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Agreed Value insurance policy by jscott1
Started on: 09-28-2016 01:30 AM
Replies: 37 (624 views)
Last post by: busa_powered on 10-16-2016 06:31 PM
jscott1
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Report this Post09-28-2016 01:30 AM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
I have been preaching for years that if you have a Fiero that is worth more than the usual blue book value that you need an Agreed Value policy. Most regular insurance companies won't offer that, which forces you into a collector policy. But collector policies have limitations like annual mileage limits and no driving to and from work or school.

I was doing some research and stumbled upon an insurance company that has unique features... they offer options for unlimited mileage and occasional commuting. They also have annual mileage limits with rollover miles that never expire. They also don't require an appraisal and will even insure race cars and non-street legal cars.

I have no connection with this company just wanted to share that it might be a good deal for some folks. (Maybe I switch at some point)

https://www.lelandwest.com/


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Report this Post09-28-2016 07:59 PM Click Here to See the Profile for notwohornsClick Here to Email notwohornsSend a Private Message to notwohornsEdit/Delete MessageReply w/QuoteDirect Link to This Post
Thanks for posing. I'm about ready to get some collector insurance
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Kevin87FieroGT
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Report this Post09-28-2016 10:42 PM Click Here to See the Profile for Kevin87FieroGTSend a Private Message to Kevin87FieroGTEdit/Delete MessageReply w/QuoteDirect Link to This Post
Might try JC Taylor. Their product is very attractive as no mile limits, casual use only, long trips ok, just no everyday to work or school, or racingl. Agreed valve with no hassles. You know your cost upfront when filling out the application, it's all right there. They do collector cars and modified/hotrods.

Everybody has their favorite company.

[This message has been edited by Kevin87FieroGT (edited 09-28-2016).]

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Report this Post09-29-2016 08:16 AM Click Here to See the Profile for trivetClick Here to Email trivetSend a Private Message to trivetEdit/Delete MessageReply w/QuoteDirect Link to This Post
I use JC Taylor as well. Agreed upon value, you pay based on the amount you insure it for. No mileage limitations, year round coverage - can't be used as a daily driver, but occasional use is ok.

I've never had a claim, so I can't speak to how they handle those. Hopefully I'll never know
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Report this Post09-29-2016 08:43 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
Same with Grundy.
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Report this Post09-29-2016 05:41 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Its been 15 years or more since I checked, but Grundy and Haggerty had all kinds of restrictions when I checked on all my collector cars. I passed on both. Maybe theyve changed. I remember Grundy telling me straight up I could not drive the cars anywhere except to car events period. Could also be a regional thing. I almost had signed up and my last question was 'now i can drive my car out for a dinner date with a girlfriend right ?" He said absolutely NOT. I said no thanks and hung up. Whats the point of having a fun car if you cant use it when YOU want ? Whoever you choose, make sure you ask very SPECIFIC questions your interested in.

[This message has been edited by rogergarrison (edited 09-29-2016).]

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Kevin87FieroGT
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Report this Post09-30-2016 10:08 PM Click Here to See the Profile for Kevin87FieroGTSend a Private Message to Kevin87FieroGTEdit/Delete MessageReply w/QuoteDirect Link to This Post
Not to pick on Grundy, or Haggerty, but they were pricey. Grundy was at least 1/3rd more and Haggery was twice as much as the JC Taylor policy we now have. Though I've never had a claim, I'm not sure any company is better than another when the worst happens.

For us, shopping around payed off. One thing nice about Taylor was the openness on the rates. No question as to how much it will cost before you talk to someone, it's all on the application. Also, they don't do yearly automatic increases in your coverage, like Haggerty and Grundy with 3-5% per year, coverage only adjust when you want it to. I kinda like that. Another nice item with Taylor is they are underwritten by Foremost Insurance located in Grand Rapids, MI, we like doing business within the state when it comes to insurance. No paying for the cars destroyed by earthquakes in California, hurricanes in Florida, or floods in Louisiana.
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Report this Post10-01-2016 02:26 PM Click Here to See the Profile for MarkoSend a Private Message to MarkoEdit/Delete MessageReply w/QuoteDirect Link to This Post
I put my Fiero on Hagerty last year. Love it.

