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Post by drwingtipshoes on Jul 7, 2010 14:24:30 GMT -5
Well, I've been driving this new convertible around town for about a week and I really hated to put a Historical Plate on it - it's just so much d**n fun!!
Hagerty is charging me $150 on the coupe (declared value of $5,000) per year.
So I told my agent this and asked "what's the best rate I can get as a daily driver?". She hooked me up with Frankenmuth (Hey! Isn't that a GERMAN name?) at $100/6 months with a declared value of $10,000!
So for only $50 more a year, I get to drive it anytime and I have twice the replacement coverage! $500 deductible on Broad Collision and Comp too!!
Good deal, I think.
See Courtney at Insurance Network in Battle Creek.
I put the old MEIN KG vanity plate from the yellow coupe on the convertible.
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Post by bren on Jul 7, 2010 16:20:53 GMT -5
$100 for six months or $100 per month?
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Ruffuss
1600dp
Posts: 2,795
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Post by Ruffuss on Jul 8, 2010 3:53:54 GMT -5
I have JC Taylor and like them a bunch, great rate, good coverage, no mileage limit and NO deductible, Ruffuss is covered for 12 grand, no deductible for $128 per year storage 3 months can drive for 9 months but I don't.
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Post by drwingtipshoes on Jul 8, 2010 7:34:53 GMT -5
$100 for six months or $100 per month? $100 for SIX months. $200 per year.
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Post by drwingtipshoes on Jul 8, 2010 7:36:59 GMT -5
I have JC Taylor and like them a bunch, great rate, good coverage, no mileage limit and NO deductible, Ruffuss is covered for 12 grand, no deductible for $128 per year storage 3 months can drive for 9 months but I don't. Boy Kenn, that sounds like a GREAT deal. The more I hear, the less impressed I am w/Hagerty.
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Ruffuss
1600dp
Posts: 2,795
Joined: Jun 25, 2008 19:13:16 GMT -5
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Post by Ruffuss on Jul 8, 2010 14:24:31 GMT -5
Yeah! They(Hagerty) contacted me and offered "The best deal around" At $210. Told him No Thanks and when he asked why. I gave him the deal I was getting with JC Taylor(I've had them for 20 some years), he said I was full of **** Guess what my reply was? $@^!*%@. Thank you very much. I can show him or you the policy to prove the point. I first got them through Hub International but now deal with JC direct.(saved the brokeage fee).
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Post by drwingtipshoes on Jul 8, 2010 15:31:44 GMT -5
Calm down Kenn. Take a deep breath. You don't have to prove anything to me, but let's talk more this w/e. I'm thinking about selling my 74 and have my eye on another. I might wanna try JCT then. Thanx for the story. You're my kinda guy....
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MikeH
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Posts: 641
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Post by MikeH on Jul 21, 2010 14:45:41 GMT -5
Downloaded from the JCTaylor website:
"Be used primarily as hobby vehicles: used in exhibitions, club activities, parades, or other functions of public interest. An occasional nice day drive to keep the vehicle in running order is perfectly acceptable. We do NOT impose a mileage limit on our Antique/Classic Auto Insurance Policy. However, we do use a very reasonable underwriting limit of 2500 miles."
While they say they won't deny coverage on miles over 2500 it does appear that their policies are not for daily drivers. This is the only reason I use Hagerty.
I pay $238 annually as a daily driver, unlimited miles, includes towing. Not sure about deductible. I think it's zero but don't have the policy in front me. Declared value on my KG is 12K.
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Post by 81pumagtc on Jul 22, 2010 9:06:21 GMT -5
Still a fan of Haggerty here...I have $10,000 on the Pig of Plastic and can drive it 5,000 miles a year. No historical plate.
You have to submit a few good photos every few years, and there is no quibbling if folks have an accident. I have heard horror stories about folks using regular companies with a stated value, and then there is a "problem" when an accident occurs. It usually has to do when a car is significantly overvalued by the customer. Even if a car is damaged, they can get a very good idea about the condition and value of a vehicle. Apparently assigning a value to a car significantly over market value and totaling it sends off all kinds of flags and warnings, and can even be construed as fraud with companies that are not used to collector vehicles.
When I had to insure the race SAABs through the years, I actually had to get a certified, professional appraisal every few years as to the value. These guys were good, but it usualy cost a little over $100 every other year. Now, most of the specialty companies employ their own.
