Hey guys, I have a 1991 Trans Am convertible with about 99,000 miles right now which as we all know is almost worthless according to the insurance companies. I would really hate to get into a fender-bender some day and have the car get sent to the scrapyard. I'm from CT and my insurance company is Liberty Mutual if it makes a difference. I remember looking in an antique car value guide at a Barnes & Noble a few months ago and in the shape my car is in, the book said that its worth about $7,000. I think that's "fair" shape with "excellent" being around $16,000. I'm fixing it up right now and I hope to have it looking A LOT better soon (I'm actually getting pretty close). How does appraising work? Does that mean that insurance will pay more to get it fixed if something happens? Will my rates go up? And where is a good place to get it done in Connecticut? Thanks!

Here's a few pictures of my baby and be sure to click the link in my sig!

 

I think you need to carry classic car insurance where you can specify the covered amount. You will pay the premium to support that amount but it's the only way you can be covered. Std insurance will just total your car if it's over book value which is not the same as classic value in their minds or what you have invested in the car.

Car looks sweet btw - wish I had a vert but T-tops will suffice for now!

 

i use american collectors insurance co. not sure if they have it in your state. go online, search for american collectors insurance in google. i only got it a month ago. no appriasal needed. my agreed value is $24,000 for the car

 

do they insure modified vehicles? not raced, no cage, but otherwise heavily modified?

what kind of payment do you make a month/term on the policy if you dont mind? i need to get some real insurance on mine

 

How much do you pay for that insurance?

 

I just ran a quote from American collectors and the rates seem good, just need to have your car garaged.

1. Modified 1988 Pontiac Firebird Value $5,500 miles/year 7500



Selected Coverages

Coverage (Limit) [Deductible] 1988 Pontiac
Bodily Injury/Property Damage (100,000) $168.00
Medical Payments (1,000) $25.20
UM/UIM Bodily Injury (100,000) $64.40
Liability Total $257.60
Comprehensive [$0 Ded] $154.00
Collision [$0 Ded] $88.00
Towing and Labor for Collectors (TLC) Plan - Platinum $34.95
Spare Parts ($500) Included
Vehicle Total $534.55
Annual Premium: $534.55
Total: $534.55

I am currently paying $800/year for Full coverage with $0 deductible, unlimited Mileage, and Actual Cash Value if totaled. Actual Cash Value probably means book value.

Oh, you need to have a Primary car with American Collectors Insurance.
To apply for coverage, you'll need to have the following information available:

* The VIN (Vehicle Identification Number) for each collector vehicle you wish to insure
* The liability limits you carry on your regular auto policy (insuring your daily use/family vehicles)
* A driver's license number for each driver in your household

Well, they have strict semi strict rules,

 

Oh wow they're pretty tough! So if I get in a wreck in my Trans Am on my way to school or something does that mean I'm screwed? Oh and I'm 18 (no accidents/tickets at all though) too... I wonder how that would affect rates.

 

There is an area to input your years of driving, aka, experience, so that would factor in your quote.

 

Oh thanks!

I just ran a quote for ACI with a vehicle value of $8,000 and 9,000 miles annually. The comprehensive deductible is $250/Safety Glass, and collision is $250. With that said my quote got about $366.15 annually. Which is more or less what I'm paying with Liberty Mutual right now. Although I'll have to call and ask a few questions since I don't know how my age would factor in and I really don't know what a "deductible" is lol.

EDIT:
I just read an about.com review and they said:
"You must have 10 years of good driving experience, have a good driving record, and have at least one everyday vehicle for every licensed driver in your household."
Aw crap. I wonder if it can be kept under my parents' name with me being able to drive it? Or are there any other companies that would insure me?

 

double post sorry

 

Only persons on the Policy with 10 years or more experience can drive the insured car.

There are a few more companies, Grundy is one and the other one starts with an M I believe.

Also, Deductible is the amount that you pay for any repairs. Example, a tree limb falls on your car and dents it and it costs $500 to fix. If you have a $250 Deductible, then you pay $250 and the insurance pays $250. If the damage is under $250 then you pay it all yourself.
If the car is totaled and it's your fault, you get $8000 minus your deductible, so they give you a check for $7750.

