94 insurance cost for a young guy

[tfg2002]

Good morning gents,
I've recently gotten a wonderful idea and I'm sure you can all guess what it entails. Unfortunately, at 23 years old, the insurance companies are like extra parents on top of my actual parents telling me no...

Would anyone mind giving me a sense of what the damage could be for a 23 year old to insure a 94-95? For reference, my mother got a quote for a Maserati GranTurismo not too long ago from the largest insurance company in the US...$32,500 per year. An Aston Martin DB9 (I was cross shopping the two) got my mother a $17,000 per year estimate. These were quotes for my mother to have the car registered and insured in her name with me as an authorized driver. Not sure what that was all about...they currently pay sub-$2000 per year right now for full coverage on four cars with me on the plan. My driving record is completely clean. If thats what we got as a quote for a used grand tourer I can only imagine what these influencers younger than me on YouTube are paying for their supercars.

Am I likely to get the same quotes for this? The car would be garage kept and ideally I'd only be driving it 500 miles or less a year. I may be in timeout until I get out of the "high risk under 25" driver category the insurance companies like to pearl clutch over.

Thanks for reading.

 

[MoparMap]

Something about that seems off to me. I bought my 04 when I was somewhere around 25 and between it, my old Vette, old Dart, and a motorcycle, I pay around $3000 a year through State Farm. If anything the Viper is going to be cheaper to repair than the Maserati and Aston as they are less exotic, though parts for them are getting hard to come by I suppose. The gen 1s still haven't really shot up in price yet either, so it would seem off to have to pay more in insurance in a year than the car is worth.

The other thing you might be able to do would be to insure it as a "leisure car". For State Farm at least, that meant driving less than so many miles per year. It was still a moderately high number, like maybe 5000 or 7500 or something. I think it's basically like saying it's a "summer car", so it's only going to be on the road for half a year, so half the typical miles.

 

[TEALLIFE]

you can find out by getting quotes from other insurance companies. someone is doing something wrong. Try doing it yourself without mom

Try hagerty or grundy or similar for the car.

 

[redtanrt10]

Agree with TEALLIFE, get a quote by yourself, lot's of on-line tools.

I would also recommend you have a collision/comp deductible of $2,000. If a 23 year old makes a $1500 claim on a Viper, you can bet that will be added to your next premium.

Also, on the quotes you got, none of us have an idea of what year and what cost. A nice 94-95 Viper can be bought for about $40k, if you get a $10k quote, I'd suggest you just get a Liability only policy and self insure for collision and comp

 

[tfg2002]

Something about that seems off to me. I bought my 04 when I was somewhere around 25 and between it, my old Vette, old Dart, and a motorcycle, I pay around $3000 a year through State Farm. If anything the Viper is going to be cheaper to repair than the Maserati and Aston as they are less exotic, though parts for them are getting hard to come by I suppose. The gen 1s still haven't really shot up in price yet either, so it would seem off to have to pay more in insurance in a year than the car is worth.

The other thing you might be able to do would be to insure it as a "leisure car". For State Farm at least, that meant driving less than so many miles per year. It was still a moderately high number, like maybe 5000 or 7500 or something. I think it's basically like saying it's a "summer car", so it's only going to be on the road for half a year, so half the typical miles.

It seems off to me too but alas I scrapped that idea long ago. My state is one of the lowest risk states in the US for insurance and there is a big classic car community here. $7500/year for a $40,000 car is theft. If I can't figure out how to pay $1000 or less then this will be shelved for the foreseeable future. The problem is the insurance companies that don't use appraisers just have their systems automated now, and to them, if a Miata got marked down as an "exotic supercar" in the system accidentally, it would start spitting out $5000 a month quotes. Gone are the days of humans calculating this stuff.

you can find out by getting quotes from other insurance companies. someone is doing something wrong.

Non boutique insurance companies use automated systems based off the VIN to determine quotes. I highly doubt someone on the other end was doing something wrong since the only thing they cared about was the VIN.

I would also recommend you have a collision/comp deductible of $2,000. If a 23 year old makes a $1500 claim on a Viper, you can bet that will be added to your next premium.

Never heard of this before. How does that work and do normal big brand insurance companies do this? Would it lower my rate to, say, $100 a month if I ask the insurance to give me a $5000 deductible? (hypothetical numbers) How would that work in addition to the insurance I currently have (my parents) that is full coverage + umbrella policy?

Also, on the quotes you got, none of us have an idea of what year and what cost.

2016 AM DB9 and a 2018 Maserati GT. I guess this was a bit longer ago than I had realized...2021. Still, both cars were $80,000. The pandemic car price hysteria could have played a part in the quotes being so high now that I think about it.

