Author Topic: Insurance (Read 9277 times)

TFM · « **on:** August 21, 2007, 09:39:53 »

What are you paying for insurance for your SL - just bought a '69 280SL and tried to insure it through Allstate (they do my other cars, house etc), but they want $1200 per year even though I probably drive less than a 1000miles.

Any indication of what you pay and if there are specialty oldtimer insurances out there would be greatly appreciated

Rolf · « **Reply #1 on:** August 21, 2007, 09:56:10 »

There are several threads on this forum pertaining to auto insurance. Use the search and you will find them. I use Hagerty and pay about 180.00 a year.

Here's a link for you.
http://index.php?topic=4693+insurance

Rolf
1966 230SL Auto
1992 300D
1991 FLHS

john collins · « **Reply #2 on:** August 21, 2007, 19:16:36 »

I also use Hagerty, and I am paying about the same ($180). I have been an insurance adjuster for 16 years, and my best advice is: find a policy that will pay you a specific amount if there is a total loss claim. Many policies sound like they would do this, they sound similar, with names like stated value, agreed value, etc. What most policies do is agree on a value of the car at the time the policy is written, but the policy states that the determination of the actual amount of the loss will be done at the time of the claim. This can really be a let down, if the car is stolen, and the company tries to give you the "average" amount for that make, model, year...

Documentation is key. Make sure you keep a file on the car, repairs, restoration, photos, etc.

Many of the classic car insurance carriers have restrictions on days of the week you can drive, number of miles, etc. Hagerty does make sure that you have a primary vehicle, and they do want to know the amount and sort of mileage. Otherwise, they are very open.

John

Patrick · « **Reply #3 on:** August 22, 2007, 04:09:42 »

I use State Farm with a specific "19A" clause that sets the value of the vehicle at the current appraised value which I have done annually. Insurance cost is approxiamately $200 with no restrictions, as long as it is not used as a daily driver. The cost of the initial appraisal was $100 and now is $50 each time I take it back. The appraisal is important as the value has more than doubled since we first bought the vehicle. Our appraiser has suggested we go with Haggerty or someone similiar due to the fact that State Farm has a reputation (in our area)for not settling as promptly as they should.

Chad · « **Reply #4 on:** August 22, 2007, 21:08:54 »

Thanks for the info John. I looked into my policy today and discovered some of the pitfalls that you described.
Apparently Hagerty has the good policy? What specific details/type of policy might I ask for when calling about it?

1967 230SL

dasvinger · « **Reply #5 on:** August 23, 2007, 21:32:36 »

Hagerty Insurance,full coverage aprox.$1500.00 US
'55 300SL,'67 250SL,'55 Corvette
All on declared value,with appraisals and photos supplied when I purchased the policy.Two reductions in premiums since 1997.Great to do business with.
Fred... North Carolina

Cees Klumper · « **Reply #6 on:** August 25, 2007, 16:34:37 »

I used to have mine under full (collision, theft etc) coverage, and paid about EUR 800 per year for that. That came with a number of restrictions, on the number of kilometers driven per year, where I could park it at night, and an annual checkup of the class 3 alarm at a qualified shop. After a few years, not getting the annual check up done because I considered it to be too much hassle, and worrying about just how much I would actually get if the car were indeed stolen or totalled, I decided to just go with liability coverage. So I am taking the chance. I have had the car for 8 years now and will probably keep it another 20 (health and finances permitting). In those almost 30 years, the savings on the insurance premium (I now pay about EUR 90 per year; the policy is with Mercedes Financial Services here in The Netherlands so I figure they will probably take good care of me) plus interest would pay for another Pagoda. So what are the odds of a total loss in 30 years ...

Mind you, one of my daily drivers (an Alfa Romeo GTV V6 turbo) was set ablaze one night in 1998 while parked outside my home on the Amsterdam canals. It was a company car and the admin person who took care of all of the admin stuff told me that they were self-insured, and in the 15 or so years he had been involved, this was the first such incident across the 2,000+ car fleet ever.

Cees ("Case") Klumper in Amsterdam
'69 white 280 SL automatic

Sigman · « **Reply #7 on:** August 26, 2007, 02:54:05 »

I have Hagerty and I only pay $450 per year for an agreed value of $50K.

Not bad at all.

Cheers,
Michael

--------
Michael Lara
www.mikelarasgarage.com
1969 280SL 4-spd
717 Papyrus White w/ Dark Blue Leather

enochbell · « **Reply #8 on:** August 26, 2007, 04:56:46 »

Thanks for the advice, just got Hagerty quote for $220 for agreed value of $25k. Just need to take some pics this weekend and get the insurance binder on Monday. This saves about $1k per year over my family car Nationwde policy.

Best,
g

'64 230sl, fully sorted out...ooops, spoke too soon

TR · « **Reply #9 on:** August 26, 2007, 08:25:29 »

Greg, Michael -- Any restrictions on your Hagerty policies?

