INSURANCE

[mickeytee]

My son is looking to buy an XLR . I have told him to buy an equal year mileage sl500 for the same money .but that's my opinion. When he called his insurance agent to get a quote on Collison and comp, they would not write it. He is 40 no accidents and has his home etc all with them.. They just said the insurance department had sent out notices that this car was a major looser for coverage . SO you better get them out of the garage and don't worry about the miles .Start driving them as you may have to park them like many Maserati owners did when one model started burning and no one would insure it. Has anyone seen their rates go up?
I see 4 cars in salvage sales that just need a bumper and headlight and no way they should not be an easy repair except for the parts situation. Many companies will not consider ebay as a source for parts. If you wreck your xlr contact me if your company starts talking total.

 

[rexster314]

Hmmmm, when we got our '06 in Sept '15, all I did was call our insurance co. and add it to our policy. No sweat

 

[mickeytee]

Hmmmm, when we got our '06 in Sept '15, all I did was call our insurance co. and add it to our policy. No sweat

Watch those renewel notices so they don't hit you wit ha big surcharge. The major companies will be doing it first then the smaller ones

 

[Rule62]

My son is looking to buy an XLR . I have told him to buy an equal year mileage sl500 for the same money .but that's my opinion. When he called his insurance agent to get a quote on Collison and comp, they would not write it. He is 40 no accidents and has his home etc all with them.. They just said the insurance department had sent out notices that this car was a major looser for coverage . SO you better get them out of the garage and don't worry about the miles .Start driving them as you may have to park them like many Maserati owners did when one model started burning and no one would insure it. Has anyone seen their rates go up?
I see 4 cars in salvage sales that just need a bumper and headlight and no way they should not be an easy repair except for the parts situation. Many companies will not consider ebay as a source for parts. If you wreck your xlr contact me if your company starts talking total.

I don't know where you live or what Insurance company you are with, but I live in Southern California and of the 3 passenger vehicles I own, my XLR-V commands the lowest premium through my AARP Hartford program. I recently shopped my coverage and Wawanesa came very close, but didn't beat them.

One reason you may be having an issue is that some insurance carriers don't have "scheduled rates" for particular, low volume cars and have to rate them manually. But, of the half-dozen carriers I shopped, there were no abnormal surcharges or out-of-line premiums, let alone outright refusal to provide coverage.


Sent from my iPhone using Tapatalk

 

[mickeytee]

No this is a major company in our state. They are nationwide company and do not rate by hand. They go buy the recommendations of the National Insurance Institute that gives cars crash worthiness plus cost to repair. I have a vintage BMW 507 that is insured for close to 2 million and I can still get it written at a very reasonable rate. However the company said that the XLR had been given an unacceptable rating that bars them from writing coverage. Of course he can carry Liability bot collision and comprehensive even with a 1000 deductible is not offered.

 

[David_B]

So you have "SecretInsuranceCo"? LOL

No this is a major company in our state. They are nationwide company and do not rate by hand. They go buy the recommendations of the National Insurance Institute that gives cars crash worthiness plus cost to repair. I have a vintage BMW 507 that is insured for close to 2 million and I can still get it written at a very reasonable rate. However the company said that the XLR had been given an unacceptable rating that bars them from writing coverage. Of course he can carry Liability bot collision and comprehensive even with a 1000 deductible is not offered.

 

[mickeytee]

That's a good one. No secret just really does not matter the name .But its a FArm outfit.

 

[Crimson Pearl]

Insurance on my XLR costs less than on my wife's Nissan Maxima, full coverage.

 

[mickeytee]

that's good. I hope they stay that way for people. I will watch and see on newly written policies if anyone has trouble getting one insured.

 

[Crimson Pearl]

Insurance regulations vary greatly from state to state.

 

[mickeytee]

Insurance regulations vary greatly from state to state.

To a certain extent you are correct. But I was a underwriter for ALLSTATE and almost all companies base the multiple factor on the Insurance Institutes ratings. Your personal insurance is based on credit and your age etc. The Collison coverage is based on the value of the car and the cost to repair. That fluctuates very slightly from state to state. The value almost none but cost to repair is based on labor rates as the times to repair are generally set in stone by the estimating guides. Parts prices are the same from dealers except rare exceptions. When a car is totaled for a taillight or very minor damage that takes a little while to get in the system but is coming .

 

[mickeytee]

Regulations from state to state are almost the same under collision and comp coverage. Only Liability is different based on state laws. The same policy wording on collision coverage is almost identical in all 50 states. A couple will not allow used parts on new cars within a certain age and may control the use of aftermarket parts , But the final say is always the insurance company has the right to "repair or pay the acv" of the car.

