Chuck S

I drop the road liability on my USAA insured car every winter when it comes off the road for the winter.

Car insurance is regulated by the various states and my ability to do this in Ohio may not be available in other states. Ohio, for example, requires me to have liability coverage on all three (3) of my cars even though I can only drive one (1) at a time. Makes no sense to me as my cars are never at fault. Drivers are and I can't buy personal liability insurance that will cover my when driving, it has to be on the car. A hold over from some 1930 legislation I imagine.

-- Chuck

SaintS2000

From this thread alone Hagerty was mentioned twice, I have never heard of this insurance company. I'm assuming this company is big on the Eastern Side of the States?

Also, someone's mentioned that one can actually adjust the value of our car more than the bluebook if it's get totaled? Knock on wood! This information is all new to me.
Anyways, how does this work? Wow... the importance of car forums!

Thanks for all the infos. you guys!

riceball777

I personally think full coverage is not worth it for a sub $15,000 car. my s2000 if it was stock is probably work like 11-12 thousand. I normally have liability only 100k/300k on all my cars. i pay about 400 a year to insure the s2000. Full coverage is about 4 time more at about $1500 a year. The only thing i scard of is if my car gets stolen but realistically that is going to be super rare now that i park the car in a private garage, so that not much of a risk. The only real risk is if i cause an accident and i total the s2000. If this happens most likely i the engine is still good and i can get 4-5 thousand out of the car just from parting it out. So the risk of crashing my car being my fault and thus costing me $6,000 vs the financial protecting of this provident from full coverage is about $1000 per year. It is not wort it for me to pay $1000 per year to protect me from the possibility of me totaling my car which would cost me 6k out of pocket.

I generally never have full coverage on any of my cars. I always only buy out of warrantee 5 years+ old cars that already took the bulk of the depreciation. I also do all the work on all my cars myself. I can also financially afford to replace any one of my cars should i crash it.

This is probably the smart thing to do with money especially when you talk about using money to buy a depreciating asset.

Car Analogy

That only works fpr specialty cars, and specialty insurance companies, of which Haggerty is one. Its not big in the East, its big in the collector car market.

We're talking about insurance for hot rods, classic muscle cars, antique cars, exotic cars. Cars that aren't driven like normal cars, nor valued like normal cars.

Normal cars values go down as they age. If you have a special car, that ath may not apply. But its the math regular car insurance is going to use.

Hence specialty insurance. They often use 'agreed value'. You tell them what its worth, and within reason they'll agree. That is what they'd pay out if its ever totaled or stolen. They base your rates on that value. Its very affordable. BUT, there are major restrictions. Car must be garaged. Yealy mileage limitations. Where you can drive it. Sometimes its can't drive it to work. Ever. Some even more restrictive, like can only drive it to meets and events. You kust always have some other dd registered and insured car. If that car breaks down, you can't use your specialty car in its place. Those sorts of things.

But if you don't use your S as a dd, this could work for you, amd save a lot of cash, if you can find the rigjt policy that works for you.

Warning, don't be tempted to ignore the restrictions. If you do, and something happens, they don't have to pay a dime since you violated terms of contract.

thomsbrain

Hagerty will insure the S2000 if it isn't used for commuting and is driven less than 3,000 miles a year. Rates are pretty cheap, especially if the agreed-value is just Blue Book and you aren't trying to cover mods.

I'm currently getting a classic/agreed-value quote from State Farm. I have very reasonable regular insurance through them but it doesn't cover all my mods.

jetboater

A “middle of the road” approach with your currnet insurance company is to drop collision and keep the liability coverage and as well as comprehensive.

Comprehensive covers fire, theft, vandalism, glass breakage, etc—just about anything that happens to the car while parked. Comprehensive is usually just a few hundred dolars a year and its good piece of mind in case its ever stolen or broken into.

funcoland

I'd probably go this route if you don't DD it and if you have a garage, drop comprehensive as well.

j0oftheworld

Collector car, agreed mileage and value is the only way to go!

Chris Stack

My problem is, I bought and paid for my car pre-kids. Nowadays, I could afford to replace it if I had to, but it's just not going to be a priority to shell out 5-figures for a sports car while I have young kids. My total insurance bill for my S is around $50/mo, so even dropping part of the coverage isn't going to save me any real money. If my car were to be gone (sold stolen whatever), there just isn't a scenario where I buy another 2-seat car in the next 10+ years. So insurance is a cheap way to make sure I keep it around in case something bad happens.

Conedodger

Hope the garage doesn't burn down. A friend lost a '68 Shelby GT350 in a garage fire. Fortunately, he had comprehensive coverage.