I don't want to sound like an insurance salesman (because I'm not) but I
have been in insurance and risk management for a long time (long enough I
could have bought a brand new roadster as a company car--I didn't).
Many people have discussed insurance here recently. There are many good
"collector car" insurance agencies and insurance companies out there. The
focus of the discussions have been on physical damage to the car
(comprehensive and collision).
DO NOT LOOSE SIGHT OF THE REAL REASON TO BY INSURANCE. It is to pay for
losses that you can't afford to pay for. How could this happen? Something
goes wrong and you kill or injure others.
MAKE SURE YOU HAVE HIGH ENOUGH LIABILITY LIMITS. How much will it cost you
if you kill a guy who is due to graduate from med school next month? How
high is up? There is no real answer to the question--How much liability
insurance should I have. Most of the collector car policies use liability
limits between $100,000 and $250,000.
If you have less than $100,000 you are an idiot. Do not rely on the
minimums for your state. (My company is involved in an accident in Florida
and the other driver had the state required $10,000/$20,000 minimum. Its
hard to pay for one dead guy and 2 lifetime care guys with a $20,000 bill.)
My recommendation is AT LEAST $500,000. The extra cost to raise the limit
is very small. You could also buy another policy called an umbrella to
increase the limits. This can also cover all your cars, houses, boats,
off-road vehicles, etc.
I hope this doesn't sound like preaching. I don't want you to loose
everything you own if one mistake or problem occurs.
Dick Ryan ex. 24022
(650)312-4022
Risk Management Dept.
SM 2000/2
FAX (650)312-5830
-----Original Message-----
From: noji [mailto:noji@snowman.med.umn.edu]
Sent: Wednesday, August 23, 2000 10:09 AM
To: Chris.Brucciani@ercgroup.com
Cc: datsun-roadsters@autox.team.net
Subject: Re: Insurance Recomendations
> I went through Haggerty Insurance Agency. My premium is $132 per year for
> coverage. $7000 agreed value for my 1973 240Z and $6,000 for my 68 2000
and
> no deductible. Very reasonable (dare I say cheap) for the Atlanta area.
> They require a picture & the cars must be garaged and driven less than ???
This is the reason that I went with Haggerty, they don't have a mileage
limit. Previously I was with another carrier that had a limit of 2000
miles/yr. When I was in Minnesota that was OK because there was a short
driving season, and I didn't like going out when there was the potential
for tornados, flash floods, or hail storms. With those limits I got in
about 1000 miles per year.
Dana
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