1964-1974 [Subscribe to Daily Digest] |
You're smart to be cautious -- driving the car to work occasionally or going out to dinner in it might be enough to trigger an exclusion from some collector-car companies. Others might tolerate an occasional weekend drive. You've got to pin them down on specifics, and again, make sure they show it to you in the policy declarations.
Another thing to check about collector-car coverage is whether you've got coverage on risks OTHER that damage to the car -- the usual things such as liability, medical payments, etc. -- while you're driving your "collector car." Normally the comprehensive insurance on your daily-driver car also covers you for these things when you're in a "temporary substitute vehicle," but again, it pays to ask up front.
Some mainstream companies do offer a level between regular book-value coverage and the "agreed value" coverage that collector-car companies talk about -- I forget what it's called, but it lets you know up front the maximum amount for which the company will cover your car.
If you can't get that, talk to the underwriters and ask how they determine value. The company I wound up choosing (Hartford) said that if a car is old enough or obscure enough not to have a current book value, they recommend a professional appraisal. That doesn't guarantee that you'd receive the appraised amount in the event of loss, but at least you know what the starting point is.
All insurance is a tradeoff between risk and return -- that's the only way the underlying mathematics can be made to work out. You won't find any form of coverage that places no restrictions whatever on use (which determines risk) and yet cheerfully hands out whatever amount you want in the event of a loss -- it's a balancing act. Good luck!
posted by 204.76.11...
, Thu, 17 May 2007 06:21:24, Thu, 17 May 2007 16:05:14
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