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Discussion Starter · #1 ·
Sorry if this is the wrong thread for this question but.....

Does anyone have a suggestion for the best insurer to use to insure an Elky for a significant dollar value beyond what the books say one is worth ???

I've looked at a couple of special companies but each sets very low mileage limits and I plan to drive the Elky on sunny days and will (hopefully) put several thousand miles on her each year.

Any suggestions are greatly appreciated !!

Arnie in Iowa
 

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Hagerty, JC Taylor are both good. I'm sure there's others, but these are the 2 I've dealt with.
 

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Discussion Starter · #3 ·
Don't they both place very strict limitations on how many miles you can drive annually?

If memory serves me one of the organizations indicated I could not even use it for any daily driving such as the short trip to my office....

I'd like to buy $25K of reasonably priced insurance without the restrictions some of the classic insurers impose.

Thanks,

Arnie
 

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Arnie

I have Collector Car Insurance through Grundy and they have no mileage limitations. You do need to have another vehicle insured as a primary for each driving family member (basically that you're not using your CC as a daily driver) and the vehicle needs to be kept in a locked garage overnight.

I have both Elcos insured for an agreed value of 40k and the yearly premium for California is a touch under $400 total. I highly recommend them as I had a sizable claim on the 71 a few years back and they were very responsive and extremely easy to deal with.
 

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Well the DMV says historical and vintage registrations are for vehicles that are not driven daily and only used for car club or exhibition purposes. The Insurance company may or may not place a mileage limit, usually 2500 per year. They will tell you the same as DMV plus an occassional pleasure use but not daily transportation or running errands. And you need a another daily driver registered in your name. But suppose something happened on your way to work, could you say you were taking it to a shop for repairs? Would they call the shop and ask if you had an appointment? How many people make appointments, not many.
I'd be more worried about leaving the car unattended at work for 8 hours. Chances are good you don't drive like a maniac but whose to say what could happen when its alone in a lot?
 

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Discussion Starter · #6 ·
Well the DMV says historical and vintage registrations are for vehicles that are not driven daily and only used for car club or exhibition purposes. The Insurance company may or may not place a mileage limit, usually 2500 per year. They will tell you the same as DMV plus an occassional pleasure use but not daily transportation or running errands. And you need a another daily driver registered in your name. But suppose something happened on your way to work, could you say you were taking it to a shop for repairs? Would they call the shop and ask if you had an appointment? How many people make appointments, not many.
I'd be more worried about leaving the car unattended at work for 8 hours. Chances are good you don't drive like a maniac but whose to say what could happen when its alone in a lot?
That's the type of feed-back I have been hearing from these "speciality" type insurance companies.

I have five vehicles insured by my State Farm agent and he indicated that if I have it appraised he felt he could have it covered to the appraised value. Ultimately that may be the best route to take even if it comes in (and it likely will) with an appraised value under the actual dollars I have invested in it.

Doesn't appear to be any "simple" solution at a reasonable price given it will still be a low mileage vehicle...

Arnie in Iowa
 

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Well its going to be hard to get it valued at every cent you've invested. People sometimes pay 2X what the car is worth to have it restored for whatever reasons. What you need to think of is what you would pay for your car if someone was selling it? Would you gladly pay $10,000, or $20,000... But be honest with yourself. Don't go by what it cost you already.
Where I am on any given day there is at least one cruise night or a show or both. Chances are you'll be on your way to one anyway. No one says you need to drive straight there and back or sit there the entire time.
 

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I use American Collectors Insurance. Gotta shoe that you have a daily driver registered/insured.
 

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Discussion Starter · #9 ·
Well its going to be hard to get it valued at every cent you've invested. People sometimes pay 2X what the car is worth to have it restored for whatever reasons. What you need to think of is what you would pay for your car if someone was selling it? Would you gladly pay $10,000, or $20,000... But be honest with yourself. Don't go by what it cost you already.
Where I am on any given day there is at least one cruise night or a show or both. Chances are you'll be on your way to one anyway. No one says you need to drive straight there and back or sit there the entire time.
All good points Bobby....

My goal is to insure it for a fair value at a reasonable cost.

It stays in a shop when I am not in it and traffic here is not like that you find in major metropolitan areas....

If, by chance it get's severely damaged it will probably be taken back to the barn in which it resided for 21 years. Don't think I have the will power to engage in another major rebuild of the vehicle.

