A: Agreed value or go home.
At first I was going to add it on my standard auto insurance along with our other two cars. That’s how I had Rooster – my NA Miata – and the black NB insured as “pleasure use” vehicles with a low annual mileage estimate. We got all the way to the end of that process on the phone when it occurred to me to ask, “What happens if, God forbid, the car gets stolen. How do you calculate the replacement value?”
The answer was unsatisfactory. Since there is no precedent for a Nissan Skyline GT-R in the US (in their process) it would be a depreciation algorithm based on original invoice price (Around $40k US back in 1989), time (25 years) and mileage (roughly 95k miles).
There is no. way. in. hell. that would come even close to the car’s replacement value on a 25 year old Nissan.
Fortunately, USAA has a relationship with American Collectors and they were able to transfer me over there to get an agreed value policy drawn up. Long story short, the premium will be $836 per year…which is more than reasonable for the agreed value on the policy. It also covers some interesting other things – like if someone were to break into my house and steal spare parts. Those would be covered. Or if the car broke down on the way to a car show and I wasn’t able to attend…they’d reimburse the nonrefundable show entry fees.
What about restrictions? Well, of course they won’t cover any bad things that happen at a HPDE or anywhere near a race track. I can drive up to 7,500 miles a year – which is about 3,000 more than I expect I’ll need. And I have to store the car in an enclosed, lockable garage. No problem.
One other requirement that most people overlook in conversations around agreed value or stated value policies is the fact that they require you to have another registered and insured car as your daily driver. You cannot get an agreed value policy on a Skyline if it is your only car.
If I didn’t do a stated value policy on the Skyline the insurance would have been in the $525/year ballpark. So an additional $300 and change to get my full replacement value back in the case something bad happens is MORE than reasonable, in my book.