speedyquest Posted October 9, 2015 Report Share Posted October 9, 2015 Hey guys, I am planning on switching my car to collector or modified car license plates in the spring and also getting collector car insurance on the car but I have no clue what kind of value I should assume for my car. I currently have full coverage on the car including several add-ons to try and cover all the bases. I really don't think thats a cost effective way of protecting my investment though. I've started doing some basic research into collector car insurance and it seems like most of them allow you to declare a value for the car and then you pay based on that decided upon value. That seems to be a more "fair" situation as opposed to me paying full coverage, getting into an accident, and then the adjuster looking at my car and saying "We will give you $1,000.00 for this stripped out and incomplete car". So really I'm looking for suggestions on the best way to do this and also what you guys think my cars worth. I feel like I'm kind of a partial judge as I have innumerable hours into it and I'd never sell the thing. Hell I'm not even sure that if someone hit me and the insurance company said "We figure its worth 10k" I'd be happy lol. Link to comment Share on other sites More sharing options...
IntercooledFlatty Posted October 9, 2015 Report Share Posted October 9, 2015 you set the value, they set the premium detailed pics help Link to comment Share on other sites More sharing options...
Skullzaflare Posted October 9, 2015 Report Share Posted October 9, 2015 What you declare it's worth, market value, and appraisers value will effect it Link to comment Share on other sites More sharing options...
polarisman14 Posted October 9, 2015 Report Share Posted October 9, 2015 (edited) Yeah I would assume they have a formula to take into account the base value of the car and then the labor and parts value as a percentage of actual cost. I was having this discussion with my supervisor this morning and I figure if I can get $10k of insurance on my car I'd be happy. Realistically I have 20k in parts plus the base value but there's no way I'd ever get that back. Still much better than the ~1,500 they would value replacement cost at, lol... KBB only values back to 1992, but NADA actually puts the values here, for an '89: http://www.nadaguides.com/Classic-Cars/1989/Mitsubishi/Starion-ESI-R/2-Door-Sport-Coupe/Values Not nearly as bad as I expected. Edited October 9, 2015 by polarisman14 Link to comment Share on other sites More sharing options...
scott87star Posted October 9, 2015 Report Share Posted October 9, 2015 I just did Hagerty on my two on the road Quests, it was dirt cheap. I just told them $5K each for an 87 flatty Conquest and 87 fatty Starion and the cost was about $450 for both annually. Link to comment Share on other sites More sharing options...
taeisallin Posted October 9, 2015 Report Share Posted October 9, 2015 i ve been with hagerty for about 5 years now. my mpi car insured for 15k, just under 500/year with full coverage. they match your reg policy, so cant lose Link to comment Share on other sites More sharing options...
polarisman14 Posted October 9, 2015 Report Share Posted October 9, 2015 Wow that's great guys. Thanks for the heads up. I'll stay with allstate on comprehensive for this winter but when it goes on the road in the spring I am definitely switching to Hagerty's. Link to comment Share on other sites More sharing options...
mstieg Posted October 10, 2015 Report Share Posted October 10, 2015 I assume that Hagerty's needed an appraisal & receipts? Here's an old text file I've compiled since this topic has come up several times and I've yet to make the switch as mine's been off the road. Will be deciding this myself very soon too. Note that these quotes may be outdated by a year or more:-----------------IntercooledFlatty: 9/16/14just got a quote from Grundy. unlimited mileage 500,000 PD 40k uninsured motorist 15K declared value ( it's worth more ) $235 per year ...BAM i'm in (my note: Must be highly modified?) ----------------taeisallin:I have mine at hagerty. It's under modified. Covered for 20k without any limitations on mileage and no deductible.Also you choose the value you want to be insured for. I pay about 470ish for the full year.Only thing is, you need to have a dd and a garage. They are getting more strict tho.They woulnt insure my mighty max cause I told them its gonna be in the driveway:( ---------------- verde2002Hagerty also here. Must have a enclosed garage to park your car, must have another car that is being used as a daily driver insured by someone else, milage and use limitations but price of car is agreed upon so if your car is a total loss you know exactly what you are getting and there is no deductable. ---------------- DMNDSTAR87I have GRUNDY insurance on mine---no mileage restrictions but u must have a registered vehicle for every liscensed driver in ur household---$10,000 value/$164.00 PER YEAR--- Link to comment Share on other sites More sharing options...