 

[pure zen]

many USED Mercedes are headaches,,,

Before selling our XLR, we had it insured through the National Corvette Museum Ins. Co. in Bowling Green, KY. Lowest rates I could find and very positive to covering the brother to all C6 Corvettes. Their rates are based on one of two annual mileages driven and the value of the agreed to loss if totaled out in an accident. If you drive your XLR less than 6000 miles per year......check out their rates: NCM Insurance | Corvette Insurance | Collector Vehicle Insurance | HPDE Insurance |

NCM also insures other collector cars besides Corvettes and XLRs ...... I still have one other brand of vehicle covered by them at the best rate I could find for agreed value loss.
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Buying a used Mercedes? Good luck....JMO Many Mercedes dealers in the east coast states ship the returning Mercedes lease cars and used Mercedes trade-ins out to the Southwest Auction (Adesa) in Chandler, AZ to be sold via auction because used Mercedes are not desired cars to purchase, ie, too many problems



p z

 

[mickeytee]

Before selling our XLR, we had it insured through the National Corvette Museum Ins. Co. in Bowling Green, KY. Lowest rates I could find and very positive to covering the brother to all C6 Corvettes. Their rates are based on one of two annual mileages driven and the value of the agreed to loss if totaled out in an accident. If you drive your XLR less than 6000 miles per year......check out their rates: NCM Insurance | Corvette Insurance | Collector Vehicle Insurance | HPDE Insurance |

NCM also insures other collector cars besides Corvettes and XLRs ...... I still have one other brand of vehicle covered by them at the best rate I could find for agreed value loss.
.
.

Buying a used Mercedes? Good luck....JMO Many Mercedes dealers in the east coast states ship the returning Mercedes lease cars and used Mercedes trade-ins out to the Southwest Auction (Adesa) in Chandler, AZ to be sold via auction because used Mercedes are not desired cars to purchase, ie, too many problems



p z

Well with 3 Sl500 I sl560 in the family and 4 xlrs I can attest to the fact the xlr cost much more to keep on the road. Of course I work on all of them and have been able to repair a lot of items that a dealer would just replace.

 

[mickeytee]

no debate

I am not looking to get into a debate on these cars. All manufactures have problems , the reason for forums to discuss. My son has to carry computers and tools and the Sl has a bit more room for luggage with the top down. Thas was my biggest reason. SO I am just looking to find information about insuring. Thank you

 

[Johnnynomad]

Hagerty Collector car Insurance

I insured mine with Hagerty, they gave me a quoted value of $50,000.00 to be paid in case of total loss with a 0 deductible. Their quote was a $200 less than my regular insurance with AAA. They were OK with a 5000 mile a year for my annual mileage. Not sure how this adds up to other companies but I thought it was pretty good. I wasn't sure if they would do Newer cars as collectables? But they did.

 

[mickeytee]

I insured mine with Hagerty, they gave me a quoted value of $50,000.00 to be paid in case of total loss with a 0 deductible. Their quote was a $200 less than my regular insurance with AAA. They were OK with a 5000 mile a year for my annual mileage. Not sure how this adds up to other companies but I thought it was pretty good. I wasn't sure if they would do Newer cars as collectables? But they did.

Many people are confused with a stated value policy. That is the maximum they will pay in event of a total loss. You still have to prove the ACV of the car up to that value. I inspect a lot of vintage race cars for them . A zero deductible is almost unheard of these days. that's means you get a scratch and they have to pay a claim. I don't believe I have ever seen a zero deductible policy with them. Also does that include your liability insurance or just collision? I will have to check with my friends that work there. That may be a good option.

 

[boydavid]

I live in TN

I live in TN, bought my XLR last June and had no trouble adding to my insurance. Rate with comp and collision were much less than I expected!

 

[Johnnynomad]

Agreed Valued Policy

Many people are confused with a stated value policy. That is the maximum they will pay in event of a total loss. You still have to prove the ACV of the car up to that value. I inspect a lot of vintage race cars for them . A zero deductible is almost unheard of these days. that's means you get a scratch and they have to pay a claim. I don't believe I have ever seen a zero deductible policy with them. Also does that include your liability insurance or just collision? I will have to check with my friends that work there. That may be a good option.

Sorry I was confused, I have an Agreed value policy, not a Stated value policy. I guess there is a Big Difference. Here is the reference from Hagerty"s website An Agreed Value policy (which is the same as Hagerty’s Guaranteed Value policy) guarantees the policy will pay the full insured amount of the vehicle, inclusive of all sales taxes – with no depreciation – in case of a covered total loss. A stated value policy (sometimes called stated amount or maximum limit of liability) does not promise upfront to pay this stated amount. In the event of a covered total loss, it may pay less than the stated amount, as the insurer has the right to pay the lesser of your collector car’s depreciated actual cash value (ACV) or its replacement cost. Also, many insurers that offer stated value policies require periodic appraisals to substantiate the insured amount, adding cost and inconvenience to the client.

 

[mickeytee]

Sorry I was confused, I have an Agreed value policy, not a Stated value policy. I guess there is a Big Difference. Here is the reference from Hagerty"s website An Agreed Value policy (which is the same as Hagerty’s Guaranteed Value policy) guarantees the policy will pay the full insured amount of the vehicle, inclusive of all sales taxes – with no depreciation – in case of a covered total loss. A stated value policy (sometimes called stated amount or maximum limit of liability) does not promise upfront to pay this stated amount. In the event of a covered total loss, it may pay less than the stated amount, as the insurer has the right to pay the lesser of your collector car’s depreciated actual cash value (ACV) or its replacement cost. Also, many insurers that offer stated value policies require periodic appraisals to substantiate the insured amount, adding cost and inconvenience to the client.

Yes an agreed value policy is more like a life insurance policy. You get what you pay for. I don't see how they can insure cars that way but that's not my business. HAHA. At least they will still write a policy on them