Hi All

I am curious about what type of insurance coverage I need/want for my 1998 VDP. It was in mint condition when I bought it almost 2 years ago. If (g** forbid) I ever need to use my insurance, I want to have the right coverage.

Isn't there a clause or coverage type for an older or classic car? How do I avoid a "total" that might be worth so little via KBB as opposed to what a well cared for car might be worth? Are fires an issue? Comp only and not collision?

I am buying a 1991 Alfa Spider Veloce this week so the question arises as to what coverage I should maintain for each car.

thanks,

Juiie

 

It doesn't take very much to total one of these cars, because it is so old, because the parts cost so much, and because they depreciate so much. So almost any crash of any sort will total one. For that reason, I don't think it makes sense to have anything beyond liability insurance.

And if it does get crunched, fix it yourself for slight damage, or walk away and buy another one.

 

As these and other 'classic' cars move from depreciated value to 'totaled' you should ask about declared value coverage for both comprehensive and collision insurance. Lots of 'older' cars out there with such coverage.

 

^^^ I have heard this also about classic and modified cars. You will feel ripped off when the insurance company pays you what they calculate that its worth. They will stand by their number unless you do some serious bitching too. I keep liability and uninsured motorist on my Vanden Plas for sure. If it gets totaled and I cant buy it back and fix it, I will move on to my next ride The VDP has been pretty awesome though, except for being a little expensive to work on, and more tedious than American counterparts.

 

Many companies will not allow you to buy back a car they have determined to be a total loss.

You have to ask what your company uses to determine value.


You can get comprehensive insurance as a stand alone product -- Normally not collision.


My convertible was eligible for a classic policy at 15 years - but that was an exception .... I don't think you could get one for a x308. The classic policies have restrictions.

Some policies allow you to "buy up" the value from book a certain amount -- otherwise you need a professional appraisal -- I have 16k on my 02 XJR with 50k. The old rule was once the premium for the Comp/Collision was 10% of the car's value you should drop the coverage.


You could inquire about classic for the Alfa - unless it will be driven like a regular car ..... depending on circumstances the classic policies do not come with high liability levels if you need them

 

My 01 XJR is insured for stated ( $30K) value under a classic car policy.
i also have a Viper on it for stated value of $50K ,0 deductible, and i pay $1200/year for both cars.

Mileage is limited to 5K/year and only for pleasure/hobby/club
BTW, my Jaguar and viper have been insured as classic since they were both only 3 years old ( I first leased them for 3 years under my business and then bought them personally )
The funny part is that when most peoples want to have the lowest monthly lease fee, I wanted exactly the opposite .The only way was to have an insane yearly mileage ( something like 50K)
Result being that I was paying the lease as a business expenses ( b4 taxes $) and bought them (after taxes $) dirt cheap due to the residual values being very low because of the extra milage written in the lease

 

Luc -- Those restrictions effectually eliminate most people from going the classic route. And many companies once you have one classic will allow others that do not meet the initial criteria. It is all about risk .... also most classic policies will allow higher values without an independent appraisal.

The tax code in the US is crazy -- I also own my company and have even used one payment leases ..... but in the past 10 years most years you can purchase and write the whole thing off that year.

At one time I used Hagarty -- they are a great company for classic cars ... unfortunately, once you get into high liability with them the savings mostly go away.

Luc ... I was recently in PR -- nice place

 

There are some online home and auto insurance quotes that you could get. With 2 cars, that might work out well for you. Get comprehensive and collision if it’s in your budget and some places even offer discounts for collector car insurance. It’s going to take some research on your part. Keep at it, I’m sure you can get an affordable deal.

 

i have "american collectors ins" on my 89 saab 900 - agreed value for 8k. they have the 15 year cutoff and also for a slightly higher premium (still a steal) you can request more milage other than the usual 5k offered by classic insurance. however, they didnt require an odometer statement, so i dont know who is checking on that. i plan on shifting my 98 VDP next year over to them for an agreed value of 12k.

 

I own a 2001 XJR AND have owned 3 Alfa Spiders.. small world.

I keep comp and collision because I know they will pay out more than I paid for the car if anything happens (I am patient and usually take quite a long time to find the right car at the right price). Let me know if you have any Q's about the Alfa, I stripped one down to bare metal and know them intimately.

 

Smal world and great taste! And domed, LOL my vdp is amaranth as well!

Thanks all. I will look in to American Collectors. I lie the idea of being able to come to an agreed value... Both my cars have very low miles at purchase (vdp now 64k, Alfa 24k) and I'm not a collector, but plan to keep them a long time...