: A few questions about owning a collector/ classic car...



I~LUV~Caddys8792
07-18-06, 11:52 PM
I've been thinking about getting either a Mark IV or Eldorado Biarritz for quite a while now, and I realized that it's plausable to get a nice, clean one within a few years, and I've got a few questions that relate to collector/ classic cars.

- If I were to get a storage garage, what's the going rate per month?
- Is it possible to insure the car for only the summer months?
- And if so, is there a discount?
- Would I get a discount for driving it only on the weekends?
- How much are collector's plates?
- How much is collector car insurance?


My plan ideally would be to pick one up for under $7,000, with under 100k miles (not too hard to find either in these criteria) and I would just drive it on the weekends/ evenings as a cruiser, and maybe a summer roadtrop somewhere, just for fun. I wouldn't drive it to work or to school with. But I suppose if I had to, I could though. I'd keep the '92 as my daily driver.

Benzilla
07-19-06, 12:04 AM
1. Storage is not cheap, I've been quoted about $200 a month.
2. I don't know, I know the stuff I have goes by six month slots, so maby
3. see above :)
4. probably not, unless you get something that goes by how many miles you put on it per year
5. About $75 where I live, but you never have to renew them, and in some places theres a limit to the miles you can put on it per year.
6. Still getting there, but what I've seen has been half the price of what I pay for PLPD right now.

RedGalant2k1
07-19-06, 01:14 AM
#1 - A monthly lease 10' x 30' Storage Garage at least in Michigan starts around $140/mo.

#2 - Most insurance companies have insurance availible to cars that if driven less than a certain amount of miles qualify as recreational vehicles. I should also mention check with your local insurance company for local and state insurance requirements

#3 - Most insurance companies provide multi-car discounts, so some may, some may not considering its partially insured, but then I'm not an insurance agent, so again, check with your local insurance agent.

#4 - Not directly, but if its driven say less than 5000 miles annually (don't quote me on the mileage requirement), it would count.

#5 - As much as standard plates.

#6 - Check your insurance company for recreational vehicle insurance.

Frost
07-19-06, 01:51 AM
I can only tell you my experience with classic/antique vehicles:

$400.00 for 6 months storage in a warm/secure facility. The oneI choce is actually a senior's residence with underground parking.

Get collector car insurance. Mine wa through the "Silver Whels" plan. I paid $115.00/YEAR for the car, amd that was for it's insured value of $16,900. Mo retrictions on mileage, but I had to sign a waiver that this was NOT my daily driver, I wouldn't take it to grocery store parking lots, etc.

No collector plate diso****,

I~LUV~Caddys8792
07-19-06, 08:21 AM
Thanks for the advice guys! I'll have to check out pricing and stuff.

c5 rv
07-19-06, 11:19 AM
- If I were to get a storage garage, what's the going rate per month?

I store my vette in the winters at a local u-store place for about $100 a month in an unheated, private stall that I have my own padlock on and has access control, cctv, etc. I could find cheaper, but this place is nearby so I can stop to visit, pump the brakes, etc.

- Is it possible to insure the car for only the summer months?

Check with your insurance company. State Farm allows me to put the vette on fire & theft only when I have it in storage. However, it doesn't cover anything that happens if I'm working on it then.

- And if so, is there a discount?

I don't remember the rate, but it drops really low when in storage.

- Would I get a discount for driving it only on the weekends?

Check with your insurance company, but with State Farm the rate for a second car that is not driven to work or school, less than 7500 miles per year is lower. Of course, you have to have another daily driver to get the discount.

- How much are collector's plates?

Check your state DMV website for availability and restrictions. In Michigan you are only supposed to drive your historic car to and from parades, shows, repair, and car club functions. Other states don't have use restrictions on historic plates. One guy claimed he printed up business cards for a make-believe car club in his subdivision, with him as the president. He said anyplace he drives is on club business, obviously. Here, the car must be over 25 years old, I believe, to qualify for historic plates.

- How much is collector car insurance?

In addition to the usual insurance companies, there are a number of specialized insurers in this space, like Hagerty. Many policies have agreed-upon value where the owner and insurer agree on the value of the car and write the policy based on that. The value of the car does not depreciate over the years. I'm not sure if these policies automatically handle appreciating value of the car.

DBA-One
07-19-06, 01:18 PM
http://www.hagerty.com/NewsManager/templates/template6.aspx?articleid=59&zoneid=21

Check that out for insurance. However, I don't think you yet meet the driving years experience needed but you may be close.

gdwriter
07-19-06, 03:35 PM
I have Betty insured for about $11,000 through American Collector's Insurance (https://www.americancollectorsins.com/index.php); last year's premium was $103.00. Get a copy of any Hemmings publication, and you'll see ads for classic car insurance. I believe State Farm has such a program, and there are others that specialize in classic car insurance like Hagerty and J.C. Taylor. I've had a couple of minor claims with American Collector's, and they've been very efficient.

