Re: [DML] Insurange to cover total car cost?

[Gary Masie <gmfm1@xxxxxxx>]

Hi David,
 
I would forget Nationwide. They are really in the regular insurance business. 
 
The first question is how do you use your Delorean. If you drive it daily, you don't have a lot of choices. If you drive it to club events, on weekends for fun, parades, etc. and less than 2,500 miles a year, you want to go the collector car route. It is the cheapest.
 
If you live in NJ, you pay a one time fee for the collector plates. You are respoinsibility for the maintenance and you do not have to go to inspection again.
 
As to insurance, If you insure the car as "stated value", the insurance company will take your money, but if you get into an accident, you will have to prove that the car is worth the stated value that you have. When you insure the car as "agreed value", the insurance company is agreeing to that valuation and should pay out if the worst happens.
 
You know how insurance company's are, they want their premimums, but when it comes time to pay, many will try to pay as little as they can.
 
If you go the collector car route, try Conden & Skelly and J.C. Taylor. I was with Haggerty for years, but when I wanted to double the value of my car, which was less than a friend's Delorean, they wanted to double my premimum to over $600.00 which was twice what my friend was paying for his. Condon & Skelly took on my car for higher value without an appraisal which is double the value that I had with Haggerty and my preimum was half of Haggerty's premimum for the same value. Shop around. 
 
As to modifications, they don't want you to be supe up the car, but cosmetic and safety modiifcations usually are acceptable.
 
Write back if you want.
 
Good luck,
Gary M., vin 11,532 

--- On Tue, 8/24/10, daviddelorean <daviddelorean@xxxxxxxxx> wrote:


From: daviddelorean <daviddelorean@xxxxxxxxx>
Subject: Re: [DML] Insurange to cover total car cost?
To: dmcnews@xxxxxxxxxxxxxxx
Date: Tuesday, August 24, 2010, 5:18 PM


  



I talked to Nationwide agent today. He said there are 2 types of coverage I can get...

1. Classic Vehicle - requires an appraisal and was dirt cheap. But I could only drive 2,500 miles/yr and not modify the car. And the car has to be registered with the DMV "classic vehicle" plate.

2. Stated Value - that is when I tell them what I want for the car if it's a total loss. No requirements and no appraisal but it added $200/yr to my premium, which are already rediculously high.

As far as liability coverage I carry $2,000,000 just to be safe.








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