A C3 Insurance Question
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Team Owner
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A C3 Insurance Question
The Agreed Upon Value Insurance I am considering will limit me to 3000 miles per year. So, how will the insurance company know if I actually drive 6000 miles per year?
Le Mans Master
Joined: Jul 1999
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From: Sewell NJ
Re: A C3 Insurance Question (OHSIXX)
They usually go by what you tell them. If you have an accident or a loss and you are using the car "improperly" (i.e.daily driver) or if they see that your indicated mileage is way above the agreed upon mileage they may not want to pay off. You can always disconnect the speedo but that's risky too. Unfortunately to get the cheap insurance and be sure that they will pay off you have to stay within the rules.
Le Mans Master
Joined: Mar 2002
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From: Coming home from Luckenbach Texas
Re: A C3 Insurance Question (OHSIXX)
There are companies that provide 6000 mi./yr. policies. And there are companies that aren't too concerned about mileage.
Insurance is not something to be trifled with...
Insurance is not something to be trifled with...
Melting Slicks
Joined: Apr 2002
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From: Tucson AZ
Re: A C3 Insurance Question (vettfixr)
The short answer - they will not know.
The risk - they do find out and don't pay on a claim.
I have a standard policy on mine (risks in terms of what they will pay if it's wrecked) and have ALL documentation as to value (apprasial, purchase cost, money put in, resale value from multiple sources).
I think the ability to drive as I like and when I like with a ower payout if needed is a better deal than limited use or the possibility of no payout.
You have to decide what makes you more comfortable.
For what it's worth, my policy is $258 per month for 3 cars with FULL coverage at maximum payouts and $500 deductibles and that includes a 2000 Dodge 4X4 and the wife's 2002 Honda CRV. The vette is cheap!
The risk - they do find out and don't pay on a claim.
I have a standard policy on mine (risks in terms of what they will pay if it's wrecked) and have ALL documentation as to value (apprasial, purchase cost, money put in, resale value from multiple sources).
I think the ability to drive as I like and when I like with a ower payout if needed is a better deal than limited use or the possibility of no payout.
You have to decide what makes you more comfortable.
For what it's worth, my policy is $258 per month for 3 cars with FULL coverage at maximum payouts and $500 deductibles and that includes a 2000 Dodge 4X4 and the wife's 2002 Honda CRV. The vette is cheap!
Thread Starter
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Re: A C3 Insurance Question (Robert N)
My actual mileage will probably be 5000 to 6000 miles per year. I have a standard policy on it, but am afraid if someone hit me my insurance company will only pay out up to the book value of a 31 year old car which probably is not much.
So, how can I convince them it is really worth much more? :confused:
[Modified by OHSIXX, 11:46 AM 1/16/2003]
So, how can I convince them it is really worth much more? :confused:
[Modified by OHSIXX, 11:46 AM 1/16/2003]
Melting Slicks
Joined: Apr 2002
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From: Tucson AZ
Re: A C3 Insurance Question (OHSIXX)
So, how can I convince them it is really worth much more? :confused:
[Modified by OHSIXX, 11:46 AM 1/16/2003]
[Modified by OHSIXX, 11:46 AM 1/16/2003]
Race Director
Joined: Apr 1999
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From: NM
Re: A C3 Insurance Question (Robert N)
Robert,
You may want to check something out. Ask you agent what you would get if your car was a total loss or stolen and not recovered. Would be interesting what they say. You stated you have a standard policy. My understanding is that on a "standard" policy they will pay their book value. If your car is higher value then their book value (i.e. your apprasial) then they will usualy require a "rider" to cover the higher value. Their rates are figured on their book value. If the car is worth more then their book value they will want a higher premium to cover their additional risk. Just a thought.
By the way, I have three cars under a full coverage agreed value classic policy. My annual premium is $340/year.
tom...
You may want to check something out. Ask you agent what you would get if your car was a total loss or stolen and not recovered. Would be interesting what they say. You stated you have a standard policy. My understanding is that on a "standard" policy they will pay their book value. If your car is higher value then their book value (i.e. your apprasial) then they will usualy require a "rider" to cover the higher value. Their rates are figured on their book value. If the car is worth more then their book value they will want a higher premium to cover their additional risk. Just a thought.
By the way, I have three cars under a full coverage agreed value classic policy. My annual premium is $340/year.
tom...
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Melting Slicks
Joined: Nov 2001
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From: Katy (Houston) TX
CI 7-8 Veteran
Re: A C3 Insurance Question (Robert N)
I'm with Hagerty and they are cheap (like $150 a year) and have no mile limitations. They just ask that it's not daily driven, that you have another daily driver car, and that it's garaged.