Easy to set it up with an online quote for agreed value.
A couple phone calls with a friendly rep and it was all set up.

Even has a roadside assistance package included.

No real mileage restriction (only do about 1500 miles a year or less) and they say you can occasionally drive to work.
Just have to have a daily driver vehicle with a regular insurance company.

------------------
Marko.

'85 SE 2M6 Muncie 4 speed.
a.k.a "The Rumble Seat"

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jscott1
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Report this Post10-02-2016 12:06 AM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Kevin87FieroGT:

Not to pick on Grundy, or Haggerty, but they were pricey. Grundy was at least 1/3rd more and Haggery was twice as much as the JC Taylor policy we now have. Though I've never had a claim, I'm not sure any company is better than another when the worst happens.

For us, shopping around payed off. One thing nice about Taylor was the openness on the rates. No question as to how much it will cost before you talk to someone, it's all on the application. Also, they don't do yearly automatic increases in your coverage, like Haggerty and Grundy with 3-5% per year, coverage only adjust when you want it to. I kinda like that. Another nice item with Taylor is they are underwritten by Foremost Insurance located in Grand Rapids, MI, we like doing business within the state when it comes to insurance. No paying for the cars destroyed by earthquakes in California, hurricanes in Florida, or floods in Louisiana.


You were half right about JC Taylor. I checked and their rate was half what I'm paying for Grundy (thanks for the heads up). So I'm probably going to apply for coverage. Which means if they are writing policies in Texas you ARE paying for cars destroyed by distant disasters like Floods in Houston.
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Report this Post10-02-2016 09:41 AM Click Here to See the Profile for Kevin87FieroGTSend a Private Message to Kevin87FieroGTEdit/Delete MessageReply w/QuoteDirect Link to This Post
Know what you mean. JC Taylor is just the agent, not necessarily the underwriter for all their policies sold. I'm not an insurance guy, but they may use a number of underwriters. I should have been clearer on that point. In your case it may be a company based in Texas. Who knows? You will find out who is the underwriter for your policy when you get the policy docs. For homeowners, daily drivers and the like dealing in state has worked very well for us over the years.

JCTaylor also gives a towing allowance with the policy. If I remember correctly it's not limited to the number of times you can call and towing is, I think, 50 miles. Also other nice coverages, glass chips, lockout, no real mile limits, can cruise the car cross country if you like, all in the fine print.

Glad to have saved you a few Benjamin's! Hope others find the info helpful.

[This message has been edited by Kevin87FieroGT (edited 10-02-2016).]

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jscott1
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Report this Post10-03-2016 12:35 AM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Kevin87FieroGT:

Know what you mean. JC Taylor is just the agent, not necessarily the underwriter for all their policies sold. I'm not an insurance guy, but they may use a number of underwriters. I should have been clearer on that point. In your case it may be a company based in Texas. Who knows? You will find out who is the underwriter for your policy when you get the policy docs. For homeowners, daily drivers and the like dealing in state has worked very well for us over the years.

JCTaylor also gives a towing allowance with the policy. If I remember correctly it's not limited to the number of times you can call and towing is, I think, 50 miles. Also other nice coverages, glass chips, lockout, no real mile limits, can cruise the car cross country if you like, all in the fine print.

Glad to have saved you a few Benjamin's! Hope others find the info helpful.



As for towing I always thought that was only associated with a covered accident? Not regular towing like your car breaks down. Since I have AAA I don't have towing on any of my insurance policies.

What I really want is to figure out how not to pay liability on 8 different policies when there is only one driver. The fact that I do makes me convinced insurance is a ripoff.

[This message has been edited by jscott1 (edited 10-03-2016).]

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Report this Post10-03-2016 01:28 AM Click Here to See the Profile for CoolBlue87GTClick Here to Email CoolBlue87GTSend a Private Message to CoolBlue87GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
I have American Collectors Insurance, for my Blue 87 GT, agreed replacement value $27,000, provides $500 for break down parts, $600 transportation expenses, towing.

Have have them for many years.
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Report this Post10-03-2016 05:38 AM Click Here to See the Profile for E.FurgalSend a Private Message to E.FurgalEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by 2.5:

Same with Grundy.


