FL ins for a GT OMG


BIGFOOT

BIGFOOT

GT Owner
Jan 18, 2012
752
Northeast
Don't ask why but I was thinking of insuring a GT in FL and the rate was "like" double the rate in the Northeast.
Yes,...near water.
:-)


What's a rate in Southeast FL?
I mean OMFG
 
The big question is how much will you be driving it. Is it a collector car (100 miles or less per year), 1000 miles per year car, or your daily driver. I reside in WPB, FL. and I was quoted on three cars as being driven less than 500-1000 miles per year per car with agreed upon value should they be wrecked or destroyed. Hagerty was $9,000 per year and I got insurance through an office (insurance firm) that works thru Barrett-Jackson and it's 2/3 less per year than Hagerty. Make sure it's agreed upon insurance value of the car. Total car value on my three cars is $380K+-, insurance should be right around 1% if they are collector cars..
 
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The big question is how much will you be driving it. Is it a collector car (100 miles or less per year), 1000 miles per year car, or your daily driver. I reside in WPB, FL. and I was quoted on three cars as being driven less than 500-1000 miles per year per car with agreed upon value should they be wrecked or destroyed. Hagerty was $9,000 per year and I got insurance through an office (insurance firm) that works thru Barrett-Jackson and it's 2/3 less per year than Hagerty. Make sure it's agreed upon insurance value of the car. Total car value on my three cars is $380K+-, insurance should be right around 1% if they are collector cars..
 
The other thing I forgot to mention is which county in Florida you are insuring the car in. If you register the car in Miami/Dade county it will certainly be more expensive than if you register out of south of Florida. Shop around as prices vary big time.
 
Miami Dade.....
 
Please refer to above post. It will cost you as the "undocumented and uninsured drivers" in Miami will be paid for by you. Welcome to Florida.
 
I find USAA in Pensacola to be reasonable.
 
$1,700/yr Allstate ACV Manatee County (SW FL). About the same as I paid in DC metro Virginia.
 
I have 2 Gt's insured with Drew at Classic. Site sponser. Very reasonable, you can do stated value etc..
 
Thnx guys.
 
There is a difference between "stated value" and "agreed value." If you incur a total loss with stated value the insurance company, at its discretion, can deduct for depreciation or pay an amount equal to replacement value, whichever is less. With an agreed value policy the insurance company will pay the agreed value amount.
 
I thought that was replacement value v/s agreed value? Maybe just different terms for the same thing?
 
My policy says replacement value so I called my guy to ask him how that is calculated. He said actual cost minus depreciation... so of course I asked, what if it has appreciated in value. After several days he called back and said he would pay an amount that reflected market value of like-cars sh owing a similar usage level. Ok, that actually works better for me.
 
I think the Miami Dade factor is huge.
Qoutes I'm getting just suck....
 
Im in miami FL and heacock . stated valued at 350 and its 3k a year. i had state farm before was only 180 a month but value was not stated so i left.
 
Safeco stated value is around $1500/yr premium in CA. Stated value right now is equal to agreed value as used GT prices are high. If GT prices drop switch to an agreed policy.

Ed
 
I can tell you that I actually settled a claim on a GT with State Farm actual cash value policy. It was a very smooth process and a very fair settlement for the value based on then current market values. Its not that hard to document the value of a GT, they are not that rare. Really no need to pay 2x the price for the same insurance value.
 
jcthorne said:
I can tell you that I actually settled a claim on a GT with State Farm actual cash value policy. It was a very smooth process and a very fair settlement for the value based on then current market values. Its not that hard to document the value of a GT, they are not that rare. Really no need to pay 2x the price for the same insurance value.
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I have the same policy for $800.00 and anticipate the same result if ever have claim. It is pretty easy to document value.
 
Make damn sure you know what the term "actual value" or "actual cash value" means. In most insurance lingo, it ain't what you think. It usually means, the value of a car being sold to a dealer; in other words, the wholesale price, or the trade-in price. That is not the price at which most of us can buy one in the open market. I had bad experiences with State Farm, and swore off ever doing business with them 30 years ago.
 
PeteK said:
Make damn sure you know what the term "actual value" or "actual cash value" means. In most insurance lingo, it ain't what you think. It usually means, the value of a car being sold to a dealer; in other words, the wholesale price, or the trade-in price. That is not the price at which most of us can buy one in the open market. I had bad experiences with State Farm, and swore off ever doing business with them 30 years ago.
Click to expand...

Interesting. All I've heard are good things about State Farm (my carrier). I'm going to check into this now.

Thanks
 
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