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Insurance For Classic Cars


rickm
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do a search online for "Classic Car insurance" you will find Hagerty, Grundy, American Collectors, Heacock Classic, Chub. They are all in the business of insuring classic car as their primary business, they understand what we need, they are easy to work with, they insure to a "stated value" and based on where you park it, how much you think it is worth and to a certain extent where you live they will give you a price. I have both of mine insured with Chub for less than $500/year and they understood when I told them how much coverage I wanted on the Turbo (others said it's just a 2002 and can't be worth that much!!) I was with Hagerty for years until they got difficult over the value on the turbo once it was done. Understand this is going to be a limited use policy, if this is your daily driver then most of the "classic" policies will not cover you.

Edited by Preyupy
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If you can use AARP (Hartford) they are pretty good. Im on my Dad's insurance and I daily my 02. I pay about 1200 a year with a stated value policy and full coverage. I'm also 20 and a male, so that doesnt help me a whole lot but I had probably the cheapest insurance of any male in my HS, so I'd say I was doing pretty good. We've had a couple small fender benders in our Tahoe and that I know of they've been good to deal with.

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I'm a dyed-in-the-wool Hagerty guy. Their rules are:

 

--The car can't be a daily driver.

--Every licensed driver in the household must be able to show that they are the primary driver of a non-Hagerty car on which they are fully insured collision and comp.

--The car must be garaged.

--Mileage limit about 3000/year.

--Stated value policy.

 

But, respecting those rules, insuring my '73 3.0CSi with a stated value of $25k, my '72tii with an SV of $12k, and my '99 Z3M Coupe with an SV of $14k, my annual payment for all three cars is $514. Can't beat that with a dipstick.

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I want to clarify a common mistake on collector car policies.  They are as a rule all very good and very reasonable.  I have my 69 MB 280SL insured for $45,000 for around $280 a year and i just added comp overage of $5,000 for my Tii for $25.

 

The common mistake is stated value verses agreed value.  State value meand you tell the insurance company what the car is worth and they charge a premium based on this value.  In the event of a loss they will pay what the car is worth up to the stated value.  If you say your car is worth $30,000 and the insurance company feels it is worth $20,000 then 20K is what you get.

 

The coverage you want is agreed value.  When  you have this coverage the insurance company agrees with you that the car is worth X dollars and if the car is totaled that is what you get.

 

It is very important to check this out since most people think that stated value is the same as agreed value and it is not.

 

Chris

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I want to clarify a common mistake on collector car policies.  They are as a rule all very good and very reasonable.  I have my 69 MB 280SL insured for $45,000 for around $280 a year and i just added comp overage of $5,000 for my Tii for $25.

 

The common mistake is stated value verses agreed value.  State value meand you tell the insurance company what the car is worth and they charge a premium based on this value.  In the event of a loss they will pay what the car is worth up to the stated value.  If you say your car is worth $30,000 and the insurance company feels it is worth $20,000 then 20K is what you get.

 

The coverage you want is agreed value.  When  you have this coverage the insurance company agrees with you that the car is worth X dollars and if the car is totaled that is what you get.

 

It is very important to check this out since most people think that stated value is the same as agreed value and it is not.

 

Chris

Did not know!

Thanks,

Steve

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Chris, thanks for that clarification. I apologize if I said something incorrect or misleading regarding Hagerty. This is directly off their web site:

 

"With Hagerty, securing coverage for the true value of your car is a simple process. We start with an Agreed Value policy, then we guarantee it. That is, we’ll agree on the insured value, and in the event of a covered total loss, you’re guaranteed to receive that amount. Period. This sets Hagerty apart from companies who offer “Actual Cash Value” or “Stated Value” policies, which may depreciate your vehicle in the event of a claim."

 

It is my assumption that, when they ask you how much you want to insure your car for and you say $12k and they say okay and write you a policy, that that constitutes the "agreement on the insured value."

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The Hagerty site is good because they state it is 'an agreed value'.  I have seen other companies which use 'stated value'  that is the one to avoid.  Unfortunately I have been in insurance for 34 years including 20 as an adjusted.  If I would have kept all of my cars I could have sold them and retired already.

 

Chris

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