Car insurance conundrum - Fiberglass RV

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Old 11-20-2014, 10:44 AM   #1
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Car insurance conundrum

I have some questions for you folk concerning classic/antique car insurance. I know some of you are antique car & hot rod aficionados so I am hoping you might have some solutions for me.

Moderators, if this is totally out of line please let me know and I will delete this thread. However, my car does have molded fiberglass body panels!

Not a Corvette, a 1988 Pontiac Fiero. Insurance is available for an antique car at reasonable rates. The problem is that I like to drive this car, not admire it sitting in my garage. Antique car insurance limits how & where I can drive it, specifically NOT TO WORK. I was counting on using the car for a backup when one of my primary cars is in the shop. Both my wife and my jobs require that we get to work so having a third car is a necessity.

Normal insurance will value this car at about $3000. Maybe a bit more now that it has new paint. (Long story, was rear-ended this past spring, decided to repair due to some features of this car that were made in limited numbers.) So I have a lot more than $3000 "invested" in this car.

Several options:
1. Get normal insurance and accept that if it is damaged in an accident I will not get enough to fix it or cover my "investment".

2. Get antique insurance and accept that I will not be covered if I drive it to work. "Agreed upon value" most likely will not even be much more that book value. I investigated Hagerty, Grundy and JC Taylor.

Before the accident I drove it for 7 years without collision coverage because the book value was so low. But the more I thought about it, I could not let this car go to the grave yard. If my 40 year driving record continues, it will be another 20 years before being in another accident, and it will not be my fault.

Any thoughts on insurance companies that might provide coverage while allowing me to drive the Fiero to work?

Any input is most appreciated.

Craig T.
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Old 11-20-2014, 11:04 AM   #2
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Every state is different, but in general...
I suggest buying normal insurance for your car and drive whenever you choose. If it is wrecked buy someone else it will be easy to argue for full value. If the wreck is your fault, you risk dealing with your own adjustor.
They have a lot of discretion when settling and $5000 is chicken feed nowadays to an insurance company.
Here's the problem though... If you buy full coverage and you get repairable damage which costs more the value of the car, they could total it and claim the car. So if you want to keep the car after a wreck you will have to settle for less than its total value.
Drive carefully and enjoy your car, after all it will never be a Ferrari anyway.
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Old 11-20-2014, 11:42 AM   #3
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I think once upon a time I saw an ad from one of the agreed value or classic car specialty insurance companies where they let you drive your car as you see fit. To work or otherwise. It has been a while and I don't remember who that was.
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Old 11-20-2014, 12:04 PM   #4
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The common restriction with any "special" insurance like antique or special interest vehicles is that it limits the number of miles driven and also limits your destinations to shows, special events, etc.

On my "toy" I looked into the options and ended up getting the car appraised and the insuring the car for the appraised value using normal insurance.

My delema was similar, my 1989 Volvo was valued at $3000 by the insurance company, the appraised value came back at $35,000, the insurance company didn't even blink, changing the insured value to the appraised value and my rates even stayed the same (to my surprise).

If you go this route talk to the insurance company first, make sure they can honour the appraised value, find out how often you need to have an appraiseal completed to maintain the value.

Here is my car

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Old 11-20-2014, 12:16 PM   #5
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First place you will have to go is to an independent appraiser to find out what actual value is. Then seek insurance to cover that appraisal. As a daily driver you will need regular insurance with a stated value. It will be subject to depreciation but at least when you start the insurance you both agree where the value started. Without a documented appraisal you will have a very hard time getting extra insurance coverage. A Fiero is a very unique car these days establishing value will be very tough.
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Old 11-20-2014, 02:07 PM   #6
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I think I agree with all of the above.

1. The value of your vehicle isn't so high that another ins company will balk at a total replacement value if you have a valid appraisal.

2. The reason that specialty ins companies can even offer classic vehicle insurance is that they intentionally limit their exposure, i.e. not for daily use etc. It's just like life insurance companies can charge less for non-smokers etc.
3. Just to repeat, get yourself a valid appraisal now, before it's needed.

Ian's Volvo must be covered by different ins rules in Canada. In the U.S. of A. it's very difficult to get special coverage for vehicles that are "Modified for performance" as is his. In many cases, even after an accident, the insurance company will point out that issue and either restrict coverage or limit it to stock value. As the mods, due to federal emissions regulations, appear to be illegal in the lower 48 provinces, coverage could even be denied. But that's down here.....

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Old 11-20-2014, 03:42 PM   #7
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Send a message via Yahoo to Darwin Maring
Lookup Haggerty i surance.
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Old 11-23-2014, 08:53 PM   #8
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Old 11-24-2014, 08:05 AM   #9
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Hagerty was recommended by our insurance broker, as well. They offer very flexible plans.
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Old 11-24-2014, 09:43 AM   #10
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I went with an appraised value route in the past. Had to get the vehicle reappraised every few years to keep the policy in force. Ask if that is how it will work for you and factor appraisals into your cost.
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