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True or False: My car insurance company says they wont give me full coverage on my car beacuse its too old?

I recently bought a 1988 Mazda RX-7. I have always wanted one especially as nice as this one. I called my insurance company to add the car to my policy and I insisted on full coverage. They called me back a couple hours later telling me that the car was too old to be covered under full coverage only liability. Please help. Are they pulling my leg? I also have a 1992 Ford Explorer and its full coverage and its only 4 years newer. Whats up with that? It doesn't make sense I am willing to pay them extra $$$ to fully cover an older car. You think they would gladly take the money to cover something that isn't worth as much as a brand new car. Why won't they cover it I guess is the REAL question.

Public Comments

1. true
2. Hey its very simple. If you take a insurance for your teeth which is proper at minor age.. well they will accept the insurance.but when u take the same insurance at the age of 60 where obviously lose your teeth and insuraing it.. it wont work out. its like you are cheating. they are correct.
3. False. I have a 1977 caprice, 1979 chevy 4x4, a 1989 ford van, and 1991 s-10. Every one of them has been insured for full coverage but not at the same time. Usually only one is working at a time so I have to change insurance from time to time. I have even gone from state farm insurance to allstate insurance. Each has had no problem. I even got a quote for insuring my 1953 military M275A1 semi. (Its like an M35A1 deuce and a half) If they said they couldn't insure you, they are too stupid to find the rates so it is better off to go to a different company.
4. False. You can get full coverage on anything. If you're willing to pay the premiums. Although, I don't know why you would want full coverage on something that old. But that's none of my business
5. True. I have had companies do this. You probably have had your Explorer for a few years with full coverage the whole time. What your company does not want to do is add a car that is 20 yrs old first time to the policy. If you had it for 10 yrs, you would probably still have full coverage on it. What you will need to do is get a detailed appraisal of the car from a reputable dealer or someone that specializes in classic or collectible cars - year, make, mileage, condition & value. Your company may do stated value of the vehicle, which means they will charge premium for a "new" vehicle of the same value. Stated value is the maximum your policy will pay for the vehicle in a covered loss (less your deductible). If the value increases over time, it is up to you to keep up with the value & to be sure to change it on the policy as needed. If they still won't insure for full coverage, try to find another company that will.
6. Ok this is saddly true for some companies. The reason is that the acv (actual cash value) of the vehicle doesn't justify having full coverage. Meaning in the event that there was an accident and you had to use your policy the amount of the vehicle would be less than your deductilbe and they would total the vehice and you would get nothing because your deductilbe was more than the acv. Your 1992 Ford explorer has a higher acv and they would be able to insure it for physical damage. Hope this explains this a little better. Momma_Bear