O.K. I'm not lurking any more. I suppose I should share what I know about
the issues being discussed on the insurance thread.
I'm aware of the speciality carriers who focus on the collector/special
interest car market. They recognize that collector/special interest cars
are actually a relatively low-risk proposition. (We're pretty much nuts
about our cars, so we take good care of them.)
However, several of the major carriers also recognize that fact, and it is
reflected in their rate structure.
So, why are the speciality carriers' rates significantly less? Usually
because they have included strict restrictions on the use of the vehicle.
This is another one of those areas where "if it seems too good to be
true...".
Its not really good enough to simply rely upon the anecdotal stories we
share on the internet, or the interpretive summary given by an agent. We
really need to examine the language of the contract (the policy) to be sure.
If it says coverage is restricted to a particularly narrow type of usage,
then we would be wise to expect claims to be handled that way.
In my case, I've looked at some, but not all, of the specialty carriers'
programs and have opted to insure my LBC with a major carrier who offers
full-time coverage with no restrictions on use. I'm paying a little bit
more ($103/year for $5,000 stated amount), but I'm not worried about having
a collision claim denied because it occurred while going to buy a gallon of
milk.
Please note that I'm not endorsing any particular insurance company. I just
wanted to share my experience with my fellow listers.
Mike Coop
Michael Coop Agency, Inc.
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