Insurance

[glennard]

Any ideas on antique type insurance for a '64 230SL.  Currently with J. C. Taylor in Philly for about $90/year.  Am I covered properly?

[bluedipper]

Get an appraisal.  This is almost as important as getting the insurance in the first place.  Even with antique coverage some of these insurance companies will try to stiff you by maintaining it was just an old car.  It happened to my sister who drove a fully restored classic 65 Mustang.  When some nut hit her and totaled her car the insurance company offered her a few hundred bucks and refused to budge.  She finally remembered the appraisal, showed it to them and put an end to their objection. They paid up, full price.  It's cheap and a very good investment.  I feel better about driving the car knowing it can be replaced.

Chuck

[mdsalemi]

Try Hagerty.  They don't have some of the restrictions that JC Taylor has (in terms of where you can drive).  They also have "defined coverage" where with an appraisal, you can choose the level of coverage you want.

http://www.hagerty.com/

Michael Salemi
1969 280SL
Signal Red w/Black Leather
Restored

[glennard]

quote:Originally posted by bluedipper

Get an appraisal.  This is almost as important as getting the insurance in the first place.  Even with antique coverage some of these insurance companies will try to stiff you by maintaining it was just an old car.  It happened to my sister who drove a fully restored classic 65 Mustang.  When some nut hit her and totaled her car the insurance company offered her a few hundred bucks and refused to budge.  She finally remembered the appraisal, showed it to them and put an end to their objection. They paid up, full price.  It's cheap and a very good investment.  I feel better about driving the car knowing it can be replaced.

Chuck

What, where, why, how, etc. to look for in an appraiser?  Thanx

[hauser]

I renewed my policy with Hagerty just last month.  I also increased the insured value without any appraisals. Next year I'll probably bump the coverage up again.

1969 280sl 5 spd        1999 ML320          Gainesville,Fl.

[Malc]

For those of you in the UK Insurance can be tricky.
If you do not get your vehicle valued and you unfortunately have an accident the vehicle will be valued at "market price" which will be very low due to the age of the vehicle.
In addition you may not be able to "buy" the remains off the insurance company even if the damage is minor it may be written off due to age and the retail cost of parts and labour. IE a dented wing which you could fix yourself

Make sure your insurance allows you to have the car valued and you have buy back rights.

That said I have a policy which is fully comprehensive, unlimited mileage, with vehicles of agreed value, plus buy back rights for £639 a year sound a lot but I do have 9 cars on this policy!

Cheers
Malc

[mdsalemi]

quote:
What, where, why, how, etc. to look for in an appraiser?  Thanx

Start with you local MBCA chapter, and ask the board.  If that won't work, try any local car clubs for any marque and ask.  Go to the restorers in your area that work on any old cars.  You will usually be able to get one which values the car at what you want.  However, don't think you can fool anybody--try and be somewhat realistic, even if you are on the high side.  If you ask for valuation of a 113 at $150,000--you might actually get it but good luck if you need to collect.  I think they call it fraud.  As a last resort the insurance company you choose--if they specialize in classic or antique insurance--might have a list of appraisers in the area.  You may not need an appraisal at all depending on the coverages you require, so it doesn't hurt to ask.

With Hagerty I needed an initial appraisal, a detailed questionaire had to be filled out, and photos had to be submitted as well.  When I bumped up the coverage this year, I did not require any other documentation.

Michael Salemi
1969 280SL
Signal Red w/Black Leather
Restored