campbuds

For those of you that have S2000 as a collectible how are you covering it to make sure in the event of loss you’re getting a fair replacement value for the vehicle. Who are you insuring with? In the event of loss I would want to make sure i’m able to replace it with something comparable in terms of condition and mileage.

GBR!

Hagerty classic car insurance. You can insure the car for a specified value. For me I insured for the purchase price I paid several years ago. I believe you can adjust the insured value at least on an annual basis to reflect market conditions, if you so desire.

loosetoe

I use Haggerty for mine. I have used them for collectable cars in the past.
Before I insured with them this time i also got a quote through American Collectors. They were referred by USAA which is who I have for my other vehicles. They were about 30% more expensive.
I have never had a claim with Haggerty, so i cannot respond as to how their service levels are.
If you have other policies that are contingent on your automobile policy (like an umbrella policy), ensure that the coverage requested meets the requirements for that policy to remain in effect. That coverage level may be different on a collectible car than it is on your standard vehicles. It was on my policies.

When one purchases an agreed upon value policy, you will be charged in accordance with the amount of coverage that you are requesting. The company will have actuarial tables for values on the vehicle. Meaning you can request a value within the ranges that they have approved. If you wish to go outside of that range an appraisal and inspection may be needed. Understand that by valuing it at current pricing, you will likely be paying a rate similar to as if it were a new car. This is to be expected if you are protecting the asset for its true value. What that value is will be agreed upon by you and the insurance company. Since you have raised this question i will assume your S2000 is in rather exceptional condition. The insurer may require pictures, odometer checks, or an inspection before coverage is bound. I had to send in pictures and odometer. No inspection was required for the value i requested. My 2007 S2000 has just over 21000 miles and is in quite good condition. The agreed upon value policy through Haggerty was about 60% more than the cost of my standard policy through USAA, but the covered value much higher.

There are some limitations to these type of coverages. Technically, you can only drive the vehicle for "pleasure" and if you wish to race you need an additional insurance rider. There is a clause in the policy that states specifically that it cannot be used as a commuter vehicle or driven to/from work. I have no idea how this could be audited, but it was specifically outlined at the time of issuance. The mileage one drives will likely also be limited. Mine is limited to 4000 miles/year. I will not exceed that. I could have had it raised, but the max amounts available were still quite low. Modifications to the vehicle after the coverage is bound are expected to be reported as they may affect the value or its rating. Mine is and will remain absolute stock.

I hope this helps. Please note that this is only my experience. Others have had different experiences. I have had several "collector" cars since the late 90s. Thankfully, I have never had to make a claim on any of them.

noodels

BTW Its not a collectable / classic yet..

loosetoe

This may be true by a state definition of collectible or classic. However, collector's car insurance does not follow the same legal definition. A brand new car may be insured as a collectible by collector's car agencies. They just place limitations on usage. I considered insuring my wife's 2022 M5 as such since it is the last of the gasoline only M5s. However, it is used for commuting and as such does not meet the limitations of these insurances.

I acknowledge I have NO idea how any of this works in the UK though.

TsukubaCody

I have collector’s insurance via Hagerty with an agreed value policy.

I also have classic vehicle license plates on my S2000.

So both legally and by insurance it is considered a classic.

rsq2_15

That's interesting. I tried to classify mine as a classic when I bought it given that it's 20 years old. In KY, they told me it had to be 25 years old to meet that requirement. If it had been 25 years old, I wouldn't have had to pay sales tax on the purchase. Since it was only 20, I had to pay sales tax to license it. Ugh...

I need to look at Haggerty for coverage. I was able to specify coverage amount with my current insurer but I'm sure I'm overpaying given that they're treating it like a daily driver for rates.

sam_spider

Different states have different laws. Michigan is 26+ years old to qualify and very limited use, car shows only really.

I've got my S2000 through Grundy, have been for a while now, when I checked Hagerty they didn't offer it for the S2000 but do now. There are driving limitations with a policy through Hagerty & Grundy so if it's a daily don't do it. They do ask for mileage when you sign up, and pics. Grundy has never asked for a mileage update since joining but I'd guess it could be an issue if you're over on miles if a claim has to be filed.

engifineer

AP1s are in some states. In MN, the year I moved my AP1 would have qualified for collector plates In MO where I moved it goes by 25 years though so still a bit of time


But, I use Hagerty and mine is driven and a track car. Great insurance and affordable. I have mine set up for a stated 5000 miles per year of driving. With them, you dont have to only drive it to car shows and stuff, you can actually use the car which is good because I will not own a car I do not drive.

I also use their HPDE insurance on track and have had to make a claim on it and it was smooth as butter.

Car Analogy

CAUTION!

That sounds like a Stated Value policy, vs Agreed Value used by Hagerty and all reputable specialty ins.

Most non specialty ins only offer Stated Value, not Agreed Value.

Basically, a Stated Value policy is worst of both worlds. You pay more, but get no extra coverage. Sound like an impossible ripoff? Yup.

Stated Value sets the MAX they'll pay. They'll pay you whichever is LOWER. The default evaluation they'd do with any car, or your Stated $ amount. So you could actually get LESS with a Stated Value.

These things are definitely NOT in any way similar.

Beware.