Older car insurance

I doubt it: it wouldn't be profitable. But you can probably get some additional coverage from classic car insurers.

The problem, of course, is that the cost of the insurance is unlikely to be economical: they're going to look at the amount you're covered for, look at the liklihood they'll have to pay out given the risk pool you're putting yourself into (i.e. "classic car nuts" as compared to "all drivers"), and rate you accordingly. You'd probably be better off just to put the money aside into a savings account, and mitigate your risk that way.

A

You have to read the fine print of your policy, for mine it says replacement value, which means what it would cost to replace the car, if I think the value they give is too low they have to find me a car in the same condition with about the same mileage for that price and if they can't then they have to give me more money. You have to know how to press the point with them and also your rights under your policy. It's also a good idea to have some documentation of the condition of your car(pictures and even an appraisal).

Some of us have paid over book value for hard to find ones in very good condition, and then spent even more to restore them mechanically and cosmetically.

But, when one of these is in an accident the insurance company goes by book value or, if they're flexible, will look around to see what they're actually selling for. This still turns up a value that's pretty much always way below what it will cost you to repair or replace the car.

My insurance company has no provision for a car repaired or enhanced beyond book or current-resale value. I'd be fine with paying higher rates if I could get increased coverage, but they don't have a provision for that. So, pretty much any accident results in the car being totaled. You can keep the car, and repair it, but all you get is the total loss value.

Has anyone solve this? Is there a company that will insure for it's true replacement value?

- Bill

You're correct, of course. I probably should have explained that I used to be in the insurance business. I understand the mechanisms. I was hoping there was something I'd missed. And there is. I hadn't considered classic car insurers. I'll look into that.

In general, that's probably a good idea. However, my most recent dust-up occurred less than four months after getting the car for several thousand, then putting a few more into repairs. I've got close to $8K invested in it, but upon totalling it, I only got $2.6K out. As it happend, I *had* put some money aside, but it had only built up to a few hundred at that point.

Thanks for the idea, I'll look into that. I'd like to have something in place before I take it out of the shop for these repairs.

- Bill

Actually, the guy who adjusted my car did exactly this. He went online and looked up cars of the same year and in the same described condition. He even expanded the search a year on each side. Then took a high average price rather than the most or least expensive.

I have before pictures, but he just took my word for it. I pointed him to an on-line sale and said my car was identical to the one I indicated, except that that one had a nicer sound system. As it happened, he actually settled with me for a bit more than the car I pointed out to him. He found a couple I didn't and it raised the bar a few hundred dollars.

I really don't have an argument with my current company for what they did. I'm just trying to find a way to cover the gap. In fact, what I'm looking for is something like gap insurance, except that that's only for new or nearly new cars.

- Bill

When you put it that way, that sounds like a good thing. I would guess the lower volumes would work against you, but that the pool experience would may be better than average.

I find that collision insurance is more of a way to limit stress in a stressful time.

Good point. And now that you mention it, this is at least part of what I'm looking for.

The car is going into the shop in a week or so. It's going to be $4-5K to fix it. At this point I'll have $12K involved in a car with an averaged replacement value of $2,500. It's not even fixed yet and I'm already afraid to drive it home! :)

- Bill

Does that mean that you originally overpaid for the car that was destroyed? Also, couldn't you just take the settlement and buy one of the cars for sale that was used to give the valuation to get a reasonable replacement for the car that was destroyed?

Or was the car that was destroyed one where the insurance valuation methods may have undervalued it (e.g. higher mileage, but perfect mechanical condition, or a rare submodel with few enough sales that comparables are more common submodels with inaccurate valuation adjustment for the rare submodel)?

Paid above list, yes. Overpaid, no. You get what you pay for. The only places I found cars which were claimed to be in similar condition at the time were Florida, Arizona and California. Once I added either shipping, or my going to get it and drive it back, the price was even higher than what I did pay. And this car I could examine before I committed anything more than 50 miles of driving to go see it. It was (and except for the very front end still is) in amazingly good condition body wise. I've seen five year old cars look worse than this nineteen year old one did when I got it.

