Patricia,
Congrats on your purchase. You're in store for a lot of fun.
You asked some good questions on insurance and you are on the right track with
your survey, but remember that the responses and recommendations will be based
on many background details that you won't hear.
Some listers may recommended companies with which they have no claims experience
and other people may criticize insurance companies based on unrealistic
expectations or hearsay. Some will base their judgment on the cost of the
insurance rather than a valid comparison between the coverages and amounts of
insurance provided amongst various companies. (Kinda like going with LBC Shop X
because they can do your brake job for 15% less that Just Bugeyes.)
There are 3 types of insurance companies.
Direct Writers aka Captives (Everyone is employed by the insurance company and
do not represent or sell insurance for any other insurance company.)
Exclusives (The agent is not an employee of the insurance company but by
contract with them agrees not to represent or sell insurance for any other
company.)
Independents (The agent can sell insurance for any company with whom he/she
enters into a contract.)
There are good and bad in each category.
Stay away from the mail order/1-800 companies. Often they save you money, but
too often it is by eliminating or reducing important coverages.
Regardless of the category of company/agent, deal with a person. Find out THEIR
experience. Did they just get their license 6 moths ago? How long are gong to be
in the business? How long have they been in the business? Are they on a career
track which will make them unavailable to YOU in the future? Contact your state
insurance department. Some have information relating to insurance rates and
complaints made against all the companies licensed in their state.
After you pass that decision, ask some more questions about your coverages. Are
you getting quotes in writing? Do you know what you are asking for? Did the
agent explain the coverages? Did the agent provide you with information to take
with you that explains coverages? (You will never remember everything the agent
just told you.) Did the agent give you educated answers or just tell you what
you wanted to hear? For example, in your case, Actual Cash Value can mean a lot
different things. What does it mean to the insurance company in question? Is the
answer given to you by the sales person based on information he/she received
from the claim department? Further, on what will the claim department base their
judgment on the value of a 1959-1961 Austin-Healey Sprite Mk.I? Remember, ACV
does not = Agreed Value. So your appraisal may not even be a critical factor at
claim time.
Finally, be wary of the specialty car insurance programs. They DO NOT provide
insurance for daily drivers. You may also want to check the archives for this
list as well as the British Car List. Search on the keyword Insurance.
If you have any specific questions, contact me off-list and I will do my best to
answer your questions. (I am licensed only in the State of CT.)
Happy Motoring!
Jay Fishbein
Wallingford, CT
HAN-6
Innocenti 950
Innocenti S
Patricia Sauthoff wrote:
> Hello everybody,
> Well, I've put some money down on a beautiful little bugeye in New
> Mexico, so while I anxiously await her arrival to Colorado I've been looking
> into insurance, so that I can actually drive her! I'd like to get insurance
> that will let me use the car as a daily driver and I was wondering what kind
> of experiences, good and bad you all have had with some of the major
> insurance companies. So far Allstate has given me the best quote (by far)
> for both the Sprite and my Honda, so if anyone has any experience with them
> your info would be greatly appriciated. They do cover the car at actual
> cash value, and I have an appraisal from the seller that is a few years old
> putting the car at $3,000 more than I'm paying for it, but I plan on getting
> another done if it would be in my best interest.
> Thanks in advance,
> Patricia
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