Insurance

[jjbunn]

I had a snippy letter from the DMV saying that they had no record of insurance coverage for my TR6. I had forgotten that (at least in CA) you need to have insurance for a registered vehicle unless it is filed as Non-Op. Which irks a bit because I don't expect to be driving it on the roads for a while yet: lots left to do.

Anyway, I phoned up AAA and asked them to add it to my policy ... the girl had to go off and look it up as it wasn't in their standard schedule, but found it, and asked if it had airbags (!) or any anti-theft device (!!), but there was no problem. The increased cost of my premium was $211 for the year, basic liability coverage.

That seems very reasonable to me, what do you think?

 

[prb51]

Check Hagerty Classic insurance. I pay less than that for full replacement value/full coverage.

 

[Opa]

I'd trade ya Julian,up here in B.C. I pay annually on the Triumph, 661.00 for basic coverage 58.00 for collision,56.00 for comprehensive and 188.00 for what they call Roadstar,which is like AAA in your parts.Total 902.00 The above prices are with a 43% safe drivers discount for 10 years accident free driving.If you bang it up and it's your fault you loose percentage's of the safe drivers discount.Then we have our annual Air Care test (smog test State side)at 24.00 per test.If you fail, you make adjustments and pay again for retest.Wife's car cost 1200.00 this year and my pick up is 1100.oo per year. Almost takes the fun outta driving.Almost I say..

Oh yeah our fuel cost up here right now is 1.02 per litre for regular,1.12 for premium.
We do have a collector plate up here for stock collector cars,but to be eligable for this plate car most be stock as delivered,no chrome bits or mods other than saftey upgrades,tires,lights etc.My car isn't stock so.....I pay

A motor cycle up here with full coverage over 1100 cc runs about 2500.00. No longer own one,but did put in about 40 years on a bike.
I'd say your getting a pretty good deal.

 

[RobT]

Unless you have an "agreed value" policy, any damage, or theft and the insurance company will pay you only the "blue book" value of the car - probably not more than a couple hundred bucks.

Rob.

 

[Driven76]

Looks like I better check out Hagerty... I believe I'm paying about $334 a year, without a ticket or accident in over 20 years.

BTW, this is for full coverage (based on storing my car 4-5 months a year) with an insured value of $16,000.

 

[jjbunn]

Check Hagerty Classic insurance. I pay less than that for full replacement value/full coverage.

Interesting: yes, their online quote system gave me $127 per annum for an agreed value of $10000. But I'm not sure that their towing coverage is as good as AAA's. Certainly worth considering.

 

[jjbunn]

Unless you have an "agreed value" policy, any damage, or theft and the insurance company will pay you only the "blue book" value of the car - probably not more than a couple hundred bucks.

Rob.

Does Blue Book go back that far (to 1971)? I saw that the Gold Book value is about right:

1971 TRIUMPH TR6 Dsp/HP Eng Fair Good Exc Show Loan
ROADSTER Small bumper 1969-74 2.5/104 6C 4,500 12,000 17,500 22,000 S 11,000

i.e. $4,500 in Fair condition, up to $22,000 in Show condition.

 

[CinneaghTR]

Interesting: yes, their online quote system gave me $127 per annum for an agreed value of $10000. But I'm not sure that their towing coverage is as good as AAA's. Certainly worth considering.

I have both Hagerty and AAA. I declined the Hagerty Plus and its towing feature because I already have AAA, which also covers my daily driver. It works for me because the local specialist car/motorcycle tow service deals with AAA so I do not have to worry about who is towing my car. Call AAA and see if they will accommodate your low-slung car.

Hagerty also likes to insure cars that are in the restoration process.

 

[prb51]

Lots of diff prof evals out there, just get an agreed upon value. The market fluctuates greatly in short periods of time.
Speaking of which I'm going to Barrett Jacksons Hoopla, anyone want me to pick up anything for them?

1971 TRIUMPH TR6 Dsp/HP Eng... Fair Good Exc Show
ROADSTER Small bumper 1969-74 2.5/104 6C 4,500 12,000 17,500 22,000-- Mannheim Gold Book

 

[RobT]

Unless you have an "agreed value" policy, any damage, or theft and the insurance company will pay you only the "blue book" value of the car - probably not more than a couple hundred bucks.

Rob.

Does Blue Book go back that far (to 1971)? I saw that the Gold Book value is about right:

1971 TRIUMPH TR6 Dsp/HP Eng Fair Good Exc Show Loan
ROADSTER Small bumper 1969-74 2.5/104 6C 4,500 12,000 17,500 22,000 S 11,000

i.e. $4,500 in Fair condition, up to $22,000 in Show condition.

I guess I should have just said "Book Value". That is, the depreciated value from the original purchase price of the car. This is a fixed depreciation schedule and over 30+ years will put the "Book Value" of the car near nil.

