So I just got insurance on my 87 GT with a 3800 turbo. The company is Farm Bureau, it's a small local company by me in Michigan. Get this... I got the car valued at $8,000. With no appraisals. Just my word. Literally. And insurance is only $90 a month with full coverage and no fault!! And I'm a 21 year old male!!! Like what!?!?
Just make sure that is "Agreed Value" and not "Stated Value". Most non-specialty insurance companies do not write "Agreed Value" policies.
The difference is "Agreed Value" is what they will give you if its totaled. "Stated Value" means you are stating what you think the value is worth, if they have to total the car they will still give you whatever they decide its worth, regardless of what you stated the value was.
Just make sure that is "Agreed Value" and not "Stated Value". Most non-specialty insurance companies do not write "Agreed Value" policies.
The difference is "Agreed Value" is what they will give you if its totaled. "Stated Value" means you are stating what you think the value is worth, if they have to total the car they will still give you whatever they decide its worth, regardless of what you stated the value was.
I also have farm bureau and have an agreed value of $9000 on my 88. I had to supply pictures and a list of mods and improvements and sign a form saying I don't daily drive the car, it's stored inside and I don't race it. They also won't insure a turbocharged car. They overlook that for me because my turbo engine came from a production car it's not something home built. I'm $404 for 6 months.
$150 a year but that's just what I have to have to drive it, and we also have 2 other vehicles that we both drive threw the same company. Farm Family. But ours is not show quality or anything close so why get the collision?
Steve
------------------ Technology is great when it works, and one big pain in the ass when it doesn't
Detroit iron rules all the rest are just toys.
[This message has been edited by 84fiero123 (edited 06-24-2016).]
As some said above, Very likely I co doesn't care what value you say. They will go to NADA book or whatever and give you $1000-2000 max for a "Total" for any Fiero.
Insurance is low because most States have Rules for Historic/Antique tags and Rule 1 in many states you cannot drive to school, work, etc, every day. If you ignore the rules for having special tags can get tickets etc from cops, if wrecked could have insurance problems and I co won't pay.
Mi basic Rules says:
quote
To qualify for a historical or authentic license plate, vehicle must be: •26 or more years old -- based on vehicle model year subtracted from current calendar year •Owned solely as a collector’s item •Used only for events such as historical club activities, parades, and car shows. Note: A vehicle registered with a historical plate or authentic historic plate cannot be used for routine transportation, except during the month of August when it may be driven anywhere in the state without restrictions.
Source: http://www.michigan.gov/doc...s/hplate_16252_7.pdf page 2 Basic Rules because full rules text is likely in Mi Legal Code etc and can be different. ------------------ Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should. (Jurassic Park)
I also have farm bureau and have an agreed value of $9000 on my 88. I had to supply pictures and a list of mods and improvements and sign a form saying I don't daily drive the car, it's stored inside and I don't race it. They also won't insure a turbocharged car. They overlook that for me because my turbo engine came from a production car it's not something home built. I'm $404 for 6 months.
You should check out other companies, I pay 25% of that, but for a full year. But it could be your location attributing to it. I have Grundy / Philadelphia.
[This message has been edited by 2.5 (edited 06-27-2016).]
Michigan insurance is outrageous. Be sure to shop around each year, as FB may raise your rates after a year. A lot of places will give you an introductory rate and then hit you with premium increases afterwards (of course they don't tell you this). I found the best prices to be with Fremont (a MI company).
I have CHROME (American National) under an agreed value policy with Appraisal supplied. Car is insured for $30k. Policy is $32 a month. It is totally worth it. After my wreck in October of last year, I was very thankful I had it. Total repair was a little under $10,000. All 100% paid, even made $1,000 off the whole deal all said and done.