Insurance Coverage

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Oct 14, 2014 | 04:14 PM

#21

Paul L

Team Owner

Joined: Aug 1999

Posts: 30,995

Likes: 99

From: Ontario

Quote:

Originally Posted by PeteZO6

In California, which has arguably the most government intrusion of any state, the liability limits are shockingly low. (Calif Insurance code 11580.1b)
For instance, $15,000 for injury or death of one person, $30,000 for injury or death for more than one person, $5,000 property damage.
The only rationale that I can think of is the liberals who run this state want a very low entry level to make mandatory insurance "affordable" for their constituents. Anybody with any assets would naturally buy higher limits.

Pete

I have $2,000,000 on my daily driver. And $1,000,000 on my Corvette. Hit a 30-year-old physician, and disable him/her, and see how far $300,000 takes you in court. Basic and mandatory coverage here is $200,000.

Oct 14, 2014 | 04:31 PM

#22

Raphiki

Melting Slicks

Joined: Jun 2005

Posts: 2,239

Likes: 74

From: Palatine, Peoples Republic of Illinois

St. Jude Donor '09-'10-'11-12-'13-'14-'15-'16-'17-‘18

NCM Sinkhole Donor

Quote:

Originally Posted by PeteZO6

Agreed value is the value YOU place on the car. Most collector insurance companies will go along with that within reason. For instance I have an agreed value of $33,000 on my '69. No problem, but if I said, say, $250,000, there would probably be questions and request for documentation, photos, etc.
Most, if not all, collector car insurance companies that use agreed value will require a locked garage for the collector car and proof of at least one other car for each driver in the household.

Pete

I guess we have to go through this again: Agreed value is the value both you and the insurance company agree on at the time the vehicle is insured. Stated value is the the value you alone place on the vehicle. These numbers can be vastly different if you need to file a total loss claim.

Oct 14, 2014 | 06:12 PM

#23

qwank

Le Mans Master

Joined: Feb 2011

Posts: 5,943

Likes: 61

From: Southern NH

NCM lets you drive your car to work once a week and they have good rates.

Oct 14, 2014 | 07:15 PM

#24

Raphiki

Melting Slicks

Joined: Jun 2005

Posts: 2,239

Likes: 74

From: Palatine, Peoples Republic of Illinois

St. Jude Donor '09-'10-'11-12-'13-'14-'15-'16-'17-‘18

NCM Sinkhole Donor

I have NCM with $30K agreed value and I pay $313/yr. Great people to deal with.

Oct 14, 2014 | 11:06 PM

#25

PeteZO6

Drifting

Joined: Apr 2007

Posts: 1,970

Likes: 45

From: Cameron Park CA

Quote:

Originally Posted by Raphiki

If you read my post again, you'll see that's exactly what I said. You place the value on the car, and the insurance company agrees, unless you vastly overstate the value, then you need documentation, photos, etc.

As a matter of fact my insurance company calls it Guauranteed Value. That's the maximum amount they will pay for damage to or loss of my Corvette.

Pete

Oct 15, 2014 | 08:29 AM

#26

Douglas Mariani

GM Cert Corvette Tech

Joined: Apr 2008

Posts: 2,559

Likes: 585

From: Anaheim Hills California

1980 Corvette - Agreed value $20,000
Hagerty $208 a year. Car has to be garaged.

Oct 16, 2014 | 03:35 PM

#27

73DRR

6th Gear

Joined: Mar 2014

Posts: 6

Likes: 0

From: Toledo Ohio

Insurance

Quote:

Originally Posted by olevetter

Thanks for the info. Just contacted them. They only insure cars that will spend most of the time in parades or car shows. Driving the car 3-4 times a week does not qualify for their coverage (so I was told).

I'm an independent insurance agent in Ohio and Hagerty for the coverage and premium is hard to beat. I highly recommend them!