Melting Slicks
Joined: Apr 2002
Posts: 2,103
Likes: 0
From: Tucson AZ
Re: A C3 Insurance Question (Tom73)
Robert,
You may want to check something out. Ask you agent what you would get if your car was a total loss or stolen and not recovered. Would be interesting what they say. You stated you have a standard policy. My understanding is that on a "standard" policy they will pay their book value. If your car is higher value then their book value (i.e. your apprasial) then they will usualy require a "rider" to cover the higher value. Their rates are figured on their book value. If the car is worth more then their book value they will want a higher premium to cover their additional risk. Just a thought.
By the way, I have three cars under a full coverage agreed value classic policy. My annual premium is $340/year.
tom...
You may want to check something out. Ask you agent what you would get if your car was a total loss or stolen and not recovered. Would be interesting what they say. You stated you have a standard policy. My understanding is that on a "standard" policy they will pay their book value. If your car is higher value then their book value (i.e. your apprasial) then they will usualy require a "rider" to cover the higher value. Their rates are figured on their book value. If the car is worth more then their book value they will want a higher premium to cover their additional risk. Just a thought.
By the way, I have three cars under a full coverage agreed value classic policy. My annual premium is $340/year.
tom...
My company does not generally use KBB regardless since many cars are priced WELL above its listings.
The other benefit - I have an umbrella policy that covers the vette since it is through the same company.
[Modified by Robert N, 10:08 AM 1/16/2003]
Race Director
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From: NM
Re: A C3 Insurance Question (Robert N)
The payout WOULD be MARKET value.
tom...
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Re: A C3 Insurance Question (tshort)
tshort: Do you have a web site or phone number for Hagerty?
Race Director
Joined: Apr 1999
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From: NM
Re: A C3 Insurance Question (OHSIXX)
tshort: Do you have a web site or phone number for Hagerty?
Le Mans Master
Joined: Jan 2003
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From: Tuttle OK
Cruise-In VIII Veteran
Re: A C3 Insurance Question (OHSIXX)
I'm using a standard full coverage policy. Got the car appraised, set the payoff value (in writing) on policy. No mileage limit at all, no promise to leave her in the garage. It might cost a little more (about $350/year), but I can put 50K a year if I like.
Got it to dtive! :thumbs:
Got it to dtive! :thumbs:
Thread Starter
Team Owner
Joined: Dec 1999
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From: Florida
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Re: A C3 Insurance Question (Avette4me)
I just called USAA. She said they would only pay book value, but did not know the amount.
Melting Slicks
Joined: Apr 2002
Posts: 2,103
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From: Tucson AZ
Re: A C3 Insurance Question (Tom73)
The payout WOULD be MARKET value.
Did they give you a dollar amount? Not being negative but have seen too many times where someone thought they were going to get X amount only to have the insurance company figure in depreciation and other items to reduce the payout. :(
tom...
Did they give you a dollar amount? Not being negative but have seen too many times where someone thought they were going to get X amount only to have the insurance company figure in depreciation and other items to reduce the payout. :(
tom...
As said, NADA becomes the proof on its value in court (gotta love having a corporate attorney a phone call away).
Race Director
Joined: Apr 1999
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From: NM
Re: A C3 Insurance Question (Tom73)
tshort: Do you have a web site or phone number for Hagerty? http://www.hagerty.com
tom...
Thread Starter
Team Owner
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Re: A C3 Insurance Question (Tom73)
tshort: Thanks!
Now check out my sig. Just wonder if the insurance world would consider it modified or stock?
Now check out my sig. Just wonder if the insurance world would consider it modified or stock?
Melting Slicks
Joined: Apr 2002
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From: Tucson AZ
Re: A C3 Insurance Question (Robert N)
Hagerty:
Vehicles insured on our program must be used on a limited basis consistent with the operation of something valuable, such as club functions, exhibitions, organized meets, tours, and limited pleasure driving.
Grundy:
This policy authorizes unlimited hobby use of your collector vehicle in collector activities, exhibits and parades. While participating in these events, owners are free to enjoy their collector vehicle without monitoring the odometer.
No mileage limits, but if I was on the way to work (leaving work and going to a parade later) would they cover me if the car was plastered by a red light runner?
This is my biggest issue with collector insurance. Perfect for show cars, limited use etc, not drivers IMHO.
Vehicles insured on our program must be used on a limited basis consistent with the operation of something valuable, such as club functions, exhibitions, organized meets, tours, and limited pleasure driving.
Grundy:
This policy authorizes unlimited hobby use of your collector vehicle in collector activities, exhibits and parades. While participating in these events, owners are free to enjoy their collector vehicle without monitoring the odometer.
No mileage limits, but if I was on the way to work (leaving work and going to a parade later) would they cover me if the car was plastered by a red light runner?
This is my biggest issue with collector insurance. Perfect for show cars, limited use etc, not drivers IMHO.
Race Director
Joined: Apr 1999
Posts: 15,146
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From: NM
Re: A C3 Insurance Question (Robert N)
This is my biggest issue with collector insurance. Perfect for show cars, limited use etc, not drivers IMHO.