No. This one was in excellent body condition, and I've fixed all the mecahnical issues. I could by another one for a similar, or somewhat lower, price, but I'd still have one with unknown mechanical issues.

I've had this discusison with several insurance companies and a couple of insurance agents. They're basically just not set up for anything (the word they pretty much all used) "exotic." They go by either "the book," or, if they're more creative, they'll check the net. The other side, of course, is that I paid insurance based on that book or the net values. Reasonably, if I expected $8K for a total loss, I should have paid insurance on a potential $8K total loss.

- Bill

This can't be a watercooled VW. They are not worth collecting. Me thinks you should go to the aircooled group and ask your question. I'm sure as an ex insurance snakeoiler, you would know the older bugs are worth a lot more. There are insurance companies that insure collectors. You have to get the car appraised and show how much you put in.

WTF????

an '81 Scirocco S isn't collectible? or a Callaway turbo Scirocco? or pretty much any Corrado? I'd be proud to own any of those and give any one of them the same care that I give my 50-year-old cars, if I could only find one in good condition.

geez, enough with the gratuitous dub-bashing already.

nate

1987 16V Scirocco with under 114K on it. And, until a week ago, no rust or dents or even scratches anywhere. Everything perfectly aligned (no frame wiggle), all strut towers rust-less. It sat in a in a garage for most of eight years.

Love is not logical or rational, even more so when applied to women or cars.

- Bill

Nope. You can still buy them cheap.

My condolences. You know what VW stands for right? Virtually Worthless.

My herd consists of:

These I bought c h e a p. Under $2K US for all. These 3 run but are not currently tagged. Ebay prices are now 3 times what I paid for these. So maybe times are changing?

1986 Golf Diesel 285K miles 1989 16V GTI 138K miles 1991 ECOdiesel 201K miles

I bought this for $13K US back in 1994. MSRP was $17K. It was a forced sell and only had 7500 miles on it ad the time. This is by far the best and most reliable VW I have.

1994 2.0L Jetta 209K miles

I got this Jeep c h e a p for less than the 3 amigo VWs above. Runs great with an I6 and I can't kill it. It reminds me of the VW bug being so modular and easy to work on. I know this isn't a VW but look at the mileage and it's the only US domestic vehicle type that lasts just as long as the older VW.

1994 Jeep YJ Sahara 209K miles

IMHO, the aircooled bugs can go for over $10K US easy if you have the right one. Nate tried to make a point with his RE: but collectors are just not doing the high price water cooled collection yet. I wouldn't mind having an A2 Synco but I wouldn't spend 12K for it....

I used to have a 1976 FI bug but that got totalled. At the time I should have just bought it back from the insurance company. :( I wasn't thinking.

fine, find me a cheap early Scirocco in good condition so I can buy it.

nate

(been keeping half an eye out for years...)

There's the operative phrase. "...in good condition..." I can find a dozen

16V Scirocco's, some even in "good" condition, at least that's what the ads say. And I don't worry TOO much about the mechanicals if the engine and transmission are OK. But an excellent condition body is damn rare. I found two or three others when I was looking. All of them in far away places which would have forced me to either fly there to check them out, then drive them back, or buy them sight unseen and have them shipped to me. This one was (and, really, mostly still is) excellent, and it was right where I could look at it and test drive it and, as an added benefit, have a friend who's mechanic specialzing in water cooled VW's look it over.

Please contact me via e-mail (that's my real address there). By "early" I assume you mean the first generation. Round headlights, spoiler built into the hatch rather than bolted on, and so forth. There's a pretty healthy looking one a couple of towns over from where I live. I drive past it once a month or so. If we're anywhere near each other, I could stop by and talk to the owner if you'd like and, if he's interested, take a few pictures and send them to you.

- Bill