I've had grundy for years, no issues.. never had a claim, but others have and didn't have any problems
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Report this Post10-03-2016 05:45 AM Click Here to See the Profile for E.FurgalSend a Private Message to E.FurgalEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by rogergarrison:

Its been 15 years or more since I checked, but Grundy and Haggerty had all kinds of restrictions when I checked on all my collector cars. I passed on both. Maybe theyve changed. I remember Grundy telling me straight up I could not drive the cars anywhere except to car events period. Could also be a regional thing. I almost had signed up and my last question was 'now i can drive my car out for a dinner date with a girlfriend right ?" He said absolutely NOT. I said no thanks and hung up. Whats the point of having a fun car if you cant use it when YOU want ? Whoever you choose, make sure you ask very SPECIFIC questions your interested in.



I've had Grudy for 18 years.. restrictions have not changed.. but are not what you claim
restrictions
-must be garaged-must have a daily driver not older than 20 years old for every lic. driver in household - must sign a form that no driver under 25 will be driving it (if you have one in your household) - can't be used daily to go to work/school, not to be used to go shopping, mall use.. but can be driven to work every so offen , no mileage restrictions other than you can't drive it daily to work or to run errens .

not much in the way of restrictions.. THo, it could be regional , or it could be they didn't want to cover your vehicles, if it is true that where you live and had a shop is a ghetto..
High crime zone in a city of lights..

[This message has been edited by E.Furgal (edited 10-03-2016).]

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Report this Post10-03-2016 05:53 AM Click Here to See the Profile for E.FurgalSend a Private Message to E.FurgalEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jscott1:


As for towing I always thought that was only associated with a covered accident? Not regular towing like your car breaks down. Since I have AAA I don't have towing on any of my insurance policies.

What I really want is to figure out how not to pay liability on 8 different policies when there is only one driver. The fact that I do makes me convinced insurance is a ripoff.



If the worst happens to all 8 at once they have to pay for all 8, say from a fire or flood or a twister or them all going missing at once, whatever. they don't get to pick one to pay for and say suck it up on the other 7.. You might say that most likely won't happen, but look at just this years weather and the huge damages to whole counties and states.. I'm willing to bet, many insurance co. paid out for muilt cars per owners, that all thought like you..
funny everyone thinks insurance is a rip off, and never see the otherside, they only see the part they are paying..

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Report this Post10-03-2016 11:07 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 Kevin87FieroGT:


Also, they don't do yearly automatic increases in your coverage, like Haggerty and Grundy with 3-5% per year, coverage only adjust when you want it to..


After I told Grundy I didn't want higher coverage each year they turned that off.
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Report this Post10-03-2016 11:12 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

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quote
Originally posted by E.Furgal:

I've had Grudy for 18 years..
-must have a daily driver not older than 20 years old for every lic. driver in household



Not older than 20 years old huh, I hadn't heard that one, I will find out in 2019 if this is enforced where I live, and in 2020 for my other "non classic".
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Report this Post10-03-2016 02:38 PM Click Here to See the Profile for E.FurgalSend a Private Message to E.FurgalEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by 2.5:


Not older than 20 years old huh, I hadn't heard that one, I will find out in 2019 if this is enforced where I live, and in 2020 for my other "non classic".


ya they told me my indy was to old to list as my daily.. so I listed my 2004 sport trac as daily even tho it's not.. I drive the indy as much as I can.. down side.. it has normal insurance so if it gets clipped I'll get nada for it. the 71 c-10 and 86 SS and 86 2+2 are under the collector car coverage.. the indy got left to the standard insurance
looking for a winter beater now, so I can put the indy away for a much needed redo.. and then it not be a daily..

[This message has been edited by E.Furgal (edited 10-03-2016).]

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Report this Post10-03-2016 04:17 PM Click Here to See the Profile for Old LarSend a Private Message to Old LarEdit/Delete MessageReply w/QuoteDirect Link to This Post
I have Grundy for agreed value for three Fieros two at $10K, one at $15K and it costs about $400+ per year. No mileage restrictions, but you need to have another car as a daily driver and the Fieros should have indoor storage.
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Report this Post10-03-2016 04:38 PM Click Here to See the Profile for trivetClick Here to Email trivetSend a Private Message to trivetEdit/Delete MessageReply w/QuoteDirect Link to This Post
JC Taylor is similar - You need another car as a daily driver. My GT is insured for $12,000, I pay under $150/year.

