Ive got an 89 Iroc z28. Worth about 10k and my insurance company geico will only insure it for kbb value. So if it gets wrecked I will only get 2-3k. Classic/collector auto insurance will do stated values but then they limit me to miles I can drive. This is my daily driver and if I drop an ls1 into it as well I really need a stated value insurance with no miles restriction so I dont get screwed if something bad happens.

 

You, my bud, are S O L!

Classics all limit mileage AND require a garage AND require you to have a daily driver that is less than 5 years old.

I'm in the same boat - I've got well over $15k in my car, have no garage, no car newer than 1997, and they won't do it.

You MIGHT be able to get State Farm, Farm Bureau, or Nationwide to write you a rider to add to your policy, but your premiums are going to be high for it. But I haven't had any luck finding anyone either. No one's going to insure a daily driver for $20k when book value is only $3k.

 

You need to get it properly appraised then provide the appraisal to the insurance company for replacement value. Your premiums will depend on the appraised value, not the book value so be prepared for high rates. The insurance company may require a new appraisal every year or every few years.

There are a few specialty insurance companies that provide specialty insurance for classic/muscle cars etc but few if any will provide coverage for a daily driver. They may limit you to 5000 miles per year etc.

All insurance companies will set your premiums on a cost per $100 value. If the book value is only $3,000 and the rate is $5/$100 then your premium is $150. If your appraised value is $20,000 then your premium becomes $1000. Finding a company with a low cost per $100 rate means phoning around or going through a broker.

 

hmm - interesting. I have full coverage on my IROC, and I asked state farm about that a long time ago. They tell me if i have all the reciepts about what my car cost, they will cover it. So if you have the purchase receipts and keep the receipts for what you have in it, they should cover it. I'm in Colorado BTW. Not sure how different it is from state-to-state.

 

You're right on! With Nationwide in NC we can do a stated value. The way that they do it is at the time of the accident they look over the vehicle and make adjustments if necessary.

IF it's not your daily driver I have found Hagerty to be the best thing since sliced bread. The only downside is you have to pay the year in full. They will insure it for your stated value, no questions asked.

 

progressive does, u gotta pay extra but everything is on writing.
i work on a body shop and we always have issues with Farmers insurance , they use a company called ccc to get the acv (actual car value) and its a hassle to get them to pay for aftermarket options or custom modifications.

 

Ive got full coverage no problem, its just mine doesnt have any upgrades in it and its basically in showrrom condition with 35k miles. Even with full coverage there will only give you KBB value.

 

Hagerty is good with claims but expensive as hell and the upsell king.
Get a quote on your car tellthem its stock. Then callagain and tell them it has 500hp watch the difference lol.


Best thing you can do is keep reciepts take lots of time stamped photos. If something happens you should be able to recoup some if not most but you may have to fight them for it.

To get a cheap "classic" policy to insure it for good $$ you wont be able to DD it. Now you CAN but they check it out pretty good. Id love to drive mine to work occasionally but if anything ever happened to it there Id be SOL no story wil cover that one up. Some like to see it garaged, too.
Back and forth to shows, cruise ins, shops thats about it. Most have an exclusion for track use, SOL there too. Some say there are cos that now offer it but Im inclined not to believe that.

 

Have you checked with AARP insurance? They sell The Hartford’s antique and classic car insurance and are known to do Agreed value as well.

 

This thread is the reason why I would be stupid to spend big money to get my rs painted professionally. I can't spend more on paint than the car is worth