Insurance for a rarely driven car

Apr 16, 2018

  1. psemmer
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    psemmer New Member

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    I have a car which I want to insure, which meets the following criteria:

    a) It is 28 years old and I bought it brand new back in 1989
    b) The car is still in relatively great shape, despite its age
    c) It is NOT a classic car, like a late 60s American muscle car, but just an average Japanese coupe
    d) The car has rarely been driven, in fact it hasn't been driven in over 2 years
    e) I do not plan on driving the car often - perhaps a few hundred miles per year - since I have other cars which I would drive regularly
    f) I will be the ONLY person driving the car in my household and I am in my 50s

    I have recently dropped the insurance on said car, since I needed to add my teenage son to my policy and had to try and cut expenses, since my annual insurance premiums would have been over $6000 for all of my cars and it was more important to increase my liability limits since I was adding a teen driver. I had posted on this forum about a month ago, asking a question about adding my son and trying to keep costs down. Long story short, someone on this forum suggested that I look at collector car insurance and that I should be able to get coverage through one of several they suggested. I sent in an application to Grundy and just got a response back that my application was declined, because a) my vehicle carries no type of Collector status, and b) my vehicle is not a Show vehicle. I'm not going to go through the time and effort (and expense; I had to pay almost $2 in postage to send all of the forms, pictures, etc. back to Grundy) to apply to Hagerty, ACI or others, since they will probably decline my car for the same reasons. Of the ones I've looked into, they all state on their web sites that it's Classic or Collectors car insurance.

    If I were to have left my car on my current policy, I would have been paying over $500 annually, for just liability coverage. I also did a quick quote on esurance.com and the results were about the same. It seems that any traditional insurance company wants to know about all of the drivers in my household and just assumes that everyone could potentially drive that particular vehicle. I do not want to pay that kind of premium for a car that...well, for reasons (d), (e) and (f) that I stated above.

    With all that said, has anyone else experienced a similar situation and know of an insurance company that will insure an average, late '80s/early '90s Japanese coupe, which is not a daily driver and which will only be driven by one driver? Or, does that market just not exist because it may not be economically feasible for a company to offer that kind of insurance? FYI, my current insurance company is Progressive, but they offer no limited mileage discount, unless you use their Snapshot, but that is impossible on a vehicle from 1990, since it doesn't have OBDII.

    FYI, I did try and search the forum for an answer before I typed up this long-winded post, but my search didn't return any relevant results.
     
  2. InsCommentary
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    InsCommentary Guru

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    If this is just a regular old, unspecial vehicle and you have multiple vehicles, I'm just curious why you even want it. There are a number of ways to treat risk, only one of which is insurance. Another is avoidance...get rid of the car.
     
  3. psemmer
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    psemmer New Member

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    Is this the kind of response that people come here looking for answers receive? Someone asks a question, hoping that people with more expertise on a topic could give an educated response, only to get a cold response like you just gave?

    People keep things for a variety of reasons. Cars are no different. Of the make and model car that I have, I have the more rare version, which is more desirable among enthusiasts of the car. It's not like its a plain old, run of the mill Honda Accord from 28 years ago, of which probably hundreds of thousands were manufactured. The car in question is a Mazda MX-6 GT and you cannot even find one on the used market these days, much less one which is in stock form. Why would I want to get rid of a car that I took very good care of since the day I picked it up from the dealer, only to sell it to some young kid, who will promptly rice it up, with a fart can exhaust, lowered suspension so that the tires are about touching the wheel wells, etc., then promptly beat the crap out of it. Just because whomever decides what constitutes a collector or classic car doesn't believe that mine is, it doesn't mean that the car does not have special value to me, since I still enjoy driving the car, but it is not a daily driver. It is not like I just bought the car for $1000 and am looking for dirt cheap insurance. I've owned the car since 1989 and paid around $17000 for it at the time. All I came here asking for is if anyone knew of any insurance companies that insure cars that do not get driven often but are not collector cars. I didn't come here for someone to tell me to get rid of my car.
     
  4. InsCommentary
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    I asked a question out of curiosity. There was nothing "cold" about it. That's your perception, not my intent. I gave you a risk management option. You were told it was not a "collectible" car yet you seem to think it is a rarity worthy of hanging on to. If that's the case, then $500 a year doesn't sound so bad if it's worth that much to you, yet you said you dropped insurance on it, resulting in no coverage for damage to the vehicle and, more important, no coverage if you should injure someone negligently IF you do drive it. Your options appear to be to continue the search for insurance, let the vehicle go, or operate it without insurance, something that would be illegal in Pennsylvania.
     
    VolAgent and LostDollar like this.
  5. LostDollar
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    LostDollar Guru

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    Not an agent.

    I don't think the answers have changed since you posted before.

    I, and a lot of others, have had to pay household teen driver premiums on our extra vehicles. I expect you can manage the same.
     
  6. psemmer
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    psemmer New Member

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    Sometimes the way things are worded gives people a false perception of the actual intent.

    It just doesn't make sense to me, that someone can have a car, that someone decided to label as a 'classic' or 'collectible', which will probably only be driven on nice days and only to car shows and only pay maybe a couple of hundred for full coverage. Meanwhile another car, without such labels but driven with the same frequency and in the same manner, would cost $500 for liability ONLY. Grundy was only going to cost me $130 a year, had the application been accepted, for full coverage with $100 deductible and 250/500/250 limits. Does it make sense to you that I should pay $500 when it will probably only be driven 5% of the time and ONLY by me? I can afford to pay the $500, but I cannot justify it right now because it makes no sense to me. That is the reason why I'm here, to see if anyone had a similar experience and would share some information.

    Oh and I would NEVER drive without insurance. I'm 52 years old and have a family that I would never put in jeopardy by driving without insurance and taking the risk of getting sued in an accident.

    The car has been sitting for over 2 years without being driven much. It will just have to sit a little longer while I search for options.
     
  7. psemmer
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    psemmer New Member

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    I can afford to pay the $500, but when your premiums shoot to over $6000 annually by adding a teen driver, most people would look for ways to save a few bucks, unless you're wealthy and money is no object.
     
  8. InsCommentary
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    Good for you. Have you tried www.metromile.com? They claim their primary rating characteristic is mileage. Keep in mind, though, IF you do have an accident, but buying directly without an agent advocate, you're on your own for disputed claims.
     
  9. LostDollar
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    maybe you need to be searching related to modern collector cars vs collector cars, such as this?:

    Modern Collector Cars
     
  10. LostDollar
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    Were I in this situation I would also be taking the following 4 actions:

    Looking for online mazda car clubs.
    Buying a current copy of Hemmings.
    Talking with the owner of a local corvette dealership.
    Talking with the owner of a local automobile restoration company.
     
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