Daily Driver DeLorean Insurance

[Dan81DMC]

Hello. First, I would like to introduce myself. My name is Dan, and I have owned my DeLorean since 2006. I lurk around here just about every day, but I believe this is my first real post. I am interested in hearing what insurance company people are with who use their DeLorean as a daily driver, especially if you live in New Jersey. As long as I have owned it, my car has been covered with classic car insurance through American Collectors. This has been fine for me since the car is only really drivable for a few months out of the year. The remaining months it is usually torn apart with whatever project I have going on (water pump replacement, brake system rebuild, clutch hydraulics, etc.). However, now that my list of issues to fix has been shrinking, and the car is becoming more reliable, I find myself driving it more often. I have a 2005 Mini Cooper as my "daily driver" car. Daily driver is in quotes because I have a company car through my job which I use for all my commuting. My wife has her own daily driver. The Mini tends to sit a lot, and only really gets used if we go out on nights or weekends. Since my wife also has a car, the only practical purpose the Mini serves is as back up car. There are many times I feel the money I spend on insurance and upkeep for the Mini would better be spent on the DeLorean. As fun as the Mini can be, the DeLorean is the car I would rather be driving.

With this long back story out of the way, I will finally get to the point of this post. I am uncomfortable using the DeLorean for any "general use" or daily driver activities while covered under a classic car policy. My hope was to sell the Mini, and get full coverage "daily driver" insurance for the DeLorean together with my wife's car. The problem I have is that so far no insurance company I have spoken with will cover me. I have spoken with esurance (who currently have the Mini and the wife's car), Liberty Mutual (who have our home owners policy), Geico, and Allstate. I have gotten nowhere with these. They all tell me I should be looking for classic car or collectors insurance, even after I explain that the limited use imposed by the classic car insurance companies is exactly what I do not want. State Farm is the only other major insurer I can think of off of the top of my head that I have not called.

Is there any hope for me to be able to enjoy the car fully, and use it as an actual car, while being fully insured?

[Kenny_Z]

State Farm wouldn't cover my DeLorean. They claimed it was "too rare". I have Allstate with a 2 or 3 thousand mile a year limit but it isn't my driver. I had to have another car as my daily driver and the DeLorean is covered as a weekend car.

[DMCMW Dave]

State Farm wouldn't cover my DeLorean. They claimed it was "too rare"..

State Farm has covered mine for years. I've been told that if you are an existing customer they will let you add a DMC but they will not cover a DMC for a new customer. One of the benefits of being "older" with zero kids living at home - - my DMC insurance is under $300/year full coverage no restrictions (well - 10,000 miles annual limit, but I don't even drive my DD cars that many miles).

[AugustneverEnds]

Welcome Dan! Good to hear from another DeLorean person! :wave2:

First things first, I do not drive my D daily and it is insured with Hagerty's. So, that's that. But back to your dilemma; I definently think if you want to use your car for more than just occasional driving you should. You sound like you have all of your bases covered as far as using a 30+ year old car daily entails.

Have you contacted the insurers you mentioned on the phone or by e-mail? I think if you met an agent personally they would be more than willing to write a policy for you since you are insuring your wife's car too. Also, it might be worth your efforts to look into some smaller insurers operating in your area. Sometimes the little guys are more flexible for more uncommon vehicles.

Best of luck in your search and Happy Driving

[LordFly]

I'm on the other side of the border, so I don't go into too many details as most of them may not apply. But I'm insured as a DD on the D. I talked to a broker and they gave me 4 or 5 different companies that had no problems insuring the D as a standard vehicle. However, none of the cheaper insurance companies would. I have Belairdirect for my regular cars, but they won't cover anything over 19 years old. My suggestions is to just keep looking. There are a LOT of insurance companies out there. One of them will gladly take your money (likely more of it than you would prefer).

[jawn101]

State Farm was very happy to insure my D as well, as a 3rd car. They had no mileage restrictions and it was under $300/year but did not include agreed value coverage. So I changed to Hagerty, got my agreed value coverage, unlimited mileage, and still a very very reasonable rate. Plus guaranteed flatbed roadside assistance.

