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Old 09-25-2002, 01:15 PM
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Join Date: May 2002
Location: Dallas
Posts: 49
Best insurance

When I first got my car, I was advised that collision insurance is a real problem for an old car because a typical policy won't pay the classic car value. I was told if my 83 got stolen or totalled, I probably wouldn't get more than $5,000 under most policies. (I paid about 13 and have put in a ton of improvements.)

There are classic car insurers out there that will issue a "stated value" policy. That type of policy pays out whatever value you stipulate, but all the ones I've found make you stay under 2 or 3,000 miles per year. You definitely don't want to be fibbing to them about that kind of stuff either, because the downside is huge, especially if they make you carry your liability with them too.

Has anyone found a good insurance company that will write stated value policies with unlimited mileage?

Anyone have any good claims experience with a company?

What does anyone think about Lo-Jack (the satellite locater for stolen cars) as a partial alternative?
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Old 09-25-2002, 01:39 PM
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Join Date: Jun 2000
Location: Tucson, Arizona, USA
Posts: 180
I know many people whose older MBs are with State Farm. If I remember correctly, they offer stated value service. However, I have no personal experience with their prices nor service.

My Allstate agent's posistion was that their claims adjustor would consider paperwork from a licensed appraisor if the car was appraised both before and after modifications. Also, keep all receipts to present in a legal action.

There is a lot of recent information on the Car Talk website about Low Jack and similar devices. An MB installation probably runs around $1000 + monthly fee.

Cheers, Andrew Seidel.
86 560SEC
85 500SEC Lorinser
83 300D Turbo
75 240D
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Old 09-25-2002, 01:48 PM
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Razorback Soccer Dad
Join Date: Apr 2001
Location: Dallas/Fort-Worth
Posts: 5,711
Angry Doggone it! What was the name of that company?

I was reading an ad in a car trader a few weeks ago, and it was about an insurance company that not only offered stated value service and low premiums, but they also did not have such low limits on yearly mileage, something many other companies do not offer. Unfortunately, I don't remember the name...

Check the auto trader guides, and someone might have just the plan!
2009 ML350 (106K) - Family vehicle
2001 CLK430 Cabriolet (80K) - Wife's car
2005 BMW 645CI (138K) - My daily driver
2016 Mustang (32K) - Daughter's car
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Old 09-25-2002, 04:03 PM
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Join Date: Sep 2002
Location: st. louis, mo
Posts: 13
I have worked in the auto insurance industry for quite a while. Just a little info regarding many stated value policies.
Many standard carriers will offer a "stated value" policy. However, keep in mind the majority of those policies use the stated value as a rating base for the policy to determine the premium, and the stated value is a maximum that will be paid under the policy.

On a total loss or theft, the majority of these policies will owe the "actual cash value" (market value), or the "stated value", whichever is less. Keeping that in mind, you need to have any solid documentation re appraisals etc, that can back the value of your vehicle in case you ever need to make a claim.

Just an fyi. Many think that if they have a stated value policy, that they are automatically paid the stated amount in case of a total loss. Not always true. Make sure you read the policy and
specifically the section under the comp/coll cover of "limits of liabiltiy"
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Old 09-26-2002, 09:54 PM
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Join Date: Jan 2002
Location: New Jersey
Posts: 4,018
I posted this in another forum, but this one seems to have lots of knowledable people (and its SL related... I should have posted here before)


I am thinking of purchasing a 1972 350SL. It is a nice car, but obviously it isnt a daily driver. Id like to get one as a little drivable project, hat looks nice and is rust free, but that I can fix stuff on.
Anyway, I have found one like this that I really like, but obviously I need insurance. Since it would have very limited use, and is old, I looked into classic car insurance. I got a quote of $68/yr for max coverage, and the ability to take it out and park it when out to dinner for example (somne policies apparently dont allow this).

The one stupid problem us that there is a requirement that you MUST keep it in a garage. I live in an apartment and as such do not have a garage. I do have a gated, manned secure parking lot, but that doesnt cut it.

I called progressive, but they want somewhere in excess of $700/yr for the car, even if I only drive it 2500 miles/yr.

I dont want to commit insurance fraud by saying its garaged and then having it under a cover in my lot, but I dont want to pay excessive amounts of insurance money for something that I dont drive regularly.

Any ideas what I may be able to do?
Im sure there must be others in similar predicaments.
Any advice is most appreciated. Thanks

Current Diesels:
1981 240D (73K)
1982 300CD (162k)
1991 350SD (113k)

Past Diesels:
1983 300D (228K)
1985 300D (233K)
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Old 09-26-2002, 10:03 PM
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You might want to check out Hagerty Insurance. They have a flexible mileage program. They've been around forever. Specialists in classic and special interest, collector cars.

'79 450SL
77,000 miles
'89 asc/Mclaren Mustang#123
46,000 miles
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Old 09-28-2002, 10:02 AM
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Join Date: Sep 2002
Location: NB
Posts: 41
For those who use their cars as daily drivers, what companies do you use? Do you get any kind of stated value coverage?

It all seemed like such a bad deal to me, I finally quit my collision & comp on this car. I couldn't find anyplace to insure a daily driver and get full value coverage.
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