I'd suggest you just get a Liability only policy and self insure for collision and comp

Decades ago, a family member sued the person that hit and permanently disabled them because the person had the absolute minimum amount of insurance possible. The way the story has been told to me by my mother is the family member ended up taking that person's home when they declared bankruptcy because the insurance didn't cover enough of the cost of healthcare, the vehicle being totaled, lost wages, etc. That story has stuck with me and its why she refused back then to call Hagerty and why I'm now hesitant to as well. I do not know how much they insure up to and I'm more confident in a big brand like Geico to give me full multi million dollar coverage with an umbrella policy.

 

[TEALLIFE]

just have yourself or your mother reach out to the classic car insurers...unless you plan on daily driving the car.

 

[Viperrick]

To be honest it really doesn't matter about how clean your driving record is. The insurance company looks at 23 years old, not married, BAD RISK. It doesn't matter if its a Viper or a Miata. You will get hammered because data shows them at your age you are a bad risk. More likely then not that kids in that age bracket will do stupid things on the streets. Their accident data proves it. Get your parent to have the car in their name (along with the liability and chance of being sued for everything they own), get stated value collector insurance policy and get used to only driving it to car shows or the mechanic. No daily driving it.

 

[Jametemp]

Try National Corvette Museum (NCM) insurance. They will adjust pricing on your yearly mileage. Vehicle must be stored indoors. I don't recall what my rates were initially, but I now pay $136 quarterly, wife included, on my 97 GTS and 88 Alfa Spyder. 3000 mile yearly limit. They also did agreed value on both vehicles.

 

[redtanrt10]

To your post in one of the multi replies;

If I can't figure out how to pay $1000 or less then this will be shelved for the foreseeable future.

A 23 year old is never going to insure a Gen 1 Viper at this cost. I think you'll struggle at this annual premium on a used 10 year old $10,000 door sedan. Best wishes!

 

[tfg2002]

To be honest it really doesn't matter about how clean your driving record is. The insurance company looks at 23 years old, not married, BAD RISK. It doesn't matter if its a Viper or a Miata. You will get hammered because data shows them at your age you are a bad risk. More likely then not that kids in that age bracket will do stupid things on the streets. Their accident data proves it. Get your parent to have the car in their name (along with the liability and chance of being sued for everything they own), get stated value collector insurance policy and get used to only driving it to car shows or the mechanic. No daily driving it.

Your point to getting the car in my mom's name is actually exactly what she said to me. Whether I agree with her philosophy on it or not, I'm thankful that she cares about me that much to prefer taking on any legal headaches for me. Only issue this causes is that it would accrue another owner, thus dinging the value, once I transfer the registration to my name since I'll obviously be getting my own plan in the future with a wife.

I am not sure what stated value collector insurance covers, is it just the cost of the Viper if it gets totaled in an accident, and then normal car insurance + umbrella policy kicks in afterwards?

Try National Corvette Museum (NCM) insurance. They will adjust pricing on your yearly mileage. Vehicle must be stored indoors. I don't recall what my rates were initially, but I now pay $136 quarterly, wife included, on my 97 GTS and 88 Alfa Spyder. 3000 mile yearly limit. They also did agreed value on both vehicles.

I saw their name pop up on this forum a few times while I was researching and that is truly an incredible number. What are their plan types and what amount do they cover? I've just had a look at their website and the only thing I could find was their adjustable deductibles and their discounts. I imagine you also have separate insurance that also covers your liability as the driver?

To your post in one of the multi replies;

If I can't figure out how to pay $1000 or less then this will be shelved for the foreseeable future.

A 23 year old is never going to insure a Gen 1 Viper at this cost. I think you'll struggle at this annual premium on a used 10 year old $10,000 door sedan. Best wishes!

Not sure I explained myself well above. My family (parents + me) pays about $2000 per year right now for car insurance for four cars. I am an authorized driver on all four vehicles. I am trying to figure out a way to spend no more than $3000-$4000 in total with the Viper either on that plan or on a separate plan. I also am not even sure where you're getting that number from since I had friends in college with $40,000 cars spending about a $1000 a year on insurance in one of the most expensive places to insure a car in the country.

 

[Goggles Pizano]

You said 4 cars in the family, but how many drivers in the family? If <4 then you are a primary on one of the cars and that would be on the most expensive to replace one.

 

[TheEmissary]

Try haggerty insurance, they insure classic cars. The viper falls under the classic car plate.Because it's more than twenty five years old. They might be in florida, but if they are they ensure the vehicle for it's collectible value, and you can drive the vehicle full-time. Unless you get a special plate, which only allows you to drive the vehicle on certain holidays.