grruminator78

[sm=dontgetit.gif] How are they going to say that there are no restrictions then say you can't use it for picking stuff up. Maybe it is only allowed to be used for driving???? That to me sounds crazy. If you can drive it as much as you want, how will they know where you went and what you put in the bed???

Lumbergh

My thinking as well. But, yeah, they told me I could only use it as a passenger vehicle with no mileage restrictions and no requirement to keep it in a locked garage (also common requirement for classic vehicles). I told them that I wasn't using it as a commercial vehicle (e.g. landscape business), but I was told that any hauling of anything (other than people)would invalidate the coverage.

Rorin67

Yes - there is "agreed value" insurance for a daily driver, with NO restrictions. However, you are going to pay dearly! The name of the insurance company is "Chubb". Go to any "independent" broker and they should be able to find it for you.

The 67 is my daily driver. It is insured with an agreed value policy through Chubb. Never needed an appraisal, and there are no mileage/use restrictions, no depreciation of the car, etc. Heck - they don't even need to see a pic of the car. All they care about is that you pay the premium for the value that you set for the car. In the event of a total loss (totalled, stolen, etc.), they cut you a check for that amount.

But again, you are gonna pay!

my67pony

i have a '67 mustang convertible ,insured for 14000 for around $130/yr
this is just a summer driver

Danas 65

Well, ended up sticking with my insurance company that I use for my wife's car and have had for the last twelve years. They have been good to me and I couldn't argue with the quote. Went with full coverage if only b/c the premium was only $50 more per year. I listed the value at what I paid for the car ($8000) and it is an "Actual Cash Value" policy. But I asked my agent where they get the values for the cars from and she listed off NADA, Edmunds, Blue Book...you know the usual. I did a little digging myself and found that a couple of the site, especially NADA have a section for valuing classic cars and they list the low, mid and hi retail prices for a lot of popular collectors. One of which is the 1965 Mustang, with options listed on my car it is valued b/t ~$7500 - 18500. It even breaks down the option values, in my case, factory a/c adds 20% to the value. So, in short, I am thinking that if they use some of these books, the point could be argued that the powers that be recognize the value of these cars as more than just a 40 year old piece of steel. In addition, an appraisal COULD help bolster the argument in case of a claim. It is a long shot, but I am willing to risk it. Time will tell. I have had one claim in the past with my company and they took good care of me then. I am hoping they will do so again should the need ever arise. Thanks for all the help and advice.

supermanzx9r

not that i am telling you to do this but unhook the speedo cable when you go on a long trip ....just my 2 cent

Rorin67

Didn't know insurance companies were ever "good".

An "actual cash value policy" is a "stated value" policy, which is NOT an "agreed value" policy. With your stated value/actual cash value policy, if the car is totalled or stolen, then they are NOT obligated to pay you the $8k. With your policy, YOU havesimply "stated" that YOU belive the car is worth $8k and YOU will have to defend that position with appraisals, receipts, photos, etc, etc, etc, in the event of a total loss.

If you had an "agreed value" policy, then this means the insurance company has agreed in advance that your caris worth $8k, so that in the event of a total loss, they WOULD be obligated to pay you the $8k without you having to defend the value.

OK, now my head hurts....