i called Geico a few days ago with the intention of fully insuring my speedster (built by VS) and ended up just putting liability on it for the time being because i wasn't sure how to answer the questions about the value of modifications to 'my volkswagen'. the insurance agent i spoke to was basically asking me for a break down of changes that have been made to the VW and how much they were worth individually. any pointers?
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Some insurance companies, even large ones like Geico, know nothing about the replica industry. You may want to try companies that specialize in replicas, like Hagerty, Grundy, or Heacock. There used to be a few threads on our site regarding insurance. Remember: stated value favors the insurance company, while agree value favors the customer. Good luck.
i read through some of the threads and most of what i saw was regarding beck or IM cars. i also read another post about hagerty only insuring the cars as show/parade vehicles. i like geico and would like to stick with them if i can explain to them what i am trying to insure.
i am going to call them back now and tell them i want to insure it at agreed value and see if they understand what i am trying to tell them.
The bit about Hagerty only insuring parade or show vehicles is hogwash. I have Hagerty agreed value coverage and put 5-6k miles year on mine, with their full knowledge. Their customer service, including roadside assistance, is fantastic.
I agree with Lane on most things, but on this one we have to agree to disagree. I quizzed both Hagerty and Grundy and got the same answer that driving to work once per week was "excessive." If somebody has something in writing saying something different I will recant. However, what's more important to me in auto insurance is liability than replacement value. I drive my car as much as weather will allow, to Home Depot, to the Grocery store, etc. Hagerty would not formally cover me for this. I have my other cars with Geico. I found adding my Beck to my policy incredibly easy and the Geico folks seemed to get a kick out of the process. I told them how much I wanted to insure it for and they said o.k. It gives me the peace of mind that I want. I'm sure that for damage claims and replacement parts you can't beat Hagerty or Grundy, but I didn't want to worry about paying somebody else's hospital bills because my insurance company deemed my usage at the moment inappropriate.
thanks for responding, tom.
did you go through regular geico or through their classic cars dept? i called geico again earlier and they told me that if i add this car to my policy that what will happen is they will determine the value based on what the "VW" i am insuring was worth in 1973 + depreciation and some other math about the cost of the upgrades made to the car. they told me to try calling another division of geico in the morning which i think will insure just about anything you want to insure. they said that i can't get an agreed value policy for this car added to my existing policy for my lexus.
I just called the regular Geico line. The guy that helped me was pstrodeATgeico.com. He was great. Mention the guy with the silver Speedster replica that he helped and he will probably remember. He had me email him a photo and we have bumped into each other a second time when I took the car out of storage.
i will shoot him an email. thanks!
The issue of insurance is a lot like the issue of how they are titled: nobody really wants to hear what COULD happen.
Insuring with a classic car company with excessive restrictions in the policy documents (regardless of what the guy on the phone says) is taking a chance. They'll likely pay a claim, but there's a chance they won't.
It's the same with the title. Just because everybody has a VW title, doesn't make it right (according to SEMA, etc.). Just because your builder, your buddy, everybody here, and the troll at the DMV say it's OK-- it's still not right according to the letter of the law in any state I know of.
It's unpopular. Forewarned is forearmed.
Annaliese, Call Infinity too. They write in CA. They took over the Classic program from Great American several years ago and they offer the "Commute to Work" endorsement on their Classic program.
I am with Lane on this. I drive my tub as much as possible and when my clutch cable snapped was out picking my son. Called roadside assistance no questions asked and had a truck there in an hour. I told them I was planning on driving 3k-5k miles a year and there was no issue. Total bill including 125 mile towing 250/deductable is 450 for year. They matched my existing policy for liability and have a 35k guaranteed value.
Yeah, they are not fond of it being a regular commuter (neither am I with the truck traffic here), but gave me few other restrictions.
Yeah, they are not fond of it being a regular commuter (neither am I with the truck traffic here), but gave me few other restrictions.
In writing?
I'm not trying to be a jerk, but I had them on the JPS. They were great (paid a claim for a scratch I got in the garage), but the policy language scared me. I assumed they'd pay minor claims, no questions asked-- but what scared me was the liability exposure I was taking when I was coloring outside the lines.
Stan, I'm glad you brought this up.
Paying a claim for a repair or even a stolen/wrecked vehicle is chump change compared to what a medical liability claim could be.
Being a limited use vehicle, I never really thought about that but it's still quite possible to be involved in an incident that would leave me financially liable.
I guess it's time to review the fine print in my policy.