One note, the police are really cracking down on incorrect historical plate usage...as they should. These are not for use with vehicles that are used on anything close to a regular basis. They are supposed to be used for go to parades and shows, really nothing more. If you get caught on a Wednesday morning, in a lot of places you get a ticket. Apparently they got several street-rod guys a couple of days ago here in Lansing going to a breakfast.
Dave
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Post by ghiastein on Jul 22, 2010 13:23:38 GMT -5
You guys are starting to freak me out. I have JC Taylor insurance on my Ghia at $10,000.
The reason I went with them is because they were cheaper than Hagerty at the time. I got laid off of work in March and I wanted to drive the Ghia as an around town car. The Ghia is easier on gas than my truck.
Last year I drove over 7000 miles in the Ghia the Hagerty mile limit scared me. JC Taylor did not impose a mileage limit. They also stated that I can use the Ghia for a nice day drive. I also did not understand the "We do use a very reasonable underwriting limit of 2500" Since they do not ask for your current miles on the car. How could they check?
So far everything is fine I have been driving the Bus way more than the Ghia and the Bus has regular liability only on it. I do not believe that I have driven over 2500 miles but I have no way of confirming it either.
So if its a weekday and sunny I drive the Ghia to work its only 13 miles one way. Am I in trouble? I have historic plates on it. Yesterday on my way to work a cop followed me for about 5 miles, nothing happened.
Do you guys feel that my $10,000 insurance value is to much for my Ghia? I went with that amount because the Ghia being a seamless hand made car, any accident body repair would be costly. So this way I can just replace my Ghia. I just don't want to get screwed.
I want insurance that will let me drive my car when I want to drive my car. I do not want any kind of mileage limit. I want to specify a value because my Ghia is worth allot to me. Any Ideas?
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MikeH
1600dp
Posts: 641
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Post by MikeH on Jul 22, 2010 15:09:30 GMT -5
To my knowledge they don't value cars based on the cost to repair so 10K for the yellow ghia is a stretch in my estimation. It wouldn't take much of a hit to total these tin cans unfortunately.
Stated value will be used to calculate a rate but if the car gets totalled you can pretty much guarantee the insurance company will pay based on a "market value" study they conduct or some other appraisal regardless of stated. I don't know of any company that will just pay up based on what you said it was worth. So if you overstate the value your just paying extra for nothing.
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Post by 81pumagtc on Jul 22, 2010 15:12:34 GMT -5
AJ-
The type of coverage you are looking for comes at a cost. I'm pretty certain you are sort of pushing the limit on your coverage, since you are driving it to work on a regular basis...the "sunny day" thing really means nothing.
Colector car insurance is predicated on the fact that you won't drive your car to work, that you won't drive it in the snow, and that you won't drive it on a crappy, rainy day. They feel that you are driving your baby, and you will be very safe with it. I drive mine for work occasionally, but not that often. My Haggerty allows me 5,000 miles, but I had to ask for extra mileage because I travel further to shows.
Also, just so you know, if your car is damaged, you do not automatically get $10,000 for it. The insurance company won't spend more than $10,000 to repair it. If you have significant damage, usually you get together and talk. I had a 1975 Lincoln Mark IV that was just magnificent. Caught fire under the dash. They felt that they could not economically repair the car to my satisfaction, and paid me what I insured the car for. If they felt that they could repair it for less, they would have done it. As it was, their repair cost for all new parts and labor was higher paying me off for it. When you factor in that the car was then brokered for parts, they probably came out very close to even.
Value of the vehicle for parts also plays into this. My car, which had only a damaged dashboard and damaged seats (left the car windows open for storage) was a mother load of parts, including very rare anti-lock brakes, a perfect 22,000 mile car that had never seen winter, and had all options available for it in perfect condition. Parts were easily worth half of the stated price.
The stated value only means that you and the insurer have settled on a value for the vehicle if it becomes necessary to write-off the car. This also means that they won't give you market value for your car, since in most cases it is worth far less than what you have it insured for. What is a '70 Ghia worth on the NADA? A thousand bucks?
As for the your use of a historic plate...you are violating the law. Period. There is no grey area here. These plates are to help the hobbyist reduce his or her annual cost of pursuing this hobby. In exchange for giving you a significant reduction in the cost of registering and licensing your car, you agree that you will only use it for a very specific set of circumstances. This has nothing to do with your insurance and your use policy with your insurer.
