insurance suggestion

[tpraceman]

thought i would start a new current thread to see what is the best insurance for our GT's now.

I am currently with AAA and pat around 4000 per year.
perfect record aith several cars on the policy.

Any suggestions?

 

[dbk]

They've never really posted, but I got a cheaper quote from Classic Auto Insurance than I did from my old State Farm.

Contact fellow GT Owner Drew @ drew@classicins.com



Tell them you are a forum member and they should get you a good deal.

 

[DWP]

I pay 800.00 per year with State Farm. They have always treated me right. I have several cars on the policy and I think that they are aware that I can only drive one at a time. All are listed as under 7,500 miles a year, and I have no accident history. Full coverage including tow insurance, 1,000.00 deductable.

Dave

 

[B O N Y]

State Farm is a good company as AAA. Just remember they don't write agreed value policies. Have a total and they implement a depreciation schedule.

 

[HHGT]

$1,100 All State - Replacement Value w/ upgrades including Whipple

 

[Empty Pockets]

thought i would start a new current thread to see what is the best insurance for our GT's now.

I am currently with AAA and pat around 4000 per year.
perfect record aith several cars on the policy.

Any suggestions?

$4,000 with your history ( PLUS multi-car coverage!) is highway robbery IMO.

A few phone calls should remedy that situation pretty quickly. And I think I'd start with you existing agent and let him know you're now "looking" and why. Many times that alone will "mystically and magically" lower your rates instantly - especially if you have an "independent" agent who can shop around. But, I'd STILL make a few calls on my own just to test the waters myself.

 

[Kayvan]

$1200/yr State Farm

 

[HiloDave]

I pay $1600 to the GEICO gecko. I have a clean traffic record and had one accident 5 years ago (not my fault) and have three other cars on the policy.

In my experience, AAA's rates are higher than almost any other major company's.

 

[Spirit]

Any suggestions?

Make darn sure you have a VERY GOOD "uninsured motorist" rider on it.

Voice of experience speaking.

 

[FLY GT40]

But does the uninsured motorist coverage kick in if the bozo who hits you is underinsured not uninsured?::frown:eek
FLY GT40

 

[Spirit]

But does the uninsured motorist coverage kick in if the bozo who hits you is underinsured not uninsured?::frown:eek
FLY GT40

Yes, it does on my policy.

However, I would suggest that you check your own policy to be certain you have the correct coverage [and amounts] incase of such an unfortunate event.

 

[RALPHIE]

"Uninsured Motorist" is only medical coverage for passengers within your own car - in the event that the person that hits you has no liability coverage. Damage to your car by an uninsured motorist is only covered in the "Collision" option of your own policy. The collision option is always required if there is a loan against the vehicle, but is not required if you own the vehicle outright. Once I put my vehicle away for the winter, I cancel my collision coverage, but keep the comprehensive portion in case some kind of damage befalls it while in storage.

 

[Spirit]

Please Read This

"Uninsured Motorist" is only medical coverage for passengers within your own car - in the event that the person that hits you has no liability coverage. Damage to your car by an uninsured motorist is only covered in the "Collision" option of your own policy. The collision option is always required if there is a loan against the vehicle, but is not required if you own the vehicle outright. Once I put my vehicle away for the winter, I cancel my collision coverage, but keep the comprehensive portion in case some kind of damage befalls it while in storage.

NOT NECESSARILY, it depends on how your policy is written [and may depend on the regulations in the state in which you claim as your residence].

In Texas, if you have an accident and the other party is either uninsured OR underinsured, you by law have a choice of making your claim under EITHER the “collision” OR “uninsured” portion of your policy [assuming you have both].

NOW HERE COMES THE KICKER:

If you make your claim under the “collision” portion, you may NOT BE ALLOWED to claim OR receive a “diminished value” compensation from your insurance company.

However, if you make your claim under the “uninsured” portion of your policy, you MAY BE ALLOWED to claim a “diminished value” up to the limits of your “uninsured motorist” policy that remains after the repairs are paid.

Needless to say, this can make quite a difference in how “whole” you will be after an accident involving an uninsured, underinsured, or hit and run.

I would strongly suggest that all check their policy closely in regards to this issue.

Again, the voice of experience.

Hope this helps those with these very special automobiles.

Fred

 

[B O N Y]

Fred is spot on. Read the policy, understand what agreed upon value is, replacement value etc... Don't find out after a claim.

 

[Kingman]

This thread (and the same one a year ago + ), rank as one of the most important topics we can share on the Forum.

Thank you Tom for updating :thumbsup

 

[fjpikul]

$900/year State Farm. Numerous speeding tickets, none for last year and never caught in the GT. Six other vehicles on policy.

 

[Neilda]

Just remember they don't write agreed value policies. Have a total and they implement a depreciation schedule.

This is an important point.

My policy in the UK is the equivalent of $3,500 with Chubb - whilst I could find cheaper insurance (maybe $1700 or lower), the Chubb policy is an agreed value ($250,000 - I paid $300k for my GT) and every eventuality is covered.

In these tougher economic times, it has become even more important to insure my GT correctly, I would not want to lose the car - but I would definitely not want to have the financial loss either.

 

[tpraceman]

How about the deductable figures what is everyone doing 500 1000 2000 ?

Good posts everyone keep them comming:thumbsup Dave I will give classic a shot. I imagine the rates are about to jump as they are tied to big money bank and economic troubles and its a snowball effect.

 

[GERMANORACING]

I pay 800.00 per year with State Farm. They have always treated me right. I have several cars on the policy and I think that they are aware that I can only drive one at a time. All are listed as under 7,500 miles a year, and I have no accident history. Full coverage including tow insurance, 1,000.00 deductable.

Dave

What would the payout be in case of a total loss (w/State Farm)

 

[Kayvan]

I know several Actuaries that say picking the largest deductible is the biggest money saver over time.

I am at $2000 on GT, and $5000 on real estate

In essence you are self insuring for that first $2000 or $5000, after a 3-5yrs savings in premium