This is directly from their website:

To qualify for the Antique/Classic Auto Insurance Program, vehicles must be at least 19 years old*, and:

*Factory original; i.e. there should be few changes from the factory original specifications.
*In good or restored condition.
*Be kept in a fully enclosed, locked garage.
*Be used primarily as hobby vehicles: used in exhibitions, club activities, parades, or other functions of public interest. An occasional nice day drive to keep the vehicle in running order is perfectly acceptable
*We do not impose a mileage limit on our Antique/Classic Auto Insurance Policy. However, we do use a very reasonable underwriting limit.
*Club affiliation is not required.

Again, I've never had a claim, but I have used the included towing when I had a bad suspension issue - VERY easy to use, and no cost, it was included in the policy. Flatbed, up to 25 miles(?) (I don't remember the exact distance include, but the shop was about 15 miles away, and it was within range)

And for the modified crowd - they have a Modified, Custom and Hot Rod policy as well.
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Report this Post10-03-2016 04:48 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by E.Furgal:


I've had Grudy for 18 years.. restrictions have not changed.. but are not what you claim
restrictions
-must be garaged-must have a daily driver not older than 20 years old for every lic. driver in household - must sign a form that no driver under 25 will be driving it (if you have one in your household) - can't be used daily to go to work/school, not to be used to go shopping, mall use.. but can be driven to work every so offen , no mileage restrictions other than you can't drive it daily to work or to run errens .

not much in the way of restrictions.. THo, it could be regional , or it could be they didn't want to cover your vehicles, if it is true that where you live and had a shop is a ghetto..
High crime zone in a city of lights..



Only to car events or repair facilities, parades. NO other personal use. Garage kept, another car with other insurance coverage. That is what Grundy told me for my 2 Mercedes SLs, Fiero, Ferrari kit, Lambo kit and GT40 kit, as well as my SuperBee. I live in one of the better parts of Columbus, its only LIKE a ghetto because of the criminals coming into it to rob and steal. The top communities in Columbus are New Albany, Dublin, Upper Arlington and Reynoldsburg/Pickerington. New Albany only a few miles away is all multi million dollar homes. Things got better a few months ago when some subsidized apartment complex not far away, burned down and the low lifes had to move.

Ive only had a few very small claims on my insurance in 40 years from same State Farm Agent. Home/garage is also alarmed and monitored 24/7 w/ cameras.

[This message has been edited by rogergarrison (edited 10-03-2016).]

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Report this Post10-04-2016 08:15 AM Click Here to See the Profile for E.FurgalSend a Private Message to E.FurgalEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by rogergarrison:


Only to car events or repair facilities, parades. NO other personal use. Garage kept, another car with other insurance coverage. That is what Grundy told me for my 2 Mercedes SLs, Fiero, Ferrari kit, Lambo kit and GT40 kit, as well as my SuperBee. I live in one of the better parts of Columbus, its only LIKE a ghetto because of the criminals coming into it to rob and steal. The top communities in Columbus are New Albany, Dublin, Upper Arlington and Reynoldsburg/Pickerington. New Albany only a few miles away is all multi million dollar homes. Things got better a few months ago when some subsidized apartment complex not far away, burned down and the low lifes had to move.

Ive only had a few very small claims on my insurance in 40 years from same State Farm Agent. Home/garage is also alarmed and monitored 24/7 w/ cameras.


Don't know what to tell you, your list of restrictions don't jive with what my paperwork states
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Report this Post10-04-2016 09:49 AM Click Here to See the Profile for jaskispyderSend a Private Message to jaskispyderEdit/Delete MessageReply w/QuoteDirect Link to This Post
Grundy had a lot of restrictions when I had them for my Fieros (and other cars). I finally gave up on them as basically, I couldn't drive them when I wanted to AND have coverage

[This message has been edited by jaskispyder (edited 10-04-2016).]

