked them to send me a policy that I can review with the defined uses of the car and the go to work 12 times rider Also, they are "A" credit rated by Best Credit Ratings. Will let you know after I get the specific policy language. $330 for 12 month coverage incl drive to work rider with 100/300, agreed value of $40k and up to 6,000 miles/year.

 

I'm not familiar with Infinity, but is sounds like a fair deal.