Stan--my State Farm policy is indeed $300 / Year. Not so unrealistic-right?---Jack
Jack-
I'm glad your insurance is only $300/yr. Whether or not it would actually cover you for the full replacement value for your car is something I hope you'll never have to find out. I pay about twice that to State Farm for insurance on an agreed value of $45,000. In the event of a total loss, I doubt I'd see $45K.
As far as using the VW VIN for anything, I've agreed to disagree with most of the pan-based replica owners on this site about whether or not this is a good thing. In Illinois at least, registering a replica as a VW using the pan VIN is not legal-- no matter what Kirk Duncan, John Steele, or any other builder says. If it's legal in Arkansas-- I really am glad for you, but I'd recommend checking the legality of it with the state DMV, rather than taking the word of a bunch of guys on a website. Wishing something was legal isn't the same thing as actually BEING legal.
I'm glad your insurance is only $300/yr. Whether or not it would actually cover you for the full replacement value for your car is something I hope you'll never have to find out. I pay about twice that to State Farm for insurance on an agreed value of $45,000. In the event of a total loss, I doubt I'd see $45K.
As far as using the VW VIN for anything, I've agreed to disagree with most of the pan-based replica owners on this site about whether or not this is a good thing. In Illinois at least, registering a replica as a VW using the pan VIN is not legal-- no matter what Kirk Duncan, John Steele, or any other builder says. If it's legal in Arkansas-- I really am glad for you, but I'd recommend checking the legality of it with the state DMV, rather than taking the word of a bunch of guys on a website. Wishing something was legal isn't the same thing as actually BEING legal.
Stan---and others--about "agreed value" Isn't this term used really for a collector car? When did a Speedster replica ever turn into a "collector car"?? I know it looks like a collector car and if it were indeed a real steel 1957 Porsche Speedster, of course it would indeed be a collector car. And the value would not only hold but it would likely appreciate as time goes by. Is this not true? Am I missing something?
The first owner of my Vintage Speedster paid over $30,000 for his car this past April. (Of course he got screwed because he was stupid and bought it from Automotive Legends rather than from Vintage but that is a different matter.)This past June I paid him $24,000 for it. It has about every extra that Vintage offers but stii I think that if it was totaled I could get another one just like it brand new for maybe
$25,000 or less. Or perhaps I could pick one up off Ebay with 500-2,000 miles for $20,000- $23,000 or so. I think if my car were totaled
I would get say, $24,000 for it.
The point is that these cars do depreciate. Yeah they do. Just make yourself a chart showing data from Ebay for age, mileage and price. The reason I see replica Speedsters going for $10,000 -$13,000 is that they have some age and some miles on them. If I have a total loss 5 years from now and my car has 20-25,000 miles on it do I expect that State Farm will pay me what I paid for it? Nope.
So--I pay $300 a year for good limits and unlimited miles and expect to be fairly reimbursed for a total loss ---certainly not what I paid for it new 5 years prior. That's the same for my Cadillac. It depreciates too---just like a replica Speedster. I get unlimited miles.
What am I missimg?----Jack
The first owner of my Vintage Speedster paid over $30,000 for his car this past April. (Of course he got screwed because he was stupid and bought it from Automotive Legends rather than from Vintage but that is a different matter.)This past June I paid him $24,000 for it. It has about every extra that Vintage offers but stii I think that if it was totaled I could get another one just like it brand new for maybe
$25,000 or less. Or perhaps I could pick one up off Ebay with 500-2,000 miles for $20,000- $23,000 or so. I think if my car were totaled
I would get say, $24,000 for it.
The point is that these cars do depreciate. Yeah they do. Just make yourself a chart showing data from Ebay for age, mileage and price. The reason I see replica Speedsters going for $10,000 -$13,000 is that they have some age and some miles on them. If I have a total loss 5 years from now and my car has 20-25,000 miles on it do I expect that State Farm will pay me what I paid for it? Nope.
So--I pay $300 a year for good limits and unlimited miles and expect to be fairly reimbursed for a total loss ---certainly not what I paid for it new 5 years prior. That's the same for my Cadillac. It depreciates too---just like a replica Speedster. I get unlimited miles.
What am I missimg?----Jack
Not much, Jack. Read my posts- you're making my point. I've got State Farm, and I'm not expecting the full replacement cost in the event of a total loss. I am expecting to be covered if somebody keys my car in the high-school athletic facility parking lot.
