Save money on your vipers car insurance! Really!

[C O D Y]

I just wanted to let some of you guys know that today I saved money on my viper car insurance. THIS IS NOT AN AD!

The way I was able to save the money was the cool part. My State Farm agent told me since the Viper is a limited production vehicle they consider them a "Classic" when they hit 10 years old. They have 2 classification... Antique (25 years or older) and Classic (10 years to 24 years old). By switching to the "Classic" insurance it saved me about $300 a year without changing coverage.

If you have a 92 to 97 viper it might be worth the call to see if your insurance company does the same thing.

 

[RX VIPER]

I'm calling tomorrow to see if Allstate offers this as well! Thanks for the info Cody.

BTW- I used to have State Farm, but they cancelled me after I wrecked a '93 at the track

 

[Mccarlin]

Damn i have 2 years left.

 

[PatentLaw]

Thanks for the info. Although I can't use it, I am sure you just saved lots of people on this board some money. This is what the club is all about.

 

[big-n-italian]

thanks for the info! i too have state farm and i will be calling my agent in the morning!

 

[carguy07]

I just got my renewal from Erie and it is $455 for the year on my 95. They took great care of me years back when I had a non Viper related claim. Worth a look for some.

 

[A1998]

Cody:

Ask your agent if the policy is(ACV) Actual Cash Value/Stated amount or is it an "Agreed Value" at the time of the loss. If either ACV or Stated you may get screwed. Also ask if it has limited driving or if it needs special plates in order to qualify in the event of a loss. Just better to be safer now than AFTER you have that accident and find out the hard way. I know $300. savings sounds good, but it may be too good to be true.
A1998

 

[C O D Y]

You can have Stated Value if you like. I had to provide pictures of the car.... all sides, interior and engine (I know most of us have those already) and state the annual mileage. This is not a policy for your viper if you daily drive it.

Just trying to save you guys some $.

 

[C O D Y]

That's a good price. The 1970 Challenger RT/SE is on the "Antique" policy with no limits on mileage and full coverage for $89 for 6 months.

I just got my renewal from Erie and it is $455 for the year on my 95. They took great care of me years back when I had a non Viper related claim. Worth a look for some.

 

[malcoll]

Cody:

Ask your agent if the policy is(ACV) Actual Cash Value/Stated amount or is it an "Agreed Value" at the time of the loss. If either ACV or Stated you may get screwed. Also ask if it has limited driving or if it needs special plates in order to qualify in the event of a loss. Just better to be safer now than AFTER you have that accident and find out the hard way. I know $300. savings sounds good, but it may be too good to be true.
A1998

I wish people who don't know insurance would not make commentary.

First, "stated value" and "agreed value" are the SAME THING.

Second....ACV is Actual Cash Value... with this language you are entitled to the current Actual Cash Value of your vehicle in the event of a total loss. It could be higher or lower than it was a year ago...... I know... this is fact. It is not Kelly Blue Book, or NADA, or any other guide. Yes the insurance company may use the guides as a method to establish value, but all you have to do is your homework and be able to SUPPORT and DOCUMENT the true ACTUAL CASH VALUE of your vehicle.

How 'bout we leave interpretation of insurance policy language to the professionals... M'kay?

 

[A1998]

I wish people who don't know insurance would not make commentary. Then Don't

First, "stated value" and "agreed value" are the SAME THING. WRONG !!!

Second....ACV is Actual Cash Value... with this language you are entitled to the current Actual Cash Value of your vehicle in the event of a total loss. It could be higher or lower than it was a year ago...... I know... this is fact. It is not Kelly Blue Book, or NADA, or any other guide. Yes the insurance company may use the guides as a method to establish value, but all you have to do is your homework and be able to SUPPORT and DOCUMENT the true ACTUAL CASH VALUE of your vehicle.

How 'bout we leave interpretation of insurance policy language to the professionals... M'kay?

===== ====== ===================== ========== ================= ======

Don't wish to start a Pi**ing contest here but maybe you need a refresher course in insurance 101!! Or like you said, leave it to the professionals

For those interested: Stated Value and Agreed Value are NOT the same when it comes to policy coverage.

ACV: Actual Cash Value: The Value at the time of a loss in which an adjustment will be made for Depreciation and Physical Condition. SO yes at the time of loss your vehicle may be worth more than a year ago and as long as you can prove what the current value is, you may come out ahead. But Depreciation is still going to apply to paint, mechanical parts and wearable items.

Stated Amount: Is the same as above BUT you have limited your amount to the amount of Insurance coverage you set on the vehicle. (Say you stated the car is valued at $50,000). So if your car appreciates faster than you adjusted your Stated Amount you may find yourself in the hole. DEPRECIATION is still going to apply.

Agreed Value: The amount you agree upon at the time your write the policy (Say $50,000) and in the event of a loss the company will repair or replace the property with similar kind and quality WITHOUT regard to DEPRECIATION or BETTERMENT. But they will not pay more than the Agreed Value you have listed.

Make your own choice as to what kind of coverage that is right for you. I'm just stating that there are 3 kinds of insurance coverages out there and one of them is going to apply at the time of your loss.

 

[Bob K]

I save a ton of money by putting my 4 sports cars on comprehensive only coverage through the winter months when I don't drive them. If I decide to drive one on a nice weekend I call my agent and add full coverage for the 2 or 3 days ( must speak to him in person - doesn't work to leave a message). The full coverage is pro-rated for the 2-3 days and is very inexpensive. Just a thought.