Edit; This is definitely not the same thread :) Welcome aboard! You will definitely find insurance coverage that will let you enjoy your car. Best of luck!

[Notifier]

Welcome Dan!

I am pretty much in the same boat as you. We had five cars, my DeLorean, my Saab that I used for a not-so-daily driver, my work truck that is my daily driver, my wife's daily driver, and my wife's Firebird (her collectable). I got rid of the Saab a while ago simply because I wasn't driving it. So that leaves four vehicles. We have State Farm for the three (work truck insured by my company). The wife's daily and her Firebird are regular coverage except we have her Firebird insured as "less than 5000 miles a year" or something like that, although in the five years it has been insured they have never checked the mileage. My DeLorean is insured as a classic car with State Farm, they required an appraisal and it took a couple of days to get the full coverage I wanted. I would have to dig up my policy to find the right term for it, but basically it's insured based upon the appraisal and what State Farm agreed to. There is a mileage restriction too, but again, never checked. I also have Maryland historic tags on it, so by rights I'm not supposed to drive it for anything other than "exhibitions, club activities, parades, tours, occasional transportation and similar uses". But the cops around here don't enforce that, I see the same guy drive this old Chevy on my way home from work almost every day. I drive my DeLorean freely on the weekends to the grocery store, take the wife out to dinner, etc. I would argue that would fall under "occasional transportation".

[Kenny_Z]

State Farm has covered mine for years. I've been told that if you are an existing customer they will let you add a DMC but they will not cover a DMC for a new customer. One of the benefits of being "older" with zero kids living at home - - my DMC insurance is under $300/year full coverage no restrictions (well - 10,000 miles annual limit, but I don't even drive my DD cars that many miles).

I had my house and my daily with them for years but they still wouldn't insure the DeLorean. The next year they dropped my house insurance because I was in a flood zone. If my house floods then Pensacola has been washed out to sea. If they weren't the cheapest for my daily driver I would drop them completely.

[LordFly]

There is a mileage restriction too, but again, never checked. I also have Maryland historic tags on it, so by rights I'm not supposed to drive it for anything other than "exhibitions, club activities, parades, tours, occasional transportation and similar uses". But the cops around here don't enforce that

I wouldn't be too worried about the cops, I'd be more worried about the policy coverage. If the car were ever to get written off, and State Farms finds you've put on 50,000 miles in the last couple years instead of 8,000, or whatever, they may choose to not cover anything. Same thing if you get in an accident with a car full of groceries that isn't along a parade route. For me personally, it's not worth that risk, I just have the DeLorean insured as a real daily driver. It cost me about $125/month for full coverage, but I think it's worth it to know I won't be out $20K if something happens.

[Rich]

I am uncomfortable using the DeLorean for any "general use" or daily driver activities while covered under a classic car policy.

Have you looked into the "limits" of any other classic car policy? It does sound like you are heading toward using the D as a daily driver and in that case keep going toward a conventional auto policy. But if you are short of that AND since you have a true "daily driver" primary car, then you may find that a classic policy could still work - just a different one. We put about 4,000 miles per year on our D with a classic policy at a good rate. You do need to garage it, of course.

You may want to call around to others besides American Collectors even if you think only a conventional policy will work.

Here is what one of American's competitors says:

"We believe cars are made to be driven. So our policy allows limited pleasure use with no fixed mileage limits. Whether it's a drive on a gorgeous summer day, a trip to the ice cream shop, attending club events or going to shows, you're covered. If you have specific questions about usage......"

[pezzonovante88]

I'm on the other side of the border, so I don't go into too many details as most of them may not apply. But I'm insured as a DD on the D. I talked to a broker and they gave me 4 or 5 different companies that had no problems insuring the D as a standard vehicle. However, none of the cheaper insurance companies would. I have Belairdirect for my regular cars, but they won't cover anything over 19 years old. My suggestions is to just keep looking. There are a LOT of insurance companies out there. One of them will gladly take your money (likely more of it than you would prefer).

