Insuring multiple RX-7s: hoarders chime in!
11-14-12, 07:52 PM
#1
Insuring multiple RX-7s: hoarders chime in!
Hey guys! I guess my simple hobby has grown quite large now-- I'm up to about 7 running cars, lol. I love these things, enjoy working on them, hunting for parts, saving them from scrap, & turning old junky would-be-crushed cars into fully functioning runners where EVERYTHING works down to the cassette players & AC.
Anyway, my question is, how could I register/drive ALL of them? I'm in the state of FL, so it looks like "broadform" insurance isn't an option.
What I've come up with, for solving this "problem" is:
1) Haggerty classic car insurance.. However, I probably wouldn't be able to take any of them to work, as that would fall under "daily use" I'd assume. I'd also have to buy a 20 year or newer vehicle for a daily, to qualify for this coverage
2) Insurance price drop with advent of the cars becoming 30 years old. So only the 2 83's I own would benefit from this immediately, but the clock's ticking on the others. Not sure on what coverage costs are, though
3) This is the option I'm most looking to. Becoming a dealer. From what a friend told me (so, none of this is cold fact, just what was explained & how I perceived it), there's a $150 dealer license activation, + yearly fees. I need to show proof of a facility where I can perform safe, complete maintance/fixes on cars, be it my own or a friends, and I have to meet a 5 cars-sold-per-year quota (so I'd have to buy & sell some sort of car I'm not attached too LOL). This way we could have the dealer plate, & broad coverage insurance to enjoy a different RX for everyday of the week, and eventually... month. haha.
So, I know there's a few multi-car owners, I'm just wondering what you all do!
& to all you "normal" people w/ only 1 7, feel free to bash me. haha
Pic related: some cars & me
Anyway, my question is, how could I register/drive ALL of them? I'm in the state of FL, so it looks like "broadform" insurance isn't an option.
What I've come up with, for solving this "problem" is:
1) Haggerty classic car insurance.. However, I probably wouldn't be able to take any of them to work, as that would fall under "daily use" I'd assume. I'd also have to buy a 20 year or newer vehicle for a daily, to qualify for this coverage
2) Insurance price drop with advent of the cars becoming 30 years old. So only the 2 83's I own would benefit from this immediately, but the clock's ticking on the others. Not sure on what coverage costs are, though
3) This is the option I'm most looking to. Becoming a dealer. From what a friend told me (so, none of this is cold fact, just what was explained & how I perceived it), there's a $150 dealer license activation, + yearly fees. I need to show proof of a facility where I can perform safe, complete maintance/fixes on cars, be it my own or a friends, and I have to meet a 5 cars-sold-per-year quota (so I'd have to buy & sell some sort of car I'm not attached too LOL). This way we could have the dealer plate, & broad coverage insurance to enjoy a different RX for everyday of the week, and eventually... month. haha.
So, I know there's a few multi-car owners, I'm just wondering what you all do!
& to all you "normal" people w/ only 1 7, feel free to bash me. haha
Pic related: some cars & me
11-15-12, 06:14 AM
#3
Use one for a daily, and the others classic insurance, but you look kind of young are you of age for classic insurance?
You are not supposed to drive a dealer plate all the time either and at least here in nys the insurance on those plates are not cheap, 15 years ago it was close to $4000
You are not supposed to drive a dealer plate all the time either and at least here in nys the insurance on those plates are not cheap, 15 years ago it was close to $4000
11-15-12, 07:16 AM
#4
Senior Member
I'm guessing your other two cars are turbos and in the shop? lol
What is the list man? I think you should talk to an insurance agent for a definitive answer. Its just one of those things that can't be answered over the internet unfortunately.
What is the list man? I think you should talk to an insurance agent for a definitive answer. Its just one of those things that can't be answered over the internet unfortunately.
11-15-12, 11:55 AM
#7
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my insurance uses mileage, and i get a multi car discount too, so by the time i get to insuring the 3rd and 4th car they are only like $250 a year.
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11-15-12, 11:58 AM
#8
if you have a homeowner's policy that is the best place to start for multiple car insurance. we pay about $25-30 a month per car for insurance versus what other companies wanted rediculous amounts for. and we have what are considered 3 sports cars, 1 is turbo.
but realistically sell the ones you don't find critical, you don't need that many cars. you will start to hate them when you realize how much money you are pissing away in maintenance and insurance. the ones you hardly drive will wind up being the most expensive to keep.
but realistically sell the ones you don't find critical, you don't need that many cars. you will start to hate them when you realize how much money you are pissing away in maintenance and insurance. the ones you hardly drive will wind up being the most expensive to keep.
Last edited by RotaryEvolution; 11-15-12 at 12:02 PM.
11-15-12, 03:19 PM
#11
My FC is the 4th car on my policy. $212 a year, $17.67 a month.
The first problem I see is there are two FB's in your driveway. Once down to 3 FC's I don't see any problems. I imposed a 3 car limit on myself a good 8 years ago after have 6 cars at one point.
You're welcome!
