[addygirl]

My father is kind enough to pass down his beloved 87' R107 to me and its being shipped as we speak. The car is in good condition (not mint) with 140K miles, but maintained and mechanically sound.

My question is do many of you have Liability, Collision and Comprehensive Insurance coverages? I live in Houston, TX and Liability of course is mandatory, but do you find benefit with added collision and/or comprehensive. The car is older and "God-forbid", an accident happens, is it better to pay out of pocket for minor accidents than to pay the additional coverages?

This can be a BIG savings if I keep liability and not the other two. However, I would like to make a "wise" decision and one that is both good for the car and my bottom line...

Thank you all for your guidance...

 

[OldWorldShepherds]

Addygirl, congrats on your new car. Assuming it is a 2nd or 3rd vehicle, if you are over 23 or 25 (sorry cannot remember as I am roughly double that..), and have a garage for your 107 you should really check out collector car insurance for it. IMHO Hagarty is among the best, we have insured with them for years with different cars. You will be able to get full coverage for your 107 very reasonably with no annual milieage limits but they do ask that you do not use the car for commuting. All 107s are eligible for coverage with Hagarty but they need to truly be hobby vehicles - not daily drivers. I am sure others can share their experience with other carriers, there are a few that specialize in collector cars.

One more thought - if this car has any value to you - financial or sentimental, as it seems to, you really should have it properly insured. Standard liability with companies like Hagarty is usually around $300K, you may or may not want to up that or augment it with an umbrella policy, really an individual choice for people. If you have assets, IMO you need more than $300K in liability on these and your everyday cars.

Hope you find this forum useful for your 107.

 

[addygirl]

OldWorldShepherds, thank you for taking the time to answer my questions.

I fully agree that Hagarty is definitely one of the premier auto insurance companies in the industry. The care will be a semi-daily driver sharing the week with my Lexus. That was one stipulation my father wanted me to do is to fully "enjoy" the car and not keep it garage kept. In respect for his request, I feel a good compromise is to share drivetime between the cars.

You believe to have the 560SL fully insured is worth it? It would be a great comfort to have this option, however, having a teenager and several other vehicles really pinches your wallet. But, rather be safe than sorry...

Thanks again for your post and hoping others would share their thoughts. Cheers!

 

[alabbasi]

Hagerty or American Collectors insure my cars for a few hundred dollars / year with zero deductible.

 

[isthisdave]

.


Two must read insurance threads.


560SL seriously damaged

How did Hagerty handle my claim?

 

[addygirl]

Thanks Al and isthisdave,

There appears to be a common theme with insurance options with fellow R107 owners. I will do more due diligence and continue to hear from others on their suggestions.

I appreciate the input...cheers!

 

[SoonerCPA]

Hagerty or American Collectors insure my cars for a few hundred dollars / year with zero deductible.

I agree with Al. Both are good insurers who offer stated value vehicle policies. I suspect many members use Hagerty as they are likely better known. Ultimately I chose American Collectors which is the general agency for my insurer, USAA, for vintage/collector vehicles. AC matched my USAA coverage on my other vehicles which Hagerty could not offer and the rate was slightly better. Also AC terms for use of the vehicle is slightly more relaxed than Hagerty. I try to use my 107 each weekend and I feel I'm comfortably with the AC limitations.

Cheers,

 

[OldWorldShepherds]

Sooner, AC has been aggressively marketing up my way and my agent tried to convert me. Rate was better but I have been with Hagartey so long I figure that may be worth something in the event of a major problem if we ever have one.

I think one would be fine with either company though.

Addygirl, whether to fully insure your 107 is really up to you in terms of how much risk you are willing to take. I doubt you will be able to get liability alone from a collector car insurer, but your regular carrier should be able to add the car for you if that is your preference. The issue with comp/collision and "conventional" auto insurers is the lack of agreed value coverage so you then find yourself fighting for the proper settlement. IF you are going to spring for comp/collision, just be sure you get what you are paying for. Even if you do not use them, Hagarty's website can educate you on this - cannot remember which term is correct, Sooner mentioned "stated" and I mentioned "agreed" - well they mean different things. You want the one that guarantees you will get the value you have been paying premiums on - not some book value with a car like this.

Personally I would not skip it.


Good luck and keep us posted on what you do.

 

[SoonerCPA]

Sooner, AC has been aggressively marketing up my way and my agent tried to convert me. Rate was better but I have been with Hagartey so long I figure that may be worth something in the event of a major problem if we ever have one.

I think one would be fine with either company though.