 

yea u should get some good insurance on that car 86ta.. that car is really really awesome and more $ than mine for sure.

my policy i setup to have a $1,000 deductible for collision and also a $1,000 deductible for comprehensive/damage/theft/fire/etc. i played around with the numbers on their website and if i did $500 deductible my annual premium WOULD have been like $900. so i went with the $1,000 deductible, andmy premum is right around $560 a YEAR, not for 6months,... for a year. which i think is great.
the car can not be used for "timed events" i.e racing. which i dont plan on doing with this car, i will build another car for racing.

also it can not be used as a daily driver and must be garaged. they allow you to put up to 5,000 miles on the vehicle a year, traveling to car shows, cruising, pleasure driving, but you cant transport ridiculous stuff like furniture or use it to drive people all over liek u would with a daily driver. you have to have an enclosed garage. i think they play with the rates for + or - things liek locked garage, your yeard driving experience, any accidents tickets, car work documentation etc.

like i said i have only had this insurance for about a month, but i know a fellow fbody owner (an 83 firebird with like 20,000 miles on it AND also a niice turbocharged trans am tta) who has it on both of this cars.

also.. as for driving experience they did not deny my covrage even though i have only had 8 years of driving experience (to the day actualy since its my b day)... the only other occupant of my residence is my g/f and they needed he dl # and info. i assured aci that she would never be driving my car since she's too timid to do something bad to it as she always sayd.

so for less than $600 a year the car is covered up to $24,000 and i can adjust my quote whenever to increase the coverage if i do more mods etc.

i was trying to use a comany called JC taylor insurance, but they rejected me ONLY because my daily drive (a 1995 jeep wrangler) was too old for a daily driver. silly reason, otherwise i would have used them

so for you guys who wanted ACI for your daily driver, it wont fly, its more for your "toy's"

 

that doeesnt sound half bad, my car is garaged, i dont race it, and what they dont know wont hurt them, i dont drive more than 2k miles in a good year, and NJ limits classic and collector cars to 3k miles anyhow, and 600 a year for 24k coverage is not bad. More than i pay now, but if i run over a squirrel, my insurance will probably try total the car. I'll have to look into it.
thanks

 

got an estamite for my car, 3000 miles a year, agreed value of 25k, for a annual payment of $355, or 30k value for 400. Not bad. I have to read up a little more on their claims policy, make sure it not a run-around deal if I even wreck the thing. But overall, im liking this.

 

Heres the deal, I looked into doing this last year for my car. I could get 15k dollars coverage for around 300 a year. I meet all the criteria, car is garaged, I have another car on a different policy, I dont dive it to work, I dont drive it daily. All the companies I spoke with didnt limit the miles I could put on it yearly. However, where Im screwed is the age part, and if I remember right your a younger guy too. You need to be 25 for this coverage. Im 24. So I looked into having the car registered and insured through my mother. It would work that way, the car would be covered. However, if I were to drive it and get hit, it would void the coverage because I am not 25. So, I have one last year of "risking" it before I can finally cover it for what I have into it. First thing this comming January when I hit 25 Im getting it on "special interest" insurance

 

an important detail.

most collector companies wont insure you or even let you touch the car if you are under 25.

 

So pretty much I'm **** out of luck considering I'm 18 right? Ugh I guess I'll just have to drive really carefully.

 

that would be a good idea

 

I tried putting collector's insurance on my car this year, but was denied due to my record since the company looks at 5yrs instead of 3yrs. But, I'm with Allstate and put a stated value on the car. Not as good as colllector's, but at least they'll cover up to that value if something happens. I have $0 comp/$500 collision and pay $700-$800 per year.

 

What value did you state?
When you say not as good as collectors, do you mean the amount you pay vs the amount of coverage value?

I was going to get stated value on my 86 for $7500 a few years back, can't remember which ins company it was but it was pricey, about $3500/year.

 

$15,000 and I probably should bump it up a couple thousand since if something happens insurance will only pay up to that value. "Not as good" is what my agent said about having my TA on a standard policy vs the collector's policy. The $700/yr for the TA might be low since it's not my primary car and I have two other vehicles on my policy.

$3500/yr is ridiculous. You'd have paid the replacement cost for the car in just over 2 years!

 

yea i looked it over and called them t o ask some detailed "what-if" questions and everything seemed solid. let me know if u fid out anything hidden or abnormal about the coverage tho