The first problem I see is there are two FB's in your driveway. Once down to 3 FC's I don't see any problems. I imposed a 3 car limit on myself a good 8 years ago after have 6 cars at one point.
You're welcome!
11-15-12, 08:12 PM
#12
No. You can insure as many as you want. I just see no reason to take out a policy on each car if your not going to drive them each day. Seems like a waste of money. If you had the ones you don't frequently use sitting in your garage, wouldn't your home owners insurance cover it if theft or damage happened?
11-15-12, 08:51 PM
#14
I envy that driveway! I would say a meeting with an insurance agent would be the best start. One would think insurance would be relatively reasonable if the cars were plated as hobbyists. I am not sure of all the laws regarding a dealer license in your state, but in my state there's a lot of red tape and hoops to jump through. I wouldn't think getting a dealer license would be the best way to go financially.
I am lucky enough just use a dealer plate on my cars, perks of the job. lol.
Why? Because it is not the financially logical? Who cares. Some people's passion goes much further than others.
I am lucky enough just use a dealer plate on my cars, perks of the job. lol.
Why? Because it is not the financially logical? Who cares. Some people's passion goes much further than others.
11-16-12, 06:09 AM
#15
I thought dealer plate insurance only was comp coverage only no collision on the car with the plate?
Red tape is right the nys dealer regulations book is almost 90 pages long, one of the conditions of the dealer plate is they will not be renewed if you do not sell 5 vehicles a year.
Red tape is right the nys dealer regulations book is almost 90 pages long, one of the conditions of the dealer plate is they will not be renewed if you do not sell 5 vehicles a year.
11-16-12, 07:54 AM
#16
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Nice to see im not the only one hoarding. I have my r100, rx3, and FB under American collector Car INS, and my FD is on my homeowners. When I talked to my insurance agent, I learned that this was the cheapest way for me. the 3 cars with the American collectors insurance come out to about 350 a year. Im not too sure on what the cost of the FD is on my homeowners insurance sine its the 4th car on that policy and its just one big bill. This may differ for you but seemed to be the cheapest way for me
11-16-12, 11:21 AM
#19
i don't. it will be oil, grease and coolant stained soon enough!
if you have an increased policy like Haggerty on all your cars you may as well just wind up living in them, because you're going to be spending more on insurance each month than you would to actually buy a house......... if you have an expensive old car, you either better be rich, get the appropriate policy or that should be your only increased policy car. i have $20k into my TII, if i were to insure it for it's value i would have spent that $20k on insurance over the past 10 years on the car. i use and have used standard insurance on it, parked it in my garage and never ran it into any light poles.
if you have an increased policy like Haggerty on all your cars you may as well just wind up living in them, because you're going to be spending more on insurance each month than you would to actually buy a house......... if you have an expensive old car, you either better be rich, get the appropriate policy or that should be your only increased policy car. i have $20k into my TII, if i were to insure it for it's value i would have spent that $20k on insurance over the past 10 years on the car. i use and have used standard insurance on it, parked it in my garage and never ran it into any light poles.
Last edited by RotaryEvolution; 11-16-12 at 11:26 AM.
11-16-12, 02:28 PM
#21
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and then he can sell for big bucks, buy them back really cheaply, take the profit, and sell it as a default swap to wall street, and make millions!
11-16-12, 06:31 PM
#22
that isn't hard, he could sell 5 cars to the alligator living under the porch, and next year he can sell the other 5 to the alligator in the pool...
and then he can sell for big bucks, buy them back really cheaply, take the profit, and sell it as a default swap to wall street, and make millions!
and then he can sell for big bucks, buy them back really cheaply, take the profit, and sell it as a default swap to wall street, and make millions!
11-17-12, 06:12 AM
#24
Crap, forgot about this post ahha.
Well, I am a little young (25 in a week) but will be buying a house as soon as either A) we find one we are interested in (w/ ~1-2 acres land) or B) the bank gets in gear w/ this short sale we're in. It sucks you can't rush it!!
OK, looks like the fake dealer idea isn't too hot... $4k a year 15 yrs ago?? I wonder how bad FL is now lol.
I guess for now I'll just keep what's insured, insured, & wait until I get a house, or possibly until these start becoming 30 year old cars (my 2 83's will be come january!!). The homeowner's coverage doesn't sound bad at all.
Thank you guys for the help- it may be a while but I'll definitely update the thread when I figure out what to do!
13brewrx3 it was nice to hear from another hoarder!!
Landon
Well, I am a little young (25 in a week) but will be buying a house as soon as either A) we find one we are interested in (w/ ~1-2 acres land) or B) the bank gets in gear w/ this short sale we're in. It sucks you can't rush it!!
OK, looks like the fake dealer idea isn't too hot... $4k a year 15 yrs ago?? I wonder how bad FL is now lol.
I guess for now I'll just keep what's insured, insured, & wait until I get a house, or possibly until these start becoming 30 year old cars (my 2 83's will be come january!!). The homeowner's coverage doesn't sound bad at all.
Thank you guys for the help- it may be a while but I'll definitely update the thread when I figure out what to do!
13brewrx3 it was nice to hear from another hoarder!!
Landon