Arnie
 

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It would probably be good to go through your existing agent and bundle it together will all your other cars, house etc.
You might be able to get an "Umbrella" policy on everything also, depending on how much stuff you have, and amount of coverage.
Make your agent work for you and don't take "no" for an answer - that's what they get paid for. :smileyb:
 

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Arnie

I have Collector Car Insurance through Grundy and they have no mileage limitations. You do need to have another vehicle insured as a primary for each driving family member (basically that you're not using your CC as a daily driver) and the vehicle needs to be kept in a locked garage overnight.

I have both Elcos insured for an agreed value of 40k and the yearly premium for California is a touch under $400 total. I highly recommend them as I had a sizable claim on the 71 a few years back and they were very responsive and extremely easy to deal with.
I have both my vehicles with Grundy, only there's no Grundy anymore. A Philly insurance co bought them out, and my insurance followed. The '56 is insured for $30k, and the Elky for $15k. About $400 a year, give or take some.
 

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Arnie

I have Collector Car Insurance through Grundy and they have no mileage limitations. You do need to have another vehicle insured as a primary for each driving family member (basically that you're not using your CC as a daily driver) and the vehicle needs to be kept in a locked garage overnight.

I have both Elcos insured for an agreed value of 40k and the yearly premium for California is a touch under $400 total. I highly recommend them as I had a sizable claim on the 71 a few years back and they were very responsive and extremely easy to deal with.

I have Hagerty and this is the same basic coverage they offer. Fortunately for me, I can't speak to how well they handle a claim ... and I hope to keep it that way.

I asked the Hagerty representative specifically would my cars be covered if I drove them to work or ran errands in them occasionally. Their answer was, "Yes." so long as it isn't a daily driver.


Copper
 

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Arnie,

Here's an article I posted a couple of years ago that details probably more than you ever want to know about classic car insurance: http://www.elcaminocentral.com/showthread.php?t=33501. The info in the article was taken from Hagerty, but most classic auto insurance carriers have similar program guidelines. I have Hagerty on all three of my old rides. If you have any questions, let me know.:beer:
 

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I have had several cars insured thru Grundy and they have always been very reasonable. The car does have to be garaged,locked for storage.
 

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Arnie, With your five other vehicles it sounds like you probably answered your own question. When I started my project with my Caballero, my buddy kept telling me I would never get my money back out of this car and here at 67, that's fine with me because this is my last car that I will go crazy with. I'm out to enjoy what ever life I have left and I'm still doing Car Shows and having fun.
I 'm with Geico at the present time and need to recheck my present policy since I will be putting another 2,500 to 3,000 more into it by April 1. Plus I need to get a garage door sooner or later so I can get probably better coverage. Michael in Virginia:yell:
 

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Arnie, We are in the Insurance Claims business; similar to the other posts, your best bet is to research Insurance Carriers (nationwide), whether thru an Agent or directly with the company itself. Call them on the phone (as opposed to an internet search), advise of the state you reside and drive in, and be honest with the frequency of use and mileage you expect to run up. Only you yourself, should place the vehicle's current value, or the car's 'ACV' (actual cash value). Sometimes it'll be catagorized as a speciality policy, or 'classic car' policy, but ensure that it's a replacement value car policy. Or in short,... if an unfortunate claim is submitted, the settlement should replace your current vehicle's value. It's not an easy task, but Good Luck ! 'e' me if you need help. - George :smileyb:
 

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I have been with Hagerty for more than 10 years. I purchased stated value policies. They are very easy people to work with and eager to sell you the coverage you ned.
 

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I have the AARP Hartford insurance, and they gave me a stated value policy on my Elky ($15K). The price was very reasonable, no mileage restrictions, and no need for a daily driver. I had an accident just a couple of months after going with them, and after some "Negotiating" they cut me a check for my stated value less deductible. Luckily my car appraised "after the fact' at a value higher than my stated value. If it appraised lower, then the lower figure is what they use. So if you have "stated value" insurance, be sure to get an appraisal when the car is in good condition, and keep all your receipts. If you want a check with no argument, then Agreed Value is the type of policy you want.

The argument I had was about totaling the vehicle. It had sheet metal damage front and rear, but no frame damage. Under NV law, and based upon their own valuation of the Elky, it was not a totaled vehicle, and I didn't want a salvage title on it.

By the way the guy that hit us ( 4 cars involved in a rear-ender) had Geico. It was 2.5 YEARS before Geico ever contacted me to settle the claim ( at 60% on the $, since the guy didn't have enough insurance). So glad that Hartford took car of me right away. With my previous insurance co., I did not have Collision on my Elky, so I was VERY LUCKY.
 
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