Do you carry collision on your DD f-body?
07-07-2018, 10:46 PM
#1
Do you carry collision on your DD f-body? I'm asking because I always have, but it's 15 years since I bought the car. I don't know what the ACV is on it, but I have to believe it's pretty low. Plus the days when new factory parts could be had are long gone. I'm thinking it's no longer worth it because the car would be totaled for a low amount and fixing it would mean scrounging for used parts anyway.
My M6 car is on the collector policy with my GTO's and of course collision is included.
My M6 car is on the collector policy with my GTO's and of course collision is included.
07-08-2018, 08:22 AM
#2
TECH Junkie
I have full coverage still even though I wondered what is the point. It's not a DD but I did just hit 60k miles. I finally asked an insurance adjuster with GEICO (met him in person at his claims office) and brought my Trans Am with me to show him the condition. He actually took some photos of the car and put them in my file. He told me to take additional photos at the car shows I attend to 'prove' the current condition it was in as the years roll by. No way would they offer just 'book' if the car was stolen or totalled when these photos could be provided. It's not like an agreed upon price policy with Hagerty or Grundy but it's worth it for me to keep the full coverage which is approximately $450 per year with GEICO. No limitations on anything like mileage, etc.. which is a nice plus especially since we will be going to Cape Cod on a road trip later this summer. Another 2500+ miles probably right there. Photos are the key, just like the ones I took at a recent F-body show. If I dropped the coverage I might save $150 per year. As with any insurance, the odds are with the insurance company. They make millions of dollars knowing the actual odds. I don't want to win this one by having a destroyed T/A but getting a $10k check or whatever would be better than saving $150 per year if something negative happened That's me anyway. Everyone has different costs and thoughts on the matter.
Last edited by NC01TA; 07-08-2018 at 08:29 AM. Reason: Added info
07-08-2018, 10:33 AM
#3
In addition to pictures, if you're really serious about trying to convince your insurance company that a well cared for "classic" is worth more than the 'book' value, spend a few $ and have a certified professional appraise the car. IMO, all pictures will do is, perhaps, convince them that the car is in 'excellent' condition - which means simply that they'll value it at the top of their scale. The market likely will value such a car at an even higher number -- and that's what you want your appraisal to capture. Of course, you have to keep the appraisal up to date.
07-08-2018, 08:42 PM
#5
Not pertaining to my Camaro, but twice in two different scenarios I called to try to lower my insurance premium on 2 of my other early 2000's daily vehicles. On average I was going to save $12/month for each vehicle to drop from full coverage to liability. Imo, it's worth that $12 a month to have full coverage regardless of the value. Some payout is better than none! Believe me I've been there.
07-08-2018, 08:54 PM
#6
Where most folks are under-insured is in the liability area. With medical costs today, pretty easy for an at fault accident with injuries to WAY outrun typical liability coverages in auto insurance. Secondary umbrella liability policies are pretty inexpensive considering the alternative. Fwiw....
07-08-2018, 10:59 PM
#7
I carry heavy liability and comprehensive but have begun to reconsider collision. Per the discussion above, anything less than agreed value and you're at their mercy. Photos and other documentation may help, but at the end of the day you're stuck with trying to convince them to pay you more than the top of their scale allows.
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07-09-2018, 03:06 AM
#8
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I sold my last daily driver 4th gen in 2014, it was 12 at the time and I still had collision on it. At this point, if I were to buy another for this purpose I probably wouldn't bother.
Of course, for the garage queen '98 it has collision as part of the agreed value collector policy, and it's well worth it for the minimal relative cost vs. coverage amount in this case.
Of course, for the garage queen '98 it has collision as part of the agreed value collector policy, and it's well worth it for the minimal relative cost vs. coverage amount in this case.
07-09-2018, 08:46 AM
#9
I carry full coverage on my Camaro through USAA I think it was a price difference of ~$20/month. I got the same talk to make sure I document everything with pictures and receipts, although I doubt I'd get a third of what I have into it back. It's a nice piece of mind as far as I'm concerned.
07-09-2018, 11:03 AM
#10
Unless you have some time of specialty insurance like collector or classic on your car, you’d be a fool to have anything besides basic liability, theft and glass. Why? Because a minor accident will “total” out your 20 year old car. That’s a permanent mark on your car’s history that can never be removed. However, if you don’t have comp/collision, any accident can be easily repaired and the car restored in full and will still have a clean title.
Look, we all love our cars, but you need to be realistic here - your 20 year old car has very little blue book value and won’t take much to write it off completely in an accident. Save the comp/collision insurance for the brand new cars.
Look, we all love our cars, but you need to be realistic here - your 20 year old car has very little blue book value and won’t take much to write it off completely in an accident. Save the comp/collision insurance for the brand new cars.
07-12-2018, 10:44 AM
#11
I have Hagerty collector car insurance on my '98 Z28. It just turned 20 yrs. old and I carry full coverage AND have an agreed upon value of $16K if it's ever totaled. I have no yearly mileage limits either. I just renewed for the year this week as a matter of fact, and I only paid $468 for the year. In order to get a policy started with them, you just have to have more cars than drivers in your household.
If your F-Body is 4th Gen or older, and maybe even newer ones too, I think it's well worth checking into a collector car policy with Hagerty, or Grundy, or one of the other collector car insurance companies. You may be surprised what kind of coverage you can get at a goid price! I know I was shocked when I first checked and then switched!
If your F-Body is 4th Gen or older, and maybe even newer ones too, I think it's well worth checking into a collector car policy with Hagerty, or Grundy, or one of the other collector car insurance companies. You may be surprised what kind of coverage you can get at a goid price! I know I was shocked when I first checked and then switched!
