What's my car worth?

[Aero426]

I went through Lars Anderson of Rally Insurance Group.  800-801-1823  www.rallyinsurance.com

He got quotes from Classic Collectors and American Modern.    The Hagerty comparison I did on my own. 

[Dino]

I don't know why, but when I do these online quotes, Hagerty is way cheaper than anyone else.  Most quotes are close to $500 for $30,000 coverage.

I need to look into this more after work.

[Dino]

I found the reason for the high cost.

Michigan Catastropic Claims Association Fee

Runs $186/year, regardless of insurance company so there we go.  That's why I pay so much more than most of you.


'The Michigan Catastrophic Claims Association (MCCA), a private non-profit unincorporated association, was created by the state Legislature in 1978. Michigan's unique auto insurance no-fault law provides unlimited lifetime coverage for medical expenses which result from auto accidents. The MCCA reimburses auto no-fault insurance companies for each Personal Injury Protection (PIP) medical claim paid in excess of a set amount. Currently that amount is $530,000. That means that the insurance company pays the entire claim, but is reimbursed by the MCCA for medical costs over $530,000.'



'All auto insurance companies operating in Michigan are assessed to cover the catastrophic medical claims occurring in Michigan.  Those assessments are generally passed on to auto insurance policyholders. The 2013-2014 assessment is $186.00 per vehicle.'


It's what it is, I'm not going to make a fuss about it.  I will call around a bit for more quotes but I may just stay with Hagerty, seeing they are really not that expensive relatively speaking, and it is a big company with very good user experience.  That too is worth something.

Thanks for all the help guys, much appreciated.      

[Homerr]

I don't know what your car is worth, maybe low 20's ?, but replacement cost would probably be $30-35k.  Insure for replacement cost.

[tufamc]

For $72, you should just go with the $30k policy, why not, 72 dollars is 1 tank of gas in your car, big deal, you'll sleep better at night!! Personally I live 9.2 miles from Hagerty's headquarts, in Traverse City, and my work takes me there from time to time, incredibly nice group of people, for me they will always fit the bill, kind of a home town thing though.

good luck with your choice, remember if something does happen, you ll be kicking your own a$$ over the price of a tank of gas....


JR

[Dino]

Agreed, I'd really be kicking myself if I lose my car and tried to save $72/year.   

[will]

My brother sells insurance. He's told me it's always better to over-insure than not to have enough. Go for the higher amount, it will be worth it if you hafta make a claim.

[rarefish]

My  You guys sound like you should be insurance sales men. Sure, the insurance company's love people who over insure anything, your home, your life, your car, why? Because it adds to their profits. They know that they will make out on some 95% of all policy that they sell.
I often hear people at car shows telling others like their car is insured for $50,000 when its a $10,000 car. Pay that extra premium and I guess you some how hope that the car is totaled or stolen some day, just so you will feel good about being over insured?
I have been paying for classic insurance for about 35 years now and have saved lots of money by being slightly under insured over all those years. To date. I have never made a claim during the 35 years and hope that I never have to. So the insurance company wins and I lose, but just not as much as others...

[myk]

I've got mine at $35K right now, but that figure was BEFORE the body work, paint, re-wire, wheels and tires, etc.  I'm going to call them up and ask for the maximum agreeable value without an inspection.  Is the car worth that much, obviously not, but thanks to the "Mopar=gold" nonsense it would probably take you and me both about $40K MINIMALLY to get us back to where we're at right now if we suffered a total loss.

Is someone actually making an argument against over-insuring?  Again keep in mind that $10K cars sell for twice or three times that much all day long, nevermind the cars that are in respectable shape.  I don't know about you guys, but I am NOT willing to do the whole "project" thing again; projects SUCK.  So, if it cost me $1000 a year so I could get $50K or more in the event of a total loss then that's the value of a lifetime, even though with $50K I just "might" get a solid car.  You can't be in the classic car game and try to be financially shrewd about it, that's an oxymoron...

[JB400]

I agree more with the $35k.  That puts you right in the middle of the market.  Even if you had a total loss (like elanmar) you could buy a fairly decent car for the $30k and spend the extra $5k to fix anything to your liking.  Or, spend the $35k on a show car that was properly done 5 years ago but has acquired a few paint chips here and there and is no longer fit for high profile shows.