Lets talk car insurance !!!

[Rock&Roll]

So I used to have Allstate and that creeped up in money.

I switched to State Farm 2 years ago and saved $700 on my bundle'd plan of 3 cars, 1 Motorcycle and Home Insurance. Now State Farm is shooting up. All 3 cars went up.

My Mustang is $1318 a year with State Farm now :(
I just got a quote from a company called American Collectors Insurance. They're in New Jersey. A friend that has a 80 Z28 uses them.

So my quote from American Collectors Agency is $555 a year. I'd be saving $763 a year. Thats a lot of money.

Just got off the phone with them and because I garage the car and take it to Car Shows, put low miles on it and I have a Daily Driver .... I qualify.



so my question is: ANYBODY FAMILIAR with American Colletors Insurance ?

Sponsored

 

[JetGray_Mach1]

Damn that's a good deal. Never heard of them, but State Farm/All state is a pile of shit, both have ALWAYS been overpriced. Geico has always provided me decent rates.

 

[Crew4991]

LOL so maybe I'm bias but $1318 yearly seems incredibly reasonable... actually pretty cheap!
Wish Colorado rates were that low! Maybe move here and you will REALLY have something to complain about. Haha.

Its all dependent on the person's personal situation (age, driving record, ect.) and where they live.
Personally I hate collector car insurance stuff. They limit the mileage and I use my mustang and viper regularly. Will never go that route.

 

[Rock&Roll]

LOL so maybe I'm bias but $1318 yearly seems incredibly reasonable... actually pretty cheap!
Wish Colorado rates were that low! Maybe move here and you will REALLY have something to complain about. Haha.

Its all dependent on the person's personal situation (age, driving record, ect.) and where they live.
Personally I hate collector car insurance stuff. They limit the mileage and I use my mustang and viper regularly. Will never go that route

It was $960 less than a year ago so it went up $358

Also, I only do 1000 miles a year roughly. They limit to 2500 miles a year. I have a GTI as my daily ( very fun car ) and a Harley Fatboy. Wife has a Tesla 3 that’s like a super fast Camry. It’s not really an issue for me trying to keep the miles under 2500 with all those toys.

 

[Crew4991]

It was $960 less than a year ago so it went up $358

FWIW I'm 63 and have a clean license.

Increasing rates have been affecting all of us. Best advice I can give you is to shop around with other insurers. You got your collector's insurance quote so maybe you will switch to that to help save on insurance. I just don't like those clauses of mileage restrictions and stuff. If you are okay with that, I think you should switch.

Here is an article from Forbes on why rates are going up across the country if you want to read about it.
https://www.forbes.com/advisor/car-insurance/car-insurance-rates-up-again/

 

[Rock&Roll]

Here is an article from Forbes on why rates are going up across the country if you want to read about it.
https://www.forbes.com/advisor/car-insurance/car-insurance-rates-up-again/

I'm sure accidents are up. Parts and labor are up etc etc.

Not sure why they cant just make the people with THE accidents and all that other stuff pay more ? 22% increase for everyone is just ridiculous. I'm sure it's mostly greed why the insurance companys charge more and well ... because they can. I would think profits are way up ?

 

[Jm28192]

Be happy you don't live in my area with our insurance rates, cheapest I can find is $2800/year, no accidents and clean driving record.

 

[Rock&Roll]

Be happy you don't live in my area with our insurance rates, cheapest I can find is $2800/year, no accidents and clean driving record.

Dam

Are you a youngster ? Why so high ?

 

[saleen367]

Every state/city has different rates unfortunately.

Ask your agent at SF if you can put limited mileage insurance on it, if you qualify. You must drive the car less than like 6000 miles a year, but I'm not sure of the miles. Its not cheap, but cheaper.

 

[Jm28192]

Dam

Are you a youngster ? Why so high ?

Not really, 37 years old lol my state just has crazy high rates.