Addygirl, whether to fully insure your 107 is really up to you in terms of how much risk you are willing to take. I doubt you will be able to get liability alone from a collector car insurer, but your regular carrier should be able to add the car for you if that is your preference. The issue with comp/collision and "conventional" auto insurers is the lack of agreed value coverage so you then find yourself fighting for the proper settlement. IF you are going to spring for comp/collision, just be sure you get what you are paying for. Even if you do not use them, Hagarty's website can educate you on this - cannot remember which term is correct, Sooner mentioned "stated" and I mentioned "agreed" - well they mean different things. You want the one that guarantees you will get the value you have been paying premiums on - not some book value with a car like this.

Personally I would not skip it.


Good luck and keep us posted on what you do.

OWS, good catch. The proper term I should have used is "agreed" value, which, in fact, is the coverage I have. Thank you for making that clarification.

Cheers,

 

[abiby]

Kind of a moot point since unless I'm mistaken the original poster said car would be a semi-daily driver... and, as far as I know, only the collectable policies offer agreed value.

 

[dgosh28]

I use Hagerty for both my 107 and my 124. I previously had full coverage through Farmers on the 260E and I was able to get full coverage on both cars for just what my Farmers agent quoted me for just the 450SLC. The funny thing is, they were going to write it through Hagerty. I also live in Houston and I'm only paying a little over $200 a year for both cars, if I remember correctly.

 

[ChgoAlan]

I have an "Agreed Value" policy thru State Farm (which also insures my home and our daily vehicles). The policy cost was about 50% of what Hagerty wanted initially.

Hagerty gave me a TON of run-around when I was trying to get a policy thru them when I purchased the car. I keep it at a vacation house about 90 miles from where I live M-F. Hagerty insisted that since there are two drivers, we would EACH have to drive separately to the cottage (there must be 1 "daily driver" per licensed operator so that the "collector" car doesn't get used instead).

I thought that was total BS and called my regular State Farm agent instead. VERY glad I did and I will NOT be using Hagerty in the future!

 

[abiby]

I have an "Agreed Value" policy thru State Farm (which also insures my home and our daily vehicles). The policy cost was about 50% of what Hagerty wanted initially.

Hagerty gave me a TON of run-around when I was trying to get a policy thru them when I purchased the car. I keep it at a vacation house about 90 miles from where I live M-F. Hagerty insisted that since there are two drivers, we would EACH have to drive separately to the cottage (there must be 1 "daily driver" per licensed operator so that the "collector" car doesn't get used instead).

I thought that was total BS and called my regular State Farm agent instead. VERY glad I did and I will NOT be using Hagerty in the future!

Odd but not surprising... When I spoke with my State Farm agent, who has my daily drivers, they gave me a good quote, but could only offer me a policy with car show and club drives only and a limit of 1000 miles per year.

 

[Nyyyce&Eeeezy]

When I first started investigating insurance for our recently purchased '89 560SL this past July, I called Hagerty because they are well known and recommended. They have the agreed value and can offer all the coverage you might want, but, as I recall, there was an issue about the car NOT being a daily driver. It became a moot point for me as our car isn't yet 25 years old and again, as I recall, for Hagerty, that is a requirement.

Called a couple of other companies including our State Farm agent, but ultimately ended up with American Collectors. They were willing to take us on for a slightly higher premium until the car is 25 years old, they offered complete coverage which compared to our other cars and motorcycles, and an agreed upon value. However, they also seemed to want some assurance that the car would not be a daily driver, and would only be driven a restricted amount of mileage. Once our car is 25 years old, I'll probably compare coverage and premiums again.

After you're sure about the kind/extent of coverage you want and are willing to pay for, I suggest you call as many companies as you can find who offer insurance on a car like the one your father passed to you so that you can see which ones are willing to insure under the circumstances you describe, and compare prices for the coverage you want and can afford.

Whatever your final choice, I hope you enjoy your father's gift.

 

[addygirl]

Thank you all for the valuable advice. I will check and personally call each of the requested classic car companies in this discussion. As mentioned by some of you, my worry is it will be driven often and may not fall within their policy rules. My current daily drivers are all part of Geico which I am unsure if they have a policy that would suffice your recommendations. I will give them a call also after talking to the specialists and judge cost and coverages.

It is comforting to know that this forum is filled with very knowledgable passionate MB owners. I've owned E Classes (190E, 260E, 300E) in my past before buying the Lexus brands. So, I am truly excited to go back to true German Engineering and enjoy the quality and precision when they were hand built. This is my first 8-cylinder Merc and the R107 is one of the most iconic cars I loved growing up.

Again, I appreciate all of your input and helping me making a wise decision. I would hope to take care of this gift from my Father where I can pass it to my son in the future. Cheers!!!