I have a policy with State Farm also. I also had to have it appraised
(between my son, son-in-law and my self we had four cars appraised so the
price was only $90 per vehicle) and the official appraisal amount would not
cover what I have invested, but I feel it was an accurate appraisal. The
appraiser belongs to a national association of antique appraisers and after
his inspection of the car he got the advise from a guy in New York and one
in Oklahoma and they all agreed to the appraisal.
I have no limitations and I could drive it as my daily driver if I wanted
and the cost would not increase unless I drove in excess of 7500 per year. I
have the same coverage on my Ole Truck that I have on my 1998 Dodge Ram 2500
quad cab but naturally the cost is much less because the stated value is
much less.
My understanding is that if I lost or totaled the ole truck the Insurance
Company would pay up to the stated value or replace a truck of equal value
with the same amenities. I also have a "pretty warm" 261 in my truck and
they never raised an eyebrow. When renewal time comes around I will look
into the type of policy that Allen talked about.
Ralph Linnell
Inliners International Membership Chairman
Chevysix@seatac.net
http://www.seatac.net/chevysix/
-----Original Message-----
From: owner-oletrucks@autox.team.net
[mailto:owner-oletrucks@autox.team.net]On Behalf Of Al Jones
Sent: Wednesday, October 20, 1999 8:19 AM
To: jack halton; oletrucks
Subject: Re: [oletrucks] Insurance (boring)
I just insured a recently restored '50 with my current carrier, State Farm.
They just implemented "classic auto" insurance underwriting. For 50/100
liability, 100 deduct on collision and 100 deduct on comp, towing, uninsured
motorist, underinsured motorist, other junk, and an assessed vehicle value
of $25,000, it's about $100 every six months. Note there are *some*
restrictions on the policy (like it can't be your every day driver, but
there is no mileage restriction), but I get to pick the place where it's
fixed. The policy was very good for me and seemed to be fair (I've had
several claims with State Farm and they have always done a good job -
however, I expect to experience a few bumps if I make a claim for my '50
because of their adjusters inexperience with classic autos). They required
that an assessment be conducted by someone off their "certified list" (to
the tune of $175 but the guy knew his stuff) and faxed to them to determine
the rates. Here's the kicker: it has to be stock. Mods like a V8 will
prevent you from getting this policy. It took some bantering, but they
accepted my '61 261 as an "equivalent" substitution for the original 216. I
was impressed they even knew about that sort of thing. Good luck.
----- Original Message -----
From: jack halton <safesix@worldnet.att.net>
To: oletrucks <oletrucks@autox.team.net>
Sent: October 20, 1999 6:25 AM
Subject: [oletrucks] Insurance (boring)
Well it's time to renew insurance and I'm finding that all of the companies
that advertise the free quotes (guaranteed to save you money or you get a
free calculator) are totally clueless when it comes to figuring a rate on an
antique vehicle. Either they just won't do it, or they have to submit a
request to some byzantine underwriting department and it could take up to a
week to get a quote. I have visions of some guy in a dark basement office
working on a manual adding machine, surrounded by stacks of old ledgers,
working with an inkwell and quill pen. One company actually asked me the
original sticker price of my '51 GMC and tried to figure depreciation!
I used to drive this truck to work every day, when it was a beater. But over
the years I have sunk so much time and money into it that it's worth
considerably more than what it was originally valued when I bought the
policy. Unfortunately, they won't increase that stated value without an
appraisal (which I would have to pay for) and the only place that does
appraisals locally gave me a guesstimate (no charge) which is way below what
I would have to pay to replace it, if it were totalled or stolen.
Of course I've procrastinated on renewing my policy, so only have a couple
of days to either find a new insurer, or stay with my current plan. I have
another car I use for a daily driver these days, they can all insure that
one with no problem, saving me some money as well. I guess I could insure
the truck with another company, but would rather not hassle with two
insurance carriers.
Does anyone have any recommendations for an old-truck-friendly insurance
carrier who is familiar with these types of policies? Or any list members
who actually sell insurance, who can help me get a fair stated value policy
on my truck?
Jack / Winter Park FL
oletrucks is devoted to Chevy and GM trucks built between 1941 and 1959
oletrucks is devoted to Chevy and GM trucks built between 1941 and 1959
oletrucks is devoted to Chevy and GM trucks built between 1941 and 1959
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