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Insurance and Financing Questions - Pls Help.
Hi All,
This might be some common questions and hate to beat a dead horse but I didn't see any posts offhand. Can somebody please answer/comment on these question briefly? I am contemplating purchasing a FFR roadster (completed) and trying to work up some realistic numbers. 1) What's the typical collision/no fault premiums for a car like this? I'm over 30 years old, married, no kid, no accidents or tickets. Would I need to go through a special insurance agency (no State Farm, Allstate, etc)? Do I need to get it appraised? 2) If I needed to finance part of the purchase price, do I need to get a load other than a typical 'used car' loan? If so, what's the best route/value that can be recommended (no home equity loan please as the market values are so poor)? Is any one company have better rates for a purchase of this sort? I have enough to pay cash on about 1/3 of the asking price. Please advise and thanks. Mark G. Fort Myers, FL |
Mark,
I see that you are in Florida and their laws may be different than ours out here. On the Insurance issue, out here whatever Insurance company you have your other vehicles insured with will normally insure a replica. The premium may vary widely depending on the area you live in. Some of the Specialty Insurance companies may have better rates depending on how you are going to use the car. I had to have mine appraised by a state accepted appraiser and send them pictures of the car so they could see it had no damage. As for financing, I don't know about that. I talked to some places here a few years ago and they said if I wanted to finance one I would have to take out a loan, they wouldn't do it on a used car type set up. But your state may be completely different. I just paid cash and didn't mess with the rest. There are people on here that live in Florida and they can probably really give you a lot more information. Ron :) |
Mark,
First of all, welcome to the forum, great bunch of people here!:) I can't answer your car loan question but I can tell you I have my Cobra insured with Robbin Terry at Midwest Classics. My policy is for: 1. $35,000 Agreed value 2. 5000 mile limit 3. Can't use it for work or racing 3. $450 per year I didn't need an appraisal, just had to fill out some forms & send them a picture of the car. Robbin is a car guy & a great guy to work with. To see more on the insurance topic, do a search for insurance on the forum, tons of info. I have family in Ft. Myers, going to visit them in May sometime, maybe I'll see you out in your Cobra? Randy |
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Mark G - for financing I would try Woodside Credit or Capital One Auto Finance.
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