I have my car (68 convert) insured and I'm being told by the insurance company that if it is totaled they will pay only the fair market price for the car, which according to them is only a few hundred dolllars. I paid several thousand for it and I have the sales receipt but the insurance company says that doesn't amount to jack squat. I checked into a couple of classic car insurance companies but they told me my car didn't qualify because it is not "worth enough". What to do?

 

Who is your insurance company?
I have State Farm and they give me a rate based on what I declare the value to be. I am not yet recommending them to you because I am not completely clear as to my level of coverage but from what you are saying, I would certainly try calling some other companies... maybe geico or progressive?
Seems like any 68 Convertible has to be worth a decent amount.....

By the way, I hate insurance companies. But they are a necessary evil and when they do pay a claim, you will be happy you have it. I have stayed loyal to State Farm because they have always been good to me. Even though it seems like I pay a premium for their coverage.

Good luck with this. I am sure you will get some good feedback on this soon.

 

Check around there are some companies that will insure for the value of the car not just the market value and yes insurance companies are the debil! We have to have them and even though you pay your premiums for 15+ years with no claims the time you do have one they will fight you the whole way. For example my truck was broken into smashed window with after market tint($30), stolen aftermarket radio($500). They said well since you added those we aren't going to cover those, I fought and fought with them on this. Finally said fine buy me a new Ford Factory deck for it, they wantedto go to salvage since it was a 3 year old truck told them NO! you will pay for a new one. Truck was three years old they said they depreciate it $20 a year so -$60. They eneded up cutting me a check for just over $1200 for a Ford radio. I wanted $530 for tint and repace the Alpine I had, they had to pay $mor ethan double that becuase they are idiots!

 

i need to change insurance companies, if my car gets totaled they will give me 40 bucks

 

I just talked to my State Farm agent. Here's the lowdown.

First,for any classic car or special build, get an appraisal.

Second, take plenty of pictures of the engine, interior, wheels, basically anything special or upgraded, and pictures of the car itself from any angle.

Yes, if you have a 1944 Truck that is rusted out, unrestored, they will give you a buck for your trouble, even though the market worth is much higher.

She also said they insure up to 27,000 without the appraisal, but then I'm sure you'll run into their estimate of value vs. your estimate of value.

Also, your cars ARE NOT covered by your house insurance. When you have a car torn down the parts are NOT covered by your house insurance OR car insurance. Only the parts on the car are covered. She made that very clear. She had just come back from a visit to a fellow who had several classics in his barn. He had assumed that the house insurance covered the cars in a fire, theft, etc. They weren't covered at all.

Another FYI. If you keep your CDs in the car, say in a 6 CD changer, they will pay you for ONE CD in the event of a theft. (Hence the reason my kids now use their IPods).

Thats all the information I got this morning while insuring the new coupe.

 

Every car is insured for market value. But market value is not necessarily what their books say. They are looking at a 68 Mustang as a 39 (almost 40) year old car, not a treasured classic. Get an appraisal and send it via certified mail to you insurance carrier, then you have established market value. If something happens to your car, and they try to tell you it's only worth a few hundred dollars, you can fight it in court and you will win, but it will take a while and cost a fair amount in legal fees (which you get back once you win).

Everybody cusses lawyers, but mine is a very good friend of mine that has helped me tremendously. Find a good one and treat him/her right and you'll be better off in the end. There's someone waiting to screw you around every corner, be prepared.

 

True story.

When I was in high school (late 70's/early 80's) I had a '69 Vette. I got hit from behind and it knocked the rear clip off the car, I had to hold it on with duct tape. Took it to Allstate (the guy's carrier) and they told me it was a total, worth about $1,100. I told them to kiss off.

My dad's lawyer made one call and amazingly they upped their settlement offer to $3,600. After the dust settled, I got a new rear clip, installation and a complete color change paint job (jambs and all).

Don't give in to insurance companies, they'll cave when confronted by an attorney, since insurance companies usually lose in court against individuals.

 

i have a question how much are yal paying for your insurance?

 

Anybody ever heard of Hagerty or other Classic car Insurance companies???
They Insured my buddy's 1966 coupe for about $200 a year out the door. They have some restrictions like it cant be your daily driver. But if you look at their website and qualify they are pretty comprehensive on what they cover. The have an agreed value policy. Cover glass and towing.
Not advertising for them and am in no way promoting them but it may be worth a look...

 

I pay $60 a month - that's through State Farm, and I'm sure it's probably gonna be one of those "oh, your car is totaled? here's 200 bucks. thanks for using state farm"

Oh well...I can't afford some ridiculously expensive classic insurance or anything