Insurance

[03FatBoy]

I have a question about auto insurance. I will be acquiring a 87 Grand National probably next weekend. Since I live in a townhouse (a decent area) I do not have a garage for the next few years until I move out-of-state. I need some recommendations concerning insurance, how to cover my investment. Assuming something happened, theft, collision, etc, I do not want to be covered only for a "1987 Buick Regal". Obviously these cars are worth more than that. I plan to purchase a cover to protect/hide it, probably one of those nasty steel column covers, probably some sort of kill switch, maybe LoJack, maybe one of those new GPS tracking systems that will call your cell phone you if the vehicle is moved. Anyway, what recommendations do you guys have? Any specific companies that anyone recommends? I will have 3 vehicles, a Honda Coupe for daily driving, my 99 Tahoe, and the GN, which is a fun/cruise night kind of car. I currently have Geico and not getting the kind of answers I want, but never have had a problem with them.

Thanks!

 

[DJ Red Barron]

I had very similar concerns when I got my GN. I travel a lot and am sometimes at apartment complexes with no garage. I'll usually go for a gated storage facility, but I still wanted to make sure I had enough coverage to replace the car if something happened.

You could check with Haggerty and the other "classic car" insurers. But I honestly don't know what kind of driving restrictions they put on you. I am with State Farm. They have a category for vehicles not driven often (cap is 6k miles a year I think). They will also provide a stated value on the car, but it has to be appraised by a certified insurance appraiser. It took a little time to find one in the area I am currently in, but I found it fairly quickly on Google. Luckily, my car appraised in at $23,400 (a good amount more than I paid for the car) and replacement coverage is running me right at $250 every 6 months.


Oh, and there is a LoJack system that does call you if the vehicle is moved without the keys. I had that on my TBSS and it worked like a charm.

 

[ngc414]

Keep in mind that a "stated Value" policy has no guarantee that they will pay the "stated amount". The will only pay up to the stated amount, which means they can offer much less than the stated amount if there is a loss. The only type of policy that guarantees you will get a certain amount is an "agreed value policy". Specialty companies like Hagerty write agreed value, but it will not meet underwriting requirements if its not stored in a garage. hope this helps.

 

[DJ Red Barron]

Keep in mind that a "stated Value" policy has no guarantee that they will pay the "stated amount". The will only pay up to the stated amount, which means they can offer much less than the stated amount if there is a loss. The only type of policy that guarantees you will get a certain amount is an "agreed value policy". Specialty companies like Hagerty write agreed value, but it will not meet underwriting requirements if its not stored in a garage. hope this helps.

Eww... That's good info to know. Thanks for the heads-up.