need some help with insurance stuff

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mshred

mshred

The Green Manalishi
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Hey guys,

as some of you may know im trying to get my 71 scamp on the road for next spring and it will be a daily driver. I have talked to my agent, and for daily driver insurance, putting about max 10 thousand clicks in 6 months, im looking at about $292 a month...however, I am not guranteed the appraised value for my car if its stolen, and on top of that she said that they dont insure cars that are modified because they become "unsafe" (little does she know that half the stuff im doing to it will be making it safer than stock)...she told me that id be hard pressed to find a company that will insure a modified vehicle...I cant go the classic insurance route because there are all sorts of restrictions on it (my dad has it- cant leave the car anywhere, cant be a daily driver, must be primary on a regular car from another company, must have 10 years experience, and still they are sticklers on mods)...my question is what do you guys think i should do? should i take the daily driver insurance and hope that my car never gets jacked or damaged so that i dont loose money on the appraised value? (although after all the money im dumping into the car, i dont want to lose the value if something happens- these cars should be appreciating, not depreciating) Im only 19 which is why my premiums are so high to begin with, and which gives me the problem of going classic, plus they dont insure daily drivers...I left off with agent telling her i would send her an email of the mods done to my car and she will see what she can do or if she can find another company to insure me with my needs....any advice, any better companies (this is state farm), any other options....im kinda pissed just cuz i want to driver her everywhere, but i want full value if something happens....ill hear anything you guys have to say on this so shoot.

Thanks
Matthew
 
My regular insurance is with Amica. Good company, and doesn't cost much. I also have "IT" insured with another part of their company, American Collectors Insurance Co. 800-360-2277. It is insured as an antique which means I'm not supposed to drive it daily, but there are NO mileage limitations. Costs me under $100 a year
 
Don't take this as Gospel (as it has been quite a few years since I was a licensed insurance broker) and things probably have changed quite a bit.

You mentioned that you have gotten a quote from State Farm. As far as I know, they are still known as a direct writer; they only insure through their own captive agents and their own market. With that, you are limited to just their price. What I would shop for, is a "broker" ,(one that represents not just one, but a whole host of insurance companies.). As you have done, represent to this broker as honestly as can be, what you have done to your car. A motor vehicle inspection that confirms the legality and safety of your vehicle would be an asset. In order to get a valuation endorsement (it used to be an S.E.F.#41 I believe) you will no doubt have to have it appraised by an accredited apprasial company.
As for your being a risk that an insurance company would like to take on is another story. You are right when you suspect a less than open-arm attitude to young male drivers. Statistics bear out the larger risk. That said, perhaps you have already done all that you can by having taken an approved Driver Training Course (I also taught that for a while) and have a clear motor vehicle abstact; with no traffic violations such as speeding or reckless driving or any Criminal Code Convictions.
Lastly, I would point out that an insurance company's monies come by way of insurance premiums and investment income. Those two minus monies set aside for claims and operating expenses is the profit. As you are no doubt aware, the stock market is in BIG trouble. That leaves premiums as the main source of revenue (as investment income is dismal to say the least). Now companies must pick and choose their risk even more carefully and unfortunately, that may mean you (and a whole bunch more people).
My best advice is to get advice from a professional broker. He or she (when you explain your situation) will endeavour to give you the best options for your money. Even ask if a larger than usual deductible on the physical damage (collision, fire and theft for instance) would be a viable option to decrease your premium.
Sorry to be so long winded.
 
thanks so much for this response....its exactly what i was looking for...i think i will be giving a broker a call then to find out what plan will best tailor my needs...thanks alot....guess ill just go from there
 
I do Haggerty's for my older stuff and my main insurer is Allstate. Haggerty's has done me right. No claims yet but it feels good having them. Declared value on 3 cars in excess of $60000 for $400 per year. I keep em garaged and i'll bet some of em don't see 500 miles a year. That 19 yr old thing will bite you in the back side. I was there once.
 
Mshred your 19,if you were driving a honda you would be looking at triple of what you were quoted.Check out a Broker it might be a little cheaper(not much cause of being male,19 years old)I pay $175 a year through Silver Wheels,but I,m 45 and own other primary vehicles.Sucks to be a young driver in Ontario ehh!By the way you can buy the snubber at the Dodge dealership for $65 bucks.You,ll pay large for shipping one from the states(border$$$$) Good Luck with Insurance!!:read2:
 
Boy I remember those days!!! When I first bought my car I was 18, granted 22 years ago the car was just 23 or so years old, not an antique by any means and long before Barrett-Jackson corrupted the world. It didn't take me long to realize that I actually broke even by getting a "beater" car to drive during the week and took my Barracuda out on Friday's and the weekend. Look into it, your in Canada I don't know how the rates are. I grew up in Fort Lauderdale Fl. King of insurance premimums.

So I bought a 74 Valiant and drove that and had the 64 Barracuda, back then state farm did insure for apprasied value. Since your 19 Grundy might make an exception if you have a beater car and you meet all the guidlines for the policy.

Hope it works out.
 
As strange as this sounds, how is your credit rating. All insurance companies check your credit score to determine the probability of filing a claim and to set rates. If you check your credit history and get your score, you can verify that it is correct and there are no errors.
 
I know they are a ways away from you but when I returned to Canada in 1999 after 14 years in the US no one would give me a break on my continuing coverage till I talked to a broker named Allrisks { go figure } in Windsor they got me 4 years worth of safe driving credit which is a big deal in ontario { no defaults }and means you don't get reamed as a new driver new policy { defaults are worse than no history} I ended up insuring a 73 spitfire for just plpd and comp no collision for a couple of hundred bucks a year and after the first year converted it to a storage policy for 90 bucks a year and still kept it as a continuing policy to earn more safe driving credit while using my other car as a second car which is cheaper in your province { bc reams you full price for all your cars as if you could drive them all at once -talk about fraud} cause you can maintain extra coverage, ie comp collision etc on your second policy even after you switch your primary policy to storage you just can't switch till after the first year , I would see if they have an office in your area and what they can do for you if nothing then I would ask them what is the cheapest car for a person in your situation to insure { probably an old beater of some sort } get one, carry basic plpd on it wait a month so the anniversary dates are different then insure your other car as a second but cover it to the hilt , wait a year and convert the beater to storage with the different anniversary dates as long as you keep up the payments they probably wont catch on for as couple of years then you will have built some safe driver time and discount and won't be 19 this of course is just what I would do as a last resort only and in no way suggesting you deceive them after all if the law says you have to have insurance the law also says the insurers have to provide it and this did work for me but may not be possible any more
 
hey guys, thanks for all the tips...i cant use hagerty or grundy because they are only in the states....i got to call a broker i guess, see what my options are and then go from there...shes gonna be a daily driver, no questions asked, so thats the toughest part to get around...and pettyblu i didnt even think of calling the dealership thanks for the suggestion...should have thought of it earlier.
 
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