|
I've only ever gotten liability coverage on all of my "not-new" cars. Lawsuit protection, and that's it. Theft, my bad luck. Collision and it's my fault, again, my bad luck. I pay my share, the ins. company pays off the liability for them (if there is a them), and deals with the lawyers and those costs if I'm sued.
After all, on something like a 914, most insurance companies will total it for far less than it would REALLY cost to replace it if you've done any restoration work or serious modifications (like a $5000 2.2 engine). So, save up that much (for most 914s, I'd say no more than $3000), and put it in an interest-bearing account. There's your theft and collision coverage, only it's not only free, but even pays you to keep it.
Most of the collector "agreed value" coverage, which will pay off what it would really cost to replace, either comes with odious limitations (X miles per year), or is very expensive, IMHO. If you really have that hard a time scraping together $3-5K to salt away for self-insurance, I hope you never drop a valve seat, or have the gearbox blow up.
I have three cars insured, no mileage limitations, all 30 or more years old, and my total insurace bill is $300/year.
|