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Collector Car Insurance
- Thread starter BWillis
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terriphill
Darth Vader
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We are insured with Safeco. I cannot speak to how they handle claims becaue we have never made one, but they insured our Midget no questions for $5500. I told them I wanted to add it, collision and liability, they asked for how much, we decided on $5500 (what's in it plus a little more for "pain and suffering") They have allowed us to add and drop 6 different "collectors" cars in the last 18 months, they are great to work with and the cost is pretty minimal,considering we have a teenage boy on our policy too!
racingenglishcars
Darth Vader
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I suppose it has no relevance there but I am insuring my Land Rover as a veteran here in Denmark. It costs $130 per year, they require locked garage and no daily driving (to work). Coverage is full to a value of about $12000. Also no driving in the winter months.
This last part is normal here also for motorcycles, because from now until March are the DARK months where I both go to work in the dark, and go home in the dark.
As for that "customer loyalty". I don't believe it at all. After 7 years with our insurance company here, and their promises of yearly price reductions, I found that by just switching insurance company I could cut my premium to a THIRD. Then the old company said they would match that quote! Too late! They lost my trust.
This last part is normal here also for motorcycles, because from now until March are the DARK months where I both go to work in the dark, and go home in the dark.
As for that "customer loyalty". I don't believe it at all. After 7 years with our insurance company here, and their promises of yearly price reductions, I found that by just switching insurance company I could cut my premium to a THIRD. Then the old company said they would match that quote! Too late! They lost my trust.
RickB
Yoda
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Having been on both sides generally as a customer and a business owner (not insurance) I know from experience that the beginning of the end (at least for a small business) is when you stop selling your customer what they want and begin selling them what you want.
Business owners have to have respect for the intelligence of the customer, or the customer will find someone else who they think does.
That being said, it seems a lot of businesses work very hard to get you to buy what they want to sell you instead of the other way around. I think it's an expensive way to do business, in terms of 'educating' the customer and natural attrition due to people like me who resent it and will go anywhere else to avoid becoming 'educated'.
Business owners have to have respect for the intelligence of the customer, or the customer will find someone else who they think does.
That being said, it seems a lot of businesses work very hard to get you to buy what they want to sell you instead of the other way around. I think it's an expensive way to do business, in terms of 'educating' the customer and natural attrition due to people like me who resent it and will go anywhere else to avoid becoming 'educated'.
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One thing to watch for that has not been mentioned is how is the car valued. Most, if not all, main-line insurers use "actual cash value" for "ordinary" cars. In case of a total loss, that will pay you the depreciated book value, not what you probably want or expect.
For "collectable" cars, they typically want a photo or two and your estimate of the car's value to issue a "stated value" policy. That really just determines the premium you pay and the maximum amount they will pay you in case of loss. It is still subject to appraisal by an adjuster and you probably will get significantly less than what you expect.
Collector car insurers will sell you an "agreed value" policy where the car is appraised and they agree in the policy as to the value. In case of a total loss, you get that agreed value. The extent of that appraisal sort of depends on the value of the car. As long as your stated value seems reasonable, compared to a couple of photos, that is usually enough. Once the value gets fairly high (maybe $25k or more) a professional appraisal may be required.
Whatever you do, just be sure you understand which type valuation you get (actual cash value, stated value or agreed value) and what it might mean in the event you do suffer a total loss.
For "collectable" cars, they typically want a photo or two and your estimate of the car's value to issue a "stated value" policy. That really just determines the premium you pay and the maximum amount they will pay you in case of loss. It is still subject to appraisal by an adjuster and you probably will get significantly less than what you expect.
Collector car insurers will sell you an "agreed value" policy where the car is appraised and they agree in the policy as to the value. In case of a total loss, you get that agreed value. The extent of that appraisal sort of depends on the value of the car. As long as your stated value seems reasonable, compared to a couple of photos, that is usually enough. Once the value gets fairly high (maybe $25k or more) a professional appraisal may be required.
Whatever you do, just be sure you understand which type valuation you get (actual cash value, stated value or agreed value) and what it might mean in the event you do suffer a total loss.