Tom in Boise
'71 280SL 4-spd, signal red w/lt. tan interior, restored/enhanced

enochbell · « **Reply #10 on:** August 26, 2007, 13:26:01 »

Re: restriction on use with Hagerty:

Yes, there are restrictions but they are not nearly as severe, in my read, as the restrictions on other "classic car policies". You just have to prove that it is not a daily use vehicle (you must show another registered car for each household member)and you need to declare an annual mileage that reflects pleasure use only, and it has to be kept in a fully-enclosed, locked garage at your residence. But the way I read the policy nothing would prevent me from driving over to pick up our Friday night Mellow Mushroom Pizza. Such use IS restricted on other policies. If anyone else has an interpretation that is different, I would be interested in hearing.

Best,
g

'64 230sl, fully sorted out...ooops, spoke too soon

Rolf · « **Reply #11 on:** August 26, 2007, 14:07:10 »

When I applied for Hagerty, they asked me how many miles for shows and the like, plus how many miles for pleasure driving. I told them 3,000 miles for each and had no problem. Other companies stated for show or training use only. Gave them three pictures and the value of the car, no professional appraisal was required.

Rolf
1966 230SL Auto
1992 300D
1991 FLHS

mrfatboy · « **Reply #12 on:** August 26, 2007, 17:06:31 »

i just renewed with AAA for my 69 280sl. It cost me $351 for a $1M liability and a 500 collision deductable. I have home and 3 autos so i get a group rate. $1200 is outrageous unless you have "issues" with your record. They have me in the 5000 mile and less driving category.

1969 280sl
Signal Red

enochbell · « **Reply #13 on:** August 26, 2007, 18:52:10 »

Issues? LOL, do I have issues. Two of them, actually. They are called teenagers.

Best,
g

'64 230sl, fully sorted out...ooops, spoke too soon

TR · « **Reply #14 on:** August 26, 2007, 19:45:21 »

Greg, Rolf -- Thanks for the feedback. Sounds like I need to check out Hagerty.

Tom in Boise
'71 280SL 4-spd, signal red w/lt. tan interior, restored/enhanced

mrfatboy · « **Reply #15 on:** August 26, 2007, 22:03:10 »

Teenagers?

?? Oh yeah, I have heard about those things.

I thought they were a myth

1969 280sl
Signal Red

DB280 · « **Reply #16 on:** August 27, 2007, 04:04:30 »

UK insurance
I am about to insure my car for the first time.Can any UK members point me in the direction of a good insurer?

DB

Naj ✝︎ · « **Reply #17 on:** August 27, 2007, 05:46:00 »

quote:
Originally posted by DB280

UK insurance
I am about to insure my car for the first time.Can any UK members point me in the direction of a good insurer?

DB

I use:

http://www.footmanjames.co.uk/classic_car.aspx

Also there is Peter Best who does deals for MB Club members...

Hagerty have also recently set up in the UK.
http://www.hagertyinsurance.co.uk/

naj

68 280SL

Saltydog · « **Reply #18 on:** August 28, 2007, 15:51:39 »

First Ireland do a left hand drive soft top 10k miles per year insurnce for €650. You could get it for less if you didn't enjoy driving it so much.
Saltydog

quote:
Originally posted by TFM

What are you paying for insurance for your SL - just bought a '69 280SL and tried to insure it through Allstate (they do my other cars, house etc), but they want $1200 per year even though I probably drive less than a 1000miles.

Any indication of what you pay and if there are specialty oldtimer insurances out there would be greatly appreciated

SaltyDog

mjp8877 · « **Reply #19 on:** August 28, 2007, 17:12:23 »

quote:
Originally posted by TFM I would try American Collectors Insurance. They will limit you to 5000 miles a year and limit you in some driving (such as to work).

What are you paying for insurance for your SL - just bought a '69 280SL and tried to insure it through Allstate (they do my other cars, house etc), but they want $1200 per year even though I probably drive less than a 1000miles.

Any indication of what you pay and if there are specialty oldtimer insurances out there would be greatly appreciated

Michael J. Price

mrfatboy · « **Reply #20 on:** August 30, 2007, 15:46:30 »

This thread and a coincidence phone call last week from AAA trying to sell my an umbrella policy prompted me to review all my insurance.

For once, it worked in my favor. I got more insurance for less money.

I now pay $161/year to AAA for my '69 280sl. Coverage is now 500k/500k with a $500 deductable. However, My umbrella policy covers me more.

AAA realized my car should have had a classic car policy since I retired.

1969 280sl
Signal Red

TFM · « **Reply #21 on:** September 18, 2007, 07:35:43 »

Guys,

appreciate all your feedback and after looking at the various options, got a Hagerty Insurance with the car valued at $40k for $309 per year - sounds fair to me.

Efficient folks at Hagerty, easily done through the internet

Again, tks for your help

1969 280SL - China Blue/Cream

News:

Author Topic: Insurance (Read 9277 times)

TFM

Rolf

Patrick

Chad

enochbell

TR

enochbell

Rolf

enochbell

TR

DB280

Saltydog

mjp8877

TFM