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Report this Post10-04-2016 02:48 PM Click Here to See the Profile for chucks85fastbackClick Here to visit chucks85fastback's HomePageSend a Private Message to chucks85fastbackEdit/Delete MessageReply w/QuoteDirect Link to This Post
Wish there was some way to do this with normal insurance, the way i see it, you could still drive to work everyday, but when it came time to put in a claim you wont get anything. At least with regular insurance you can use the car freely
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Report this Post10-04-2016 04:23 PM Click Here to See the Profile for DanFieroClick Here to Email DanFieroSend a Private Message to DanFieroEdit/Delete MessageReply w/QuoteDirect Link to This Post
From Grundy's website:


 
quote
How Can I Use My Car?

Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.

When you have your car at home, it must be kept in an enclosed, secure garage when not in use. If you are away from home on extended outings your car is fully protected if you must park it outside, for example in a hotel parking lot. Grundy coverage includes Trip Interruption that reimburses you for hotel and repair costs in the event of a breakdown, and we also reimburse you for towing and labor charges up to $250. You can count on Grundy as you cruise.

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Report this Post10-04-2016 05:46 PM Click Here to See the Profile for E.FurgalSend a Private Message to E.FurgalEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jaskispyder:

Grundy had a lot of restrictions when I had them for my Fieros (and other cars). I finally gave up on them as basically, I couldn't drive them when I wanted to AND have coverage



seems you and rogger have odd issues no one else has had..
my papers state the same as posted above and have for 18 years
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Report this Post10-04-2016 07:53 PM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by E.Furgal:


If the worst happens to all 8 at once they have to pay for all 8, say from a fire or flood or a twister or them all going missing at once, whatever. they don't get to pick one to pay for and say suck it up on the other 7.. You might say that most likely won't happen, but look at just this years weather and the huge damages to whole counties and states.. I'm willing to bet, many insurance co. paid out for muilt cars per owners, that all thought like you..
funny everyone thinks insurance is a rip off, and never see the otherside, they only see the part they are paying..


Understood as far as collision and comprehensive. If you look at your insurance what is required by law is liability. On a paid-for car comprehensive and collision are optional. Totally okay with 8 comprehensive or collision policies that is my choice. If there is a flood or hurricane I would not expect a single policy on one car to pay for 8 cars.

But the law requiring me to have 8 liability policies is just wrong plain and simple since liability is damage I cause to others. It is impossible for 8 cars to simultaneously cause damage to others cars if there is one driver. Liability on 8 cars with one driver is a ripoff plain and simple.

I was able to find a private auto fleet insurance carrier. They get it, I will get a quote and compare.

https://www.pureinsurance.c...uxury-auto-insurance

Okay after laying out all my policies I've softened my stance a bit. For Geico they only list liability once for three vehicles. They don't break it down separately, which makes sense.

For my collector policy I'm only paying $30 a year liability for both cars.

For my motorcycle it's $41 liability for the entire year.

In other words, even though each policy has a separate liability they do factor in that those vehicles are not driven very much.

[This message has been edited by jscott1 (edited 10-05-2016).]

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Report this Post10-04-2016 08:08 PM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by trivet:

And for the modified crowd - they have a Modified, Custom and Hot Rod policy as well.


After more research JC Taylor seems better for the factory original crowd, or at least easier.

I looked at the Modified application and it was so long and complicated it made my head hurt. I would have to go through gory details about all my mods with lots of pictures and justify everything.
(list all fiberglass parts, engine mods, describe wheels and tires, describe paint, date last painted, etc.)

Also, when I re-ran the quote as Modified (versus classic) the price difference with Grundy evaporated.

With Grundy I sent a few pics and threw out a a value and they agreed to it.

[This message has been edited by jscott1 (edited 10-05-2016).]

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Report this Post10-04-2016 08:44 PM Click Here to See the Profile for hnthompsClick Here to Email hnthompsSend a Private Message to hnthompsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
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Originally posted by jscott1:


After more research JC Taylor seems better for the factory original crowd, or at least easier.

I looked at the Modified application and it was so long and complicated it made my head hurt. I would have to go through gory details about all my mods with lots of pictures and justify everything.
(list all fiberglass parts, engine mods, describe wheels and tires, describe paint, date last painted, etc.)