Potamus Posted October 10, 2015 Report Share Posted October 10, 2015 I have J.C. Taylor, I have my starion insured for $8,000 and pay $230 a year for full coverage. Link to comment Share on other sites More sharing options...
Turbo Cary Posted October 10, 2015 Report Share Posted October 10, 2015 You can pay to have an assessment of the value of the car by a private company, take it to your insurance and then they should cover it for that. I have State Farm and that is what they recommended to me. Some insurance companies have their own preferred assessors. Link to comment Share on other sites More sharing options...
jeph_tsi Posted October 12, 2015 Report Share Posted October 12, 2015 I have state farm collector insurance on my 91 corvette zr1 and it was just stated value, they did however have me bring it into their office to get pictures of and verify its condition. In ohio you don't even have to keep a collector in a garage, just need to have another primary vehicle. Still need to get the conquest on collector plates, but it will be a little harder than on the vette. Also realize that if anything ever does happen to your customized conquest that you can have the car appraised after the fact to get a more fair settlement assuming the car wasn't completely destroyed or stolen. It is not easy, and very frustrating though! I had hit a deer a few years ago in the car in my sig, it was immediately declared totalled and worth only 1100! It took a few frustrating phone calls, but State farm did end up sending someone out to assess the value of the car, I forget exactly what they decided, but it was somewhere around 6500 if I remember correctly. Luckily this was enough to get 3500ish to repair the car and keep a clean title. Link to comment Share on other sites More sharing options...
taeisallin Posted October 12, 2015 Report Share Posted October 12, 2015 I assume that Hagerty's needed an appraisal & receipts? Here's an old text file I've compiled since this topic has come up several times and I've yet to make the switch as mine's been off the road. Will be deciding this myself very soon too. Note that these quotes may be outdated by a year or more:-----------------IntercooledFlatty: 9/16/14just got a quote from Grundy. unlimited mileage 500,000 PD 40k uninsured motorist 15K declared value ( it's worth more ) $235 per year ...BAM i'm in (my note: Must be highly modified?) ----------------taeisallin:I have mine at hagerty. It's under modified. Covered for 20k without any limitations on mileage and no deductible.Also you choose the value you want to be insured for. I pay about 470ish for the full year.Only thing is, you need to have a dd and a garage. They are getting more strict tho.They woulnt insure my mighty max cause I told them its gonna be in the driveway:(---------------- verde2002Hagerty also here. Must have a enclosed garage to park your car, must have another car that is being used as a daily driver insured by someone else, milage and use limitations but price of car is agreed upon so if your car is a total loss you know exactly what you are getting and there is no deductable.---------------- DMNDSTAR87I have GRUNDY insurance on mine---no mileage restrictions but u must have a registered vehicle for every liscensed driver in ur household---$10,000 value/$164.00 PER YEAR--- you dont need an appraisal or reciepts. i have mine insured as modded car. they have a questionare, and you just have to list all the mods that were done to it. at first they didnt want to do it, but tell them your motor is fully built and running around 400+ hp with all the supporting mods. maybe easier to do as classic for alot of the members who dont have a fully built car... Link to comment Share on other sites More sharing options...
speedyquest Posted October 12, 2015 Author Report Share Posted October 12, 2015 My car is definitely not something you can consider a "classic car" by any traditional standard. Also while my car has lots of work into it I'm not sure it would be considered fully built. That kind puts me in a gray area. Link to comment Share on other sites More sharing options...
taeisallin Posted October 12, 2015 Report Share Posted October 12, 2015 you can always give it a shot. i think "classic car" can be put to anything 25yo. but they do have a minimum for coverage. i think it was like 8 or 9k Link to comment Share on other sites More sharing options...
jeph_tsi Posted October 13, 2015 Report Share Posted October 13, 2015 the difference with historic or classic plates is the part I didn't like, they are easier to get but carry more restrictions. Of course I'm sure this varies from state to state, but in ohio historic plates are only meant to be driven to and from car events and during nice weather. Collector plates carry no restrictions other than having another primary car. Link to comment Share on other sites More sharing options...
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