There is so much to know about car insurance that you almost
need a Ph.D.. I'm sure there are insurance agents in this net.
Here is my two cents.
Property Damage/Personal Liability, medical, etc. are the same no
matter what car you have, the Tiger problems occur with the
Comprehensive and Collision. There are two types available.
Stated Value and non-stated value.
Stated Value is where you state what your vehicle is worth
(usually with a certified appraisal). Remember all this does is
set the upper limit as to what the insurance company will pay
in the event of a full loss. They are NOT required to pay that
full amount if you cannot prove the value. Several stated
value companies can be found in Hemmings. My insurance
company recommends JC Taylor. Remember if you insure
your Tiger for $50000 and you suffer a total loss, the company
will only pay what they think the car is worth (say $15000)
unless you have proof of its value. This prevents you from
ripping them off. Stated value companies usually have very
restrictive rules as to how many miles the care be be driven,
etc. etc. JC Taylor limits you to 2500 mi/yr, no casual use,
never leaving the car parked unattended, etc.
The other insurance type is ordinary car insurance. There
the insurance company will pay you what their book says
your car is worth. The problem is the Tiger is too old to be
in their books. But you can document the value with photos
and appraisals with the company when you insure the car.
They will then usually pay what you say its worth. They
have no restrictions on the cars use.
Big problem occur with collision damage. Most companies
will elect to total the Tiger rather than fix it, claiming they
don't know where to get parts. If you accept the check you
effectively have sold your car to them and MUST send them
the title. They will crush the car and have 'Totaled' entered
on the title. Even if you get the car away from the crusher
you may never be able to get the title cleared again.
True story. Both Ken Bishop and I have United Service Auto
Association insurance. Rated by Consumers Reports as the
best insurance in the country in every rating they've done.
Five years ago, Ken spun out in Turn 8 (Canada Corner) at Road
America, crushed the right front of his MK II and spun back around
to crunch his right rear. Since it was a closed track event
(SAAC Fall Tour) and not open to the general public, USAA
considered it not racing and paid over $6000 to fix his car.
USAA insurance is sold by mail only. It used to be available
to military officers only (another of Ken and My secrets revealed)
but is now available to civilians.
My Tigers insurance. USAA with full comprehensive and collision
($50 deductible). I insure it May 1 through Nov 1. After Nov 1, I
have just comprehensive and the car in on blocks and under cover.
Total annual cost: about $150. There are no restrictions as to its
use.
My recommendation: Standard insurance but with full documentation
of your Tiger's value agreed to beforehand by your company.
Otherwise as USAA says, use JC Taylor.
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