F.Y.I. - Insurance - Modern Classic
 

After reading the increasing number of posts regarding low insurance value for salvage cars I spoke with my insurance company (Primmum) which insures across Canada.

They advised that they will only issue "Antique" insurance which yields reduced rates if the car has "Antique Plates" issued by the DMV. The reduced rates reflect the restricted use demanded of the plates.

HOWEVER, they have a designation of insurance called "Modern Classic" which has no restrictions on vehicle useage. There is also no break on premiums.

BUT, and this is a big but:rolleyes:, This designation allows you to set a replacement value for your vehicle. All you need to do is get an appraisal from a recognized appraiser and file it with the insurance company. This value would over ride the book value normally used in the event of a claim. Also most insurance companies here will not offer collision or comprehensive on vehicles over 10 years old, unless the policy was in effect before they reached that age. With the "Modern Classic" designation that problem is overcome.

Re: F.Y.I. - Insurance - Modern Classic
 

Sounds like a great alternative for those that still need to drive their SVXes many miles a year. Wonder how many insurance companies offer something like this?

Where do you find a "recognized appraiser" and what do they base their values on? Aren't they basically the ones that determine the values for the books? Real world SVX sales generally aren't higher than book value either, how would you get the appraiser to value your car for more?

Re: F.Y.I. - Insurance - Modern Classic
 

I would imagine the hardest part is finding an Approved Appraiser.
I just spoke with my StateFarmer, and he said, yes...
Limited to 1000 miles per year. Must be show quality. The value is determined by "Stated Value" tho, and requires an appraiser. Plus, the Insurer has to agree with the Stated Value.
Of course, if you understate, then you can come out in the raw if it takes more to fix later.
"The cost is significantly lower than normal coverage, because the car is understood to not be in use near as much as normal".