With Grundy I sent a few pics and threw out a a value and they agreed to it.


I had a similar experience with both Grundy and Hagerty. I use Grundy now due to pricing and am getting a decent rate from them. I have four Meras insured with them for a total of about $100k and pay about $1k per year for the policy. This is the best deal that I have found as of this date.

Nelson

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2.5
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Report this Post10-05-2016 08:25 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
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Originally posted by jscott1:

With Grundy I sent a few pics and threw out a a value and they agreed to it.



Me too.
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E.Furgal
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Report this Post10-05-2016 09:24 AM Click Here to See the Profile for E.FurgalSend a Private Message to E.FurgalEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
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Originally posted by jscott1:


Understood as far as collision and comprehensive. If you look at your insurance what is required by law is liability. On a paid-for car comprehensive and collision are optional. Totally okay with 8 comprehensive or collision policies that is my choice. If there is a flood or hurricane I would not expect a single policy on one car to pay for 8 cars.

But the law requiring me to have 8 liability policies is just wrong plain and simple since liability is damage I cause to others. It is impossible for 8 cars to simultaneously cause damage to others cars if there is one driver. Liability on 8 cars with one driver is a ripoff plain and simple.

I was able to find a private auto fleet insurance carrier. They get it, I will get a quote and compare.

https://www.pureinsurance.c...uxury-auto-insurance

Okay after laying out all my policies I've softened my stance a bit. For Geico they only list liability once for three vehicles. They don't break it down separately, which makes sense.

For my collector policy I'm only paying $30 a year liability for both cars.

For my motorcycle it's $41 liability for the entire year.

In other words, even though each policy has a separate liability they do factor in that those vehicles are not driven very much.



in a perfect world, were everyone is honest and those with 8 vehicles only had one driver, your ideal would work, but SLAP!!!!!!!!!!!!!!!!!!!! back to reality. You know that if it was set up the way you think it should be, way to many would scam the system and have more than one person driving the 8 cars, at the same time..
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rogergarrison
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Report this Post10-06-2016 05:48 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
You could always just drop insurance and self insure. In Ohio anyway, that just means deposit an acceptable amount in a bank account thats only accessible for an auto accident. A lot of companies do this for all their vehicles. Here all thats required is a deposit of $30,000.

'exerpt from Ohio Insurance Department.'

"Ohio law allows for the following alternatives to automobile insurance:
• A certificate issued by the BMV, after proper application and approval, indicating that
money or government bonds in the amount of $30,000 is on deposit with the office of
the Treasurer of the State of Ohio.
• A certificate of bond issued by the BMV, after proper application and approval, in the
amount of $30,000 signed by two individuals who own real estate having equity of at
least $60,000.
• A certificate of self-insurance issued by the BMV, after proper application and
approval, to those with more than 25 motor vehicles registered in their name or a
company’s name.
• A $30,000 bond issued by an authorized surety or insurance company. "
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Kevin87FieroGT
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Report this Post10-06-2016 07:38 PM Click Here to See the Profile for Kevin87FieroGTSend a Private Message to Kevin87FieroGTEdit/Delete MessageReply w/QuoteDirect Link to This Post
Interesting. Wonder what happens after the accident when the lawyers go for moneys beyond the $30,000 held in the bond. The savings account, your belongings, your Fiero?? Seems to me the $30,000 doesn't go very far in a liability suit these days. Not saying its a bad way to go, but the numbers may need to be adjusted by the individual.

Liability coverage, by itself, is usually pretty cheap. How about that umbrella for $1,000,000 for $250. Hey, if your policy cost to much the best place to cut is the collision/ comprehensive/ bodily injury parts. Or in some cases just declare a lower value (agreed) on your car and take your lumps. If the liability bothers you just take less on the cars policies, say $50,000 for example, and buy an umbrella policy. Never hurts to review your policies and shop around every few years.

[This message has been edited by Kevin87FieroGT (edited 10-06-2016).]

