So I finaly got collector car insurance.
03-04-2011, 01:44 PM
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So I finaly got collector car insurance. I decided to go with Grundy Worldwide http://www.grundy.com/default2.asp 'cause they offer unlimited millage and other good stuff. Fully covered at $199.80 a year and valued at $12,000. That's $136.20 cheaper than what I was paying with regular car insurance with just liability. Even though they offer unlimited millage, The SS does less than 500 miles a month. I gassed up yesterday. Last time I filled up the SS was Thanksgiving. I think most of the gas goes to idling in the garage.
If I remember, your DD or any other car can not be older than 5 years.
03-04-2011, 02:14 PM
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Either way, it sounds like Grundy got you a good deal and I know they are usually the closest competitor for Hagerty that I usually hear of.
03-04-2011, 07:54 PM
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what are the qualification to get a car insured this way? I have a 79 z28 im re doing and i daily drive my 94. since its unlimited miles does it matter if the car is a daily driver?
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03-05-2011, 09:12 AM
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FWIW & IMHO, I looked into collector car insurance a few years back for my '87 turbo Buick. At that time, I was unable to find any of the collector car insurance companies willing to sign me up. Most and / or all require minimum requirements for car age, specific models, locked garage with pic submitted, etc., etc. I am in a mobile home without a garage. All or almost all have that requirement. Some would insure a Grand national, but not a T-Type or a Turbo-T. HTH
03-06-2011, 09:10 PM
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Most common insurance is going to settle on "fair market value" which we all know especially on older vehicles is crap. This amount can also come into play when the insurance company is deciding whether or not to total it out. If sic7 had common insurance on his classic and had $7K in damage they would probably total it out.
With collector car coverage they base settlement on "agree'd value". Between supplying pics, receipts, and average auction value on the specific vehicle the company and the consumer come to an agreement on coverage. This does usually include some strict usage guidelines but with a dedicated agent most should not have any issues getting covered.
03-07-2011, 10:09 PM
#16
Most common insurance is going to settle on "fair market value" which we all know especially on older vehicles is crap. This amount can also come into play when the insurance company is deciding whether or not to total it out. If sic7 had common insurance on his classic and had $7K in damage they would probably total it out.
With collector car coverage they base settlement on "agree'd value". Between supplying pics, receipts, and average auction value on the specific vehicle the company and the consumer come to an agreement on coverage. This does usually include some strict usage guidelines but with a dedicated agent most should not have any issues getting covered.
With collector car coverage they base settlement on "agree'd value". Between supplying pics, receipts, and average auction value on the specific vehicle the company and the consumer come to an agreement on coverage. This does usually include some strict usage guidelines but with a dedicated agent most should not have any issues getting covered.
03-08-2011, 09:54 AM
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Actually they are almost opposite, but based on the same idea
GAP - Car is worth less than the value (loan amount)
Collector - Car is worth more than the value (fair market, kbb, NADA)
All gap insurance is for is to cover the "gap" between what a car is worth and what you owe on it. It is a supplement to your regular coverage. I believe 100% in using gap insurance but don't buy it from the stealership, most all insurance companies have their own form for far less and they manage it better.
A dealership sets up their gap coverage and will keep it in place for the life of the loan, when generally speaking your value should be higher than your debt after year three (varies based upon length of loan, interest, and obviously type of car) deeming your gap coverage useless (no gap
)
Collector car coverage is a replacement for your regular coverage and will cover your car for the full amount of it's value as agree'd upon between the company and consumer. This type really has nothing to do with loan values whatsoever.
GAP - Car is worth less than the value (loan amount)
Collector - Car is worth more than the value (fair market, kbb, NADA)
All gap insurance is for is to cover the "gap" between what a car is worth and what you owe on it. It is a supplement to your regular coverage. I believe 100% in using gap insurance but don't buy it from the stealership, most all insurance companies have their own form for far less and they manage it better.
A dealership sets up their gap coverage and will keep it in place for the life of the loan, when generally speaking your value should be higher than your debt after year three (varies based upon length of loan, interest, and obviously type of car) deeming your gap coverage useless (no gap
)Collector car coverage is a replacement for your regular coverage and will cover your car for the full amount of it's value as agree'd upon between the company and consumer. This type really has nothing to do with loan values whatsoever.
