Insurance

[dusterbd13]

i have questions about insuring my duster. (i figured that the general discussion was the place to go, but if im wrong, feel free to move it mods.)
i was going to go with hagerty, but due to my being a young guy with a less than perfect driving record, they wouldnt insure me. so to get a plate, i got GEICO's regular full coverage policy. wont really cover the car in the evnet of a total loss. they offer classic car insurance in most every state but mine. go figure. so what do you all recommend? i know based on auction prices and investment that i want to insure it in the 30K+ range, and apparently agreed value is the way to go, but i really dont know jack about the entire insurance scam. can y'all educate a newbie on this?

Michael

[nicks67camaro]

www.grundy.com
Try Grundy Insurance they will insure you if you are under 27 (I think that was hagerty's age requirement) they have an agreed value on the car and no milage restrictions.

[Dayton]

Michael, here is a breakdown of car policies,

1)Actual Cash Value (ACV). ACV coverage is what insures most everyday cars and pays out a depreciated "book" value in the event of a claim: the older a car is on an ACV policy, the less value it has.

2)Stated Value. Some insurance companies offer Stated Value policies for collectibles. These policies are better than ACV because they allow you to "state" a value for your vehicle greater than its depreciated "book" value. But, Stated Value can still depreciate vehicles because the policies generally require the insurance company only to pay "up to" the "stated" amount.

3) Agreed Value. These policies guarantee you will get all of your money back in the event of a total loss. There is no depreciation of a car's value with an Agreed Value policy.

[skatinjay27]

ALL classic insurance has a minimum of 25 years old!!! and clean record. i got a clean record but im 22...

[Chad-1stGen]

All classic insurance also prohibits daily driving with the vehicle and the restrictions are such that I'd be careful with even the occasional drive to work.

[ponchopwr70]

Same here I'm 22, now one will touch me.

[jknight16]

Well...I'm 24.5 so I'm in the same boat as you guys. We'll see what Grundy says about the application I just turned in. It will probably along the lines of...

[mpozzi]

The car has to be garaged, not used as a daily driver or even a back-up, can't be driven to work, and there usually is a maximum yearly mileage restriction.

These policies are for pleasure or recreational use vehicles and they're in place so in the event of a loss, we have coverage. The rates are relatively low because the risk is also low (limited exposure from limited driving). The rates are also low due to very aggressive underwriting allowances (over 25, good driving record, etc.).

Musclecarjohn has a company he uses that appears quite good. They don't have a limit on miles-per-year but almost everything else applies. Check other threads under "insurance" and you'll find his posts and insurance information. Good luck getting good coverage but you might have to just bite the bullet and stay with Geico for now. Clean up your DMV and then reapply when you can for better coverage for your Duster (a very nice car, BTW . . . ). Just keep in mind you'll have to fight like mad to get a good settlement in the event of a total loss claim with any non-classic car insurer.

Cheers,
Mary Pozzi

[nitrorocket]

State farm is great, they have taken care of me and I have a stated policy for what the car is actually worth based on independant appraisel.