Collector Car Insurance Change

[revhead347]

I am applying for another collector car policy through another company, and they said something about receipts to justify the value I wanted to put on the car. I sent them this picture. I hope they get the idea.

 

[YEAHLOH95]

i gave them my stack and they wanted copies until they saw how many i had ,then they sent in a guy to appraise it

 

[toyman]

Are you talking about "collector" insurance or "declared value" insurance. Sounds like declared value is what they want proof of. All you should need are the big ticket items to support declared value. Mine is insured at $20K.

 

[revhead347]

Yeah, it's declared value collector insurance. I have Grundy, and I'm trying to switch to Infinity. I'm sure I have $40k in receipts, but I'm not going to insure the car for that much.

Kurt

 

[RacEoHolic330]

I'm sure I have $40k in receipts, but I'm not going to insure the car for that much.

Kurt

Just curious, but why not?

 

[revhead347]

Because it's about $40k in receipts over 13 years. So much of that stuff is worn and old, and it honestly doesn't have a used value of that kind of money. It would be dishonest and suspicious to insure it for that much. I don't think I could get $10k for the car if I sold it. If I parted it out, everything is so old I don't think I would do any better that way.

Kurt

 

[RacEoHolic330]

I gotcha. That makes sense then. I assumed it was all brand new stuff.

 

[ProKiller]

well yes but if the car was stolen tomorrow, it would take you almost $40k to get it back up to the level you had it on another mustang.

 

[revhead347]

well yes but if the car was stolen tomorrow, it would take you almost $40k to get it back up to the level you had it on another mustang.

If the car was stolen tomorrow I would go out and buy an LS1 FD RX7. I can pick up one of those for $15k, and still have another $7k to make it the way I want it. If I really wanted to go back to a Mustang, I could go pick up a similar Mustang to mine in the Corral classifieds for $12k, and have plenty of money to make the changes to it. The economy is so bad right now, hot rods are just being given away. I have definately learned that starting from scratch costs a lot more than just buying up someone else's project.

Kurt

 

[StadEMS3]

Yeah, it's declared value collector insurance. I have Grundy, and I'm trying to switch to Infinity. I'm sure I have $40k in receipts, but I'm not going to insure the car for that much.

Kurt

How are you going to insure it with Infinity? Modern classic- must be 15-24 yrs old mostly stock, you have $40kn in receipts. Street Rod/Modified- 20+yrs old moderate-heavly modified. I was looking at Grundy myself, I only have about $20k in receipts. Right now I don't even have collision on it through USAA ($460 yr). I rarely drive it anymore- 4k miles since 2006.

 

[revhead347]

I set it up through a Collector Car agent. Infinity has more restrictions, but was a lot cheaper than Grundy. Grundy had no mileage limitations. Infinity gave me a 1200 mile/yr limit, and wanted more information than Grundy, but they were much cheaper. For right now it's a better situation for me. In the future I might want fewer restrictions, but right now I'm actively trying to get my house ready for market and looking for a new job, so I'm not driving the car much anyway. Saving money is more important right now.

Kurt

 

[Pops Fun]

I have Infinity and just drove the Tour. When I e-mailed the agent she said they would increase my mileage as needed, no problem. There are more limitations though.

Steve

 

[Ezz12]

Is it more okay if I will allow a collector to get my car insurance fee every month?