Old Car Insurance Premium Reduction ?

[19Fordy]

I just received $29 rebate from Allstate on my daily driver 2019 vehicle premium due to less traveling during COVID war.

I then asked JC Taylor if they would be doing the same since so many car events and local meets have been cancelled throughout the country. Hence, folks are driving less and accident risk is lessening. Here's the JC Taylor reply:

"While we understand that many folks are at home and not driving as much right now, our program is set up with the understanding that the vehicles we insure are for very limited use in the first place. They are not driven on a regular or daily basis, so our extremely low rates already reflect that they spend most of their lives in the garage. Furthermore, unlike a normal car policy, we actually write agreed value policies to protect the vehicles for their fully insured values while they are in storage. We hope that you and your family are all safe and healthy at this uncertain time."

I replied as follows:
"Thank you for your reply.
I was hoping for better news.
JC Taylor will have a very profitable year in 2020 as the actuarial tables for low mileage drivers and vehicles safely garaged will , no doubt, produce higher profits."

Am I wrong?

[tubman]

I, for one completely agree with their response.

[1931 flamingo]

For what we pay for our "classic" vehicles versus what we pay for our daily drivers I wouldn't be looking for any rebates.

Happy with the credits I'm getting form the AARP Hartford Ins deal I got. Still driving my daily and in good weather my 40.
Paul in CT

[JayChicago]

My opinion: You are both right.
Your logic seems correct. But the insurance company’s logic is also correct in that their low rates already reflect minimal driving time, so less driving due the pandemic shut-down has a lesser effect on their exposure.
If you only saw a $29 rebate on your daily driver, how much rebate could be expected on a collector car policy? $5? $10?
And I think the rebate on any insurance policy should be considered a gift. Contractually, they don’t have to do that. Seems to me to be a PR good gesture by the the insurance companies.

[34pickup]

You have to remember, a lot of the coverage is for comprehensive, which protects your vehicle from storms, fire, vandalism, theft, etc while stored away.

[cas3]

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i drive an old car every day, even nice days in winter. so i get my money's worth.

[tubman]

Originally Posted by JayChicago

My opinion: You are both right.
Your logic seems correct. But the insurance company’s logic is also correct in that their low rates already reflect minimal driving time, so less driving due the pandemic shut-down has a lesser effect on their exposure.
If you only saw a $29 rebate on your daily driver, how much rebate could be expected on a collector car policy? $5? $10?
And I think the rebate on any insurance policy should be considered a gift. Contractually, they don’t have to do that. Seems to me to be a PR good gesture by the the insurance companies.

I think Jay just nailed it.

"cas3" I hope that's on your daily insurance, not a collector policy.

[19Fordy]

Ok guys, thanks for the feedback. Guess I was being a little presumptuous in my thinking.

Jay is correct. it was just good PR, not an entitlement.

[GaryU.]

We received a check for $50.00 for each of our insured vehicles from State Farm Insurance, 5 in total so $250.00. Their explanation was as a valued customer they wanted to say how they appreciated our business. My wife promptly donated the same sum to our local food bank here in Madison, Wisconsin. Keep the good karma going I say.

[philipswanson]

AAA will be sending me a check too on my every day drivers. Think I will switch to them for my classic car insurance. JC Taylor sounds like a rip off in these times.

[19Fordy]

Phillip, I checked on the internet for AAA antique car insurance and when I clicked on the
"get a Quote" , all I got was a non-functioning "Opps! Page".

[Aarongriffey]

I’ m with Jay on this one too.
I have AAA for my F1, a daily driver and wife’s daily driver.
I canceled the pickup for the duration on the virus, other wise the 3 were $168 a month.
I have JC Taylor for a modelT, 2 Nashes and an MGB.
We are in an MG Club and enjoy maybe 1000 miles a year with that car.
JC is getting less than $25 a year for liability and collision with $3,000 agreed value of the MG! I can’t expect a discount. I am glad it is that cheap!
They’ve been charging me $15 a year on my ‘29 Nash since 1986. $15 a year!
I can’t expect a discount. I am glad they have never raised the rate in 38 years.
I got a cancellation notice from AAA last week after canceling the pickup. There was some mention of the shaving some off the other cars’ rates and crediting to my annual premium.

There was something a couple years ago about AAA handling antique car insurance for another company, but I don’t know what ever happened to that.

[51 MERC-CT]

Be happy that your home owners insurance is not increasing your fee because you are staying home more (at least not yet)

[1948F-1Pickup]

Originally Posted by GaryU.

We received a check for $50.00 for each of our insured vehicles from State Farm Insurance, 5 in total so $250.00. Their explanation was as a valued customer they wanted to say how they appreciated our business. My wife promptly donated the same sum to our local food bank here in Madison, Wisconsin. Keep the good karma going I say.

Interesting. I received a credit for $55 total for 5 vehicles with USAA. Was surprised to see anything. I'm very surprised that you received that much back.
Either State Farm is generous, or overpriced or I'm not sure the conclusion ?

[dumb person]

Classic cars get less road claims & more flood damage ect. This doesn't change much if they're driven or not.

[Cecil/WV]

Sadly, In some cases, the owner looses his whole collection without opening the garage door!

[Bob NH]

Just received a $50 rebate on my truck. I told them my driving has not changed because of current events,(truck is a 2005 with about 53,000 and is parked 90-95 % of the time) I had asked for a premium discount some time back and the answer was they had a base price. I would have liked it better if they had credited my account the 50 toward my next statement ! I guess any give back from an insurance company is great.

[Bob/Pa]

USAA just credited $41.50 toward my payment for 2 months for 2 cars. I felt that was very nice.

[Kruzn40]

Originally Posted by philipswanson

AAA will be sending me a check too on my every day drivers. Think I will switch to them for my classic car insurance. JC Taylor sounds like a rip off in these times.

I have all of my cars insured with AAA Auto Club, two DD's, and two ol' heaps on their classic coverage. The classic policy is very reasonably priced and the claims service is outstanding.

[jimTN]

My rate just went up with American Home Ins. a USAA company. No claims or any other cause for a rate increase.