Insurance

si Banker · si Banker's Garage

Has anybody had their auto insurance company advise them that their Porsche, 1987 in my case, could be reclassified as a classic car and reduce the premium?

In my case State Farm informed me that I could reduce my premium if I stated that the car was only used for a few events or shows each year and limited highway use. I had never inquired about making any changes. We do have four cars and a number of motorcycles but the Porsche is driven every week.

It concerns me when my insurance company wants to help me. It's like when your told, "this audit will not be a problem".

RickM · RickM's Garage

I thought an 87 wouldn't qualify until 2007. If the Carrera is a daily driver I wouldn't reclassify as a classic. Also, they will write a stated value policy as opposed to an agreed upon value policy.

HarryD · 01-03-2006, 05:25 AM

My SF agent offered the same option to help me save money. Near as I cabn tell, nothing sinister there, just a guy trying to keep his client happy. FWIW, I looked a the policy but it was too restrictive.

si Banker · si Banker's Garage

I thought the limitations were to restrictive and declined. It just surprised me. I have been a State Farm customer for thirty plus years and I can not recall any offers to reduce my premiums.

wcc · 01-03-2006, 05:47 AM

I go through Citizens, but with my '85 my premium went to about half cause it was 20 yrs old. It just showed up on my bill that way so I called them and they said that discounts apply automatically when the car reaches 20 yrs old. I'm looking forward to that for my '87 in '07.

rouxroux · 01-03-2006, 05:52 AM

I have all of our Porsches and Corvairs insured with American Collectors Insurance. Great rates, great service. These cars are not our "daily drivers", and the difference between their rates and those of State Farm (who insures our other vehicles) was just too good to pass up. Go to their website for an instant quote...you'll be amazed. Just to give you an example: 2 of our Corvairs and our 2 Porsches yearly insurance IN TOTAL is not as high as the yearly charge on the wife's G35. AND, you can get a rider on your policy if you use your car for DE events as well...how cool is that?

Dantilla · 01-03-2006, 07:23 AM

My State Farm agent wanted to "review" my policies with me a while back. I have the cars, home, umbrella, and a couple of other properties insured with him. I said okay, and ended up saving money! He's a good agent, and wants to keep me as a happy customer.

I've been very happy with State Farm.

ben parrish · 01-03-2006, 08:40 AM

I also use State Farm and I also have their "classic policy" on my 86. This saves a lot of money without having to worry about claims with "speciality insurers". I would NEVER use a company that has such limitations as not allowing you to use it for any purpose but special events, parades, club gatherings, etc.. If most people with these companies would look at their policies and speak to the underwritting department, they would realize that if they were to use it to run to the grocery store and got into an accident they could have their claim denied.
State Farm cost me about $400 per year; I will take that any day over the other "speciality insurers ie. Grundy, American Collecters, etc.
Oh yea, Insurance agents are in the business to make money based on the premimums that they collect. Generally speaking, an agent will not inform you or they simply may not know about these policies. I had to ask and then he called the home office in Colorado to get the info.
Good luck,
Ben

rouxroux · 01-03-2006, 09:09 AM

Yeah, my SF agent also informed me of the rates they could offer, but they were not even in the ballpark with American Collectors. I've been with SF for over 30 years. And many folk think that the "limitations" are struck in stone...We drove one of our Corvairs across the country to a convention and were covered (just had to notify the company)...of course, if you are using your Porsche as a "grocery getter, daily driver", then this type of insurance is not for you, but for an "occasional driver/hobby use car" in our case, it's wonderful! Also, many folks are limited because you have to place your vehicle in an enclosed garage...We had to fix this situation 2 years ago by building an additional 5-car garage in addition to the double on our house. Also, I don't think SF offers a coverage rider for DE events, do they?