So spoke with a few places today and looks like State Farm is going to be my new insurer. They were fine with going with an Agreed Upon Policy since my car is an Antique/Replica. They quoted me $550 per year, I can park it in my apartment garage complex, I can drive it however I want as long as I don't exceed 3000 miles/year, and I have a $50k Agreed Upon value.
If anyone can think of any other questions I should ask before switching, I'm all ears!
Attached is my quote. Below are the additional Q&A exchange between the agent and myself over email:
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Q: Just to confirm, this policy is an Antique vehicle policy with Agreed Upon Value, right? So for example, if I’m involved in an accident where the car is damaged beyond repair, State Farm will pay me $50,000 (my agreed upon value) for the car, not the actual cash value?
A: Yes, it is the policy with Agreed Upon Value (I know ACV in the quote is confusing so I confirmed that with our underwriting department; only antique/classic/replica cars are indemnified based on Agreed Upon Value).
Q: Does this policy include $500 coverage for my car's spare parts? This website says Antique policies include this:
https://www.statefarm.com/insurance/auto/antique-classic-cars
A: It does include $500 coverage for spare parts.
Q: Are there limits as to how many miles I can drive or where I can drive?
A: Annual mileage limit is 3000; no limitations on where you would take it to.
Q: Can I take the car to a family event and park it at the hotel over night?
A: You can.
Q: Is there any problem parking the car in my apartment’s underground parking garage nightly? You can see in the photos that this is a shared garage, but it is secure and gated.
A: You sure can park here.
Q: if my ’66 Mustang is involved in an accident and replacement parts are needed, will I be able to choose which parts are purchased? Because some parts reproduced for classic Mustangs are poor quality and so I’d want to choose which parts are bought.
A:
We have the right to choose to settle with you or the owner of the covered vehicle in one of the following ways:
Based upon or adjusted to:
a. Pay the cost to repair the covered vehicle minus any applicable deductible.
(1) We have the right to choose one of the following to determine the cost to repair the covered vehicle:
(a) The cost agreed to by both the owner of the covered vehicle and us;
(b) A bid or repair estimate approved by us; or
(c) A repair estimate that is written based upon or adjusted to:
(i) the prevailing competitive price;
(ii) the lower of paintless dent repair pricing established by an agreement we have with a third party or the paintless dent repair price that is competitive in the market; or
(iii) a combination of (i) and (ii) above.
The prevailing competitive price means prices charged by a majority of the repair market in the area where the covered vehicle is to be repaired as determined by a survey made by us. If asked, we will identify some facilities that will perform the repairs at the prevailing competitive price. The estimate will include parts sufficient to restore the covered vehicle to its pre-loss condition.
At the end of the day, you can go to anywhere for the part, but I'm honestly not quite sure if they will pay the part you select 100%. A part of your choice could be cheaper than "competitive part" we select, or more expensive. However, if the vehicle declares a total loss, the faced amount will be indemnified.
