Insuring your SL

[450sl4me]

I'm curious who you all get to insure your SL, and how much they charge.

I revently "bought" my 1980 450 SL from my grandfather for the incredible sum of $2000 (including insurance paid through March). I say "bought" because he pretty much gave it to me, but I guess this way he can tell other family members that he sold ot to me, thus getting around why give it to me instead of them (even though I'm the only who appreciates fine automobiles). Anyway, I digress....

The point is, I haven't had to pay the insurance thus far, but come MArch I will. I only plan on driving the car about 2-3 thousand miles per year, adn it is garaged. Is there special insurance for cars driven such a small amount, and how much should I expect to pay?

Thanks,

[jjrodger]

In the UK you can get limited mileage classic car insurance policies. Usually they are cheaper than a regular comprehensive policy. You can also agree a valuation in the event the car is stolen or written off. I'm sure you could get a similar policy in the US. Cost will depend on your age and claims record more than anything else.

[cbdo]

Indeed, there are several sources for collector car insurance here in the good ol' USA. Most will impose mileage limits, require that the car be garaged, and all I checked prohibit driving to work. In exchange for those restrictions, they'll insure the car for an agreed cash value for just a few hundred a year--ranges from maybe $150-200 to $400-500 as I recall from checking a while back. As you'd expect, the lower the premium, the tighter the restrictions as a general rule.
For leads on companies, Hemmings is always good, and also check out www.buyclassiccars.com.
As I drive mine daily in the summer, I cover it on my regular auto policy but suspend the liability coverages when it's in storage.

[vrsmith]

I believe that the determination of the car's value
is relevant to this issue. Have you received an
independant appraisal? I haven't myself, but I
am going to. If you have purchased your SL for $4K,
then you really should get the car valued
properly. I would imagine that some insurance
companies might use your purchase price as the
true value and pay up to that amount.
In my case, I paid $15K and thought that I got
a great deal. I need to back up my thought with
proof. Right now, I can 'prove' that my car is
worth $15K and you can 'prove' $4K. We both
need a file of photos of our cars and comparable
cars along with the values of the other cars.
As someone said, these cars are worth what people
will pay for them. I believe that they are worth
what people believe them to be worth. We have to
have evidence or the insurance companies will
believe what they want. We don't want that!

[cbdo]

Dealers in collector cars will often do appraisals for a fee. My 560SL was appraised by a dealer I know down around Detroit, who feels he would be able to work with the figure he gave for sale purposes. It's a bit optimistic, I think, but gives me an objective professional number if and when I go to collector insurance.

[ctaylor738]

I have liability, medical, property damage, uninsured motorist, anc comprehensive, and collision with a $500 deductible. This is on my 280C and 380SL. Costs are about $400/year apiece through State Farm.

This is in their lowest mileage category, not driven regularly to school or work. No restrictions, though.

[450sl4me]

Thanks for the information Chuck. I have State Farm for my other vehicles/houses, so maybe I should give them a shot. My perception was that they weren't as flexible as some other companies might be, but that sounds pretty reasonable.

Thanks again,