Rob.

 

[tdskip]

Keep AAA for your modern cars, and Hagerty for the TR6. I think the AAA towing will cover your TR6 if you need them.

 

[TR3driver]

I guess I should have just said "Book Value". That is, the depreciated value from the original purchase price of the car. This is a fixed depreciation schedule and over 30+ years will put the "Book Value" of the car near nil.

I disagree. The insurance company has to base their payment on the fair market value of the car, not some artificial depreciation schedule.

These cars are far beyond their expected lifetime, so any realistic depreciation schedule would have had them worthless some decades ago (when in fact they were nearly worthless). But guides like Kelley and NADA are based on average sales price, not some depreciation schedule.

I recently had a TR3A totaled that was insured as a regular car (stated value since it was too old to be in the ins co's book). This is pretty much a requirement for a daily driver, since ALL of the "collector" insurance policies have significant restrictions about when, where and how far you can drive the car. (Not to mention requiring off-street storage which I also don't use.) In order to arrive at a fair market value, they "pulled comps" (found similar cars that had sold recently) and took the average.

As it turned out, I was underinsured (should have upped the insurance when I got the paint & body work done). But it worked out OK since they let me keep the car and it's salvage value is easily more than the difference.

BTW, NADA has Triumphs listed all the way back to 46, and has different valuations for different years (early TR6 are more desirable than the later "rubber baby bumper" versions) and options. Here's what they show for a 71 TR6 with wires & OD.

 

[jjbunn]

Fascinating info Randall. It looks like the O/D is an excellent addition if it costs less than around $800 to add it ... score!

 

[Andrew Mace]

One other thing to keep in mind about "collector insurance" of any kind is that in some states it might change how the car is registered. In New York, one MUST have special insurance (and an insurance ID card stating such) in order to use DMV's Historical Plates or "YOM" (year of manufacture plates). Conversely, with such insurance, one CANNOT have the regular-issue plates in NY.

 

[Popeye]

...the "collector" insurance policies have significant restrictions about when, where and how far you can drive the car. (Not to mention requiring off-street storage which I also don't use.)

In people's experience, how restrictive is Haggarty? Does it cover the car when taken on a road trip and parked in a motel parking lot? Does it cover the car when I parked it on the street b/c I was cleaning out the garage?

 

[prb51]

It's not that restrictive, you have to have a garage to store it, it can't be your everyday driver and it can't be used as a racing car. There is no mileage limit on mine. They count on car nuts being car nuts about protecting our toys.
Call them, they'll actually talk to you.
I've known two folks that have had accidents, one guys car burned in his garage (he got distracted and left the key on, overheated coil and poof) and the other a road accident. Both were pleased with the quick payout and both got to keep their cars (totaled).
I don't work for them but do have their ins.

 

[mrv8q]

I agree... Aon dropped classic car coverage, and I was able to insure both my Triumphs with Hagerty, for just slightly less than Aon charged for TR3 alone. This included better coverage, and higher values. Like Paul, I declined the "plus" coverage, as I already have AAA "plus", w/100 mile towing.

Insurers in California should electronically provide proof of insurance to the DMV, and Hagerty came through there as well. Based on stories from other Triumph club members, I'm glad I use them....

 

[foxtrapper]

I disagree. The insurance company has to base their payment on the fair market value of the car, not some artificial depreciation schedule.

There is no national law requiring that. "Fair market value" is a meaningless term whereby the insurance company
"adjusts" their appraisal at their whim to what they feel like paying.

 

[Brooklands]

I use J. C. Taylorf for my TR3B, Erie Insurance for my other vehicles and home, and AAA for road service. When my TR had loss of brake fluid due to a caliper piston problem, AAA sent a flat bed truck to take the car to a repair shop.

 

[RobT]

I guess I should have just said "Book Value". That is, the depreciated value from the original purchase price of the car. This is a fixed depreciation schedule and over 30+ years will put the "Book Value" of the car near nil.

I disagree. The insurance company has to base their payment on the fair market value of the car, not some artificial depreciation schedule.

Best to ask your agent. I initially added the TR250 to our existing AAA/Commerce Insurance policy. I asked the agent what I would get for a total loss on the car and she was good enough to look it up for me - it was only a few hundred dollars. Even a minor fender-bender and they would right-off the car and pay me the total loss value of the car rather than for the repairs. Other companies may be different, but this was my experience.

I switched to Haggerty - agreed value $20k. Did it all via e-mail, even sending them pics rather than getting an apprasial. 3rd party etc coverage was the same as AAA, and it cost less. Vey few restrictions with Haggerty, you just have to show you have another car insured and registered as a "daily driver". No apparent limitation on milage or when you can drive the car (not true with Vintage auto registration in many states BTW).

Rob.