Watching my Caddy slip Away

[rgnoon]

So this is my first post, but i've been reading the boards for quite some time now. Finally I'll have the caddy and will actually be an OWNER! Or so I thought. Things seemed hopefull when I found out that I'd have the opportunity to inherrit my grandfather's '92 red Eldo.

I was hoping to register the car as a collector (the state of NJ has no age requirement for collector registration). No problem with that, but the obstacle has been finding someone that will insure it as such. Just planning on limited recreational driving and sprucing her up a bit (needs some minor body work and a bit of paint).

I've yet to find a company that will cooperate with me. Insuring the vehicle as a collector was pretty crucial as I really can't afford to fully insure a second vehicle (yes, I'm in NJ and, yes I'm a Male under 25 years of age). The insurance companies already want my first-born.

Sadly I plea, without much hope, If anyone has any suggestions of approaches or companies to check out that will write collectors policies for vehicles under 15 years old in the state of NJ, let me know.

Any thoughts?

:-(

Ryan

[Ed Hall]

I live in Los Angeles and just insured my 1987 Allante as a collectors vehicle. The price came to $140 (vs. $750) for a whole years worth of insurance. The only thing is the mileage is limited to 5k miles per year, you have to be over the age of 26 years old and you have to have a clean driving record. I met all those requirements so it was easy for me to obtain it.

One thing you could do is switch the insurance back and forth between the two cars. Drive one car for 6 months, then the other car for 6 months. Meanwhile, keep your driving record squeaky clean and in several years when either you or the car is old enough, you will be able to insure it as a collectors.

[Poobah]

If I were you, I'd find SOME way to hang onto that Eldo! Fire engine red ones are rare and, in my opinion, very cool looking.

[rgnoon]

I definately want to do everything that I can to hang on to her...it's just too cool of a car (and rare at that)...but i'm afraid of letting it sit in a garage for too long, not moving. Even if I drained it and prepped it for a long sit, it just wouldn't be right.

Insurance companies suck

[Ed Hall]

Insurance companies are a business and have to make money to survive and the more that people collect and the more fraudulent claims there are, the higher the rates. The amount that I have paid towards insurance would have paid for many Cadillac like mine. My policy has been to buy as little insurance as I need (1-way) but just enough to keep from living in the ditch if something did happen.

[JasonA]

You have to blame the drivers in your area more than anything else. Insurance companies take a calculated risk whenever they insure anyone. If you never get into a wreck, they've made a lot of money on you (lots of revenue, no expenditures). If you kill someone with your vehicle and that insurance company has to pay out $2million, they LOST a lot of money on you (and probably won't insure you again).

Insurance rates have a lot to do with regional driving habits. In North Carolina for instance, there's been a push by the insurance companies to get the state to raise its maximum premium allowance, and the people here are mad. There's always two sides to the coin though. Speeding tickets for 100 mph or better in this state have increased 175% in the last two years. Accidents have also increased, especially because of red light runners. I have no qualms with the insurance companies wanting to raise the maximum rate ceiling because that will LOWER my rate. If they can get what they really need to get (rate-wise) from the high-risk drivers, they can lower rates for the low-risk drivers who have a clean record, like me.

[rgnoon]

Update:

It looks like I've been able to convince my mother to accept a transfer of the inherritance of the car to her. This way I am able to save this beautiful example of fine American Automotive History, and have it insured to be driven.

Phew....thank goodness...i dont' think i'd be able to forgive myself for letting that one slip away!

Thanks guys,

RGN

[sal.carceller@cox.net]

OK,

Try http://www.lelandwest.com/ I use them to insure some very old Porsche 356 cars that I own. Not sure if they will help you with the Caddi.

[sal.carceller@cox.net]

OK,

Here is another insurance company to try http://www.hagerty.com/

Good luck

[Marika]

So this is my first post, but i've been reading the boards for quite some time now. Finally I'll have the caddy and will actually be an OWNER! Or so I thought. Things seemed hopefull when I found out that I'd have the opportunity to inherrit my grandfather's '92 red Eldo.

I was hoping to register the car as a collector (the state of NJ has no age requirement for collector registration). No problem with that, but the obstacle has been finding someone that will insure it as such. Just planning on limited recreational driving and sprucing her up a bit (needs some minor body work and a bit of paint).

I've yet to find a company that will cooperate with me. Insuring the vehicle as a collector was pretty crucial as I really can't afford to fully insure a second vehicle (yes, I'm in NJ and, yes I'm a Male under 25 years of age). The insurance companies already want my first-born.

Sadly I plea, without much hope, If anyone has any suggestions of approaches or companies to check out that will write collectors policies for vehicles under 15 years old in the state of NJ, let me know.

Any thoughts?

:-(

Ryan

I'm in New Jersey also and a car can only be registered as a historic vehicle if it is 25 years or older. The plates will have a "QQ" designation on them.

Here's from the New Jersey Motor Vehicle commission's website:

Historic plates cost $41. Any motor vehicle at least 25 years old, owned as a collector's item and only used for exhibition and educational purposes by the owner qualify for this plate. Two (2) color photographs of the vehicle must be included with your application for historic vehicle registration. One (1) should be a front view and the other should be a side view (right or left) with a copy of your vehicle's New Jersey title. They come personalized as well and the fee is $91.

http://www.nj.gov/mvc/cit_plates/specalh.htm

If you are a collector and your vehicle is less than 25 years old, you must still register the vehicle and insure it as any other vehicle in New Jersey.

From an insurance point of view, your 92 Eldorado is no different from my 92 Seville unless you have PROOF that the vehicle has been customized in any way in which case you will have to insure it for replacement value based on the customizations, such as new paint, special rims etc.

If you want cheap insurance rates, try this: http://www.njcure.com

Cheapest rates in the state.

[rgnoon]

That's correct, but i was not talking about insuring the 92 eldo as a historic or classic vehicle...both are classifications in NJ for vehicles over 25 years old, as you stated. I was looking to insure the Eldo as a collecter....which in NJ (and most other states) has no age requirement.

The NJ DMV's explination:

http://www.state.nj.us/mvc/cleanair/exempt_inspection.html

Collector registration is usually researved for limited production vehicles (dare i say the prowler) or really over priced crap that aren't actually worth much, I know of some vipers registered as such.

Thank for the help though, the car is going to be registered normally and insured as such.