Older vehicle incurance

[dstrbdxp-AK]

So there comes a point of no return, which you know if you were in a wreck you would be out of alot of money and get nothing in return. I've considered full covereage on my truck but wonder if an appraisal would be more appropriate prior to?

I don't wheel my truck, I'm more into the restoration and refinement of my Blazer.

Anyone thoughts?

 

[badmix]

I kinda did this with my truck. I had full coverage but made sure to have the insurance lady look at all my "add-ons", things that werent factory i.e LIne X interior, bigger wheels, suspension, bumpers etc etc. The biggest thing is to keep all your reciepts, even for labor, etc.

Youll have to have them come out and youll need to point out the add-ons. it can be tricky when trying to do a non standard policy.

Ive got 10x the amount into my truck than ill get out of it, so its a keeper forever pretty much

 

[K5dreamer]

guess it all depends on what youre incurring.... im pretty sure you have to be insured before you can incur anything.

 

[mkc1962]

AK

Same here with my old 73. I have no intent to wheel or for that matter offroad it until its a gotta must have situation. It was intended to be a near perfect restoration. Weekend occasional driver at best. I would suggest an insurer that specializes in vintage cars, trucks. I personally use Hagerty. www dot hagerty dot com ,The only catch is, you must prove that it is not your primary vehicle and used every day. You will have to submit pictures, between you and the policy writer you will agree upon a value. If that value is higher than they see fit they may ask for an appraisal. They will use NADA classic as their guideline. Trust me, it was amazing what they had values on old trucks set at. Tell them its a restoration project that you have no intent of using other than occasional weekend driving, and no intent of offroading. They may ask you if its stays garaged? Any good restorer would never admit anything less. I have had several old vintage vehicles insured through them. Mainly just in case it were to be stolen or totaled to get my money invested back. Ive never had a claim, so could not tell you how they are on that. But, I hope I never have to. To give you and idea. Last year I had a 69 camaro, and an 81 mercedes with them on a joint policy. Full coverage for agreed value was $225 for both for a year. I plan to add the 73 as soon as its finished.
good luck.

 

[76zimmer]

I use Grundy classic car insurance. They do require an appraisal, but then the car is insured on a $$$$$ value, no haggle if its a total, or theft or whatever. They pay what its insured for.

 

[chulisohombre]

you can get antique plates on it,there is special insurence on the vehicle.but there is also stipulations on when it can be driven.i believe alaska was anything over 30 years is antique.the insurence is about the same as usual insurence,but you dont have to mess with emissions and inspections anymore.im not sure what the law is there now as i havent lived there in 10 years.the easiest way to find out what kind of insurence is available is to call or research online at the different providers.as was said it would probably need some kind of appraisal as to "true" worth of the vehicle.as is you would probably get only 1000 bucks for it because that would be the value of a 77 pickup at best.

 

[blazin_blazer]

i nada searched my 69 k5 and they gave me a $32,000 pricetag.....my 68 c-10 nada'd @ $28,000...i need to find a bank that will loan off of that price tag,..i'll restore the truck & pass it & the payment to someone else..

edit: i'm going to go check my 80 k5...price nada value=high retail=$12,198....thats k5 utility,..they didn't show silverado...i had 2 options listed..4x4 & a/c..!

 

[rjpastor]

FYI - most antique/collecter car insurance policies have a yearly mileage limit.

 

[mkc1962]

True. Many Classic insurance companies limit your miles. However, Hagerty does NOT. You are at your leisure to drive it as much as you wish. But, it cannot be your primary vehicle and you must prove such by providing a copy of the registration for your primary.

On the antique tags thing, every state is Different. My home state of AL, states that If it has the antique plate, it can only be driven to and from a repair facility or in a parade or show. However, other states are diff, some allow unlimited usage. Hagerty as well as a few other classic insurance providers are working with various states to get that changed. And they have, they update on this topic quite often in their quarterly new letter. Some states now allow for weekend driving and occasional use, outside of the parades/shows/etc. Other than the novely of having that Antique tag, the only thing gained by having it, is the fact that you dont have to re-register every year, and pay that annual tag fee.

On the actual value....Once agian every Company is Different. Hagerty, will allow up to the NADA classic value, IF your pictures clearly depict that its in claimable condition. If you wish to go higher then you will need to provide reciepts for big ticket items, say a crate engine or transmission, or any high $ addons. After that, yes they may request a formal appraisal.

On loan values.....yes there are Collector vehicle loan places out there that WILL loan against the collector vehicle value. And at rates not much diff than what you woudl get at any bank anywhere. How do you think people manage to buy that dream car that is now valued at 100 times what it was when it was made? If nothing else thank the muscle car craze of the past 10-15 years for all these nice available amenities.

Ive more than once ask hagerty how they manage to keep such low premiums. The answer basically was...." We dont get very many claims. We have found that people who own collector cars are a different breed of driver/owner. Most care more for their vehicles than they do their young."