Suggestions for Insurance

[oc192]

Does anyone know how regular car insurance works? I have my GN insured through State Farm and when I call to inquire about this I get really vague answers. They say I am rated for $12k but they do not cover full replacement value? When I ask further questions, they tell me to look at NADA and if I'm satisfied with the value there then I am covered.

I have been calling around today to try and get agreed value insurance but since I have a carport, none of the regulars like Haggerty will insure it.

Not sure if I should "trust" State Farm or not. Any suggestions?

 

[turbo39151]

I'm not an insurance expert by any means and there are some on this board who are and might chime in. But here's a few ideas...

Do you want this coverage for a daily driver or for a weekend type cruiser? Collector car insurance is super cheap but very restrictive. Ones like Grundy, Haggerty, etc... I use American Collectors. I have an "Agreed Value"- I told them what it's worth, they get pics and details and "agree" and in the event of a loss, I get the value we agreed on. Catch is that I can only drive 2500 miles per year, cannot use it for commuting (ie:dd), must keep it in a locked garage (A carport won't qualify)... I pay about $500 or so per year for 2 cars @ $22k each...

I think most places will do stated value and I think they base the quote on what you state the value is. However, that's not what they'll pay in the event of a loss. (I'm sure someone can explain better)

For a dd type car, shop around. I just got my insurance swapped to Grange here in KY. 3 cars (2 with full coverage and 1 with basics) $652 for 6 months...

Also, in my experience State Farm is fairly expensive...

 

[oc192]

yeah, the car is a weekend warrior and my main goal is to get agreed value insurance but the carport issue is killing it.

 

[GNTIM]

I feel your pain, same problem here. I've seriously thought about boxing in the carport but it would block the view from my porch.

 

[HUMBLE-U2]

grundy 400.00 a year w/25,000.00 agreed value. unlimited mileage must be garaged and not primary vehicle.

 

[Silver Fox]

Please check out this thread: http://www.turbobuick.com/forums/turbo-lounge/288889-who-has-usaa-auto-insurance.html

Rob

 

[coach]

1st thing first. Find a company you are comfortable with. Find out what appraisers they accept and get a proper appraisal. After that you will know your value and there will never be any disagreement on a dollar amount. I have Heacock Classic Ins. They actually increase my values every few years to keep up with the age of the car. They do not devalue according to market value. Just because the market is down doesnt mean the insured value will be. They will compare your car to other GN's they have insured or others that the appraiser has done. I believe my GN is insured for 27k right now. Thats a great value in these times, but it does only have 22k on it. I got it appraised in 2007 and then it was 24k. They have added 3k over the last 4 years, knowing that it didnt lose value when the market comes back. They also stated that the GN and T Buicks are the only desireable collector car made during the 1980's.

:biggrin:

 

[kevinw25645]

Haggerty will not insure with alky

 

[counterman]

Generally, your collision coverage on your car will cover it for fair market value for a total loss. Laws vary state by state. Some areas specify NADA retail figures adjusted for condition and miles as the "number" to use in the event of a total. Other areas use "comparables" with real transaction pricing on a sample of like vehicle sales in your general area in recent months. Neither of these methods is a big deal if you are talking about a 3 year old pick up or sedan. Not so easy with a specialty car like a TR. Late model stuff has plenty of sales data to back up a figure for a "comparable", but our near classics are not so easy. Generally, I would keep every bit of documentation pertaining to work you've done to your car, as well as classifieds for them in Hemmings, or this board for example. Reason being, you will have HUGE differences in opinions on valuations of specialty cars that do not have high volumes of sales data. You can expect a mainstream insurance company to include your TR with sales data for every $500 Regal around, and make you a low ball offer based on those figures. You will have to fight and argue for a settlement at a reasonable $, so the more proof you have, the better. Proof of how nice your car was, how much refurb work you've done, how much nice cars are really selling for, etc. will make it easier for them to pay you a just amount. Sadly, the only way to avoid this is with an agreed value policy, as mentioned, but they have strict conditions for qualifying. Good luck with your search. Thanks, Rudy.

 

[FlyinGN]

I don't know of any classic insurance carriers who will insure a car that is not in a garage..

 

[2QUIK6]

grundy 400.00 a year w/25,000.00 agreed value. unlimited mileage must be garaged and not primary vehicle.

I just talked to Grundy this week to add the HT TTA, and was told also that when the car hits 25 years old you will get a huge discount...so 1 more year and the GN ins goes down...
So I went home and pulled out my policy to look and sure enough, on the '79 TA its ins for $26k and it costs only $169 / yr....the GN for $21k costs $294!!
TTA for $25k costs $350.