Insurance Value

[Jersey Devil]

I got a letter from my insurance company today asking me the value of my 89 VR. Mine is in what I consider excellent condition with 21,800 miles. The only option on it is the lighted chrome rear bumper. I put on a rivco oil filter adapter, cable upgrade and braided ss brake lines. Kelly Blue book lists it at $3495 and NADA list it at $4125. I carry full coverage on it. Apparently the insurance company, Foremost considers it a classic if it has under $500. in accessories. I have the option of keeping street or classic insurance. My questions are should I value it at the higher value and is classic insurance cheaper than street insurance? Insurance has cost me $300. a year in the past.

 

 

 

Thanks

Dave

 

[jburrell]

ASk the company. Typically on a classic or antique car the classic/antique ins is cheaper becasue they feel you value the antique more and don't use them as everyday drivers. However, typically there is a mileage limit and you cannot drive it to work or shopping only to "exercise it" and take it to shows. You can usually get an agreed value coverage with this type of coverage very cheeplywhere both of you agree on the value of the bike and if its totaled that is what they pay period. No depreciation etc. I had 5 classic/antique cars and I had full coverage on my 33 Plymouth Street Rod of $25k for $132 year with zero deductible.. Mileage was limited to 2000 plus exercise miles and I exercised her often.

Ask them a lot of questions.

[Jersey Devil]

JB, thanks. I'll check into the mileage limit.

 

Dave

[GolfVenture]

ASk the company. Typically on a classic or antique car the classic/antique ins is cheaper becasue they feel you value the antique more and don't use them as everyday drivers. However, typically there is a mileage limit and you cannot drive it to work or shopping only to "exercise it" and take it to shows. You can usually get an agreed value coverage with this type of coverage very cheeplywhere both of you agree on the value of the bike and if its totaled that is what they pay period. No depreciation etc. I had 5 classic/antique cars and I had full coverage on my 33 Plymouth Street Rod of $25k for $132 year with zero deductible.. Mileage was limited to 2000 plus exercise miles and I exercised her often.

Ask them a lot of questions.

 

I just purchased an 89 Venture with just under 24K miles. I'm looking into insurance and was wondering what requirements meets a classic. Less than $500 worth of accessories? Let me see Driver Fool Boards, Heal Toe Shifter, Hwyway Floor Boards, Driver Back Rest, Chome Front Brake Calipler Cover, Crome Fairing Vent Covers. That be over $500.00. So that means my Venture does not qualify?