Kevin B. Rhodes wrote:
> My regular
> insurance company (Geico) will gladly insure it for ~ $180 / year - but
> they tell me that they will only give me "a couple hundred dollars - it's a
> 1974 auto" if it is totaled.
This would be true if the car is in average shape for a 1974. If for example
you
dump some money into new tires or engine and have the receipts the insurance
company will adjust their "offer" accordingly.
Remember, claims are a negotiation process. You do not have to accept the
offer. If you do have a major claim, the companies first offer will be low. As
long as you are not unreasonable the company will negotiate.
That aside, you have to determine your risk factor. Personnally, I drop
collision and comp when the premimum reaches 1/10 of the value of the car. If I
"buy" a utility pole or the car burst into flame in the 7-11 parking I'm out of
luck.
However, if the car burst into flames in my garage or is stolen from the garage,
my homeowners policy covers it. In theory, if I replace the car within one year
they will pay the full replacement price.
When my TR4A is ready to insure, I plan on getting regular liability as a third
car. Cost, $600 dollars per year. This may seem a little high, but my agent
said add and drop the coverage with just a phone call. Assuming I use the car 6
months out of the year, it will cost me $300 each year for insurance. No
restrictions. Well, they won't pay for damages if I am racing the car.
Peter Thomas
CTC 66803 LO
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