Collector car license plate options vary from state to state. When I lived in Phoenix, I paid $35 a year for Arizona's copper Historic Vehicle plates:

http://www.azdot.gov/mvd/vehicle/images/historic.gif

When I moved to Oregon, I discovered Oregon's collector car plates were nothing special:

http://www.oregon.gov/ODOT/DMV/images/plates/Plate_Specint.jpg

That's when I discovered year-of-manufacture plates. Oregon's plates from 1961-64 had "Pacific Wonderland" on them, and I bought a mint pair, complete with a "64" sticker from a collector in Portland. They were $200, so I have clear plastic covers to keep them pristine. The registration was a one-time charge, $36 IIRC.

http://www.gdwriter.com/graphics/or_plate.jpg

Minnesota does allow year-of-manufacture plates. A couple of links you may want to check out are an article on YOM plates (http://www.hagerty.com/NewsManager/templates/template_rest.aspx?articleid=833&zoneid=1) from Hagerty Insurance, and one from the New York Times (http://travel2.nytimes.com/2005/05/06/automobiles/06plates.html?pagewanted=1&ei=5070&en=2aa83cd36af78feb&ex=1153454400).
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brougham
07-19-06, 05:34 PM
How much storage costs depends on where you live so the only way you're going to find that out is if you call them and ask. Our insurance is the same as what c5 rv said. You have to pay for it every six months and you just call them and tell them you're not using the car and they take everything you don't need off it until you call them again to put it back on. Insurance for collector cars is cheaper but you can pretty much only use the car for going to car shows and getting it fixed. If you're just driving it for fun and you have an accident they don't have to pay you anything. That's why it's so cheap.

I~LUV~Caddys8792
07-19-06, 07:54 PM
Yeah. If I remember correctly from my dad's '57 Chrysler, he had it on collector car insurance, which IIRC meant he couldnt drive it more than like 3k a year, and it could only be driven only on summer weekends and to shows and stuff like that. The collector plates if I'm not mistaken were a one time fee, I think around $110. And it was very cheap to insure for a man in his '30s with two other cars.

Frost
07-20-06, 05:47 AM
Age must be a factor, but my collector insurance had no restrictions other than it had to be kept in a locked garage, couldn't do "daily driver" duties, but that was about it. I was insured to FULL appraised value whether it was vandlzized, stolen, schmucked in an accident, etc. - 200 deductable.

the car was a '72 mustang showcar.

brougham
07-20-06, 06:01 PM
I guess Lant changed their plans then because now with silver wheels or custom wheels they say that it will only cover you if you're going to a car show or a garage. Going to a friends house just for a drive, going to work on a nice afternoon or just to the store for a minute to pick something up... if you have an accident you're screwed. I looked into it a few years ago and with all there restrictions you might aswell just save your money and not get insurance at all.

Eric Kahn
07-20-06, 06:17 PM
Last time I rented a garage here in Cincinnati, Ohio, I paid 85 a month for a 10 by 20

My Historical vehicle plate on my 76 eldorado cost me a one time fee of $15

my collector car insurance ($6500 stated value) is running me $88 this year, I have to store the car in a locked garage (they want pictures) and can only drive it 2500 miles a year

gdwriter
07-20-06, 06:20 PM
I guess Lant changed their plans then because now with silver wheels or custom wheels they say that it will only cover you if you're going to a car show or a garage. Going to a friends house just for a drive, going to work on a nice afternoon or just to the store for a minute to pick something up... if you have an accident you're screwed. I looked into it a few years ago and with all there restrictions you might aswell just save your money and not get insurance at all.
That's just asinine. What a bunch of weasels.

Here's the info from my insurance company, American Collector's (https://www.americancollectorsins.com/cv_quali.htm):

Qualifications

Your collector vehicle (original or modified) may qualify if it is:
At least 15 years old (In Massachusetts vehicles must be at least 25 years old to qualify.)
Garage-kept
Driven on a limited, pleasure-only basis (up to 5,000 annual miles - available in most states)
You may also qualify by:
Having at least 10 years driving experience
Having a good driving record
Having at least one "regular" vehicle for every licensed driver in the household Since American Collectors places certain usage restrictions on the vehicles we insure (e.g., cannot be used for everyday driving; must be garage-kept), and since our customers are safe, experienced drivers, we are able to offer low "collector" rates.

At the same time, the physical damage coverage we provide is Agreed Value, which pays a vehicle’s full insured value in the event of total loss - meaning there is no depreciation of vehicle value. Also, our policy provides "Inflation Guard," which increases vehicle value by 2% every three months, up to a maximum of 8%, at no additional cost (not available in MA, TX or VA).
I think that's perfectly reasonable. And that way, I can drive Betty whenever I want.
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