Calling on Mr. PW+PB+....not sure

[condor27596]

There is a fellow here, a former Navy hero, retired, that
works in the insurance industry. I forget the exact name.

I have a question in regards to some friends of mine, and
actually it will effect me fairly soon. So I'm wanting to
research the issue.

How do you insure a classic car?

How do you insure a classic car if the insurance company says
"no honda will ever be considered a classic".

I've heard about a phrase "agreed value", as well as
a replacement cost value.

So you can see where this is going.

Your CRX is 25 years old. It's mint, like it rolled off the
assembly line, you've put $14k into it, and a maniac
runs a redlight, and the insurance
company says the book value is $760.

Hope to hear from you thanks.

[MINIxB]

I'm not the person you were asking for but just a suggestion you could look into classic car insurance. I have it on my Mini and you can put in an agreed value and insure the car for the. The company I have is called Hagerty. It's really good.

[abbie01]

are you looking for http://www.northamericanmotoring.com...pw-and-jb.html

[CR&PW&JB]

You called ??

And I'm retired from the Air Force, not the Navy but I give you points for remembering I'm retired from the military. Definitely not a hero either.

Anyway... most insurance companies do offer an antique/classic car rating. Mine does. I can't speak for other companies, but our requirements to get this classification rating (you get a huge cut in rates) are this:

The car must be 25 years old.

The car must be restored to very near original condition.

The car must not be used for daily driving.

The car must be used primarily for car shows and parades (if you put more than a couple thousand miles on the odometer per year, you could/should lose your rating).

Let me know if you have follow-up questions.

[condor27596]

That's right, thanks. I apologize about the Navy vs Air Force.

You've given people such helpful advice here I rememered you
very well.

I will post that on my honda site, the requirements (in general
I realize not a legal obligation)

What do you do when you drive your classic car as a
daily driver and you have 10k in it?

I'm not speaking about me, but man, i've seen some stuff.
Like 35k put into an 87 crx to make it absolutely perfect.
And dude is driving around with normal liability.

I'm also asking because I'd like to commute in mine, say,
85% perfect, and a bucket load to keep refurbishing stuff
on a 25 year old car.

[condor27596]

PS I was in the military too short timer. If you made it to retirement, dude,
you are by definition a hero. Most ppl don't understand the sacrifices involved.

[CR&PW&JB]

If you have a car that would otherwise qualify for the Antique/Classic rating but you drive it as your daily driver, the car is rated as a "normal" automobile. That is, no Antique/Classic car rating.

And no problem at all on the branch of service thing. And thank you for the kind words. It was an honor to serve.

[condor27596]

I'm actually past asking questions for my friends on another site.

I am currently refurbishing my 87 crx that I bought new, to
make it new-like for its 25th anniversery. It's a couple years
project.

I'll completely take it apart and put it back together with
much new stuff. New stuff includes completely new suspension,
engine, AC, interior, and paint. No less than 8 new body panels.
(if you recall the honda was the first plastic car not the saturn,
and they develop cracks at about 80k miles. I'm on my
second set)

I'd like to use it as a daily driver.

How do I protect myself financially from maniacs?

I had my as s handed to me financially when I had a
modern 3 series totalled by a crack smoking cell phone talking
no driving maniac 3 years ago.

[CR&PW&JB]

If you're currently restoring the vehicle and don't have it tagged, check with your insurance company. Some will write a Comp coverage policy on it while it's not registered.

If it is still tagged, then your state very likely requires you to carry liability coverage. You can add comp, of course. But some states and some insurers require you to have both collision and comp, not comp by itself. If that's the case, carry a large Collision deductible since there's no chance you'll be in an accident.

As soon as you're done with the restorations and driving it on the streets again, make sure you lower that Collision deductible to something more appropriate.

[condor27596]

It is currently tagged and insured. I use it as a weekend driver.

There is a concern in my mind on the insurance value. I was in an
accident a while back. The BV for the car was ~18k a year before the accident. I calculated the BV for the car as $14.8k when it was totalled.
I got a check for $9600. That car did not depreciate 8k in a year.

I'm a careful driver I am not worried about myself. It is the maniacs
out there.

Is there any way possible to protecy myself?

The BV on an 87 CRX is zero. Literally zero.

[CR&PW&JB]

Originally Posted by condor27596

It is currently tagged and insured. I use it as a weekend driver.

There is a concern in my mind on the insurance value. I was in an
accident a while back. The BV for the car was ~18k a year before the accident. I calculated the BV for the car as $14.8k when it was totalled.
I got a check for $9600. That car did not depreciate 8k in a year.

I'm a careful driver I am not worried about myself. It is the maniacs
out there.

Is there any way possible to protecy myself?

The BV on an 87 CRX is zero. Literally zero.

Not sure what you're trying to protect yourself from.

If someone hits you and they are at fault, their insurance covers your loss.

If they are uninsured, then your Uninsured Motorist coverage kicks in.

Or maybe I'm reading you wrong. Are you concerned that your car has no book value but you've invested money into the car and won't get that money back if it's totaled ? That's a real concern and not much you can do about it. Might not be the best financial decision to put money into a car that has very little or no value.

About the best you could do if your car is involved in an accident and it's not economical to repair it, is to part it out and get some of your money back for the new parts you're putting on it.

[condor27596]

That's a good honest answer.

Yes, that is the concern.

I routinely spend a couple thousand here and there
keeping this thing up.

I am currently undergoing a major refurbishment.

The BV is still zero.

I'm just shakey i guess after taking the hit on that 323.

A 25 year old CRX can't be parted out.
The market is very small, and I'd say all but 14 people in that
market are broke kids. (the 13 remaining besides me seem to
be doing fairly well lol)

[condor27596]

Change the name slightly. My drunk a s s step dad
GIVES AWAY a 1966 VW bug, with a factory hard top
sunroof and all the interior in german.

CRX has some kinda negative fast and furious connotations.

The BV on such a VW is zero.

I've seen less and not as good VWs go on ebay for $8000.

Certainly something can be done to protect your
"investment" (meaning minimize your losses)

[nabeshin]

So why can't they let you pay more in premiums for you to tell them what it is worth?

[CR&PW&JB]

Originally Posted by nabeshin

So why can't they let you pay more in premiums for you to tell them what it is worth?

Not all companies/States provide for Stated Value policies.

It's worth asking though.