Insurance
Thread Starter
Pro
Joined: Nov 2012
Posts: 672
Likes: 0
From: Chesapeake Virginia
Insurance
Hey guys,
Just wondering what you guys are using for insurance?
I'm to the point on my '81 resto-mod that I want to get some coverage on it but it's not quite road ready yet. I checked with my insurance (state farm), they will do an "antigue (appraised value)" policy on it but not until it's registered and drivable, the problem is, I want some coverage to protect it while I'm finishing it.
I had it appraised Tuesday and as it sits (not finished, no interior) it came in at $22,000 (25 to 30 when finished). it will be a weekend cruiser with the occasional show and garage kept.
any advice on who to use would be much appreciated.
Just wondering what you guys are using for insurance?
I'm to the point on my '81 resto-mod that I want to get some coverage on it but it's not quite road ready yet. I checked with my insurance (state farm), they will do an "antigue (appraised value)" policy on it but not until it's registered and drivable, the problem is, I want some coverage to protect it while I'm finishing it.
I had it appraised Tuesday and as it sits (not finished, no interior) it came in at $22,000 (25 to 30 when finished). it will be a weekend cruiser with the occasional show and garage kept.
any advice on who to use would be much appreciated.
Melting Slicks
Joined: Aug 2008
Posts: 2,456
Likes: 10
From: Somerdale NJ
St. Jude Donor '11-'12-'13-'14-'15-'16-‘17-‘18
You'll get a lot of answers - most of the classic insurance companies are good. Just be sure that you have an agreed value policy and not a stated value policy. With an agreed value policy they have to payout the agreed value minus the deductible, with a stated value policy, they have more wiggle room and can pay out less than the car's "stated value".
I have American Collectors for both - I know that with my company, the premium on whatever agreed value you pick does not change unless you pick the option for more than 5k miles per year. I don't drive anywhere near that, but chose it anyway as it didn't cost any more. Most companies require you to have a garage to store the vehicle as well. You can "Google" them and put your car info. on-line and play around with quotes - it doesn't lock you in, just gives you an idea.
Most of the companies that insure classics/antiques are pretty much the same - I don't think the average auto insurance company can compete as well with the coverage/rates.
I have American Collectors for both - I know that with my company, the premium on whatever agreed value you pick does not change unless you pick the option for more than 5k miles per year. I don't drive anywhere near that, but chose it anyway as it didn't cost any more. Most companies require you to have a garage to store the vehicle as well. You can "Google" them and put your car info. on-line and play around with quotes - it doesn't lock you in, just gives you an idea.
Most of the companies that insure classics/antiques are pretty much the same - I don't think the average auto insurance company can compete as well with the coverage/rates.
Last edited by JW3101; Sep 12, 2013 at 07:29 AM.
Race Director
Joined: Oct 1999
Posts: 14,109
Likes: 127
From: www.ncminsurance.com Bowling Green KY Home of the Corvette!
CI 1-2-3-4-5-6-7-8-9-10-11-12 Vet
St. Jude Donor '07-'08
NCM Sinkhole Donor
Hey guys,
Just wondering what you guys are using for insurance?
I'm to the point on my '81 resto-mod that I want to get some coverage on it but it's not quite road ready yet. I checked with my insurance (state farm), they will do an "antigue (appraised value)" policy on it but not until it's registered and drivable, the problem is, I want some coverage to protect it while I'm finishing it.
I had it appraised Tuesday and as it sits (not finished, no interior) it came in at $22,000 (25 to 30 when finished). it will be a weekend cruiser with the occasional show and garage kept.
any advice on who to use would be much appreciated.
Just wondering what you guys are using for insurance?
I'm to the point on my '81 resto-mod that I want to get some coverage on it but it's not quite road ready yet. I checked with my insurance (state farm), they will do an "antigue (appraised value)" policy on it but not until it's registered and drivable, the problem is, I want some coverage to protect it while I'm finishing it.
I had it appraised Tuesday and as it sits (not finished, no interior) it came in at $22,000 (25 to 30 when finished). it will be a weekend cruiser with the occasional show and garage kept.
any advice on who to use would be much appreciated.
Give us a call and we can put a quote together for you.
Thanks!!
Adam Boca
NCM Insurance Agency
877.678.7626
www.ncminsurance.com
Burning Brakes
Joined: Sep 2010
Posts: 822
Likes: 82
From: Columbus OH
As everyone else says, go with the agreed upon value and not a stated value. Even if my current broker says there is no different.
"FOR INSURANCE PURPOSES THERE IS NO DIFFERENCE BETWEEN STATED VALUE AND AGREED UPON VALUE. THE INSURANCE COMPANY IS ALWAYS GOING TO PAY THE ACTUAL VALUE AT THE TIME OF THE LOSS. "
That is a direct e-mail from my guy (yes, he responds in all capital letters to every e-mail). He has always looked out for my family, but after I asked for the paper work to say "Agreed Upon Value" and not "Stated Value", and he couldn't make that happen I went to the NCM Insurance and couldn't be happier thus far. My rate with the NCM for a full year was the same as half a year with my local guy. Easy choice.
Just do your homework.
"FOR INSURANCE PURPOSES THERE IS NO DIFFERENCE BETWEEN STATED VALUE AND AGREED UPON VALUE. THE INSURANCE COMPANY IS ALWAYS GOING TO PAY THE ACTUAL VALUE AT THE TIME OF THE LOSS. "
That is a direct e-mail from my guy (yes, he responds in all capital letters to every e-mail). He has always looked out for my family, but after I asked for the paper work to say "Agreed Upon Value" and not "Stated Value", and he couldn't make that happen I went to the NCM Insurance and couldn't be happier thus far. My rate with the NCM for a full year was the same as half a year with my local guy. Easy choice.
Just do your homework.
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Michael S. Palmer
Race Director
Joined: Oct 1999
Posts: 14,109
Likes: 127
From: www.ncminsurance.com Bowling Green KY Home of the Corvette!
CI 1-2-3-4-5-6-7-8-9-10-11-12 Vet
St. Jude Donor '07-'08
NCM Sinkhole Donor