In my area at least, I blame the lawyers and attorneys, you can't go one mile without seeing billboards for accident attorneys. So many people here sue ANYTIME they're in a wreck, trying to get some kind of payout and these lawyers make entire careers out of suing insurance companies so the insurance passes the cost on to everyone else.

 

[The Demon]

Every state/city has different rates unfortunately.

Ask your agent at SF if you can put limited mileage insurance on it, if you qualify. You must drive the car less than like 6000 miles a year, but I'm not sure of the miles. Its not cheap, but cheaper.

I drive my M1 about 120 miles a month and it’s still the same cost as my GT which is my daily driver. I have Allstate. Now that I’m moving we’ll see if the rates change but I’m sure they’ll get worse or stay the same in Florida.

 

[sms2022]

Never heard of them. I can tell you to avoid Citizens United Reciprocal Exchange (CURE), farm bureau and auto owners like the plague.

Not really, 37 years old lol my state just has crazy high rates.

In my area at least, I blame the lawyers and attorneys, you can't go one mile without seeing billboards for accident attorneys. So many people here sue ANYTIME they're in a wreck, trying to get some kind of payout and these lawyers make entire careers out of suing insurance companies so the insurance passes the cost on to everyone else.

As someone who actually does this for work, that’s exactly what the insurance companies would like you to believe. I worked for insurance companies until I got tired of finding BS ways to deny someone’s claim to get my bonus. Then I became an attorney, and started out defending the insurance companies, thinking I’d get to finally go after the fraudsters taking advantage of the system. Newsflash; that’s like 2% of the claims they get. The rest is legitimate people who are legitimately hurt and they will still find a way to deny 60% of those. Eventually I had enough and switched to plaintiffs work.

I’ve heard other states like Florida and Nevada have legit ambulance chasers but here in Michigan you can’t get paid unless you’re injured bad enough to meet the “serious impairment” threshold. You don’t take BS claims here as a plaintiffs attorney unless you want to go out of business because you can’t make anything.

The reason why there are so many lawsuits up here is the insurance companies simply won’t pay. We have the no-fault system which is supposed to operate like workers comp and pay out immediately for medical bills, wage loss, household assistance etc. but unless you get lucky and get an old school adjuster on the file they will refuse to pay a dime. They force you to sue them to get the insurance benefits the state forces you to purchase. It’s a totally broken system - part of the reason we have the highest rates in the nation.

Hell I had a glass claim earlier in the year. My first auto claim since I was 16 and hit an deer. they put me under investigation for fraud and wanted to take my examination under oath until I threatened to sue them. Assholes. Like I purposely smashed the windshield on a 6k mile car to get a new windshield. Makes 0 sense but that’s the shit they do.

anyways that’s the end of my rant. I thought like you until I defended insurance companies day in and day out and saw how cheap they were and what extent they would go to to save a literal dollar. Like force a single mom out onto the street because they would rather spend $10,000 on medical opinions justifying their denial of benefits instead of just paying her $20,000 in lost wages. Not proud of it but that’s a real plan I had to execute for an insurance client shortly before I quit.

 

[turbofiveoh]

So I used to have Allstate and that creeped up in money.

I switched to State Farm 2 years ago and saved $700 on my bundle'd plan of 3 cars, 1 Motorcycle and Home Insurance. Now State Farm is shooting up. All 3 cars went up.

My Mustang is $1318 a year with State Farm now :(
I just got a quote from a company called American Collectors Insurance. They're in New Jersey. A friend that has a 80 Z28 uses them.

So my quote from American Collectors Agency is $555 a year. I'd be saving $763 a year. Thats a lot of money.

Just got off the phone with them and because I garage the car and take it to Car Shows, put low miles on it and I have a Daily Driver .... I qualify.



so my question is: ANYBODY FAMILIAR with American Colletors Insurance ?

