Insurance for projects....
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Elder User
Joined: Jul 2001
Posts: 525
Likes: 2
From: Deridder, LA
Insurance for projects....
Gentlemen and ladies,
I am ready to safety inspect, register and get some insurance on my project...it is not totally finish but at least i am riding ...plan is to finish the truck within about 3 years from now...already blown over the proposed spending budget so have to nickel and dime the rest of the way...the big question i have is where have you all bought some good insurance for these classics...i dont want to get ripped off by Allstate, State Farm, Geico or any other big name insurance firm...I know there are some out there and just need some insight on where to start looking...
James
54 Ford F100 302/AOD
01 Ford Explorer XLT V6
01 Ford Supercrew XLT Triton V8
I am ready to safety inspect, register and get some insurance on my project...it is not totally finish but at least i am riding ...plan is to finish the truck within about 3 years from now...already blown over the proposed spending budget so have to nickel and dime the rest of the way...the big question i have is where have you all bought some good insurance for these classics...i dont want to get ripped off by Allstate, State Farm, Geico or any other big name insurance firm...I know there are some out there and just need some insight on where to start looking...
James
54 Ford F100 302/AOD
01 Ford Explorer XLT V6
01 Ford Supercrew XLT Triton V8
Lead Driver
Joined: Apr 2002
Posts: 8,813
Likes: 13
From: Littleton, New Hampshire
Insurance for projects....
James,
Got mine from Sneed, Gerber, and Robinson on my 65 Mustang. You have to provide pictures and you have to have two other cars in the household. I have a stated value $12,000 of insurance for about $168 a year full coverage. I've had GEICO for nearly 20 years, but they won't insure classics for more than liability only. My son has State Farm and insures his 56 Ford Victoria with them with no problems...so he says.
Got mine from Sneed, Gerber, and Robinson on my 65 Mustang. You have to provide pictures and you have to have two other cars in the household. I have a stated value $12,000 of insurance for about $168 a year full coverage. I've had GEICO for nearly 20 years, but they won't insure classics for more than liability only. My son has State Farm and insures his 56 Ford Victoria with them with no problems...so he says.
Senior User
Joined: Feb 2002
Posts: 470
Likes: 1
From: Mount Prospect, IL
Insurance for projects....
[updated:LAST EDITED ON 06-Dec-02 AT 09:43 AM (EST)]I purchase the full insurance on the vehicle, and then I immediately ask them to suspend it.
Example 1- real life:
On my 1965 Corvette (396 Big Block) which has been a project since 1999, I have it insured for $60,000 and the premium would be $700 per year. However I only pay Allstate $5 every six months. Because the car is in my garage, it would be insured if the house/garage caught on fire. It is insured if it is stolen.
Example 2- real life:
1960 corvette that I drive a little, I keep it suspended until I plan on driving it. (about once every two months) Then I call my agent, and have them reactivate it. I end up harrassing the heck out of my agent, but thats his job. They only charge me when I use it.
I have been suspending/reactivating for about 7 years now, and it has saved me thousands on insurance.
Ask your agent about this, I hope it helps you.
Drew
Example 1- real life:
On my 1965 Corvette (396 Big Block) which has been a project since 1999, I have it insured for $60,000 and the premium would be $700 per year. However I only pay Allstate $5 every six months. Because the car is in my garage, it would be insured if the house/garage caught on fire. It is insured if it is stolen.
Example 2- real life:
1960 corvette that I drive a little, I keep it suspended until I plan on driving it. (about once every two months) Then I call my agent, and have them reactivate it. I end up harrassing the heck out of my agent, but thats his job. They only charge me when I use it.
I have been suspending/reactivating for about 7 years now, and it has saved me thousands on insurance.
Ask your agent about this, I hope it helps you.
Drew
Lead Driver
Joined: Apr 2002
Posts: 8,813
Likes: 13
From: Littleton, New Hampshire
Insurance for projects....
Drew,
Wonder if Sneed, Gerber, and Robinson has the suspend option? My Mustang has been in the garage since the end of October and won't come out until next Spring...
Wonder if Sneed, Gerber, and Robinson has the suspend option? My Mustang has been in the garage since the end of October and won't come out until next Spring...
Senior User
Joined: Feb 2002
Posts: 470
Likes: 1
From: Mount Prospect, IL
Insurance for projects....
Vern,
Cant say, but its sure worth calling and asking. I was sceptical when I first heard about it, but my agent at Allstate is who told me about it originally.
Drew
Cant say, but its sure worth calling and asking. I was sceptical when I first heard about it, but my agent at Allstate is who told me about it originally.
Drew
Admom
Joined: Feb 2001
Posts: 9,414
Likes: 201
From: Silver Springs
Insurance for projects....
Drew - Thanks, I learn something new every day on this site.
How did you arrive at the insured value?
Did you have to have the car(s) appraised?
I've been with Allstate for going on 20 years and when I asked them about insuring our '41, the never mentioned the suspending / reactivating thing. Just said we will need to get it appraised. Could be cause I've got a new agent, sad to see my other one go - she really took care of us.
How did you arrive at the insured value?
Did you have to have the car(s) appraised?
I've been with Allstate for going on 20 years and when I asked them about insuring our '41, the never mentioned the suspending / reactivating thing. Just said we will need to get it appraised. Could be cause I've got a new agent, sad to see my other one go - she really took care of us.
Senior User
Joined: Feb 2002
Posts: 470
Likes: 1
From: Mount Prospect, IL
Insurance for projects....
On the 1965,I had it appraised (twice actually, Allstate wasnt comfortable with my appraisal, and demanded a second one, who they recommended)
It is insured for less than the appraisal. (what they call "Stated Value") But only because I feel comfortable if something were to happen , that I could actually justify that ammount should we ever have to go to court.
On the 1960, I stated a value($35,000), and they asked for 4 pictures of the exterior, 1 of the interior, and 1 of the motor. They never asked for appraisal, and I'm not spending the money for it unless they make me.
hope that helps.
Drew
It is insured for less than the appraisal. (what they call "Stated Value") But only because I feel comfortable if something were to happen , that I could actually justify that ammount should we ever have to go to court.
On the 1960, I stated a value($35,000), and they asked for 4 pictures of the exterior, 1 of the interior, and 1 of the motor. They never asked for appraisal, and I'm not spending the money for it unless they make me.
hope that helps.
Drew
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