What is everyone here (in So. Cal) paying for auto insurance on their 3rd gens? Do you have full coverage or just basic liability?

This is what I understand about auto insurance. Basic liability will protect you (to the state's minumum) from damages caused by you, but you're sh$t out of luck when it comes to fixing damages on your own car. Full coverage on the other hand will cover all damages to you and the other guy. However, this is generally at the expense of a much higher rate.

Since most of our beloved 3rd gens in the very best of condition typically are worth only a few thousand dollars low book value at the most, paying full coverage on a car this old is probably not a good idea. Let's say for instance my car gets hit in the front by some stupid SUV driver. I got damage to the hood, left fender, front bumper and radiator-core support. Parts and labor to fix all of this would probably get the car totaled. I've seen countless 3rd gens with damage much less than this sitting at the junkyard waiting for the crusher.

I just got sick reading the low "blue-book" value of my '89 GTA. It's down into the $3000's now. I remember reading something called "agreed value" auto insurance. You get the car appraised for a certain value, then you make payments based on that particular "agreed value" the car was appraised at. I guess it's like collector car insurance but you can use it for newer cars as well. Does anyone here know more about this type of insurance?


-Mike

 

The only companies I have heard of that write "Agreed Value" policies are the collector car insurance companies. Most either restrict mileage, or in the case of Grundy there is no mileage limit, but the car must be garaged (like other collector car ins.) and it cannot be used as a daily driver. I'm going to make space in my garage for the Firebird when it is done, and insure it with Grundy because I have the Saturn as a daily driver. Full coverage on a collector car with a collector car insurance company is a lot less than with a conventional company for just basic coverage. If your Third Gen is your only car, the insurance company will only give you blue book value for it. If you employ a company like Greenberg (spelling?) to appraise it for you, you may get a bit higher value than you would dealing with an insurance company alone. The other reason for full coverage is if you carry valuables in the car that might be damaged in an accident, because full coverage protects the contents as well. If you don't keep valuables in the car, and it is a daily driver, I would reccommend carrying liability only. In my case I don't just carry basic coverage.
You can get liability only at higher coverage levels without collision and comprehensive. It depends on how many assets you have that an injured party could go after in an accident. Your amount of coverage does not limit how much you can be sued for, just how much the insurance company will pay in an accident. If you should have the misfortune to run into the back of a high dollar car, and total it, you might find yourself liable for over $100k in property damage. Your basic coverage would not begin to cover it. If you don't own property, you could just declare bankruptcy, but if you own property, the victim could take as much as was required to settle the claim. Personal injury claims and pain and suffering haven't even been mentioned. I would reccommend carrying enough insurance to cover you and your assets in the event of an accident, but don't bother with collision and comprehensive. If you are hit, your car is still yours, but you have to deal with the damages. If you have built a trick engine, or have a t56 in it ,for example, if the car is bent beyond repair,
You can look for a straight car and use your good parts in another car. If it is a minor "fender bender", go buy used parts from a P.A.P. yard and fix it yourself. Sorry this is so long, but I wanted to give you a complete answer. I hope this helps.

 

i have full on mine and it's not that much it's 1800 a year. and i am only 18. the reason i have it for full coverage is because i am still paying off my loan for the car.

 

Full coverage is good in the event your car gets stolen or burns up...etc. You are also better protected should you get in an accident.

I hear ya on the cost of repair though. Especially when going thru an "insurance repair". The body shops seem to jack-up their rates when doing insurance work. My car got tagged on the freeway a year ago. While it was a very minor hit, the body shop claimed there was $2500 worth of damage done. I cannot to this day figure how they came to that conclusion, but none-the-less that's what they submitted to my insurance. They also told me they were initially concerned they would have to declare my car totaled based on their early damage evaluation.

 

Thirdgens seem to be worth more than people think. Mine, because of the condition, would probably fetch around $7,500 totalled out. It is an '89 Formula 350 with 91K, but in much better than average condition.

I was an insurance agent for 5 years.

Only carry comp and collision if the car is worth more than what it costs to insure and if it would be financially hard for you to replace the car.

Obviously, paying $2,000 a year to insure a $3,000 car is pretty stupid. I only pay $550 a year to insure my Formula full coverage because it is a second car and I am over 25yrs old. It is definitely wise to insure it for full coverage.

If someone else hit you, (unless Califonia is a no-fault state) the other parties insurance company must pay for your damage, whether you have full coverage or not. If the car is over 7 years old, you should get the option to purchase the car back from the insurance company. They only problem is the title will be branded as "Salvage".

 

I have basic liability. I am paying $45 a month for my 85 IROC.

 

Who are you paying $45 a month through? I need a piece of that action...

 

It is through GM Click There

 

How did you get 45? The cheapest I get is $123

 

I am a good driver

 

lol So am I. I went through their little online quote thing. Now maybe you have liability only, I chose to have a little comp and collision, but even when I removed it I was still over 78 a month. I have over 7 years under my belt and no accidents (knock on wood)... I hate California and their monopoly of auto insurance. I mean when was the last time someone was hit with insurance. The two times I was in an accident we were hit by someone who had no insurance at all... It's just a pissy thing.

 

I have what just what the law requires.

Thirdgens are worthless, I once was hit by an RPS delivery truck and their insurance company was talking about totaling my car for real minor damage to the nose, hood, fender and one light.

Cant really blame them though I only paid 2300 for it and most of the people I know have paid around that much for thirdgens.

If you trash yours just get another, dime a dozen.

 

Flattery...will get you no where

 

Have you inquired about the rates yet? Might want to do that first, and then decide. They will vary alot too, depending on the coverage and deductibles.

Agreed though about the value. Minor damage and the car is a total.

 

Oh mine is $500 deductible