Bob K

 

[malcoll]

I wish people who don't know insurance would not make commentary. Then Don't

First, "stated value" and "agreed value" are the SAME THING. WRONG !!!

Second....ACV is Actual Cash Value... with this language you are entitled to the current Actual Cash Value of your vehicle in the event of a total loss. It could be higher or lower than it was a year ago...... I know... this is fact. It is not Kelly Blue Book, or NADA, or any other guide. Yes the insurance company may use the guides as a method to establish value, but all you have to do is your homework and be able to SUPPORT and DOCUMENT the true ACTUAL CASH VALUE of your vehicle.

How 'bout we leave interpretation of insurance policy language to the professionals... M'kay?

===== ====== ===================== ========== ================= ======

Don't wish to start a Pi**ing contest here but maybe you need a refresher course in insurance 101!! Or like you said, leave it to the professionals

For those interested: Stated Value and Agreed Value are NOT the same when it comes to policy coverage.

ACV: Actual Cash Value: The Value at the time of a loss in which an adjustment will be made for Depreciation and Physical Condition. SO yes at the time of loss your vehicle may be worth more than a year ago and as long as you can prove what the current value is, you may come out ahead. But Depreciation is still going to apply to paint, mechanical parts and wearable items.

Stated Amount: Is the same as above BUT you have limited your amount to the amount of Insurance coverage you set on the vehicle. (Say you stated the car is valued at $50,000). So if your car appreciates faster than you adjusted your Stated Amount you may find yourself in the hole. DEPRECIATION is still going to apply.

Agreed Value: The amount you agree upon at the time your write the policy (Say $50,000) and in the event of a loss the company will repair or replace the property with similar kind and quality WITHOUT regard to DEPRECIATION or BETTERMENT. But they will not pay more than the Agreed Value you have listed.

Make your own choice as to what kind of coverage that is right for you. I'm just stating that there are 3 kinds of insurance coverages out there and one of them is going to apply at the time of your loss.

I had a great response typed... and my modem crashed! GRRRR...

First... depreciation does not "apply" in a total loss situation.. Actual Cash Value "Market Value" applies. Depreciation is applied if the insurance company has to replace a "wear item" such as a battery, convertible top, etc.

Agreed Value and Stated Value are the same in regard to the value..... you set the value. If that vehicle appreciates without a value adjustment you are in trouble. They are different (and I'll stand corrected) in regard to the loss settlement language which will pay the agreed value in the case of a total loss...if the market value is less than your agreed value... this is different than the stated value policy.

In the case of a partial loss.. the agreed value, stated value and standard coverage operate the same... repair or replace parts.. replaced parts MAY be subject to depreciation. There are endorsements being written to invalidate the depreciation language in some automobile policies, in regard to replacement of wear items.

Most agreed value and stated value policies limit your use of the vehicle... some significantly.

 

[dano]

Thanks for the post. I talked with my insurance company USAA who patched me through to their carrier that handles collector/specialty vehicles. My '97 GTS would qualify if I only drove it to car shows and events and didn't use it to "run errands, etc".

No thanks!!

 

[agentf1]

Do any of the collector car companies like Haggarty cover Vipers? Or do I just need to go through somebody like State Farm and do the low mileage deal. I would also like something with Stated Value so I do not need to fight for what it worth.

 

[1TONY1]

I'm calling tomorrow to see if Allstate offers this as well!

Any news on Allstate ? thx

 

[angleiron]

I have had State Farm for ever, and when I bought my car they told me the MOST I could insure the car for was the blue book value (which I am sure that they would only pay the LOW end of this)...which was something like $34K...and that was it...and it was costly in terms of the policy. Haggerty was the way that I went with an agreed value policy and 5K miles allowed a year at $800.00 per year.

 

[Edward 96GTS]

Cody,
My State Farm agent is playing dumb. Anything you can send me so this bozo will give the discount?
TIA,
Ed

 

[Casey]

Cody,
My State Farm agent is playing dumb. Anything you can send me so this bozo will give the discount?
TIA,
Ed

Tell him you are going to look elsewhere, he might look into this a bit deeper!

 

[sdaddy]

Talked to my agent about this yesterday. He had me bring the car up to take pictures. Said car had to be pristine, driven under 2,000 miles a year and mostly for car shows or club events. Since I have only driven it about 1,000 a year for the past 6 years, I made the switch. He asked about the % of driving for car shows and club events and I told him about 50% with the other 50% just driving for pleasure to keep the battery charged and the fluids moving. Saved something like $80 each six months.

 

[Matt M PA]

My Viper is insured through Hagerty,.

 

[94RT10Ohio]

I just wanted to let some of you guys know that today I saved money on my viper car insurance. THIS IS NOT AN AD!

The way I was able to save the money was the cool part. My State Farm agent told me since the Viper is a limited production vehicle they consider them a "Classic" when they hit 10 years old. They have 2 classification... Antique (25 years or older) and Classic (10 years to 24 years old). By switching to the "Classic" insurance it saved me about $300 a year without changing coverage.

If you have a 92 to 97 viper it might be worth the call to see if your insurance company does the same thing.

Damn, thanks. I will go visit them tomorrow. One of the gals (named Kam) is a hottie so I never call in, I drive in