What insurance company are you with? I'm with Intact. Just curious...

[WelmoedJ]

My two cents probably won't really help as I'm in Europe.

However I had insurance issues when trying to cover the D driving it from England to The Netherlands.
No Dutch insurance company assumed responsability for insuring a car with a foreign license plate.
No English insurance company wanted to insure the car as it was leaving England.
A temporary license (plus insurance) wasn't valid as it only could be used within The Netherlands.

I finally used the "Al Capone" way to make the insurance company that covers all my insurances to be more co-operative.
I told them that I would allow them to insure this car once a Dutch title and license plate were issued.
Their reply was "What if we don't want to do this?"
My answer was "I take all of my insurance business elsewhere".
Guess if that car was insured while driving it to The Netherlands.

My advise: Be creative. It's all about money. Take that away from them and they most likely will comply.

[jackb]

I used to have my D insured with American Collectors for a while, they def offered a policy without typical "collector car" restrictions.
Are you eligible for USAA membership? I've been with them for 13 years, the D used to be the only thing not insured by them, but I moved that to them too.

[uhhair]

I use State Farm, cost me under $300/year, and I've had no issues with them.

[LordFly]

What insurance company are you with? I'm with Intact. Just curious...

Gore Mutual Insurance Company through D.G. Dunbar Insurance Broker Limited. If you're interested contact Janet @519 642-0858.

[lindbergh]

I have been with USAA for 27 yrs. and they insure everything I own. However, very few insurance companies (including USAA) will insure your D (or pay) for anywhere near what its value is. Don't think that because you have 30k into it that you are even going to get anything close to 20k for a complete loss. With full coverage, you role the dice to what the insurance company will pay for a total loss. With standard insurance, companies can really work the system to get a less well known car values down in the event of loss.

[jawn101]

I have been with USAA for 27 yrs. and they insure everything I own. However, very few insurance companies (including USAA) will insure your D (or pay) for anywhere near what its value is. Don't think that because you have 30k into it that you are even going to get anything close to 20k for a complete loss. With full coverage, you role the dice to what the insurance company will pay for a total loss. With standard insurance, companies can really work the system to get a less well known car values down in the event of loss.

Correct, which is why many of us go with the collectors' insurance. Assigned value coverage.

Seriously, check out Hagerty. No real restrictions on use, assigned value, lots of value-adds and a reasonable cost. Not much more to ask, really.

[Dan81DMC]

I wouldn't be too worried about the cops, I'd be more worried about the policy coverage. If the car were ever to get written off, and State Farms finds you've put on 50,000 miles in the last couple years instead of 8,000, or whatever, they may choose to not cover anything. Same thing if you get in an accident with a car full of groceries that isn't along a parade route. For me personally, it's not worth that risk, I just have the DeLorean insured as a real daily driver. It cost me about $125/month for full coverage, but I think it's worth it to know I won't be out $20K if something happens.

This is exactly what my concern is with doing any daily driver type activities while under classic car insurance. While most collectors policies I have looked into cover "occasional pleasure use," not totally limiting me to parades and car shows, I fear that if something happens while at the store or on an errand, I may not be covered. I am not even so concerned about what happens to the DeLorean in the event of an accident. My bigger fear is about what happens if I damage another persons car, or worse yet injure somebody as a result of an accident, and my insurance company decides not to back me up because I was using the car as a "daily driver."


I used to have my D insured with American Collectors for a while, they def offered a policy without typical "collector car" restrictions.

I have been looking around American Collectors website, and I do see they offer a Freedom Tier Plan.

From their website:
"Flexible Usage with Freedom Tier – Our Freedom Tier includes coverage for some general use."

I could not find any more information about this online. I will definitely be calling them to ask for more details. I am curious what they define as "some general use" and how they would enforce that.

[Doogie]

I have mine insured through SF also, but I also have all my other cars ('22 Model T, '59 Austin-Healey, '01 VW Beatle, '02 Ford Explorer Sportrac, & '03 Jaguar X) through them, and our house insured through them also. It's less than $300 /yr and agreed upon value.