07-12-2018, 12:44 PM
#12
TECH Fanatic
Unless you have some time of specialty insurance like collector or classic on your car, you’d be a fool to have anything besides basic liability, theft and glass. Why? Because a minor accident will “total” out your 20 year old car. That’s a permanent mark on your car’s history that can never be removed. However, if you don’t have comp/collision, any accident can be easily repaired and the car restored in full and will still have a clean title.
Look, we all love our cars, but you need to be realistic here - your 20 year old car has very little blue book value and won’t take much to write it off completely in an accident. Save the comp/collision insurance for the brand new cars.
Look, we all love our cars, but you need to be realistic here - your 20 year old car has very little blue book value and won’t take much to write it off completely in an accident. Save the comp/collision insurance for the brand new cars.
07-12-2018, 02:13 PM
#13
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If your F-Body is 4th Gen or older, and maybe even newer ones too, I think it's well worth checking into a collector car policy with Hagerty, or Grundy, or one of the other collector car insurance companies. You may be surprised what kind of coverage you can get at a goid price! I know I was shocked when I first checked and then switched!
07-12-2018, 04:55 PM
#14
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I can say pictures are worth a lot. My 2002 z28 was stolen in december. Statefarm offered me $9k...i sent pictures as well as Haggerty value in the end they gave me 15k for it had 39k miles on it. 2 owner. Mint
It was my summer DD.
It was my summer DD.
07-12-2018, 08:17 PM
#16
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07-14-2018, 12:44 PM
#17
These "collector" policies wouldn't apply to folks who are still daily driving these cars. Even the polices that don't have a mileage restriction (e.g. "unlimited" use for events/shows, etc.) still only allow for limited pleasure use outside of specific events and usually have stipulations on how the car is stored when not in use, etc. I've had Grundy on mine since 2008 and it's perfect for how I use the car, but this wouldn't be the right type of policy for anyone still using one of these cars as a daily driver type vehicle.
It's worth checking into IF you're vehicle is not your daily driver, but you still drive it regularly.
07-14-2018, 01:24 PM
#18
If the car is just a car insure liability only.
If the car means something to you, then insure the car in a manner that it can be repaired or replaced if something bad happens.
I learned the hard way. I made a financial decision and saved money but ended up paying in another way.
My 91 RS was daily driver from 1990-2015, when the car was seven years old I dropped collision and comprehensive. This saved about $250 a year for 16 years or around $4,000. It was an excellent decision as the cars mileage was very high and similar cars were selling for less than $1500 most of that period. After restoration it was time for a Hagerty policy.
06 Tundra - liability only. Saved $400 a year for 5 years. Total saved $2,000
99 TA was a weekend car for a long time then more of a driver. I dropped collision & comprehensive on my 99 TA in 2005 after the car was about six years old. I'm a safe driver and was in a low risk area etc. This was an excellent decision until the TA was stolen out of my driveway in late 2017 after I moved to a different location. Over 13 years I probably saved $2,600 on car insurance.
The TA was recovered with the engine damaged. Repairs cost me $7,500 out of pocket.
Over the course of 20 years with liability only on vehiclea at various times, I saved about $8,600 and paid out of my own pocket $7,500 to fix the one claim that I might have filed if I had collision & comprehensive.
End result I saved $1,100 but I had to sell a car I wanted to keep to fix the TA. I would rather have paid the extra insurance than sell that car.
If the car means something to you, then insure the car in a manner that it can be repaired or replaced if something bad happens.
I learned the hard way. I made a financial decision and saved money but ended up paying in another way.
My 91 RS was daily driver from 1990-2015, when the car was seven years old I dropped collision and comprehensive. This saved about $250 a year for 16 years or around $4,000. It was an excellent decision as the cars mileage was very high and similar cars were selling for less than $1500 most of that period. After restoration it was time for a Hagerty policy.
06 Tundra - liability only. Saved $400 a year for 5 years. Total saved $2,000
99 TA was a weekend car for a long time then more of a driver. I dropped collision & comprehensive on my 99 TA in 2005 after the car was about six years old. I'm a safe driver and was in a low risk area etc. This was an excellent decision until the TA was stolen out of my driveway in late 2017 after I moved to a different location. Over 13 years I probably saved $2,600 on car insurance.
The TA was recovered with the engine damaged. Repairs cost me $7,500 out of pocket.
Over the course of 20 years with liability only on vehiclea at various times, I saved about $8,600 and paid out of my own pocket $7,500 to fix the one claim that I might have filed if I had collision & comprehensive.
End result I saved $1,100 but I had to sell a car I wanted to keep to fix the TA. I would rather have paid the extra insurance than sell that car.
07-14-2018, 06:33 PM
#19
While I agree that collector policy isn't for someone still daily driving their F-Body AND don't have any extra vehicles in the household, BUT I must say, Hagerty is VERY lenient with how I want to use my vehicle. I'm NOT limited to just shows or cruises, I can take my car to work any time I desire, I can take it out on errands any time I like, and I have no mileage limits or use limits whatsoever. Their only conditions are that I have more vehicles than drivers in my household, and I do have to keep it in the garage, but other than that, I can drive it whenever I want, where ever I want, and however miles I want. I asked all these questions before I changed over from my regular insurance "leisure vehicle" policy and I saved A LOT! Also, agreed upon value is a HUGE advantage if the car is ever totaled. I get $16K and don't have to worry about it. It's worth checking into IF you're vehicle is not your daily driver, but you still drive it regularly.
07-14-2018, 08:42 PM
#20
im goona feel like a real *** posting this. i have progressive for 8 years, almost 10 years without a claim. i have 3 vehicles on my policy and my wife. it is $71 every 6 months for comp and collision on my 2000 camaro with a $500 deductible. so after 10 years im out 1420 bucks. even if they only say its worth 5000, ill still make out.