In a message dated 6/12/00 5:36:01 PM Eastern Daylight Time,
jeffpen@netrax.net writes:
<< hello group, im one of the new ones in here. just got my totally rebuilt
66 MGB about a month ago. went to my state farm agent who has my home
and two other cars insured
no problemsm, in that the cost is about 120 a year and the insured value
was for twice what i paid for it which is quite adequate. he took
pictures etc and the car has antique tags on it. im in pennsylvania so i
guess each state is different. this policy is a 100 dollar deductible
too. keep checking around for best plans >>
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Welcome to the list, Jeff. And another Pennsylvanian!
The discussion about insurance has been going on since I joined the list two
years ago. (And probably a lot longer!) The problem with State Farm
insurance on a classic car is not the rate. State Farm gives you a *Stated*
value of the car. That means, in the event of a total loss, they will pay
you UP TO that amount, as THEY see fit. If they determine that your car had
a ding in the fender before the accident and the engine was leaking oil, they
knock down the value.
What I have with Hagerty Insurance is called an *Agreed* value policy. The
insurance company and I have AGREED that in the event of a total loss, they
will pay me $5,000 (in my case) with no questions.
Hagerty has no deductibles and my coverage is $99/year, and that includes
coverage on spare parts kept in my garage, and an annual increase in the
value of my car. To get this classic coverage you must have another car that
is your daily driver, and they don't want you to drive the classic on a daily
basis, like going to work.
Allen Hefner
SCCA Philly Region Rally Steward
'77 Midget
'92 Mitsubishi Expo LRV Sport
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