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| TommyT-Bone | Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
 
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Got this in an email. The initial quote came in really low. What do the gurus think about this or other insurance options? I have 2 garaged and three carported cars. The carported ones make it more difficult to find coverage for them. I am currently covered by State Farm to the tune of about $350 a month for the 5 sportscars only. http://content.mecum.com/vo/?FileID=6 ... 11-4198-aa17-43462e88a916 |
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Posted on: 2013/5/29 20:24
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| 1Fast04Vert | Re: Collectors/Exotics Car Insurance | ||
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Elite Guru
 
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Google NCM, and then the insurance tab. Adam Boca will get you a good quote.
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Posted on: 2013/5/29 20:50
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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I chatted with Adam a few years back. Most want the car garaged. A couple (inclding NCM) may insure a carported vehicle with underwriters approval. Guess I'll have to provide more info on the vehicle storage, like behind a fenced, locked gate and provide pics of the carport. I'm approaching this a little more seriously now since I want to scale back expences. Thanks Andy.
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Posted on: 2013/5/29 21:59
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| BillH | Re: Collectors/Exotics Car Insurance | ||
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The Stig Moderator
 
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You want to trust an auction company??????
 Did you search on CF? I'd also search "insurance" on www.ncrs.org .....I think you can go on there and search for a short time without joining. If not I can do it for you. There were a bunch of discussions on this including the companies the guys weren't happy with and who they were happy with. And all those guys have collector's insurance. |
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Posted on: 2013/5/29 22:38
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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Posted on: 2013/5/30 2:00
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| Matatk | Re: Collectors/Exotics Car Insurance | ||
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Webmaster
 
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The reason I don't necessarily like collector's insurance is the rules...some upfront and some hidden. Ie - garaged like you mentioned, mileage restrictions, won't cover you if it's not a show, etc.
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Posted on: 2013/5/30 3:32
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| BillH | Re: Collectors/Exotics Car Insurance | ||
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The Stig Moderator
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Quote:
Same as NCM. |
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Posted on: 2013/5/30 14:33
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| BillH | Re: Collectors/Exotics Car Insurance | ||
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The Stig Moderator
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Quote:
Scroll down to "Garage" http://www.ncminsurance.com/faq |
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Posted on: 2013/5/30 14:34
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| BillH | Re: Collectors/Exotics Car Insurance | ||
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The Stig Moderator
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Make sure that you know....
"Agreed Value versus Stated Amount There seems to be a bit of confusion among non-insurance folk about the difference between “agreed value” policies and “stated amount” policies. Don’t worry, it’s probably done by design when the insurance underwriters (rarely) get together with the insurance marketers. Anyway, let’s clear things up. When a piece of property is covered, whether it’s a boat or classic car, etc., insurance companies charge a rate that corresponds to the value of the piece of property. In most cases, values are well-known and can be verified by independent 3rd party sources like the National Automobile Dealer’s Association (NADA) or Kelley Blue Book. However, when you veer off the beaten path into special interest items, market values are not so clear-cut, and insurance pricing becomes more difficult. Enter Agreed Value and Stated Amount. "Here’s the main difference between Agreed Value and Stated Amount. Stated Amount policies are priced based upon what you say the item you’re insuring is worth. If you have a loss, the stated amount is the ceiling (maximum) the insurer will pay for that item. At the time of the loss, if market data determines that your item was worth less than you say it was, you will be paid less unless you can convice your insurance company otherwise. Agreed Value, on the other hand, is an amount that you and your agent/insurer agree your item is worth ahead of time. The rate you pay is based on this amount, and if you have a total loss of said item, that is the amount you’ll get for it. Generally speaking, Agreed Value policies are more carefully underwritten to prevent the obvious fraud potential. But, from a consumer’s point of view, I’d have to say they are a superior policy. If you’d like a quote on an Agreed Value policy for one of your special belongings, give one of our agents a call." |
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Posted on: 2013/5/30 14:36
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| BillH | Re: Collectors/Exotics Car Insurance | ||
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The Stig Moderator
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Quote:
Really? |
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Posted on: 2013/5/30 14:37
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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Posted on: 2013/5/30 14:40
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| captmike13 | Re: Collectors/Exotics Car Insurance | ||
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Elite Guru
 
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Tommy have you checked out Hagerty.
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Posted on: 2013/5/30 15:10
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Mike| BillH | Re: Collectors/Exotics Car Insurance | ||
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The Stig Moderator
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Quote:
Lot of NCRS guys complaining about their rates increasing every year but some seem satisfied. |
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Posted on: 2013/5/30 15:13
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| BillH | Re: Collectors/Exotics Car Insurance | ||
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The Stig Moderator
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One note, guys who have had claims With State Farm are unbelievably pissed off.
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Posted on: 2013/5/30 15:14
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| 94BlueToy | Re: Collectors/Exotics Car Insurance | ||
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Senior Guru
 
