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Insurance :) by IanT720
Started on: 06-24-2016 09:24 AM
Replies: 16 (350 views)
Last post by: Rare87GT on 06-28-2016 04:13 PM
IanT720
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Report this Post06-24-2016 09:24 AM Click Here to See the Profile for IanT720Click Here to Email IanT720Send a Private Message to IanT720Edit/Delete MessageReply w/QuoteDirect Link to This Post
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!?!?

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1987 Fiero GTX 3800 Turbo... My Build, ST3 Cam, Lowered, Wheels, and pics enjoy!http://www.fiero.nl/forum/Forum1/HTML/089483.html

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mrfred8
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Report this Post06-24-2016 09:29 AM Click Here to See the Profile for mrfred8Click Here to visit mrfred8's HomePageSend a Private Message to mrfred8Edit/Delete MessageReply w/QuoteDirect Link to This Post
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.


Here is a good article on it https://www.lelandwest.com/...ic-car-insurance.cfm

typical policy: "In the event of theft or a total loss we will pay the Stated Value
or the Actual Cash Value, whichever is less."

[This message has been edited by mrfred8 (edited 06-24-2016).]

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2.5
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Report this Post06-24-2016 10:25 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by mrfred8:

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.


Here is a good article on it https://www.lelandwest.com/...ic-car-insurance.cfm

typical policy: "In the event of theft or a total loss we will pay the Stated Value
or the Actual Cash Value, whichever is less."



Yep.
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IanT720
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Report this Post06-24-2016 12:07 PM Click Here to See the Profile for IanT720Click Here to Email IanT720Send a Private Message to IanT720Edit/Delete MessageReply w/QuoteDirect Link to This Post
Ahh... Okay. I will look into that. Seemed to easy...
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mrfred8
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Report this Post06-24-2016 12:09 PM Click Here to See the Profile for mrfred8Click Here to visit mrfred8's HomePageSend a Private Message to mrfred8Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by IanT720:

Ahh... Okay. I will look into that. Seemed to easy...



It still may be a good deal for you at 21 years old. Just good to fully understand it.
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Gall757
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Report this Post06-24-2016 05:30 PM Click Here to See the Profile for Gall757Send a Private Message to Gall757Edit/Delete MessageReply w/QuoteDirect Link to This Post
Michigan is different on car insurance.....no other state like it.

I got a big reduction by going to historical plates......but I am not 21.
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edfiero
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Report this Post06-24-2016 06:29 PM Click Here to See the Profile for edfieroClick Here to Email edfieroSend a Private Message to edfieroEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by IanT720:

. And insurance is only $90 a month with full coverage and no fault!! And I'm a 21 year old male!!! Like what!?!?



Ouch. My Fiero insurance is something like 130 bucks for the whole year.
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tshark
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Report this Post06-24-2016 08:00 PM Click Here to See the Profile for tsharkSend a Private Message to tsharkEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by edfiero:


Ouch. My Fiero insurance is something like 130 bucks for the whole year.


Who do you have? What coverage, etc?

I think mine is $10 per month, but just standard insurance.
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Neils88
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Report this Post06-24-2016 08:26 PM Click Here to See the Profile for Neils88Click Here to Email Neils88Send a Private Message to Neils88Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Gall757:

I got a big reduction by going to historical plates......but I am not 21.


Is that because YOU are "historical"?
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FieroMaster88
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Report this Post06-24-2016 08:54 PM Click Here to See the Profile for FieroMaster88Click Here to Email FieroMaster88Send a Private Message to FieroMaster88Edit/Delete MessageReply w/QuoteDirect Link to This Post
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.

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88 Coupe: 2.0L Turbo 4 Cylinder, W2A, T25 Turbo, water/meth injection
84 Indy #64: Restoration Project
01 BMW 525i: daily driver

[This message has been edited by FieroMaster88 (edited 06-25-2016).]

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84fiero123
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Report this Post06-24-2016 09:07 PM Click Here to See the Profile for 84fiero123Click Here to Email 84fiero123Send a Private Message to 84fiero123Edit/Delete MessageReply w/QuoteDirect Link to This Post
$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

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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).]

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theogre
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Report this Post06-25-2016 01:17 AM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
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.
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(Jurassic Park)


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[This message has been edited by theogre (edited 06-25-2016).]

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tebailey
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Report this Post06-25-2016 12:39 PM Click Here to See the Profile for tebaileyClick Here to Email tebaileySend a Private Message to tebaileyEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Gall757:

Michigan is different on car insurance.....no other state like it.

I got a big reduction by going to historical plates......but I am not 21.


When I put a historical plate on my truck the insurance was only $5 a year. State farm. But I also had 3 other vehicles.
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2.5
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Report this Post06-27-2016 10:10 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by edfiero:


Ouch. My Fiero insurance is something like 130 bucks for the whole year.


I'm guessing the OPs is daily driver.
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Report this Post06-27-2016 10:13 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post

2.5

41185 posts
Member since May 2007
 
quote
Originally posted by FieroMaster88:

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).]

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jaskispyder
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Report this Post06-27-2016 10:50 AM Click Here to See the Profile for jaskispyderSend a Private Message to jaskispyderEdit/Delete MessageReply w/QuoteDirect Link to This Post
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).
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Rare87GT
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Report this Post06-28-2016 04:13 PM Click Here to See the Profile for Rare87GTClick Here to Email Rare87GTSend a Private Message to Rare87GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
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.

Very happy with CHROME.


-Amir

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Best 1/4: 11.7 @ 115mph
Best 60ft: 1.60

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