North American Turbocoupe Organization



Turbocoupe insurance dilemna
Mike N Offline
Member
#1
Hey all,
Need some input here. I'm considering buying my friends MINT 1988 Black TurboCoupe. 55,000 miles, manual, this thing is SWEET. I"d like to use it for my daily driver for a while, at least till the end of year. He wants $5500.00 for it, and I think I'm going to take him up on it.

Problem starts when I call around to the insurance companies, and they tell me they will only cover the NADA amount, which I think high retail is $3000.00 for it. The car isnt' old enough to be considered classic (needs to be 25 years), so I can't get it insured as a classic vehicle. One of the places I called said they will not insure it for more than the NADA amount, and this thing is definetely worth more than $3000.00.

Anyone have this dilemna? How can I get the car insured for at least what I am paying for it?

Thanks in advance,


Mike
$
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Pete D Offline
Administrator
#2
Some of the Collector car insurance companies for old cars have a "stated value" coverage that allows you to get it insured for a particular value. I'm sure there are requirements and limitations. One limitation may be how many miles/year you are allowed to drive it. Ask questions

Some companies may consider a higher insurance value if it is verified by a qualified appraiser. Depends on the company
Pete Dunham


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firstsvo Offline
Senior Member
#3
A few restrictions. milage, not a "spare" car, kept in a locked garage, and whatever else. I know it didn't work for me. Unless the car is stolen and they can't verify milage or anything that may work. An accident and you're probably screwed. I looked into a few of these companies. Thay ain't cheap for no reason.
White '88 auto mostly stock, Black '88 5 speed nowhere near stock
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Joe F Offline
Posting Freak
#4
My advice is to call around and see if you can find an insurer that will insure for "agreed upon value". I hear there are some but they are few and far between. Good luck.
JR's Place - My '87 Turbocoupe
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John R Offline
Member
#5
I have insurance through a company called infinity which is owned by great american ,its not collector insurance ,its a specilty insurance . I am covered for 10,000 dollars plus glass and all the other stuff ,allowed 3,000 miles a year to and from shows and meets or sunday type cruises , has to be garage keep and locked up, cost is 250.00 a year . But you have to have another car with full insurance for them to carry you with 100,000 300,000 coverage
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Chas K 88 Offline
Member
#6
I'm in good hands with Allstate, have been for years. For my 88 they will insure the stated value and if it gets too high the car needs to be appraised.
Chas K.
88 T-bird, 5 speed, Wiseco pistons, Gillis valve, 255LPH fuel pump, CD, tripminder, RR cam, K&N, 140 MPH speedo conversion (thanks Jeff K).
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Bud30Pk Offline
Senior Member
#7
25 years for Classic,that sucks. Taxelvania is only 15 years.My insurance agent simply asked,How much do you want it insured for?I said 5G and was done.
1991 Taurus SHO Plus-Red,black leather.2012 F150 XLT 3.5 EcoBoost.
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Spooler87 Offline
Posting Freak
#8
Hell, even Progressive offers stated value insurance now. I'm about to have my Turbocoupe insured for $10,000. I have to have someone come out to verify receipts and equipment installed, but thats it.
All hail Project "Marauder" !
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t-bird88 Offline
Senior Member
#9
I am with Progressive, and I am insured at a stated value of $3500. If I wanted more I would have to pay a higher rate, and right now that is about as much as the wife and I can afford. And now with my step-son on the ins, we may have to drop it down some. I hope not.

The guy that came out to look at my car was a car guy himself. He and I talked for better than two hours about his car and mine before he even put pen to paper. Great people to work with.

Jim B Big Grin .
Gunmetal Grey 88 TC!!!!
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Matt S Offline
Posting Freak
#10
The Haggerty's etc specialty insurance is great if you can abide by their terms. Regular insurance is a debatable thing.

If you do stated value, your premium will be higher because you agree on a value with them. If you do nothing then when the time comes you're going to have a fun time debating what it's worth. Another option is to get an appraisal market analysis. Depending on your state laws they basically have to come up with some way to value it when it's wrecked. Ask them for the fine print, and if a blue book value alone without market analysis is used to determine your payout, then I'd turn away. Generally (very) they use bb to rate the insurance, but have to do market comps etc and find out what they're really selling for when a claim comes up. If you have a market analysis and these are their terms then your $300 appraisal just came in real handy. If they want to bump up your insurance saying it's "state value" I'd say no, because it's a MARKET analysis there by meeting their terms for value if it were wrecked (get my drift on the difference?). The few appraisers I talked to have options to update the appraisal (new turbo, paint, suspension etc) for free or very low cost.

In any event I would do some informal searching to see if you can find what other cars in similar condition that have sold for recently recently. If you're wiling to pay more than what you see (if you can find any) then be forewarned if it's wrecked.
This is just my humble $.02, but if you see the FAQ's "Insurance Claim Tips" you'll get an idea of what I went through arguing these "symatics" with them and ended up with me getting exactly what I told them my research said the car was worth.
Sold it Sad*
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