I insure my lbcs as daily drivers with my regular insurance company cause I
don't want to have to worry about getting caught bending the rules. I often
run errands with the car, and if it got hit in the parking lot at the
grocery store with collector insurance while I was in the store, I would be
SOL. Honesty is a bit more expensive, but much less complicated.
Before they will insure it, it gets a normal safety check ( required for any
car to be plated ) and must also be appraised for its 'value'. If I do
anything that I feel has raised ( or lowered ) its value, I can buy another
appraisal.
I asked why it cost so much if I am the only licensed driver in the house,
and they pretty much said what you said.
- availability of parts
- you're gonna die or get maimed in that deathtrap
- higher risk of theft
Robert D.
-----Original Message-----
Subject: Re: Auto Insurance
>Cap'n,
>That's not a stupid question at all. I'll take a stab at an answer but
>the best answer would come from someone at the insurance company level
>with a greater knowledge and depth of insurance principals and theory.
>
>For insurance companies to insure out of production vehicles as daily
>drivers, the rate structure would have to contemplate the exposure. From
>a liability standpoint, the pool of vehicles would include those in need
>of mechanical repairs, and cars with work performed by amateurs.
>
>Inspections would be costly and a an administrative nightmare. Who would
>do the inspections? What would qualify an inspection service? Are such
>services in existence? What would determine the consistency of such
>inspections?
>
>Would inspections really determine the mechanical condition of the
>vehicle? Would inspections reveal whether substantial frame repairs were
>properly done?
>
>Older vehicles were not built to the same safety standards as modern
>vehicles, so the rate structure for an everyday 2001 vehicle would not
>be applicable to a 1960 Sprite w/o airbags, seat belts, collapsible
>steering columns, side impact beams, etc., etc.
>
>From a physical damage perspective, the problems are more obvious.
>
>Where does one readily procure parts necessary to restore a vehicle to
>its pre-accident condition in a timely manner? How does the insurance
>company determine those costs in the rate making process? What's the
>cost of a new Bugeye nose? What about a grille for a Healey 100-4? Do
>they total a vehicle because the windshield is broken and no longer
>manufactured? Who is experienced in readily repairing these vehicles?
>
>Really good chrome bumper Midgets can be had for $5,000. So everytime
>one of them gets banged really hard, they're going to be totaled.
>
>While some companies will add older vehicles, it's not done on a
>wholesale basis and would be difficult to administer given the increased
>numbers of claims that would be generated.
>
>Remember, in this discussion we are talking about using 30, 40, 50, 60,
>or older vehicles as regular everyday transportation.
>
>Insurance companies in the UK offer coverage for classics used for
>limited daily transportation, but this is not the UK and there are
>probably differences in culture, extent of use, regular use on the
>highway system, and other factors I am unaware of.
>
>Generally speaking, mainstream insurance companies do not have programs
>for any types of specialty vehicles or watercraft, be they motorcycles,
>classic cars, jet skis, snowmobiles, ATV's, RV's and so on. The vast
>majority of these are insured through niche programs and companies
>specializing in those exposures.
>
>So how do classic car companies make money on their programs? Well, by
>the guidelines, the cars really aren't used, so to speak, and when they
>are, they are never left unaccompanied. Also, while those on lists like
>ours may be insuring one or two $5,000 to $50,000 cars, they are also
>insuring collections like Leno's and unknown private collectors whose
>insured vehicles are valued in the millions.
>
>If you're still reading this, I give you credit. Did I answer your
>question?
>
>jay fishbein
>wallingford, ct
>Sprite,
>Midget,
>Innocenti's
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