Find answers to Frequently Asked Questions for First Generation Firebirds that have been asked and answered on FGF. Special thanks needs to be given to all the FGF members who took the time to respond to other member's questions.
Miscellaneous - Insurance
Q: Classic Car Insurance
Anyone know of any insurance companies that will insure classic cars?
A: I have what’s called an “agreed value” policy on my 1969 claissic. Get an agreed value policy, NOT a stated value. Stated value is what you “state” the car to be worth. It simply sets a maximum dollar amount that your insurance company is liable for in case of a loss. They will do all they can to keep from paying this amount. With this policy, after an accident, an appraiser will look your car over to establish a dollar amount as to what your car is worth. If you have a policy like this, I would advise you to take many pictures of your car’s exterior, interior, engine bay, and underneath (if restored) and perhaps even an have an independent appraisal done. You would need to show these to the adjuster in the event of a loss. Anyway, the adjuster will undoubtedly try to appraise your car to be less than the “stated value” that you insured it for – and when they settle the claim, that’s what they pay you.
An “agreed value” policy establishes a car’s value BEFORE a loss or a claim is submitted. There’s no appraisal because the isurance company and you have “agreed” on the car’s value. If your car gets totaled, they pay you for what you insured the car to be worth. Drawback – you’re limited to 3000 miles a year with your car, and it must be kept in a locked garage. However, my insurance company informed me that this year they will start offering agreed value policies to people who wish to drive more than 3000 miles – for a slightly higher premium of course. Right now, I pay $125 a year for this policy.
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Content last modified: January 20, 2014 at 7:01 pm
Q: Before an Accident
I got into an accident with his 1968 firebird (other guy’s fault). My bird is worth around $5,000, but blue book doesn’t show that. What the insurance company is planning on giving me probably won’t cover the damage. Any suggestions?
A: The question of what the cars worth is,should be settled BEFORE an accident. (Not what you wanted to hear). Read the article in Year One catalog. I have had dealings with several older cars and insurance companies, have found State Farm( a friend whos a body man calls them “State Fraud”) to be totally unrealistic. I have been very happy with Nationwide for the last 10 yrs. They will let you USE your car as a daily driver and have an Actual Cash Value policy with deductbles that fit your budget. There are several collector car insurance companies out there but they wont let you use your car on a daily basis. The policy I have with Nationwide will . what this means is if you go to the store in your collector car to get a loaf of bread and have an accident… most collector car insurance companies would say you are SOL. They also place mileage restrictions on the policy. I have a friend that takes his 70 Judge to shows and cant even go to a restaurant for a sandwich because car would be out of his sight. Even if your car isnt a daily driver it may behove you to get this type of insurance for reasons stated.
Several quailty photos provided may substantiate your claim of the cars worth. Also CPI Cars of Particular Interest will have a book value for your car. Altho not 100% fair (as value is hinged on condition ,options,history,etc.) this is a good start. The other thing in your favor is that it was the other guys fault. But keep in mind that Lawyers get a slice of recovery.
Any proposed updates, changes, pictures, and/or corrections, please use our comment section below (may need to click on permalink to access comments feature). Information is subject to change and offered as is without any warranties or guarantees. Please review our Term's Of Use for more information.
Content last modified: January 20, 2014 at 7:02 pm
Content last modified: September 15, 2023 at 11:15 am