I was merely saying-- if somebody thinks they can get full replacement coverage, and actually drive the car, and only pay $300/year, and be legal-- then they are likely mistaken.
I was merely saying-- if somebody thinks they can get full replacement coverage, and actually drive the car, and only pay $300/year, and be legal-- then they are likely mistaken.
Stan--I get your point. Well I never expected to get full replacement cost 5 years down the road. At that time my car will be worth maybe
$15,000 or maybe even $18,000 if I'm lucky so all I'll get is the value of the car at that time. That's perfectly fine with me.
My poilicy states that S.F. is insuring a Vintage Speedster replica which is what it is. I'm thinking that more than a few on this thread have fooled S.F into thinking a collectors car was being insured, which it ain't. I believe I'm on firm ground. As with any car that has a claim for a collision that totals the car---the devil is in getting to agreement on what the 5 years old car is worth. I suppose I'd use recent Ebay sales of similar cars to seek agreement.
---Jack
$15,000 or maybe even $18,000 if I'm lucky so all I'll get is the value of the car at that time. That's perfectly fine with me.
My poilicy states that S.F. is insuring a Vintage Speedster replica which is what it is. I'm thinking that more than a few on this thread have fooled S.F into thinking a collectors car was being insured, which it ain't. I believe I'm on firm ground. As with any car that has a claim for a collision that totals the car---the devil is in getting to agreement on what the 5 years old car is worth. I suppose I'd use recent Ebay sales of similar cars to seek agreement.
---Jack
Jack, that would work for some of us, but I would be SOL using that method since there aren't going to be any cars like mine on ebay. I would have a fight on my hands trying to get this point across to an insurance adjuster. My builder had to go to bat for Steven when he had his accident to try to point out the distinctives of a SAS-built car. I guess it helped some, but I think Steven still came up short.
Hoss
Hoss
Steven,
Rest assured, your advise has not fallen on deaf ears. Come Monday, my State Farm agent and I are going to have a long conversation. It will include these posts.
I don't drive my 05 Beck more than 2000 mile a year and that is normally from May to October. In addition I only pay about $350.00 a year. Maybe, if it's to good to be true?
I need to get to the bottom of this because I gave a member of this site my agents name and he is now doing business with State Farm under the "Agreed Value" terms.
Thanks for the heads up, the car is in storage right now so now is the time to get it resolved.
Best,
Joe
Rest assured, your advise has not fallen on deaf ears. Come Monday, my State Farm agent and I are going to have a long conversation. It will include these posts.
I don't drive my 05 Beck more than 2000 mile a year and that is normally from May to October. In addition I only pay about $350.00 a year. Maybe, if it's to good to be true?
I need to get to the bottom of this because I gave a member of this site my agents name and he is now doing business with State Farm under the "Agreed Value" terms.
Thanks for the heads up, the car is in storage right now so now is the time to get it resolved.
Best,
Joe
Joe,
I will look forward to your findings. I forwarded most of these postings to my SF agent and he told me not to worry. I also drive limited miles and only in the non-rainy months in Oregon. My last six-month premium was only $97.46.
Rich
I will look forward to your findings. I forwarded most of these postings to my SF agent and he told me not to worry. I also drive limited miles and only in the non-rainy months in Oregon. My last six-month premium was only $97.46.
Rich
Hi Rich,
I checked my premium and I also pay about the same premium you do. I confused it with my 83' 911. The 911 is also on an "Agreed Value" with State Farm. I drive it about the same as the Beck and this year it became a "Historical Vehicle" so I am equally concerned about it as well.
Joe
I checked my premium and I also pay about the same premium you do. I confused it with my 83' 911. The 911 is also on an "Agreed Value" with State Farm. I drive it about the same as the Beck and this year it became a "Historical Vehicle" so I am equally concerned about it as well.
Joe
I am 69 years old and back in the early '60's I owned a 1958 speedster. I want to drive my new Beck, maybe 5000 to 7000 miles a year; not in cold or wet weather. I want to enjoy my car.
All the specialty insurance companies I contacted would not insure me for that many miles.
Any suggestions?
All the specialty insurance companies I contacted would not insure me for that many miles.
Any suggestions?
Buy an extra odometer.....switch out couple of time a year....you will be putting on half the mileage.
I'm sure nobody has actually done this before....LOL
I'm sure nobody has actually done this before....LOL