One thing that I found out the hard way (with a truck I didn't care about)
is that if you do get conventional insurance without collision coverage,
your insurance company will not "go to bat" for you if the other party is
at fault.
As I understand it:
With minor accidents in NJ (a no-fault state), the insurance companies pay
you with no-fault insurance and then they negotiate with the other
insurance company to determine the percentage of fault. If the other party
was 100% at fault, the other insurance company would pay your insurance
company and your insurance company would refund your deductible. If the
fault was declared 75%-25% the other insurance company would pay 75% and
your insurance company would refund 75% of your deductible. Etc.
If you do not have collision coverage, your insurance company will say,
"Not my problem, you can negotiate with the other insurance company
yourself." You can imagine how well the other insurance company will deal
with a private citizen. Then, unless you have blatantly obvious proof of
fault, you will have to go to court and get a judgment before you can get
them to deal with you.
Needles to say, I have collision coverage even though my car is not
presently running. (I occasionally park on the street or limp the car to a
mechanic etc.)
Ed McGuirk
76 TR6
86 Rx7
88 MR2 Supercharged
==============================================
Date: Tue, 18 Jul 2000 14:12:55 -0500
From: "Creamer, Mark" <CreamerM@cintasmail.com>
Subject: Insurance
Yet another question, folks. Are there any special concerns when looking
for
insurance on my TR6 when I buy? Do "regular" insurance companies understand
these cars well enough to protect me and the car without charging me a
premium (no pun intended)? Or is there something valid to these so-called
classic car insurance specialists?
Looking forward to the day when I can contribute here more than I ask ;-)
Thanks!
Mark Creamer
TR6 TBA
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