In a message dated 10/30/01 8:53:16 PM Eastern Standard Time,
chuckc@attglobal.net writes:
> I drive the midget every day. It get's way more miles
> that the other cars (my wife's '97 Honda has about
> 25K miles on it; that's less than 7K a year). Should I
> be insuring it separately as an antique? Will that limit
> the mileage/usage I can get? I'm really dumb about
> this, and don't really know what to research.
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Collector car insurance is way cheaper than regular coverage, but it does not
allow for daily use of the collector car. You are better off staying with
what you have. The biggest drawback is that most regular car insurance
companies don't want to hear that any 30 year old car is worth more than ten
bucks if it is totalled.
To ensure that you are insured, have some one write up an appraisal of how
much the car is worth in its present condition, also print out a few
classified ads for the same year and model car from
collectorcartraderonline.com, or some other web site, and send all that info
to your insurance agent to file for future reference. You would be well off
to do that annually.
If you have a major accident (God forbid!) or the car is wiped out in a
parking lot, you will still have a problem getting full value without an
agreed value policy, but you will have the value on record and not appear to
be coming up with it at the last minute.
Allen Hefner
SCCA Philly Region Rally Steward
'77 Midget
'92 Mitsubishi Expo LRV Sport
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