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(I searched past threads about this topic, but none seemed to address my specific issue)

 

Has anyone here been able to get classic/vintage agreed value comprehensive/collision coverage if your '02 is your only car, and it's not stored in a private, stand-alone garage?

 

I've been unable to find an insurance company that doesn't require both that you own another (i.e. primary) vehicle, and that you have a separate, locked garage for your classic. 

 

It's frustrating because I live in New York (where I don't need a car) and my car lives in Los Angeles (long story) so even though it gets driven very little and is in a secured, albeit shared, parking garage (under an apartment building), companies like Hagerty and Chubb classify it as a daily driver if you don't own another car, and they don't consider a storage situation like mine to be sufficient. 

 

This is a desirable problem, as '02s are only increasing in value, but right now I'm only one accident or theft away from a total loss. 

 

Thanks

 

 

 

 

 

 

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Back in 2015 I lived in a condo with only a carport, I had to put my name on my girlfriend at the time (now my wife) insurance policy to show her vehicle was also my daily. I also had no other vehicle at the time as I was traveling back and forth for work from OC to SF. Hagerty didn’t give me any problems with the carport, but it was in a gated community. I don’t know if that was the difference or not. 

Edited by Jae
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I am not sure if this will help as you are the other side of the border.

 

Here is BC our basic car insurance is controlled by the Provincial Gov't, it does however allow you to seek private insurance in as much it relates to collision and comprehensive coverage.  They also offer a collector and modified collector program, that has defined perimeters which provides a much cheaper rate compared to a everyday driver. Currently any car/truck built prior to 1991 is eligible for this program but strict guidelines for interior, exterior suspension and performance modifications have to be addressed  to qualify. They however, do not have an agreed value clause in the policy. They rely on market value from what I understand so it does allow for much comfort for many. You also have to be a registered owner of another car/truck to qualify.

 

In my case and because I have modified my 2002 I have chose a third party provider to address my needs on the recommendation of the shop that painted my car.  I was required by the underwriter to have an independent registered appraisal completed before the Insurance company was prepared to enter into an agreed value clause. It covers 100% if anything happens to the car with the exception of PL & PD coverage. It includes storage insurance when ever the car is not licensed for the street. This forces me to buy basic insurance but at a much cheaper rate than the general public, ( because of the collector status).

 

As far as the premium is concerned I think each state or province is different so dollar figures will likely not mean much.  I can tell you  that in my case my combined costs for basic and agreed value is more than half of what I would pay for basic coverage with a relatively low deductible with NO agreed value.

 

Finally most of the guys around here do use Hagerty as their third party insurer, I do not.  Also I am not sure of their requirements but I understand they place a value on the car based on their research and pictures, no appraisal required as I understand it. I think their premiums are fairly close but I am sure in my case the premium is likely higher based on agreed value.

 

I am sure you will get lots of response that will be better suited than mine...good luck!

 

 

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Have you tried Condon & Skelly?  I've been insuring my antique cars with them for many years (albeit I do have daily drivers, some of which are my "antiques") with no problems.

 

I would think that if you indicated to any insurance company that you reside 3000 miles from the car, and that living in NY you don't need a car, they should understand that your "only" car is a very occasional (tell 'em how many miles/year you drive it) use car, they should be able to do something for you.

 

If you're ex military, you might try USAA.  I insure my daily driver '02s and my E30 with them, no problems.  The E30 suffered bad hail damage several years ago, and they paid $4400 for paintless dent removal without batting an eye.  

 

mike

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State Farm also will insure classics cars.  I haven’t used them, but I know a few people who have.  From what I remember from comments, they were less restrictive, but a little more expensive than the usual suspects for classic insurance.   

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I have State Farm with an agreed upon value on my '02.  It isn't my only car and it's in a locked garage so it does not apply to OP question.  They were very open to insuring my car.  Price is very reasonable though a limited number of miles are allowed.

 

Don

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My car was with Liberty Mutual for a long time until it was switched to Hagerty. It was parked outside on a secure driveway....they never came by to see if it was covered. 

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5 hours ago, richdnyc said:

Has anyone here been able to get classic/vintage agreed value comprehensive/collision coverage if your '02 is your only car, and it's not stored in a private, stand-alone garage?

There is really only one answer:  Hagerty.

 

I have a declared value of $25,000 on my car.  My premium is something like $360 a year.  For that, they follow all of my policy limits for my other cars. 

 

I do not remember being asked any of the questions, that you are asking about providing coverage so I do not see how those would affect your premium.  Also, if you have a total loss from what I have read from others on the form, they send you a check essentially no questions asked.  That is the point of a pre-declared value of your car.

 

In addition to all of that, a really cool side benefit is you get a free subscription to the online Motor Trend which gives you a lot of car shows for free both streaming over the Internet and through your Amazon Video account (all the back episodes of Top Gear - back when it was good... Speed and power!).  I am not saying you should buy insurance for that but it is a nice benefit.  That, and you get a really great magazine I think every other month about collector cars.  

Edited by D Seattle
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4 minutes ago, D Seattle said:

There is really only one answer:  Hagerty.

 

I have a declared value of $25,000 on my car.  My premium is something like $360 a year.  For that, they follow all of my policy limits for my other cars. 

 

I do not remember being asked any of the questions, that you are asking about providing coverage so I do not see how those would affect your premium.  Also, if you have a total loss from what I have read from others on the form, they send you a check essentially no questions asked.  That is the point of a pre-declared value of your car.

 

All of that, a really cool side benefit is you get a free subscription to the online motor trend which gives you a lot of car shows for free both browsing over the Internet and through your Amazon account (all the back episodes of Top Gear - back when it was good... Speed and power!).  I am not saying you should buy insurance for that but it is a nice benefit.  That, and you get a really great magazine I think every other month about collector cars.  

I wanted to use Hagerty. Their premium was low and the coverage was good, but they balked at the storage setup (I had to send them photos).  There’s a locked gate and the car isn’t visible from the street, but their concern was that others in the building could have access to it.

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Yeah, 

 

I think Hagerty will clip him as well.  I’me currently using them for three drivers.  They asked me for proof that I had the garage space for all three in the knowledge that I owned other cars as well (family drivers). I had to send them photos of the cars in the garage and on the lift.  I also had to make a verbal statement on a recorded line that I intended to garage the three drivers.  

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Grundy, just because they tend to be more flexible- but priced accordingly.

 

We insure with Safeco, which was willing to write daily and agreed- value for 

our cars, none of which were (at the time) stored inside.  Dunno if they still do .

 

t

 

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I just signed up with Chubb.  They insisted on it being at least the second car, required a photo of the car in the garage, and no drivers under 25 years old no matter their driving record.  They also pointed out that there is a difference between Declared or Stated value and Agreed value.  The first two apparently have a loophole for insurance companies to not pay as much as you told them your car is worth.  You need your insurance company to agree with you regarding it's value.

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 Hagerty Website quoted me  $563. for a year @ $25,000.  That was driving whenever but not a daily.

Was hoping for a little less and I have a garage. 

 

Hagerty      $563.

Condon Skelly   $357.15

American Collectors $448.45

 

I have ACI.   Might have to follow up on CS to see how much I can drive it.

 

Edited by jp5Touring
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