Insurance delema... What to do?

Ok here is the deal, My car (wife's car) is completed. I want her to use it for an every day driver.

No insurance company that I could find will insure it for 5000 bucks. Several companys I talked to said they could only ins. for the "blue book" value. None of them could tell me what that value was.

They would insure it if the yearly milage was less than 10,000. The car could only be insured if it was stored in a locked garage.
This will not work for my situation. What else can I do? Does any one subscribe to the "Kelly blue book" for eary model cars? What would an insurance ajuster hose me for if I had to file a claim with a normal full coverage policy? Does the value keep depreciating in the "blue book"? Or is it going up?

 

First, let me say, the cars in the pix look great. Good job. Insurance, being the racket it is, alays works by "book value". When you place a claim, the value reverts to the wholesale "book value". You never make out. Traditionally, cars depreciate always in regular books. Only cars classified as "classics" and sought by colectors seem to appreciate. Regular insurance carriers don't seem to ever look at restored cars in the same light as the owner does. The specialize insurance carriers that insure collectibles realize that and therefore operate on "agreed value", which sometimes doesn't involve a professional appraisor examining the car to verify value. I have my Stallion insured through American Hobbiest's Insurance which doesn't have any mileage restrictions, surprisingly. They didn't require an appraisal as the car is not valued in the 5 digits or more. Justshop around and decide what you need to do. Since the car is a daily driver, it won't qualify for collector's insurance since commuting is taboo.

 

You can get the car appraised from a licensed appraiser and then present the document to the insurance company. Around here it costs $75. Its money well spent. Before the appraiser comes, get all your receipts, and restoration photos and/or documents to show them.

 

Mavaholic does present a possible option, but it still doesn't guarantee that the insurers will go for it. I'd go with his idea if you have to use regular insurance. If you don't know of any professional appraisors around Atlanta, check with members of some local car clubs. Most likely, several of them have used an appraisor and can refer you. One word of caution, though...be careful not to use just anyone who claims to be an appraisor. There are some out there that don't know their butt from a hole in the ground. A referral from a satisfied client goes a long way.

 

We had our car appraised after the the accident it cost $75 at his shop and $125 at my house. Most insurance companys go for this becuae they base your premiums from the appraised value so it's no cost to them. I was told by the appraiser that some insurance companys reimburse the cost of the appraisal, again it benefits them in figuring the premiums.

Our wrecked car was appraised at $11000-$12500 value before the crash. The new car is allot better than the old one and I need to have it appraised again.

 

What kind of car was it? Was it an older car?

 

72 maverick grabber

 

we had our 62 ranchero appraised for $6500 and had our regular insurance company insure it for the appraised value. no problem with the insurance company.

 

That sounds good! Don, Thomas what insurance company you guys have!

 

Maverick Insurance

I called my insurance company (Mississippi Farm Bureau) 4 years ago when I finished a 71 Grabber for my son. They simply asked me how much coverage I wanted. The only thing I was thinking of at the time was the amount of money I actually had in the car...not counting my labor. I told him I would like to get it insured for $4000. He came to my business, took some snap shots and it was a done deal. Just recently I finished another 71 Grabber which I gave to my youngest son. I called them again to get his car added. Again they asked me how much to insure for and again i said about $4000. I then asked him what would the rates change to if I increased both cars to $6000 each. He plugged it into the computer and came back and said, "Oh, there is no difference, it's the same cost". You can imagine what I told him next. My point in all of this is ask questions up front when you find someone to insure it. There are companies out there like mine that will insure these cars but they never volunteer this type of information. I'm going to call them back in a week or so and see what they say if I go a little higher. I don't know how far I can push this but like I said...you'll never know if you don's ask.
Good luck,
Ray Parrish

 

mark, we started with all state, now are with hartford(aarp), since it was a lot cheaper.

 

As far as insurance goes it kinda depends on the company that you choose. My company GIECO will not insure my car fully because of it's age. I have tried, mine is a daily driver as well so classic car insurance is out of the question. When I did ask GEICO about getting the car appraised (I just got the engine done and that alone was 3000) they told me that they would have to send their appraiser out and they base their appraisal on two things: the amount of $ put into the car and what other cars of the same type are currently selling for, so you know that we will all get screwed for the mav's (cause they are under-appreciated vehicles)! Anyway, their are agencies that will let you basically take a loan out on the car, say for 5000 and when you pay it off,if you should ever get in an accident you get the money. It is probably more complex than that but it's the general idea. Good luck, it sounds like some people have some good ideas. Let us know what happens.
Jeri

 

$11,000!!!!!!!!!!!!!!!

$11,000 for a mav? Holy crap Thack I know your car is cool and all but that is a grip-load of money! Oh and Jerilyn, give progressive a call, they are WAY cheaper than Geiko. WAY WAY WAY cheaper!

 

Re: $11,000!!!!!!!!!!!!!!!

It's all relative. It depends on your record, location, car, etc. as to who's cheaper.

Progressive wouldn't touch my Maverick for a stated value. I have it insured for $4000 stated value with nationwide, and they give me a good deal.

 

I called Progressive and they couldn't get me the same coverage that I have with GEICO. I have everything besides comprehensive and theft. Progressive wouldn't value my car for the same about, just like they wouldn't Charlies. Plus I only pay a little under 1000 a year.