My agent did give me hard time though when I tried to insure my '57 Chris Craft Sportsman Mahogany Wood Boat with them. Wanted a full Coast Guard Inspection and all kinds of appraisals. Really? For a $7000 boat? but not for a $25,000 Delorean? Whatever, another company takes my insurance money for that.

[Silverbullet]

I wouldn't be too worried about the cops, I'd be more worried about the policy coverage. If the car were ever to get written off, and State Farms finds you've put on 50,000 miles in the last couple years instead of 8,000, or whatever, they may choose to not cover anything. Same thing if you get in an accident with a car full of groceries that isn't along a parade route. For me personally, it's not worth that risk, I just have the DeLorean insured as a real daily driver. It cost me about $125/month for full coverage, but I think it's worth it to know I won't be out $20K if something happens.

Ah.... you need to shop... My DD is a C6 Corvette, worth twice what the D is worth, and is only $600 a year... State Farm... The D is covered for $300 a year, at a value of $30,000 and can be driven 7,500 mile a year, as well as my 1972 Corvette, which is PLENTY of miles for me...

[LordFly]

Ah.... you need to shop... My DD is a C6 Corvette, worth twice what the D is worth, and is only $600 a year... State Farm... The D is covered for $300 a year, at a value of $30,000 and can be driven 7,500 mile a year, as well as my 1972 Corvette, which is PLENTY of miles for me...

It's probably not fair to directly compare rates. We're not even in the same country. State Farm here wanted about $1700/year for the D as a DD.

[David T]

Every State has different rules and each insurance company does things differently in each State. You CANNOT compare against what anyone in another State is doing. First step would be to go to your Agent and ask him what he can do. Best if he is an independent, that way he can shop for the best deal for you. Otherwise he can only offer you only what the 1 company he represents can write. VERY important you insure for "Agreed Upon" (magic words) value. That way if the car is totaled or stolen (and not recovered) they do not "Blue Book" you and give you much less than the car is worth. Many companies will NOT do agreed value, you cannot insure with them. It is a simple question, just ask what will happen if the car is stolen and not recovered. How much will they pay? You may still be able to use the car more and use classic insurance. Get quotes from several companies along with their restrictions on use. You may find a deal you can live with. Just be honest with them and yourself as to how much you will use the car and for what purposes. There is also the question of how you will register the car with the State DMV. If you use it as a DD you cannot use Historic plates even though it is old enough.
David Teitelbaum

[Silverbullet]

It's probably not fair to directly compare rates. We're not even in the same country. State Farm here wanted about $1700/year for the D as a DD.

$1700,,,,,Ouch! What is a "Normal Car" to insure there?

[eagle-co94]

$1700,,,,,Ouch! What is a "Normal Car" to insure there?

I think the more important questions here are how old are you and what does your driving record look like. Your avatar pic looks like your in your mid 20's or younger. It also depends on whether you live in a major city or in a suburb, where you park the car and who you live with/has access to the keys. If you don't have multiple cars available to you it makes a big difference as well.

As has been mentioned before, check into USAA. They offer a LOT of options. They have just about every bit of my banking besides my student loans and Discover card. They give multi policy discounts for having so many cars and a homeowners policy. As Welmoed stated, you can take your business elsewhere. If I can save $100 a year by taking all my business to another bank (provided the service is the same or better) I'll do it. From my previous insurance policies and credit cards, nobody has been able to beat what USAA does for me. My D's are currently on storage policies so my super low rates really won't help here.

[Shep]

Every State has different rules and each insurance company does things differently in each State. You CANNOT compare against what anyone in another State is doing. [...] VERY important you insure for "Agreed Upon" (magic words) value.Listen to this man. Working for an auto insurance company (which I won't "plug" since we don't insure 30-year-old cars, among other reasons), I have seen first-hand how every state has their own little quirks. No two states are the same, each mandates specific coverages and forbids others. Price varies drastically as well, based on coverage options, vehicle value/condition/year (sometimes make/model also), any modifications/enhancements, driver's age, marital status, insurance credit score (different than typical credit score), gender, violations, even ZIP code! Comparing your current premium with anyone else is comparing apples to oranges, and will not give you an accurate representation of how much it'll cost you specifically. Best way to find that out is to call them and get a quote yourself. Anything short of doing that is woefully inaccurate at best.

