Insurance
 

How is your old benz insured? Have heard stories about totals because insurance companys put low value on them and want to make sure I am properley covered. When I insured it they asked me what I thought it was worth. Thought that was strange. Any input would be appreciated.

Thanks Jim

I just insure the minimum amount I can.

It's one of those things I'd get rid of completely if I had the choice. Why should I want to pay $85/month on my $600 car? In 8 months I've paid the insurance company more than I paid for the car. Yet, if I get caught without insurance, it's a $1000 fine around here.

I just had a claim on my van. It is a '96, special-ordered, owned since new, perfect condition, hit a deer. The body shop totalled it, the insurance company said they'd have to send an adjuster. Talking with the adjuster with documentation of its care and features, the adjuster printed a check for almost $3k over it's book value to repair it.

On my older cars, I watch ebay and autotrader et al, print the ad whenever a car similar to mine sells for a premium, helps to demonstrate Actual Cash Value of the automobile.

For seriously unusual vehicles, I have them appraised, and insure for appraised value.

Actually, I just carry full coverage on everything, probably not a very good deal. In reality, I'm self-insured for anything major. The insurance would be useful for minor damage that exceeds my deductible, maybe a few $1000 dent. For major damage, the insurance company would probably want to total them, so I'd just end up paying to fix them myself. If I was smart I would change my coverage, but it's not something I've ever bothered looking into.

classic car insurance is the way to go. Most cars over 20 years old qualify. I have all of my over 20 year old benzes on my AAA insurance for classic car. it is very cheap and I have tons of coverage. They even cover my 84 300D, even though it has a salvage title.

Its not about your car its about the other cars and people. Trust me you want insurance. I hate insurance companies but once you have major medical claims you will thank your lucky stars. And I will tell you right now that short term disability is a NO BRAINER. Try spending 6mos without a paycheck OR the ability to claim unemployment. $85 a month is pretty high, I have comprehensive and low deductables and its like $58 even with a well spotted record such as mine.

I get a real tickle that my company pays more in 3 months for parking my car at work than I did for my entire car.


For what its worth any decent company will adjust their rates up to meet your needs for coverage.

Liability only.

I've met a lot of people who get screwed because they believe the insurance company has final say over how much they are going to pay. If they say it's only worth X, challenge them to find you one for X or under in similar condition.

Insurance
 

I put full coverage on my '85, which is in pretty good shape; not sure what is on the '87. For the '85, I spent $200 on a professional appraisal and took both copies to my (State Farm) insurance agent, had them keep one copy and sign the other and give back to me as a receipt. That way, if something happens to do significant damage to the car, they will have a much harder time trying to get out of providing me with a fair settlement. It's no guarantee, of course, but your attorney will smile when you hand him the signed appraisal.

For me it's not so much the actual cash value of the car as it is the difficulty of replacing it. I like my car and want to keep it. The longer I own the car, the better I know it and the more I'll be able to trust it, based on miles driven, maintenance performed, etc. It's hard to put a value on such a thing and if it is lost, I definitely want to be compensated. As we all know, finding 123s in good condition gets harder every day.

Liability is a legal necessity in most jurisdictions. Not much to say there except that it's your decision based upon what you have to lose. We have lots of people here who drive a junk car with no license, expired registration, and no insurance. When they get caught, the car is impounded so they abandon it and get another junker. Most of us probably do not fit in that category. I carry $300,000 and probably should check on the cost of a million, what with the ridiculous jury verdicts we all read about in the papers.

Uninsured and underinsured motorist liability (personal and property) is a relatively inexpensive coverage that many people choose to skip. In my mind, and depending on where you live, this is a mistake. If you get hit by a driver from the previous paragraph, you're on your own.

The few times I've looked at "classic car" insurance it came with a very limited annual mileage limit and seemed to be for "show" cars that were rarely if ever put on the road. I would be happy to be disabused of this erroneous opinion if someone has actual experience.

Jeremy

Full coverage on my jetta and 300D. It defenetly came in handy when my 300D was vandalized, its what paid for the new paint!

HEY! Thats an idea. All I have to do is not fix my odometer......

Check out Sneed auto insurance. Car must be in very good to excellent condition (for those who qualify). They want several pictures. No mileage limit or only can be driven on certain days restrictions. Only thing is it cannot be your daily driver. Must show proof of daily driver's insurance. They give you a minimum of $7,500 of coverage even if your car is worth less. Price for my '84 300CD is $137 a year. Paul.

i use hagerty for my 240D which is perfect since its not a daily driver... they dont have any mileage limits but they do require you have other insurance for a daily driver and its super cheap... about 150 per year

Classic car insurance is great if the car is a toy. Get into an accident going to work, and watch how fast they dump you. But if you can its real cheap.

I don't have collision on mine, its not worth it. But I do have fire, theft, glass breakage, and medical to $1M.

If you own anything of value you need insurance, if you are poor drive with no insurance and do not worry.
About 20 years ago my 220D 72 was totaled, I was stuck in a hopeless traffic jam in Houston street when a lady driving a large beat up Buick came out of a filling station, panicked and instead of the breaks stepped on the gas, the big thing dived into the side of my diesel and totaled it.
The driver had no license, in insurance, no ID. no English, no money and when the police arrived she got a ticket.
I was getting very nervous as she was going to walk away from this accident laughing, and she did.
Police responding to my loud complains called me to a corner and quietly, off the record, advised that they are under orders to let “these people” go, and suggested that I settle the issue with my insurance and do not let my blood pressure to rise.

Lessons learned the hard way, or, the law of the jungle.

Vahe
240D 77 350K

True, You cant use it for work or school on a daily bases, but Hagerty is saving me a bundle. I'm retired and my cars are "toys" that I can use for road trips or anything else as long as its not "the same thing every day":D As in a commute.