I've started researching an article on insurance for Austin-Healey Magazine
and have picked up a few additional tidbits:
Talking to my regular State Farm Agent, I learned that they offer two options
for collectible cars:
"Antique and Classic" coverage for a collectible car that is insured in
addition to the policy holder's regular cars, is used for shows and parades,
and is
driven less than 1000 miles per year. If the car is stolen or damaged beyond
repair, the company pays up to the "stated value" on the policy, based on the
car's actual value at the time of loss. Sounds like a reasonable policy for an
appraised trailer queen. My car, appraised at $35k would add about $150 a
year in premiums to my policy cost.
"Extra Car" coverage is available for any car that is insured in addition to
the policy holder's regular cars and is driven less than 7500 miles per year.
The car can be used for any purpose. If it is stolen or destroyed beyond
repair, the car will be repaired or replaced at "fair market value." The rate
for
this additional coverage is based on the fair market value as listed in one of
the standard appraisal guides, and obviously would be the maximum the company
would pay out, but the company determines the fair market value at the time of
loss. This seems like a good policy for a person who doesn't want to be
burdened by arguing with the company after a loss and wants to use the car for
routine transportation once in awhile, but in my case it would add $350 a year
to
my rates, the rates and potential settlement would be based on a published
appraisal guide, and the company would have the upper hand in deciding what
they
should pay me in any eventual settlement or total loss.
Here's another kicker I learned in talking to my agent: under one of these
two policies I can insure a drivable car that is parked in my garage even if it
is registered with the state as non-operational , BUT if I start to restore
it, dismantle it and, say, send the engine off for a rebuild, then it is not
insurable as an automobile, because it is in pieces and can't be driven, AND
the
project is not covered by my homeowner's policy, because that type of policy
specifically excludes cars and car parts. So if I start a restoration, to
protect my project from earthquake, fire, and flood, I'm going to have to go to
one
of the specialist collectible car insurance agencies. Maybe other companies
differ from State Farm, but if you're in that situation, you might care to
check into this.
Hope that's useful.
**************
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