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jscott1
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Report this Post10-06-2016 11:33 PM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Kevin87FieroGT:

Interesting. Wonder what happens after the accident when the lawyers go for moneys beyond the $30,000 held in the bond. The savings account, your belongings, your Fiero?? Seems to me the $30,000 doesn't go very far in a liability suit these days. Not saying its a bad way to go, but the numbers may need to be adjusted by the individual.

Liability coverage, by itself, is usually pretty cheap. How about that umbrella for $1,000,000 for $250. Hey, if your policy cost to much the best place to cut is the collision/ comprehensive/ bodily injury parts. Or in some cases just declare a lower value (agreed) on your car and take your lumps. If the liability bothers you just take less on the cars policies, say $50,000 for example, and buy an umbrella policy. Never hurts to review your policies and shop around every few years.



I'm looking at all my options. Being an engineer I have a spreadsheet and looking at many variations.

I have discovered a few things since I started this thread though.

1) I talked to Grundy rep on the phone and apparently my liability is secondary to the liability policy of my daily driver. In other words if I'm driving my Fiero covered by Grundy and I wreck someone's car and it's my fault. My daily driver policy is expected to pay for damage to the other person's car as if I was driving a rental car or borrowed my friend's car. The Grundy liability would only come into play if I exhaust my daily driver policy. That explains why collector car insurance is so relatively cheap. But it would also pay agreed value collision damage to my Fiero where a regular policy would be actual cash value which is not that great.

2) Second thing I'm looking at umbrella but there is a catch with what you suggest. Umbrella insurance is also secondary to whatever policies you already have and they require you to have a certain amount of liability before the umbrella will kick in. At Geico the minimum was $300,000. In other words the umbrella policy won't pay until your regular insurance has already paid out $300,000. So unless you want to pay $100s of thousands out your pocket you need to keep your regular insurance up to the minimum of the umbrella policy.

3) I'm not ready to take a loss on my vehicles collision or comprehensive but tweaking the deductible can result in a big savings. On my policy I increased liability to $300,000 and raised deductible to $1,000 and the net result was a decrease in my premium.
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rogergarrison
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Report this Post10-07-2016 11:51 AM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
You pick your own limit with your own security bond. Just has to be a MINIMUM of $30K. If they want to sue for more, they have to take you to court. Its the same thing as if your underinsured. If your state only requires $20,000 minimum liability, they can still sue you for any damages above that. So just having insurance...or self insuring...does not guarantee you cant be sued. This is an instance where it pays to keep assets in someone elses name or names like spouse, attorney, etc. Obviously they need to be trusted by you. Set those up where any transaction requires 2 signatures...one of which is yours. If you incorporate, you can divide assets between personal and business. Its next to nothing to incorporate and anyone can do it. If you keep your savings account, house and car in your corp name, a personal accident makes them inaccessible to a suit. Of course the other way is keep only your cars in the corp name, keeping all your personal assets inaccessible. Use a lawyer as some things may vary state to state.

[This message has been edited by rogergarrison (edited 10-07-2016).]

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jaskispyder
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Report this Post10-07-2016 12:23 PM Click Here to See the Profile for jaskispyderSend a Private Message to jaskispyderEdit/Delete MessageReply w/QuoteDirect Link to This Post
Insurance... better to have more than less.

A guy was driving a work owned vehicle, hit and killed another driver. Driver was sued and so was company. Widow got $5M from both parties.

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rogergarrison
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Report this Post10-07-2016 05:04 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Every court case is different. If that driver lost $5 million dollars, im sure he didnt have that, even in assets other than a 10 year old pickup, so they got nothing. The business owner may have had to liquidate all the company assets, but I bet still was less than $5 million. If he was incorporated, they couldnt touch his personal property for payment. All he had to do was restart a new business under a different name after liquidating everything and declaring bankruptcy, but he did lose the company assets he had. Instead of $10million windfall, they were prob lucky to walk away with a few hundred thousand and the courts dont enforce a judgement past that liquidation.
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Report this Post10-16-2016 06:31 PM Click Here to See the Profile for busa_poweredClick Here to Email busa_poweredSend a Private Message to busa_poweredEdit/Delete MessageReply w/QuoteDirect Link to This Post
I just had my 88 LS4 painted, I need to get better insurance, otherwise its just book value
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