Amen
ANNALIESE
CALL TRIPLE A
I HAD MY JPS SPEEDSTER COVERED AS A 74 VW
TOOK THE CAR TO THEM AND THEY SAW IT WAS MODIFIED
THEY CLASSIFIED THE CAR AS VW/WITH A MODIFIED BODY INSURED AT FULL PRICE NO RESTRICTIONS AT ALL. INS WAS 350 A YEAR
THE CAR FELL OFF A FLAT BED TOW TRUCK 3 YEARS LATER AND THEY COVERED THE ENTIRE COST
JUST SHOW THEM YOUR INVOICE FROM KIRK. I GAVE THEM A COMPLETE BUILD PACKAGE WHEN FIRST INSURED SO THERE WAS NO PROBLEM AT ALL
I'll be interested to her what Annaliese gets from Geico. I called them first when I got Bridget (a VW-based TD replica, for those who don't know), and was turned down flat. We don't do kit cars, they said. Ended up with Grundy, but it was after quite a long string of phone calls. Hard to find a company willing to write the policy for such a cheap car as mine (I know, no problem for y'alls). One had a $10,000 minimum value. I think we ended up at $5,000 on Bridget though, as I told the agent, I doubt she'd ever sell for that much on ebay.
Stan, I'm glad you brought this up.
Paying a claim for a repair or even a stolen/wrecked vehicle is chump change compared to what a medical liability claim could be.
Being a limited use vehicle, I never really thought about that but it's still quite possible to be involved in an incident that would leave me financially liable.
I guess it's time to review the fine print in my policy.
That's all I'm saying.
I could endure a total loss on my car-- I wouldn't like it, but I could do it. If I hit a bicyclist, or a kid darted into the street at just the wrong moment-- in addition to being devastating for me emotionally, it would have every potential to wipe my family out financially. I'd assume any adjuster worth his salt would be going over the policy with a fine-toothed comb if the liability starts climbing into 6 figures. That's not the time I want to be saying, "well, the guy on the phone SAID it would be OK to drive this to work and such". Add in the fact that your car really isn't a '6X VW (like the title and insurance policy says), and you likely didn't pay sales tax on it, and now you've got the full weight of the law and the insurance company bearing down on you. I just don't want to go there.
Insurance is to protect against losses you absolutely can't endure. Having the right kind is boring and expensive, but I'm kind of fond of my house and stuff. Nobody want to hear it, but as I say: forewarned is forearmed.
Stan and Terry are 100% correct. Almost all of us have spent decades in the work force, and none of us can afford to lose it due to an accident. The solution is not really difficult. Buy a policy with terms you adhere to. If you can't adhere to the terms, get another policy. The last thing any of us needs if, God forbid, there is a serious accident, is to be forced to contact an insurace lawyer, since we have been denied coverage.
When you pay an insurance premium without abiding by the conditions of your policy, you aren't fooling the insurance company. They're fooling you, since you will be denied coverage. In the privacy of your own home, check your figures. How many miles/year do your drive your car? How many miles are you allowed? If you need to, pay a couple hundred extra/year for piece of mind.
I am not a fan of insurance companies, and have paid premiums to one or another company since I was a kid, for one thing or another. Fortunately, I have never had a catastrophic loss, only a couple of minor incidents over the years, and the piece of mind I get now is repayment. I'm too old to earn whatever I have again, so I need to protect it.
what if i never drive to work and am therefore never really commuting?
(i work for myself in a home office)
Adoliese:
I have no idea what the policy says regarding usage. You'll have to work that out with whoever gets your business. State Farm got mine-- Ive got a 7500/year limit, and no other limitations. It's not zero deductible (I think I'm at $1K, or something), and it's $450/yr (for a middle aged guy, clean driving record, rural rating), so it's not cheap. It's an agreed value policy, which isn't as nice as stated value-- but I get the car appraised every couple of years, and redo the coverage accordingly.
But, as I'm saying-- everybody should be able to absorb a total-loss, but nobody can absorb a huge liability claim. Making sure you are covered for the usage you plan is much more important (in my opinion) than a super-great premium.
For everybody who's going to disregard this bit of unsolicited advice-- at the very minimum, do yourself a favor and get a million dollar umbrella policy, and pray you never have to use it.
Stan.
I think you have it backwards. An Agreed Value policy is better than a Stated Value policy. Stated value just means you told them what you feel it's worth. Agreed Value means you both agree on what's it worth.
Annaliese.
The topic of insurance has been discussed many many times here, which you discovered, but did you read these two treads?
https://www.speedsterowners.com.../readmsg.asp?t=22051
Yeah, you're right Troy. I got it backwards. I've got the Stated Value.
Hagerty did good by me too.
They do want to know it's a garaged car when not in use.
Adoliese,
Most of the bigger names contract with specialty car insurers. I have mine fully covered at the appraised value of $25,000 with a limit of 2500 miles per year for $280/yr total. This was available through Farmers. For a small amount, I can increase the mileage to 5000/yr. BTW,,,I think my deductible is $500.
Scott