"Agreed value" goes by different terms based on who you go with, but it is most definitely the option you want when you're not planning on junking the car when it gets old. If you buy a new Ford Taurus, it will depreciate over time until somewhere along its life it gets junked. That's not the kind of car you hold onto once it outlives its designed life. DeLoreans on the other hand are the kinds of cars that are kept restored to enough of an extent to keep them on the road, long after their designed life (need I mention original coolant hoses?), and as such, "Agreed value" is one of those key terms you need to be 100% positive will apply to your policy before you buy it.

This topic actually comes at a good time for me; I'm leaving Hagerty after dealing with enough of their shenanigans during the endorsement process (although I should mention the original policy purchase was a positive experience), and had not heard of American Collector before, but just got a quote and the price is very reasonable. I'm not sure how it compares to the price of a Hagerty policy though; they're not exactly comparable as they stand now, but now I have another option :)

[LordFly]

I think the more important questions here are how old are you and what does your driving record look like. Your avatar pic looks like your in your mid 20's or younger. It also depends on whether you live in a major city or in a suburb, where you park the car and who you live with/has access to the keys. If you don't have multiple cars available to you it makes a big difference as well.

I'll take that as a compliment :D I'm 32, with a very clean record, but I also live in the middle of a city of almost 400,000. The car is garaged, but in a townhouse complex. My current rate of $1500/year is actually pretty good, at least for my conditions. Until I switched my other cars to BelairDirect, I was paying the same for my 04 Civic. Unfortunately Belair won't take on the D because of it's age. And the difference in rates between Gore and Belair don't make it worth the multi-vehicle discount.

And NO ONE has access to my keys, they will have to pry them from my cold dead hands!

[pezzonovante88]

I'll take that as a compliment :D I'm 32, with a very clean record, but I also live in the middle of a city of almost 400,000. The car is garaged, but in a townhouse complex. My current rate of $1500/year is actually pretty good, at least for my conditions. Until I switched my other cars to BelairDirect, I was paying the same for my 04 Civic. Unfortunately Belair won't take on the D because of it's age. And the difference in rates between Gore and Belair don't make it worth the multi-vehicle discount.

And NO ONE has access to my keys, they will have to pry them from my cold dead hands!

Yeah, I had to switch from BelAir because they wouldn't insure the D, as well.
Currently I pay about $500/year with a mileage allowance of 2500kms/year, which is fine.

[eagle-co94]

2500 kilometers a year? Holy crap, definitely not taking any road trips, or very few anyways!

[Marigolo]

Correct, which is why many of us go with the collectors' insurance. Assigned value coverage.

No real restrictions on use

Were did you get this info??? I just started with Hagerty and as I understand it, I cannot go to the supermarket, movie theater or anywhere I choose to! I'm not planning on the D being my daily driver, but I don't want to be afraid to go anywhere with it.... What if I drop off my wife at the mall and I have an accident there? To be honest, the only reason I went with classic insurance in the Agreed Value.

[jawn101]

Were did you get this info??? I just started with Hagerty and as I understand it, I cannot go to the supermarket, movie theater or anywhere I choose to! I'm not planning on the D being my daily driver, but I don't want to be afraid to go anywhere with it.... What if I drop off my wife at the mall and I have an accident there? To be honest, the only reason I went with classic insurance in the Agreed Value.

http://www.hagerty.com/Collector-car-insurance/Frequently-Asked-Questions

It's spelled out pretty clearly....

"Simply put, we want you to enjoy your classic vehicle. While there are some restrictions in the policy, you’re covered for pleasure use, whether it's a drive on a gorgeous summer day, a trip to the ice cream shop, attending club events or going to shows."