When you use a historical plate, you agree that your car is more than 25 years old, owned solely as a collector's item, and used only for events such as historical club activities, parades and car shows. You also agree that a vehicle registered with a historical plate cannot be used for routine transportation. (I.E. driving on a sunny day to work.)
Those term are directly from the Michigan SoS.
In 2007, they wrote dozens and dozens of tickets at the Woodward Dream Cruise for participants because it is not a sanctioned club activity, and is not a parade. Everyone who challenged the tickets lost. I don't know how much the fine is, (expensive I think) but I do know that you have to surrender your plate, and you can't get another one for that vehicle.
Sooner or later you will get popped...and now that the state is looking for more revenue, the chances of detection raise every year. After all, they charge $30 for 10 years. I'll bet you pay close to $50 per year on a Ghia for a regular plate.
Dave
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Post by ghiastein on Jul 22, 2010 18:00:25 GMT -5
Well thanks for the info everyone. I have more to think about now. I have insurance until March 2011 on the Ghia. I will do more shopping then. I just want to enjoy driving my cars and not get screwed during an accident. I don't want limits but I don't want to pay lots of money to enjoy my car either.
I know that I am pushing the historic plate thing and I may look into regular tags when its time to renew my regular cars.
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Ruffuss
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Post by Ruffuss on Jul 22, 2010 18:25:09 GMT -5
B.S. !! I asked if there was a limit on mileage and was told NO!. No deductible, No limit on driven miles, no time limits and No questions. Like I said I've had JC Taylor for the better part of 20 years, had a claim about 10 years ago. They wrote the check and I had it my hot little hand in less then a week. Cost didn't go up the next year(actually went down). That check sure helped in resto. The only limit I have is driven 9 months, storage 3. I normally store it way before the limit is up on driven time. I don't have historic plates, or year correct either. I have the # if anyone is interested, Pm me for it. Even have the agents name and extension. Kenn
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Post by 81pumagtc on Jul 23, 2010 0:30:37 GMT -5
Kenn:
You may have regular insurance rather than their "collector car" insurance. Tough to argue what their own website says about it. Underwriters (the folks who actually write the policy) actually control the price of the policy and the terms and conditions. Agents then have sway with underwriters. Would not surprise me at all that you are getting a fantastic rate based on your 20 year history with only a single claim. JC Taylor is an outstanding company. Never heard a negative thing about them, ever.
I know that every time I have insured a classic car, I have had to show that I had an insured daily driver to show I was not going to drive it every day.
The stated value thing is a little different. When I first started driving collector cars, I had to get at least one outside appraisal and they provided a good valuation for the car. If I thought it was worth more money, they were happy to insure it at that value, but I had to pay more.
The last couple of cars that I have insured through Haggerty have been different. These guys really knew their stuff. I was asked to supply a number of photos, and they based everything on the photos. With the Mustang SVO, I was asked to provide additional photos of the engine and interior, and was asked to sign a piece of paper saying the engine was not significantly altered...like a 302 instead of the turbocharged four.
With the Puma I was asked about the history of car, and if it was indeed a kit. It would not have made a difference had it been a kit, but I think it lowered the price a bit when I could prove the car was built in Brazil, and that it was indeed a factory built car. They did ask for a photo of the engine serial number.
They have always asked where the car was stored, and if it was a wooden structure, etc.
One thing that they were adamant about was that they would not insure any Cobra, GT40, or any other car of that type. I guess losses on them are terrible, and I understand it can be virtually impossible to pay a reasonable rate for something like that.
While I have a 5000 mile limit on my car, I can drive it all 365 days a year if I want to. It actually came in handy when I trailered the SVO to Texas for a meet in December one year.
One thing they do mention is that racing is specifically prohibited. I have always wondered about things like the test and tune and the dragstrip. Even though you are not technically racing...
It's not worth finding out if I am actually covered. I have heard horror stories about guys who were vintage racing, crashed their car, and tried to claim it. These folks get darn serious about things like that. I knew of a guy who bought a Ducatti motorcycle, did not insure it and dropped it. He then insured the bike, filed a false claim and tried to collect on the $5000 bodywork. He got caught, and my understanding was that the company kept the $1300 premium in exchange for not having him arrested for felony fraud charges.
It is, after all, a business. I kind of like it that they treat me well because I have a funny little car, and charge me less because of it. I'm more than happy to live with a few reasonable restrictions.
Dave
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