Hi Jack,
I am an agent for Allstate. You might want to try us. I have many
customers (including myself) who drive older, antique, and classic
vehicles, and we actually have three different ways to cover them.
They can be rated as regular vehicles, where settlement is based on an
Actual Cash Value Basis. Or they can be rated as antique cars, if they
are not used to drive too and from work, and used for shows, parades, and
other public interest functions. (I insured a '29 Model A using this
method)
Or they can be insured as classic cars, where settlement is based on a
stated value method. This is what most people do who own vehicles that
are appreciating in value. They are rated by us as new cars that are
worth "x" number of dollars. Some of the vehicles that I have insured
over the years using this method are a few '66 mustangs, '68 GTO, '46
F**D Coupe ($18,000 value), '49 Chevy AD Van ($29,000 value), etc....
The '49 Chevy Van was memorable because it had been totally rodded with a
z-71 corvette engine, and had won ribbons at the Darrel Starbird's Rod
and Custom Show.
We depend on the customer telling us how much they want to insure it for,
but of course you may need to back up that stated value with receipts, or
appraisals at claim time, if the adjuster questions the value. A $50,000
1951Chevy 5 window would definately need some documentation versus say a
$5,000 one. But the good news is that you can easily change the
insurable value of the vehicle as you put additional $ into the vehicle.
Everybody should keep a file of their receipts of the $ they spend on
their vehicles, and before and after photos are great. Also, I have seen
classic car books that are similar to the NADA books, and these are
helpful in determining the value of your vehicle.
One thing is for sure, the older these vehicle become, the more valuable
they are.
Hope this helps.
Larry
'51 Chevy AD, 5 window
OKC, Ok
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On Wed, 20 Oct 1999 09:25:24 -0400 "jack halton"
<safesix@worldnet.att.net> writes:
>Well it's time to renew insurance and I'm finding that all of the
>companies
>that advertise the free quotes (guaranteed to save you money or you
>get a
>free calculator) are totally clueless when it comes to figuring a rate
>on an
>antique vehicle. Either they just won't do it, or they have to submit
>a
>request to some byzantine underwriting department and it could take up
>to a
>week to get a quote. I have visions of some guy in a dark basement
>office
>working on a manual adding machine, surrounded by stacks of old
>ledgers,
>working with an inkwell and quill pen. One company actually asked me
>the
>original sticker price of my '51 GMC and tried to figure depreciation!
>
>I used to drive this truck to work every day, when it was a beater.
>But over
>the years I have sunk so much time and money into it that it's worth
>considerably more than what it was originally valued when I bought the
>policy. Unfortunately, they won't increase that stated value without
>an
>appraisal (which I would have to pay for) and the only place that does
>appraisals locally gave me a guesstimate (no charge) which is way
>below what
>I would have to pay to replace it, if it were totalled or stolen.
>
>Of course I've procrastinated on renewing my policy, so only have a
>couple
>of days to either find a new insurer, or stay with my current plan. I
>have
>another car I use for a daily driver these days, they can all insure
>that
>one with no problem, saving me some money as well. I guess I could
>insure
>the truck with another company, but would rather not hassle with two
>insurance carriers.
>
>Does anyone have any recommendations for an old-truck-friendly
>insurance
>carrier who is familiar with these types of policies? Or any list
>members
>who actually sell insurance, who can help me get a fair stated value
>policy
>on my truck?
>
>Jack / Winter Park FL
>
>
>
>oletrucks is devoted to Chevy and GM trucks built between 1941 and
>1959
oletrucks is devoted to Chevy and GM trucks built between 1941 and 1959
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