For the more legalese version, check out Part F "General Provisions" of your Hagerty policy document. The real exclusions on use revolve around commercial use, rental, loan and racing. You must maintain a "regular use" vehicle, covered under a traditional policy (by any underwriter, not just Hagerty.) Then it just goes on to say you can't race it, loan it, rent it out, or use it for commercial purposes. Otherwise, you're good.

Edit: This is of course making the assumption that your policy is the same as mine. The document reads like boilerplate to me, but that doesn't mean there aren't several versions of it out there depending on where you are, your driving record, etc.

[Ryan King]

I am with Geico. Love them. Although, I have had a few tickets in my wreck-less driving days, so I pay 130 a month for just the DeLorean, fully Insured.

[jawn101]

Also I should say, since the title of this thread is for *DAILY DRIVER* D insurance, that Hagerty is not appropriate for this. They specifically require you to own, operate, and insure that regular use vehicle I mentioned. But they cover "occasional use" of your classic or antique car for more commonplace activities. So if you took it to the mall and happened to have a mishap, I think you'd be OK.

[Rich]

Hagerty...... they cover "occasional use" of your classic or antique car for more commonplace activities. So if you took it to the mall and happened to have a mishap, I think you'd be OK.

+1

Agreeing with Jon's interpretation. Hagerty doesn't mind if you drive your car to the mall, to the office, to the doctor's office. I've talked with their reps at car shows. Just keep it occasional/special - and you need to meet their collector car criteria (designated "daily" car plus indoor storage for the collector car plus whatever else). We've upped the mileage estimate to them because our D is so much fun on so many weekends. Am up to 4K miles/yr in my mileage stipulation to them and normally clock 3K-4K/yr these days. Their rates go up slightly with more driving - I'd expect nothing different.

There are lots of good No. America insurance arrangements for DeLoreans under various driving/storage conditions. Which is great, so we all can make good choices.

[Marigolo]

http://www.hagerty.com/Collector-car-insurance/Frequently-Asked-Questions


Edit: This is of course making the assumption that your policy is the same as mine. The document reads like boilerplate to me, but that doesn't mean there aren't several versions of it out there depending on where you are, your driving record, etc.

Yeap. you're right. My policy states the same thing... I just worry because many people have warned me about insurance companies always looking for excuses NOT to pay out. But I see no "specific" exclusions aside from the ones you mention. I was also glad to know I'm covered for this:

"Loss due to nuclear reaction, nuclear radiation or radioactive contamination. We will pay for direct loss by fire resulting from any of these"

I guess I CAN install that old Flux cap... ok Sorry, BTTF reference, just had to do it. :headbang:

[Marigolo]

+1

Agreeing with Jon's interpretation. Hagerty doesn't mind if you drive your car to the mall, to the office, to the doctor's office. I've talked with their reps at car shows. Just keep it occasional/special - and you need to meet their collector car criteria (designated "daily" car plus indoor storage for the collector car plus whatever else). We've upped the mileage estimate to them because our D is so much fun on so many weekends. Am up to 4K miles/yr in my mileage stipulation to them and normally clock 3K-4K/yr these days. Their rates go up slightly with more driving - I'd expect nothing different.

There are lots of good No. America insurance arrangements for DeLoreans under various driving/storage conditions. Which is great, so we all can make good choices.

Thanks! That helps me put it into perspective. Glad to be a new member of this community! I'm picking up my D tomorrow morning!

[jawn101]

"Loss due to nuclear reaction, nuclear radiation or radioactive contamination. We will pay for direct loss by fire resulting from any of these"

If you read very carefully, it says that you are NOT covered for losses due directly to the nuclear reaction, radiation or contamination - ONLY for fire resulting from those things. So if you do install a Mr. Fusion, you need to hope it causes a fire, I guess :lol:


Thanks! That helps me put it into perspective. Glad to be a new member of this community! I'm picking up my D tomorrow morning!

