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Insurance questions

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  • Insurance questions

    Even though my car isn't here yet I thought it would be a good idea to check out where to get it insured. Called Hagerty Ins. today and had a chat. It seems that if my car is a 1984 or newer model it has to be insured under their EXOTIC category instead of MODIFIED if it is pre-1984. The Modified category will result in lower premiums I was told. Since I don't know how DMV will eventually register my car and what choices I may have in designating it as a 1963 Lotus, etc. I may have to end up paying the higher cost.

    What companies do you all use, or recommend, and what are the approximate yearly premiums?

    Any suggestions when registering my car under SB100 next January that might help when I get to getting insurance?

    Are there any things about Caterhams that collector car insurance companies don't seem to like or any uses such as track days that they frown at? Just looking for any potential problems way before they might come up.


  • #2

    Don't mention track days, they don't like that. After all the idea of the collector's insurance is to have a car that you keep polished in the garage, take to shows and drive up and down main street on a sunny Sunday once a while.

    My car had California and Florida titles as a 1969 Birkin (smog-exempt by age). Don't know how the previous owner did that but I did not argue. A title issued by the State of California can't be wrong. I made sure that Hagerty insured it as a 1998 Birkin Replica of a 1969 Lotus Seven.

    Don't even think about mentioning something like "kit-car"....

    I wish somebody came up with a group insurance that insures the cars for what they are and without the limitations. I would pay the additional premium.



    • #3
      AAA will insure the Caterham, with virtually no restrictions. The only catch is they want a 2nd car to be insured with them as well, and I don't think the Caterham can be listed as the primary commuter car. However, there's no restriction about commuting with it "occasionally". It's normal full coverage insurance. I chose a milage limit of 5000 miles per year (you can get more, it's just a higher premium rate).

      Full coverage for the Caterham is $1300 per year, plus $700 per year for the 1997 Trans-Am I used for the second car to be insured with them. However, it's worth it for me not to have the restrictions.

      Apparently AAA has experience with the Caterhams, my agent was able to verify that they had other Caterhams insured.


      • #4
        SB100 is mostly about smog waiver for kit cars. You can go to the DMV and get a sequence number before you register the car. They're probably already out for this year, so get a sequence number early next year.

        Untill 2003, they weren't running out of number, but I got my sequence number in May of 2003, and it was 406 (out of 500). This created a pend up demand for 2004, and by Februrary of 2004, the sequence numbers were already up to 360+.

        What SB100 does for you in the case of a Caterham is to base the smog requirement on what the car resembles, in this case a 1960's Lotus Super Seven. (There are 3 options, year of chassis, year of motor, or year car resembles, if the car doesn't resemble anything, then you can get a pre-1970 waiver).

        With a SB100 seqeuence number, your registration process will include a one time visit to a smog referee which will take a reading (doesn't matter what the numbers are, the state is just keeping records). After this, there's never another smog check. Next is a VIN identification at either a CHP office or back at the DMV, and you get your plates.