Collector car insurance?

[M3 Ryan]

I have the option to insure the car up to the full appraised value. I'll see what the premiums are and decide. For the 38,900 I had before, full coverage was a whopping $338/yr. I'm not worried about the cost as these type of policies are cheap due to limited driving miles and usage.

[///schwartzman]

At the appraisal price it just ensures in the case of a fixable catastrophe they don't try to total out your car and salvage your title.

Thanks for sharing the info. Ryan, how much was the appraisal? After my car is back on the road I'll be doing the same...

[Bastosbill]

Well Ryan, I have to tell you I'm surprised by that...good for you on the appraisal, "but" you must remember you will be paying alot more based on that price!

You need to think about what you can resell the car for and if it's really worth that much to you to insure it for that value!

You could easily end up paying double for insurance premiums, and in the end to replace the car in the event of a catastrophe (i.e. total loss), will the insurance company "really" cut you a check for $55,800?

I'd do my homework carefully.

John

John,
He has stated that he is looking at an "agreed" value policy. The whole reason for an agreed value rather than stated value or ACV is that the insurance company cuts you a check for the "whole value" agreed upon by you and them.

Your point about the price of the premium is right on however

M3Ryan, I am particularly interested in who you are dealing with and what your premium comes out to be, if you don't mind sharing.

Cheers,
Bill