Insurance

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FiatJim
Patron 2024
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Posts: 192
Joined: Sun Jan 18, 2009 7:29 pm
Your car is a: 1973 spider refurbished
Location: Greensboro, NC

Insurance

Post by FiatJim »

What is the difference between regular commercial auto insurance [i.e.add the Fiat to my policy] and historical/classic ?

Jim
htchevyii
Patron 2022
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Posts: 1807
Joined: Thu Jan 17, 2008 9:31 pm
Your car is a: 1982 Spider hers 1972 Spider his
Location: Hydesville, CA (NorCal)

Re: Insurance

Post by htchevyii »

Watch out for "stated value" vs "agreed value". With stated value your premium is based on the value you set, but they don't necessarily pay that, they pay market value, which they determine. Be prepaired to fight for a decent price. Most colletor car insurance is agreed value, and the value of the car is agreed on in advance. I'm currently looking for insurance for my '82, collector insurance is inexpensive, but most come with restrictions that I don't want, (like you can't drive it to work). All the collector policys I've looked at also require the car to be kept inside a locked garage and some even want pictures of the garage to make sure it meets their standards. Check Hagerty, Grundy, etc.
Trey
Image
1982 SPIDER 2000, 1964 CHEVYII, 1969 Chevy Nova, 2005 DODGE RAM, 1988 Jeep Comanche
1972 Spider, 78 Spider rat racer 57 f-100,
mbouse

Re: Insurance

Post by mbouse »

additionally, be aware of the probable restrictions on use with collector or historical/classic car insurance. Depending on where you live, the rules change; and of course, the 'rules' change between providers as well.

State Farm in Michigan is tremendously restrictive of how i might use a historic vehicle...even more so than the State of Michigan. I have historic plates on the '78, but regular insurance because i will not tell the insurance company that i only drive the car in parades or to/from a car show.

plus, different providers will have different qualifications on how to establish agreed value. Hagarty in Michigan merely needs digital photos, but State Farm requires two appraisals. I keep telling S/F that there aren't two appraisers in my area that know more about Fiats than i do, how could they set a fair value??? my S/F agent doesn't understand.
FiatJim
Patron 2024
Patron 2024
Posts: 192
Joined: Sun Jan 18, 2009 7:29 pm
Your car is a: 1973 spider refurbished
Location: Greensboro, NC

Re: Insurance

Post by FiatJim »

It would seem that, if I use the car as a daily driver (weather permitting of course :? ) or for longer pleasure drives then using my regular auto insurance company would be the way to go. If I only kept it for shows, club events, etc, then the classic car Ins. would be best. Agreed?

Jim
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seabeelt
Patron 2019
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Posts: 1614
Joined: Tue Feb 19, 2008 4:22 pm
Your car is a: Fiat Spider - 1971 BS1
Location: Tiverton, RI

Re: Insurance

Post by seabeelt »

Just as long as you only take it out of the garage, turn it around (the parade in front of the wife and kids to show the progress you made working on fixing it up) and put it back in the garage. :D
Michael and Deborah Williamson
1971 Spider -Tropie’ - w screaming IDFs
1971 Spider - Vesper -scrapped
1979 Spider - Seraphina - our son's car now sold
1972 Spider - Tortellini- our son's current
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ga.spyder
Posts: 3478
Joined: Tue Nov 06, 2007 7:19 pm
Your car is a: 1982 Spider 2000
Location: Blairsville ,Ga.

Re: Insurance

Post by ga.spyder »

You may find that different areas have different rules.I have collector insurance with State Farm,and had none of the issues Mike is having.I took it in for a couple pics and set an agreed value of $8000(I have upped it to 10000). There are restrictions that it isnt a daily driver and will be used on a limited basis.They did want assurance that it was kept in a covered area.I was never given a actual number on how many miles were acceptable.I use the car for weekend drives and shows only,so the restrictions work for me.A daily driver would be better served to be put on your regular policy.
Craig
Craig Nelson

1982 Spider 2000...pride and joy
1981 Fiat X1/9..gone but not forgotten
1976 124 Spider..the self-healer
2001 BMW 328ci daily driver and track car
Fling It Around Turns !
mbouse

Re: Insurance

Post by mbouse »

i would jump all over that if state farm of michigan would sell it to me.

specifically... parades, car shows... restricted, not limited driving. there is no etcetera clause in their definition.
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ga.spyder
Posts: 3478
Joined: Tue Nov 06, 2007 7:19 pm
Your car is a: 1982 Spider 2000
Location: Blairsville ,Ga.

Re: Insurance

Post by ga.spyder »

Mike,you have got me thinking now.I will go into the office and get some specifics on my policy,just to be sure.Being a small town ,everything is very informal.First name basis,how y'all doin.... I have 6 total policies at that office,and to be honest I have never delved deeply into the specifics of the Fiat policy.I will let you know.
Craig
Craig Nelson

1982 Spider 2000...pride and joy
1981 Fiat X1/9..gone but not forgotten
1976 124 Spider..the self-healer
2001 BMW 328ci daily driver and track car
Fling It Around Turns !
mbouse

Re: Insurance

Post by mbouse »

you might be right, and it won't hurt to check. Last fall, in a mood ('tude as my kids say) i shopped around for something else with a local agent.... she swore that suchandsuch was true, and that this and that was tolerated; basically saying everything i wanted to hear... until i read the company's description of coverage and MY requirements... although it wasn't State Farm, sure did sound like the policy was written by State Farm.

Might be michigan, too.
punes

Re: Insurance

Post by punes »

I have a 79 Spider with an appraised and agreed value of $13000 Canadian. I have insurance for vehicles over 25 years old. I pay $430 Can. and can drive it anywhere , anytime, and put as much mileage as I want... I just have to have another vehicle as my principle vehicle insured as well...and not with them either...that vehicle is insured with another company.
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