A new TD kit owner in Cali is itching to get on the road but he says he can't get an insurance company to work with him because he's keeping the car under a car port in a gated community--not in a "locked garage" as policies seem to require.
Anyone Speedster guys (especially CA-based) have any advice for him? I know, I know, "build a garage."
Other than that?
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We use AAA in northern California (separate company for the southern half of the state). The website is:
https://calstate.aaa.com/insurance
We've had all of our cars (and our homeowners policy) with them for over 30 years, although we've only ever filed minor claims (windshields, vandalism, etc.). We added the Speedster as just another car, with no driving or mileage restrictions. We do keep it in a locked garage, but I don't recall that being a requirement.
They don't do 'agreed value' policies, but insist that our VS would be evaluated at market value for similar cars in the event of a claim - meaning a 2013 similarly-equipped VS, not a 1969 VW. It's listed on the policy as a kit car, not a VW.
We would very likely get more for the car in a claim if we had an agreed value policy with a specialty car insurance company, but we're more concerned with how the company would handle a major liability claim than anything else. We also have a liability umbrella policy with them.
If your friend wants a few dozen hours of really stimulating reading, he can do a search here for 'insurance' to see all of the angles discussed at length.
Policies dictate " locked garage " and that's the issue.
Not for nothing Mitch, and I do hope you never have to test this, but the company "insisting" the value will be evaluated at market value for similar cars in the event of a claim means nothing.
I'm sure your policy/contract states that the insurer will pay "the lessor of the actual cash value and the amount necessary to repair or replace...."
Those magic words, "actual cash value," actually mean the depreciated value. God forbid you suffer a theft or total loss; but if you do you will be fighting with them over what that car was worth the day of the theft or accident. I'm not saying you won't eventually win. Btu it will be a fight.
That is the big difference between normal auto insurance and a collector car policy. On a collector car policy, you and the insurer agree to a specific value for the car, and in the event of a total loss, THAT is the amount they will pay. No arguing.
Good points, Paul. I tried to explain the difference between the two types of policies in my comment.
But everything is a compromise. I think I could handle a $5-10K hit in compensated value, or even the whole cost of the car in the worst case.
What I couldn't handle is a multi-million dollar personal injury lawsuit, and that's my main concern in choosing an insurance company. We have many years of experience with AAA, and generally like their straightforward attitude, their customer service, and how we have been treated by them. When the anti-freeze hits the fan, that is often what counts the most. Of course, anything can happen with any company and in the end, you pays your premium and you takes your chances.
But Ed was asking about California companies that don't require a car to be garaged, and I think that wasn't a requirement with AAA. They did ask about it, and the premium may have been higher if the car is unprotected, but I don't recall.
Typically the garage requirement only comes with the limited use, collector car policy.
My guess is that it's not so much how protected the car is from theft when it's home, but more an indication of how well the owner cares for the car. If you don't have a place to lock 'er up overnight, the insurer infers you may not be taking great care in general.
Thanks, all. I hope he can get it sorted. Seems to me a car port in a gated community in SoCal ought to rate...but what do I know?
Are we moving?
No...I really am asking for a friend.