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I just checked into a couple of Collector Car insurance companies and found that:
1) The car must be in a locked garage at all times when not in a car show or in route to a car show. It cannot sit out overnight in your driveway or carport. 2) You can drive it up to 2500 miles a year included pleasure but you cannot leave the car unattended at any time. You may not use it to run errands, go to the mall or any place it would be left unattended. These are their words. |
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Posted on: 2013/5/30 15:19
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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Quote:
http://www.hagerty.com/Collector-car- ... e/Does-my-vehicle-qualify |
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Posted on: 2013/5/30 16:49
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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Quote:
I wouldn't know. I never filed a claim. They did pay well on my 90 Custom Bronco. I had a custom paint rider though. Hurricane Andrew brutalized the paint and glass. They paid for it all except for $500. I could buy an 80's Corvette with what I pay in premiums every year. |
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Posted on: 2013/5/30 16:53
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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I'm in communication with Adam @ NCM. I'll let y'all know the outcome. I sent him some pics of the carport. I'm sure he'll do what he can. |
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Posted on: 2013/5/30 17:00
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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I recently checked out The Hartford too through AARP. Many of those companies will work out if you have them garage kept. Hell, two years ago I didn't have a garage. At least now I have two in the garage. Maybe I'll have to build another garage.
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Posted on: 2013/5/30 17:04
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| Matatk | Re: Collectors/Exotics Car Insurance | ||
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Webmaster
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Quote:
Yes. |
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Posted on: 2013/5/30 23:06
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2002 EBM convertible, Magnusson supercharger, cam, headers, etc. 1989 Corvette...RIP |
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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No go from NCM.
 Living in a hurricane prone zone led to a negative response. Looks like I'll just have to continue to pay if I want to play. I guess I could insure just the two convertibles that sit in the gargage. That would at least offer some savings. PIP/Liability take up the lions share of our insurance. Comp and Collision only add a couple hunderd bucks a year per vehicle. There should be some type of bundling insurance for auto liabily and personal injury, after all, how many vehicles can you drive at one time. Then pay the comp and collision on a per vehicle basis, but that makes too much sense (and too little profit). I feel a Tourettes episode coming on.  |
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Posted on: 2013/5/30 23:39
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| Ultraman | Re: Collectors/Exotics Car Insurance | ||
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2015 Memorial Day Car Show Winner!
 
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.....orrrr you could thin out the fleet and replace with a newer car that you drive all the time because it's so much damn fun.....just thinking out loud......I love your cars but the upkeep has to be a lot of work..I'm thinking.....
 We have 8 vehicles and 4 trailers some personal some business that we pay commercial on.....My State Farm guy never misses sending us a card at Christmas or any of our birthdays even the kids....If I told you how much per month it would shock me...so I can't. |
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Posted on: 2013/5/31 0:58
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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Quote:
I just got a quote from NCM for 2 cars, underwritten by none other than American Modern. Rates are half what I pay State Farm. If I had a 3 car garage built it would damn near pay for itself. |
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Posted on: 2013/5/31 19:47
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| 1Fast04Vert | Re: Collectors/Exotics Car Insurance | ||
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Elite Guru
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Quote:
Enclose the carport? |
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Posted on: 2013/5/31 20:09
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2004 Vert. 475hp. Built by Vengeance Racing |
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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Quote:
I would basicly have to rebuild the carport with metal panels and possibly mount rolling metal doors on the front. I thought about it but a freestanding metal structure might be better. I have room for it. It's just that the cost would be about as much as buying one of the cars. It's something to look into over the next few years. My neighbor wants to build a Garage Mahal. He even suggested we build one back to back on our properties so we could both use the tools, lift, etc. He's a pretty good wrench. You have to be pretty good neighbors to pull that off. I think we actually could. He has a 49 Ford pick up and a 67 Mustang. You could always wall it off at the property line if it came time to sell. I'm sure zoning would have an issue with it as well. |
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Posted on: 2013/5/31 20:56
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| GRIS | Re: Collectors/Exotics Car Insurance | ||
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Elite Guru
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Quote:
I CONSIDERED A CLASSIC POLICY WITH USAA BUT THEY HAD A BUNCH OF RESTRICTIONS AS IN 2) ABOVE. I JUST WENT WITH THE REGULAR POLICY AS ON MY OTHER VEHICLES. IT COST A LITTLE MORE, BUT NO RUNNING ERRANDS? GIVE ME A BREAK. THAT'S A FLYPAPER CLAUSE, DESIGNED TO DISQUALIFY. |
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Posted on: 2013/6/11 15:39
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| TommyT-Bone | Re: Collectors/Exotics Car Insurance | ||
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Chair-man of the bored
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Like GRIS just mentioned. It costs between $15 and $25 a month, depending on which car it is and to use it however we want (outside of track events that we haven't been going to lately because the program is suspended for lack of overseers unless we want to sign up for DE) It's when you have a bunch of vehicles that all adds up. They should have a liability, comp and collision policy on the person. Whatever they drive, both they and the vehicle they drive would be covered up to their insured limits. That way if i drive a Ferrari, I'm covered. If I drive a VW, I'm covered. This makes too much sense though. It's too easy and not enough money to be made by interested parties. P.S. If any insurance companies plan to steal this policy idea, I'm claiming this idea as my own unless somebody has already claimed it. Then it's theirs. Note the date and time stamp posted. |
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Posted on: 2013/6/11 16:02
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| BillH | Re: Collectors/Exotics Car Insurance | ||
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The Stig Moderator
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Quote:
Uh-huh. http://www.homesteadmiamispeedway.com ... ne-2013/PBOC-June-15.aspx |
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Posted on: 2013/6/11 16:07
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