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lukesky Samba Member
Joined: July 12, 2006 Posts: 246 Location: See The Rabbits, IA
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Posted: Sun Aug 27, 2006 6:34 am Post subject: Insurance value |
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Hi, all. I know the question comes up a lot about how much a Thing is worth, but as a new owner, I need to figure out how much to insure it for. I originally started at $6,000, but after looking at some of the asking prices here, on ebay, and elsewhere, I'm thinking about raising that. Problem is that I need some proof that it's worth what I think. How have you all convinced your insurance companies to set a value. I know the registry had a rough guide several years ago and it pops up every once in a while, but I'm looking for something that's more recent. I can get an appraisal for $150, but I'd rather put that money towards a new top. Thanks!! |
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bljones Resident Wit
Joined: February 08, 2002 Posts: 2377 Location: ontario canada
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Posted: Sun Aug 27, 2006 6:38 am Post subject: |
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Best thing to do (no pun intended), is get an appraisal done by a recognized auto appraiser. It is $150 well spent, and will likely be mandatory if you are going to get an "agreed value" policy. _________________ OG JHC
Author of Original Rant #1
"It stingd itself to dead... now that is control on you"
2% |
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bmwloco Samba Member
Joined: March 19, 2006 Posts: 1093 Location: Asheville NC
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Posted: Sun Aug 27, 2006 9:45 am Post subject: |
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www.hagerty.com
I have my Thing insured through them, as are my BMW motorcycles. It's "stated value" coverage, so I have my Thing covered for $6000; it's $100 annually.
Go to the web site, fill out the information, send them a photo and poof, you're done. They're good! I've been using them for years with my historic vehicles.
Just a thought... and they may not cover your state. |
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radioman Samba Member
Joined: April 15, 2004 Posts: 430 Location: Irmo, SC
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Posted: Sun Aug 27, 2006 11:50 am Post subject: |
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My 73 is insured through American Collectors Ins. Also stated value (8K), full coverage, no deductable....about $100 a year. Caveats: must be garaged, locked, and driven less than 2500 miles a year. No problem for me and no appraisal. _________________ It's a Southern Thing, 73, stock.
Bill |
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Joe 20 Samba Member
Joined: August 27, 2005 Posts: 655 Location: Ohio
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Posted: Sun Aug 27, 2006 7:14 pm Post subject: |
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I'm with State Farm, stated value. About 120 per year for 10k. No hassle, done it for years on various cars. |
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Ian Epperson Samba Member
Joined: January 12, 2005 Posts: 2262 Location: Alameda, CA
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Posted: Sun Aug 27, 2006 8:15 pm Post subject: |
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Has anyone who'se gone with "stated value" tried to collect? How difficult is it?
I've had minimum coverage on the Thing as the paint job is worth more than the blue book value. I had always assumed that if I so much as scratched the paint, they'd call it totalled.
After it rolled (sigh) I realized that I lucked out. Nothing broke that's overly expensive to fix - except for the paint. Now I'm reconsidering the coverage.
She's a daily driver - I put much more than 2500 miles a year (more like 5,000 - 8,000) and I have AAA. |
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lukesky Samba Member
Joined: July 12, 2006 Posts: 246 Location: See The Rabbits, IA
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Posted: Mon Aug 28, 2006 8:04 pm Post subject: |
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My agent (who's a personal friend) says it shouldn't be a problem to get the coverage for it as long as I can prove its value with some comparables. Does anyone track sales prices? The only place I know of where you can see final sale value is through ebay. Here and on the Thing Registry, there's now way to know what the final sale price was.
Has anyone sold a Thing recently? What was the price and condition? And why would you do such a foolish thing? |
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bmwloco Samba Member
Joined: March 19, 2006 Posts: 1093 Location: Asheville NC
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Posted: Tue Aug 29, 2006 7:49 am Post subject: |
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I've never collected with "Stated Value" coverage, but I have friends who have - once after a truck rear ended a trailer carrying vintage BMW motorcycles and once after a stolen and wrecked classic GTO.
In both cases, Hagerty paid exactly what was stated - no muss, no fuss within days.
Both instances only confirmed by thoughts on dealing with Hagerty. They're straight up, easy to deal with, and understand collectors and collectable autos and boats.
One caveat: you have to have a garage and are limited to 6k travel in a year. |
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Woreign Samba Member
Joined: June 04, 2006 Posts: 2841 Location: Crestview FL
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Posted: Tue Aug 29, 2006 11:40 am Post subject: |
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I applied for the Hagerty insurance the other day after your recommendation. I haven't heard back from them yet. My estimated annual mileage was around 7-8K. But if I'm limited to 6k that might be OK too... You know those VW speedometer gears are always breaking! |
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bmwloco Samba Member
Joined: March 19, 2006 Posts: 1093 Location: Asheville NC
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Posted: Tue Aug 29, 2006 12:41 pm Post subject: |
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Be sure and tell them you'll only do 6k a year. You also have to have another "daily driver" |
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markie61 Samba Member
Joined: April 11, 2005 Posts: 583 Location: Northern Virginia
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Posted: Tue Aug 29, 2006 6:22 pm Post subject: |
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bmwloco wrote: |
Be sure and tell them you'll only do 6k a year. You also have to have another "daily driver" |
With my Hagerty policy, I had to show one car for each licensed driver in my household. Fortunately, I had 5 vehicles (including the Thing) for our 4 drivers.
Mark _________________ Whut is that-there Thang!?
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Chicks dig my Thing - so what if it's little and yellow...!? |
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lukesky Samba Member
Joined: July 12, 2006 Posts: 246 Location: See The Rabbits, IA
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Posted: Wed Aug 30, 2006 4:14 pm Post subject: |
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Since I have all my cars through the same company (Farm Bureau), I get a discount on my other cars so it knocks $20 off the price.
Something to Thingk about. |
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