To Bill Sohl and everyone else out there interested in my
insurance findings:
Insurance coverage (even among the same company) seems to
vary dramatically depending on which state you live in. It
even seems to vary from agent to agent! Here are three
stories:
1. Bill wrote me a few days back and told me about State
Farm's Use Classification Code 'N' -- a classic car. I
thought my TR8 would fit under that category so I called a
local and quite friendly State Farm agent. Even after a
great deal of insistence on my part, she told me that State
Farm/Texas makes no distinction between classic and antique
cars. In fact, she said Texas does not even USE
classification codes. She DID say that I could insure it
for a mutually "agreed value" as long as the current value
of the car exceeded what it cost new. Well, my TR8 has too
many miles on it for that. End of that story.
2. Not too discouraged, I called ANOTHER State Farm agent.
She confirmed again that State Farm/Texas does not use
classification codes. However, THIS agent informed me that
since my car was listed in the Cars of Particular Interest
(CPI) I COULD insure it for an "agreed" amount as long as it
fit within the CPI price guidelines. She also told me that
State Farm would have to appraise and photograph the car to
determine "fair market value" using the CPI and photos.
However, she also thought that I'd end up paying MORE than I
was now. She just called back. Insuring it for a stated
value of about $8000 would cost me an extra $150 a year!
3. My brother lives in Michigan and called his State Farm
agent to see about insuring his 75 TR7 as a classic car. In
Michigan they DO use classification codes BUT, classic cars
must be over 20 years old to qualify. He also called
Citizens Insurance just for fun; THEIR classic car status
starts at 15 years or older.
What a mess! Right now I guess I'll stay with Allstate.
My first thought was that maybe the VTR and other such
organizations could lobby the insurance companies so they'd
be a bit more flexible with cars like ours. On second
thought, I decided that lobbying would require more human
resources and effort than VTR et al. probably has. Besides,
what could we do? (Heavy Sigh).
jim
jatc@emx.utexas.edu
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