In a message dated 8/19/99 21:53:26 PM Eastern Daylight Time,
mdmiles@home.com writes:
<<
> Onto the question of insurance. The company I use has insurance they can
give
> me for the Morgan. I am guessing from reading responses here that it is
> collectors insurance. The problem is they need documentation of my cars
> value. Where the heck do I get such a bird?
>
> Kat
> 67 +4 four seater >>
"Great American" insurance has an "agreed value" policy on mine. They ask
you what value you want to pay insurance on. Using the rhetorical example of
$17,000 for a 1966 4/4, they check to see if that's in the ballpark, and then
base your annual premiums on that value. Classic car insurance companies
know what most cars are "about" worth. If you want $20,000 coverage, well,
you'll pay premiums geared to a $20,000 value. I haven't tried, but I'm
sure you couldn't get $40,000 worth of insurance for '66 4/4.
You'd think insurance would be a commodity, sort of like gasoline; everybody
sells about the same thing and charges about the same thing for it. But
there's actually a huge range of possibilities depending on what business the
company wants to be in.
I scared myself to death once; bought a 1984 H-D ElectraGlide brand new
totally on impulse, then went to get insurance. My regular insurance company
wanted $2300 a year (and me with a perfect driving record for 15 years.) The
next company I tried wouldn't touch it. Dairyland (which used to be sort of
a low-rent, we'll-insure-anything company - don't know what they are now)
wanted $1500 a year. I thought I was going to have to take the thing back to
the dealer in tears, then I thought "Wait a minute. How do all these grubby,
hairy biker types who work construction all week so they can ride on the
weekends afford insurance?" So I went to a custom Harley chop shop (looking
like a French poodle at a junkyard Rottweiler convention) and asked some of
the guys where they got their insurance. All said the same
thing..."ALLSTATE". Checked the friendly Good Hands people, and rode out
with a full coverage policy for $400 annually. Funny thing is, I keep going
back to them in gratitude trying to insure other things (like a Morgan) and
they won't touch it.
Keep looking; someone in the insurance business out there wants your money....
Lannis
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