I have used American Collector in the past for coverage on a collector car. In my agreement it was stated that the insured vehicle could be driven sparingly, per an annual mileage limit, only for car enthusiast related events. The insured vehicle could not be used as normal transportation. When I asked the underwriter to provide detail as what normal transportation meant he stated, as examples, that the vehicle could not be driven to work or out to dinner because that would be construed as normal use, irrespective of annual mileage.

You may want to ask American Collector to provide some clarity on what they consider acceptable use in their policy. If driving the car to work, or out to dinner, once in a while is something you plan to do it would be good to know now if the proposed policy will cover that type of usage.

Edit:
Also, it is my understanding that insurance rates are surging around the country because of floods, fires, hurricanes, and the variety of other large scale issues that lead to high dollar claims that insurance companies are paying out (or attempting not to pay out per the member who used to work for the insurance companies) in a time of high inflation and supply chain shortages. Whenever I turn on the news it seems like some part of the country, usually California, is on fire or some part of Florida or Texas is flooded.

 

[Rock&Roll]

I have used American Collector in the past for coverage on a collector car. In my agreement it was stated that the insured vehicle could be driven sparingly, per an annual mileage limit, only for car enthusiast related events. The insured vehicle could not be used as normal transportation. When I asked the underwriter to provide detail as what normal transportation meant he stated, as examples, that the vehicle could not be driven to work or out to dinner because that would be construed as normal use, irrespective of annual mileage.

You may want to ask American Collector to provide some clarity on what they consider acceptable use in their policy. If driving the car to work, or out to dinner, once in a while is something you plan to do it would be good to know now if the proposed policy will cover that type of usage.

Edit:
Also, it is my understanding that insurance rates are surging around the country because of floods, fires, hurricanes, and the variety of other large scale issues that lead to high dollar claims that insurance companies are paying out (or attempting not to pay out per the member who used to work for the insurance companies) in a time of high inflation and supply chain shortages. Whenever I turn on the news it seems like some part of the country, usually California, is on fire or some part of Florida or Texas is flooded.

Good to know thanks

I'm retired so I won't be going to work and if I go out to dinner I'd take the GTI, smaller and easy to park.
In the past 4 years I've averaged 1000 miles a year on the Mustang. Mileage limit in my quote was 2500 miles so I should be good. I have a GTI as a daily, Harley Fatboy and my wife has a Tesla 3. To many vehicles and not enough driving ... lol. Wife works from home and puts on only 2k miles a year. I drive my GTI most of the time. That car with the 4 doors is good for the dog, grandchild and hauls lots of music gear around with the hatchback. It's a great daily car.

Sometimes I think I should just sell the Mustang but then I drive it and no way

 

[turbofiveoh]

Good to know thanks

I'm retired so I won't be going to work and if I go out to dinner I'd take the GTI, smaller and easy to park.
In the past 4 years I've averaged 1000 miles a year on the Mustang. Mileage limit in my quote was 2500 miles so I should be good. I have a GTI as a daily, Harley Fatboy and my wife has a Tesla 3. To many vehicles and not enough driving ... lol. Wife works from home and puts on only 2k miles a year. I drive my GTI most of the time. That car with the 4 doors is good for the dog, grandchild and hauls lots of music gear around with the hatchback. It's a great daily car.

Sometimes I think I should just sell the Mustang but then I drive it and no way

Sounds like it won't be a problem for you if you're only driving the mustang for car related events and nothing else.

As an FYI, in order to bind coverage, I was required to send pictures of the car, the garage in which it was stored, and an appraisal document. I recently left American Collector because over the course of 3 years the rates went up ~100% in spite of the fact that I drove the car less than 300 miles over the same period of time with no claims.

My S550 is not my daily and still the rates continue to skyrocket even though the car sits in the garage 300 days out of the year. I have chosen to keep the S550 on a conventional policy so that I can drive it when and how I would like. Like you, I contemplate selling it from time to time and after driving it am reminded of how much I enjoy it.

Sponsored