Classic Car Insurance Coverage

I have a 1977 Fiat Spider and want to get Classic Coverage for it. So
far all the companies are requiring that it be in a locked garage.
Anyone know of a company who will give me coverage even if it is in a
carport?

Thanks,
Josh

On Jun 12, 2:29 pm, wrote:
> I have a 1977 Fiat Spider and want to get Classic Coverage for it. So
> far all the companies are requiring that it be in a locked garage.
> Anyone know of a company who will give me coverage even if it is in a
> carport?
>
> Thanks,
> Josh

I had a series of 850s (including 2 spyders) and had fun driving them
whenever I wanted. I even passed a be-winged Z car on a downhill
mountain road!
Just use regular insurance with a stated value. Them buggies are meant
to enjoy and a good alarm / locking system / BMF dog, should make them
safer from theft.

(Unless foks looked at the smile on my face, no one but I knew I was
driving 9/10ths!)

There's usually a max mileage per year limit in those classic insurance
policies, in addition to the normal "locked garage" situation.
Something like 3000-5000miles/yr.

My carrier wanted me to put "a value" on my pre-1980 cars before they'd
give me an insurance card. Coverage was still there (guaranteed
renewal), just that they wanted the value so they could rate the
vehicles.

The local agent's operative had no knowledge of what the rates/$1000
value would be. ONLY after submitting the values would we know what the
rates would be. I kind of cringed a little, not knowing what they'd
been using to rate the cars all of these years. I know it seldom went
down, though.

When I went in to get an insurance card so I'd be legal (in that
respect), I asked what value guide(s) they used for rating purposes. I
was told about NADAGuides.com and another one. Old Cars Price Guide was
not in their vocabulary, it appears, so I didn't ask.

So, I got out my Old Cars Price Guide and looked at the values in there.
I then went into the NADA website, clicked on "classic" (or similar),
and then looked at their value format. I found that website's values
similar to OCPG, but sometimes different. Using both prices, I
considered where my cars would fit into that matrix, then added a little
(but not too much) to cover appreciation over the next couple of years
(for good measure). I submitted the values and the rates went down
some, which was a relief.

NOW, as the agent's operative pointed out, "stated value" is only for
rating purposes and "total loss" considerations (one reason I added a
little, too). The actual price of the vehicle at the time of the loss
will be what the insurance will pay, less some other "normal" things.
All the stated value does is put a cap on the total amount the insurance
company will pay. If you undervalue the vehicle too much, it might make
it easier for them to "total" it, I suspect, but it'll also mean that
those less expensive rates (from the lessened stated value) result in
less total compensation in the end.

In reality, ALL insurance is "stated value" insurance. Just depends
upon if THEY have what they consider to be an accurate and reliable
value guide to work from (which they do for newer vehicles) . . . or if
the OWNER puts a value on the vehicle they are comfortable with
(hopefully reasonably accurate). In the case of a loss, things work
just as they would on a newer vehicle, with the owner having to prove
the vehicle is worth what he claimed it might be rather than what the
adjuster claims it might be.

Now, in the classic realm of insurance, there's now "AGREED VALUE".
Similar to stated value in that the value the owner wants on the vehicle
determines the rates. Different in that in the case of a total loss,
the insurer pays the "agreed value" rather than what they claim it might
be worth. You claim the vehicle is worth $10K, that's what you've been
paying rates on, so they (from what I have read) pay you $10K for the
vehicle and take it away. All pretty "click-click".

Be sure to see if your current carrier has an "antique" policy and what
the stipulations might be. In some cases, if the car is in your carport
and it's secure (which might be debateable), they might cover it as if
it was in a locked garage. KEY thing is that YOU have control of it and
it's safe from other "perils" at that time.

Some companies can even get a little picky if you happen to leave it
parked outside, in your driveway, overnight . . . but will allow you to
park it in a hotel parking lot/garage overnight if you're on a car club
activity trip. Others acknowledge that you might leave it outside at
night, occasionally, but not as a normal situation. These are strong
talking points in determining who ends up writing your policy.

I have limited space in my "locked garage" storage building, so the rest
are under the carport, so to speak, or in the driveway. I have normal
coverages on them, at the present time, though.

If your current carrier has something you can put the car under and save
some money (i.e., limited use not to exceed 5000miles/year), it'd be
better for them to write the coverage, I suspect, as you already have a
history with them. They'll probably want to keep your complete
business, too, so that could be some leverage on your part. Should a
claim arise, you know who you'll be dealing with, too.

In shopping, don't be afraid to ask lots of questions covering possible
scenarios. Better to find out, or get assurances (in writing,
hopefully) up front than to worry abou them later.

Just some thoughts,

C-BODY