Insurance in California

cobrap51d · #1 (**permalink**) 08-01-2002, 01:05 PM

I've been doing some research on insurance latley. I’ve called quite a few companies and have found a couple good deals. I’m insuring the car at a fair market value of $44,000.00. The coverage looks something like this:

Liability $100,000 / $300,000
Un-insured idiot $30,00 / $60,000

I’m not going to mention everybody I called. I’ve narrowed it down to 2 companies. At this time I considering the following quotes:

Century 21 ( 1-800-211-7283 xt 1117 Debra )
$300 every 6 Months There are a couple payment plans if necessary.
If you call Debra give her my name and I’ll get a $50 shell gas card.

American Hobbyist (1-800-396-3792 Kirsten )
In California you need to be a member of AAA. That’s the insurance company not Alcoholics Anonymous. The quote I received from Kirsten is 553.28 a year. I’m not sure about the payment plans.

I do have a question for the experienced crowed out there. I feel very comfortable going with somebody like Century 21. At this point I feel like the $50 a year is worth going for 21 since I know they are a big company.

Does anybody else use the same type of criteria for making their decisions. Is American Hobbyist a well know company ?

Ron61 · #2 (**permalink**) 08-01-2002, 01:17 PM

Allen,

I was insured with Century 21 for several years many years ago and I thought they were great. I now have two Cobras that I have almost the same coverage you are getting . I have $300,000 liability, $1,000 medical, and $100,000 uninsured motorist on both cars and my yearly premium for both together is just a little more than what you gave. But you may have more coverage that you never mentioned. I also don't race either car and just drive them for pleasure and shows. However I think Century 21 is a great company from my dealing with them in the past.

Ron61
Ron Widener

65cobra427 · #3 (**permalink**) 08-01-2002, 02:31 PM

Cobrap51d,

I'm with American Hobbyist & am very pleased with the rates... No claims yet!!! Their parent company insures "hot rods" & I saw their ad at one of the car shows... Easy people to work with...

bmalone · #4 (**permalink**) 08-01-2002, 02:48 PM

Another option in CA is Progressive. Not the cheapest by a longshot, but no driving/mileage restrictions.

bonyhadi · #5 (**permalink**) 08-01-2002, 02:51 PM

Allen,
Make sure you get an AGREED UPON VALUE POLICY. That means beforehand the company agrees
on the value of your car. In the event of loss there is no depreciation. There have been a ton
of threads on this subject. Do a search. If you join SAAC there is a special program from
Parish which is good. I have Grundy but they are not taking new clients on for Cobras.
God Bless America,
daniel

cobrap51d · #6 (**permalink**) 08-01-2002, 04:43 PM

All my quotes are agreed upon Value. Thanks for looking out for me. Actually one was Fair Market Value, do these term have the same meaning.

Bill Wells · #7 (**permalink**) 08-01-2002, 05:23 PM

agreed value is the only way to go, however i understand that some states do not allow agreed value. however, actual cash value or fair market value can 'pencil' you with 'fine print legalese' in the event of a catastrophic loss (total) and depreciate the value. agreed value means if they say 45K , then in a total loss it is 45k. nothing less. bill.

cobrap51d · #8 (**permalink**) 08-05-2002, 10:01 AM

I was just talking to my account representative at Century 21. According to her the contract is based on the fair market value. So the first year the car will be worth the initial contract value. Then depreciation is applied. So, I contacted material damage, these people are the ones that will do the research to determine the value of the vehicle. Keep in mind we are talking about a complete loss of the vehicle. According to this department they will go out and look at the market and replace your car based on the market. Since my car is a superformance I believe they will be able to compare superformance cars easily. When looking at this contract here's what I see:

Benefits:
1.) if the market is good I get a good price. if for some reason the market goes up I get more than what I paid for.
2.) The first year I would receive what I paid for the vehicle. This will give me more time to make a decision I'm comfortable with.

Liabilities:
1.) If similar cars are going for less than what I paid I wont' get what I paid for my car.
2.) It's very subjective.

What have I missed? Should I just go with American Hobbyist since it is agreed upon value.

Bill Wells · #9 (**permalink**) 08-05-2002, 02:10 PM

agreed value is the ONLY way to go with whatever co will write it for you ! do NOT take a chance with anything else. when it is all said and done, the premiums are a small price to pay for security and peace of mind should there be (heaven forbid) a catastrophic loss ! of the total $ you have into your car, this is a small price to pay for adequate insurance. did you shop pennies for your car ? NO ! then why shop pennies for insurance. you want insurance, then pay for it ! enuf said !!! bill, just my $.02 worth (or more if needed for appropriate insurance coverage)

cobrap51d · #10 (**permalink**) 08-05-2002, 04:01 PM

I have no issue with the expense of insurance. I just always do my home work first. I'm looking at Century 21 because I recognize the name. It is no wear near the cheapest insurance. I found some other possibilities I'm looking into at this time. I read a contract today that is "Fair Market Value" if my car appriciates I will get the value of the car the day prior to the loss. So, this creates additional data I will use to analyze the issue.