Insurance?
 

I'm sure I'm not alone on this site in that my car is heavily underinsured for it's current state. That frankly scares the hell out of me. If I walked outside only to find an empty space where my car was the night prior, I would be out thousands.

I have no illusions of the car being a classic or a collector, but I'm looking into the possibility of finding an insurance company that will insure the car according to an "agreed value".

How do you guys have your cars insured? Any suggestions?

-Trent

I had to get standard comprehensive coverage through state-farm, then another "racecar insurance company" covers the real replacement value, backed by receipts, for the, fire, and acts of god.

Check your local phone book or internet search for collector car insurance. I have my 91 BRG insured that way. It is insured for an agreed upon value, mine is $10,000. Their are a few limitations. The car can't be your daily driver, usually restricted to 5k to 6k miles per year. You have to prove that it is kept in a locked garage and send them pics of the car from several different angles. The cost is cheaper than regular ins. Mine is $350 a year full coverage W/towing.

what companies are you guys using?

I deal with an agent that deals strictly in collector car ins. The name of the insurance company is American Collector Insurace inc.

Mine's only worth $8K with mods, so I just carry liability and take my chances. That said, I have it garaged and my work is very secure. We take my wife's Protege if we have to park downtown. Other than that, nada.

Since really getting the car back on the road, this issue is still in the back of mind constantly. Any other suggestions?

What you want is agreed upon value insurance, also called stated value. Daily driver or spare car? If DD, your choices become more limited and expensive. If spare car, call Sneed. They will have you fill out an application and send pictures. They will ask for a list of modifications. Since you have a rollbar, clearly state that it is a bolt-in bar for cosmetics, not a permanently attached roll cage.

If memory serves, my Sneed policy has an agreed value of $14K, which is about double the protection I had through my previous insurer Allstate. And the kicker is it runs about $350/yr less for the same limits. The deductibles are about the same.

I just have liability. I keep it locked up in the garage when not driving it and hope for the best. It doesn't seem like there is much opportunity or incentive to steal the car. I figure if I do wreck it, I'll be able to salvage a lot of parts.

I'm terrified of a car fire, which would be a full loss situation. Also, theft is a real concern in this neck of the woods, not so much for chop shops but for joyriders.

The car is a weekend toy, and has maybe had 1000 miles put on it all year. I will look into Sneed. Thanks for the suggestion.

Sneed is a good bet, they have carved out somewhat of a niche among the Miata community.

USAA ftw, my miata is coverted with up to 100k worth of addons, anything that is permanently installed with a bold or screw is covered. all i need is some photos to prove it was there. full coverage with 1mill per person per wreck for $1100 a year.

State Farm will allow you to over insure your car. But you will pay for it. There is also Hagerdy Classic car insurance. They will insure just about anything, for any value. But then you can no longer daily drive your car. :(

I really need to take care of this as well. All the years with the miata I've only kept it on liability. Things now are a little different, so I think I'm going to try and cover some of my parts.

Looks like I might have to look into some of these companies.

Nudity FTW.

Did you confirm this with USAA or do you see it on their website anywhere? I have them and had them pay me for my previously totalled FMII car. They covered many of the mods and sold me the car back so I made out but my current LS6 Miata will probably have a stated value of $25K or so. I did have receipts for that stuff but they certainly didn't give me 100% value on mods.

Frank

Also, some of the collector car ins companies won't insure a car with a rollbar because it "is used for racing". :( Lame. So read the fine print.

Frank

you need to read the clause which kills the policy for modifying the vehicle. They won't pay for anything when they see what you've done with it.

Fine line. This is what I was told by my Sneed agent.
Sneed will not insure a car with a permanently installed roll bar or cage. If you have a standard HD/AutoPower/BF bar, clearly state it as bolt in and removable in your declarations or modifications. If you have a welded in bar or cage, Sneed will not insure you.

I have a standard HardDog HardCore. Sneed's underwriters were given a description of my car as such, as well as pictures, and signed off on my policy.

does your car fall in line with the policy, how many miles do you get per year, have you ever made a claim, and what is the annual premium?