Rich rocks. He doesn't always chime in but when he does, people would do well to listen... :)

[Marigolo]

If you read very carefully, it says that you are NOT covered for losses due directly to the nuclear reaction, radiation or contamination - ONLY for fire resulting from those things. So if you do install a Mr. Fusion, you need to hope it causes a fire, I guess :lol:

Rich rocks. He doesn't always chime in but when he does, people would do well to listen... :)

Yes correct... only the fire if it malfunctions hehehe...


:worship:

[David T]

Yes correct... only the fire if it malfunctions hehehe...


:worship:

I am using Hagerty too. You can, in fact, use the car for commercial purposes like photo shoots, special events, etc. There are 2 ways to handle it. The first way is to get whoever is renting the car to cover it. In that case make SURE you get a Certificate of Insurance with you as a Named Insured. The other way is to call your insurance carrier and for around $100 per day you can get special, one-time coverage for the event. Of course the price will vary depending on static or moving, if you are with the car all the time, if it is flat-bedded to and from the event, etc. You must be very wary of using and insuring the Delorean as a daily driver. In most instances you will not be able to insure it for "Agreed Value". In such a case if it is badly damaged (enough to "total" the car) or stolen they will try to figure out what it is worth according to the rules in the Policy and then depreciate it and subtract the deductible. You will not be happy with what is left and then they will own the car too!
David Teitelbaum

[Marigolo]

I am using Hagerty too. You can, in fact, use the car for commercial purposes like photo shoots, special events, etc. There are 2 ways to handle it. The first way is to get whoever is renting the car to cover it. In that case make SURE you get a Certificate of Insurance with you as a Named Insured. The other way is to call your insurance carrier and for around $100 per day you can get special, one-time coverage for the event. Of course the price will vary depending on static or moving, if you are with the car all the time, if it is flat-bedded to and from the event, etc. You must be very wary of using and insuring the Delorean as a daily driver. In most instances you will not be able to insure it for "Agreed Value". In such a case if it is badly damaged (enough to "total" the car) or stolen they will try to figure out what it is worth according to the rules in the Policy and then depreciate it and subtract the deductible. You will not be happy with what is left and then they will own the car too!
David Teitelbaum

Thanks David! It's great advice, I do know how that stuff works because I have a TV Production Co. and we do that all the time (providing certificates of insurance for locations and such). We'll see if any rental opportunities come up... Thing is... The company I'm financing with doesn't allow it. Not sure why... Even if something happens to the car I'm still legally liable for the balance until paid off, so why would they state that in their rules? Hmmm...

[David T]

Thanks David! It's great advice, I do know how that stuff works because I have a TV Production Co. and we do that all the time (providing certificates of insurance for locations and such). We'll see if any rental opportunities come up... Thing is... The company I'm financing with doesn't allow it. Not sure why... Even if something happens to the car I'm still legally liable for the balance until paid off, so why would they state that in their rules? Hmmm...

Many finance companies not only collateralize the loan with the car but also with other things including a PG (personal guarantee). It is also very common to not release you until the lender is made whole no matter what the insurance company pays out in case there is a shortfall. On new cars they will sell you GAP insurance just for such an occurrence. As for not allowing you to use the car for commercial purposes, that is so you can't use it for business use. Usually more expensive and higher limits so some people try to get around that by saying the car is for personal use. They *should* let you use it for an occasional shoot. Even if they don't let you insure it for commercial use, that is why you get the company renting the car to cover it. This whole topic of insurance can get very complicated.
David Teitelbaum

[Marigolo]

Many finance companies not only collateralize the loan with the car but also with other things including a PG (personal guarantee). It is also very common to not release you until the lender is made whole no matter what the insurance company pays out in case there is a shortfall. On new cars they will sell you GAP insurance just for such an occurrence. As for not allowing you to use the car for commercial purposes, that is so you can't use it for business use. Usually more expensive and higher limits so some people try to get around that by saying the car is for personal use. They *should* let you use it for an occasional shoot. Even if they don't let you insure it for commercial use, that is why you get the company renting the car to cover it. This whole topic of insurance can get very complicated.
David Teitelbaum

Indeed... :headscratch: Thanks everyone!