car insurance considerations?

[BarrettN]

I'm new to owning a classic car, much less a car ('74 tii) where so many parts are NLA. I haven't decided if my car will be a daily driver or not, it's really too nice for that. Regardless, I'm sure there are aspects of car insurance I haven't thought of - please educate me!

Edited January 30, 2019 by BarrettN
misspelling

[PaulTWinterton]

Contact or Google Hagerty Insurance. 

[worzella]

I don’t know the details of Haggerty and daily driving but for part-time use I have agreed value of about $30K for a couple hundred a year. One of the best deals in town

 

But like Paul says call Haggerty and they are very helpful and will explain the possibilities

[SaharaX2]

With Hagerty, you must have another car as your daily driver and you must have a lockable garage for your classic.

Hagerty encourages you to drive your car for excursions, club events and maintenance, while other classic car insurance companies limit you to car club events and parades.

Hagerty really wants you to enjoy your car, not turn it into a trailer queen.


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[gwb72tii]

I have recently moved all our insurance to Farmers. Seems like every 5 or 6 years we get cheaper rates for the same coverage.

i had Haggerty but found a stated value policy from a Farmers (40k) was cheaper. 

This is by no means an endorsement for Farmers, just that it pays to shop around

[coloincaalpine RIP 2021]

If you're military, USAA has a subsidiary collector car insurance company that is lenient,helpful and affordable.  dq

[cml19552002]

The most important aspect of collector car insurance that quite a few people do not understand is the difference between a stated value policy and an agreed value policy. 

 

On a stated value policy you tell the insurance company that your car is worth $30,000.  They charge a premium based on the $30K.  The policy states that if something happens to the car they will pay the only the actual cash value of the car up to $30K.  After a loss the insurance company will determine what they feel the car is worth.  If they say the car is worth $20,000 then that is what they will pay you less the deductible.  The fact that the policy had a stated value of $30,000 means nothing except that is the most they will pay.  it will be up to you to prove to the company that they are wrong and the car is worth $30,000.  This can be a very difficult job since the adjuster will fight you all the way since they are the one that told you the car is worth only $20,000.

 

With an agreed value policy you tell the insurance company your car is worth $30,000.  They will want proof and if it is acceptable then the car is insured for $30,000.  If something happens to the car you are paid the $30,000, no arguments since the policy stated that you both agreed to the value before the loss.

 

The agreed value policy is far superior and is well worth the additional premium especially since collector car policies cost far less that regular car insurance.

 

The stated value policy is cheaper for a reason.

 

You get what you pay for. 

 

Chris

[coloincaalpine RIP 2021]

Excellent,excellent point.

[D Seattle]

Hagerty 

[NYNick]

If you're military, USAA has a subsidiary collector car insurance company that is lenient,helpful and affordable.  dq

This subsidiary restricts your driving to events etc. Make sure you talk to them about how you're going to use your car.

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[Tdh]

I’ve used both Hagerty and American Collectors over the years.   

Coverages are similar, but American Collectors has some options that are less restrictive than Hagerty (at a price of course) on the max mileage per year.   Just another option for you to look into.    

 

Ive had friends who’ve filed claims with both comanies over the years, and both paid up no questions asked.  On one occasion, a buddy got a light hit in his triumph (dolomite sprint), and American collectors actually helped him find parts in the UK to repair the door.  Pretty cool of them.  

[BarrettN]

All very helpful everyone - thanks so much!

[2joejoe2]

I am very pleased with Hagerty... I "totaled" my car this past summer. They were very easy to work and paid out my agreed upon value with no hassle.  They then allowed me to buy the car back for savage value that I thought was very reasonable and they didn't brand the title as savage! 

 

When I rebuild I will be going back with them....if they will have me lol 

[landon]

I am curious if anyone has experience with Central Insurance? I have a quote from them thru an agent with an agreed value of $29,000 for a base 1975. That's their number by the way and I'm good with it...

The policy is not cheap - about 1000.00 / yr for full coverage. I currently have a "regular" policy with Allied for about half that price. I will also add my 1988 325ix and of course the deal is only good if they bundle the home insurance as well.

 

My current agent that I carry all my home and other vehicle policies has not been able to come up with anything for me. My own calls to Hagerty, Chubb, and American collectors have been dead ends once they know I want to drive the car. I use both cars as daily's - one for the winter and one for the summer.

 

I feel the need to get the car adequately insured for the new market out there so I'm fine the increase in cost but I have never heard of this company and am looking for experiences.

 

TIA

 

 

 

 

[Gthielen]

if anyone has a valuation issue after a total loss or requires a professional appraisal, its what I do for a living.

mobileinspections.com

George Thielen

Dayton OH