[brianr]

I found out about insurance coverage from Tony (PCA Autocross timing, etc guru) through American Collector's Insurance Inc. Seems like a good set up, 1.5% of car value for a premium and has 20% deductible. So at least you can buy a new one at 80% of your balled up car's value. Between that and getting +20 year old car insurance from Hagerty, I am still at 50% of my costs when I first insured the car at "modern" driver rates. Any thoughts????

[Jazzbass]

I have the DE insurance on my car. Blue book on my car is about $9k, and realistically it'd cost me about $17k to replace it. After seeing another board member damage their car at a DE and get it fixed properly because he had DE insurance, I bought mine before my first weekend. Mine is through ACI.

I have my 911 on my regular policy, but maybe I need to look into the Hagerty.

[brianr]

Yes, do check Hagerty. When the car's 20 yo it qualifies. They like you to say you drive only 3-4k miles a year. ACI has it too, about the same price. $350 for regular insurance and $300 for DE insurance. My previous policy with Amica was $1500 - ouch.

[Vicegrip]

Also check your existing car policy. Some (USAA in VA for example) do cover DE or more accurately, don't exclude it, at no additional charge. In my case with USAA a $300 not 20% ded and far less that 1.5% cost. If you have an unusual car you are likely better off to have supplemental insurance. For the normal De street car you might find that standard insurance will have adequate coverage. I have seen USAA pay out on a DE wrecked car. Only reason it was not fixed is that it was a true total.

[Jazzbass]

Kurt - does USAA have "agree-on" value? That was my main concern with my regular insurance. Even if they do cover the car if wrecked in a DE, they total it and cut me a check for $8k if I'm lucky. With ACI, my car is insured at $20k, which means I get $16k if I throw it into a wall at SP. Not sure about the regular insurance companies though.

[Eric S]

ACI has the best DE rates, but is not available in all states. Last I checked it was available in MD, but NOT in VA or DC. The alternative to ACI was posted in Panorama last season and on the boards; I don't recall the company name, but a quick search should find it.

Also, "agreed value" policies have a misunderstood downside. At face value it sounds great - set the value high enough to replace the car and all the go-fast parts (or to buy that upgrade you've been lusting after). However, the higher the agreed value, the higher the insurance company will go to repair it rather than "total" it and make the payout.

[Rick Lee]

I would be worried relying on my USAA policy for DE coverage. I doubt they'd cover it without a fight and then there's a good chance of getting dropped thereafter. With a very colorful driving history, but one that has somehow eluded USAA so far, I can't risk getting dropped and so bought the expensive DE insur. from Laurel DE. I can certainly vouch for them too. They treated me very well and were worth every single penny....as many of you know from my 993 woes. But I will look into Hagerty now that I'm only tracking a 22 yr. old SC.

[Vicegrip]

It is all just a bet thrown down. Bet less get less back. You bet you will break you car they bet you will not. USAA does not offer agreed upon value insurance. Something to remember, if you just put a fender in the wall the insurance will not pay a cent until you go over the deductible. This event is more likely than a total. In this case you pay more for insurance and still pay big out of pocket. Normal insurance would pay $ out based on the much lower street type deductible. (My case 20% of car value $2K, deductible $300, differential payback $1700, add to this the fact that if I put the yearly cost savings of the driven years away I bet I am close to break even for a total walk away with the $2K deductible) Put a $3K kiss on the front end and I am out $300 with USAA. Do that with Track insurance I am out $2K and it cost me more to start with. I consider the car self insured as I have saved in insurance costs the cost of replacement or at least the dif from the two total payouts. Future years of self insurance are 100% savings and I still have required street and free track coverage. (Now I am going to put the car into a wall for just saying this. )

When I talked with USAA they recommended that I document the condition and improvements to my car so I would not be stuck with only a Blue book or collectors car payout in the case of a total. Remember, agreed upon values only matter in a total and for where a total is called for, anything less and you are looking at a paid for repair minus 20% of your cars value. No matter the events severity you are out the 20% and is some cases a fugly car after a mandated repair.
In the case of the example I mentioned, USAA did not drop the insured for his other cars only declined to insure the replacement track Porsche. In this case the insured got covered for far less collected more and was not the worse off in the end insurance wise. He still has top notch coverage on all but the track car. Now he only has to go with the much more expensive all around track coverage or self insure.

IMHO Overall, don't extensively track what you cannot part with and if you drive with you head and keep things in good condition you are, in the big picture, not likely to total you car or hurt yourself. It can happen, not will happen. Full on track car driven, many events for many years, you might get close to the WILL happen scenario. Given the same amount of time also you will likely pay in insurance what the car is worth as well. This is how they make their $ and they know how to place the bets!

Again supplemental insurance is not a bad thing or a poor bet manytimes. You need to look at the real #s, likelihoods and balance against you pocket pain threshold.

[Vicegrip]

And the rest of the quote is

Originally Posted by Kurt Mickelwait

It can happen, not will happen. Full on track car driven, many events for many years, you might get close to the WILL happen scenario.

Betty, I think you and Gary fall into this area!

Are the prices quoted earler in this thread monthly, 2X a year or yearly?

[Jazzbass]

My DE insurance is $300/yr, $20k coverage unlimited events. For me, I don't want to put my car into a wall (of have someone else do it for me) and know I'm outseveral thousands of dollars because I wanted to save $300. Insurance, helmet, saftey equipment, brake pads, tires, etc - all part of the price of admission IMO.