Insurance

So, I thought I was about to sign on with Hagerty. Then mom looked more into it and it said that we have to have it stored and it can only be driven to shows and whatnot. So I looked into other companies. They say the same thing and also say that the driver has to have 5-10 years of experience to qualify. I'm 17 and I just got my license. This crap is driving me NUTS!!!! So we checked how much it would cost for just a regular insurance company to cover the car. Its like 200. A month. We don't have that kind of money. I'm not Bill Gates and make millions. Sorry guys, I have to rant. I hate having my perfectly good car and not being able to drive her. So, does anybody know of a CHEAP no crazy catch insurance company I can look at? Maybe there is one I have not checked out that will work with me. PLEAE LET ME KNOW ASAP!!!! I WANT TO DRIVE MY CAR!!! Thanks and once again, sorry.

When we got insurance on my son, we could list him on which ever family car that was the cheapest and he could drive any of them that he wanted. All three cars were with the same company.

Are you listed as the major driver/owner? That could be a problem.
Can you add your car to one of your parent's policies and get it cheaper?

Insurance on any car is very expensive for a teenager. Check what it would cost to add you to one of your parent's cars for a reality check.

Be truthful with your agent, you don't want to give them a reason to refuse to cover you if you have an accident.

Haggery, limit miles, but not how you use it, and yes they want your classic car garged, which most of us do anyway. However I do understand that some folks drive these cars everyday and do not garage them, and in your case you age is the deciding factor with insurance. Unfortunately, even if you are responsible driver, your age group as a whole shows differently, and lord knows at your age, I was definately a insurance risk

Okay, lookin at July 2010 Classic Motorsports(that one didn't get given away yet). Top left cover corner is "are you paying too much for INSURANCE".
On page 9 an ad for Chubb personal Insurance 1-866-227-9648.

pg 49 ANPAC 1-800-car-buff.
pg 59 Heacock Insurance 1-800 678-5173
pg 60 Hagerty, but you have approached them already..
pg 63 American Collectors Insurance 1-877-603-6074
pg 64 J.C. Taylor 1-888-268-4783
pg 67 Great American Insurance Group 1-866-638-0505 OnTrackInsurance.com


There may be more in other issues. This should get you started..

It sounds to me like this is your regular car, so Hagerty is out (they will only insure collector cars and require that you also own a regular-use car insured through a standard insurance company).

I'm actually surprised that you can get any kind of insurance for a car independently as a 17 year old, and not surprised that the rates are high (both insurance company experience and my own personal experience show that teens crash cars...a lot! I think you're out of luck for getting reasonably priced insurance on any type of car unless you get added to your parents' existing policy. Perhaps it would be useful if they shopped around for a better insurance company. Consumer Reports does fairly frequent updates on auto insurance, and rates vary a lot.

One issue that I had with insuring my MG was that my regular insurance (21st Century) didn't have a listing for "MG" on their actuarial tables and so refused to insure it. I pressed them, and it turned out that it the brand name was actually listed as "MGB", not "MG". I'm guessing that this error might have transferred through to a bunch of insurance company actuarial tables since the insurance industry is so monopolistic.

State Farm had no problems insuring our 1971 MGB. Just looked it up and covered it. Of course, I'm OLD and my wife is 41.

Well, dad sent off the application today for Hagerty. We are just going to see how far this goes. I'm not exactly getting my own insurance, both my parents will be on there. And I know a lot of you said to be added on to my parents insruance, well that's like $800-$1000 dollars more on the monthly bill or whatever. We are with Progressive (YUCK! No discounts for me :frown: ) and I would love to switch to someone else, but because my oldest brother got in an accident last september and he didn't have insurance, we are kinda screwed right now. Or at least that's what mom tells me. Dad wouldn't mind switching either. So I don't want to be a burden with money on them anymore than I have to be and I am currently jobless so I can't help pay for the insurance. But I do what I can. State Farm sent us a quote and it was like $160 per month. Maybe Hagerty will work out. Otherwise I will prolly have to do like my brother on his '60 Biscayne, just have liability. Not so sure that's gonna be so great. I don't plan to have any accidents, but it's the other people I have to watch out for. I'm not going to take any chances with my baby. I treat classic cars like glass. I don't want them to break because of me.

Might have your folks call Allstate, and State Farm, just to see about changing coverage for them, and you as a driver.. Might surprise you..

Give your brother a good whack on the head. Driving without insurance then getting in an accident has probably really blown it for you and I'm guessing may make it difficult for your folks to get insurance if he was a minor at the time.

Actually, given the likely (low) value of your car relative to the cost of premiums, I think it probably makes no sense at all to have anything BUT liability insurance on the MG. You certainly don't want to carry collision insurance. Do the math.

Alright, I have a correction to make. He DID have insurance, he just didn't have proof with him at the time of the crash. And I believ he was 25, so no he was not a minor. I told mom about seeing about switching to Allstate or Statefarm. She said there is no way we are going to Allstate. Some big problem we had with them for our insurance in Montana I think. But, we will all be going into a deeper look for all of this.

Cleary it is hugely to your advantage to shop, shop, shop your insurance. Shop 'til you drop. Go on the internet and get quotes; go to at least two local, Independent agents and get quotes, and hit all the usual suspects including State Farm, Allstate and Nationwide.

You have nothing to lose by changing insurers. If you get a low premium, go for it. Staying with your current insurer, unless their premium is significantly lower than another, provides no advantages.

However, I must say that at the end of the day, you're going to find that your parent's premiums, with you and your brother on the policy, is going to be prohibitively high.

When you play, you have to pay.

I sell insurance for a living and have been for some time, so let me offer my advice and knowledge here.

If Hagerty does approve the car, it would be because your parents are listed as drivers. With Hagerty, and most, if not all classic car insurers, you have the be 25 or older to be insured with them. If the Hagerty application does get approved, and if you were to have an accident that you were found at fault, technically, it would be in Hagerty's legal rights to NOT pay, and in fact, deny the claim. This would be because Hagerty has in it's contract that no one under the age of 25 can operate the vehicle. My fiance is 23 and I am 28 and she is not allowed to drive the MG at all because of the insurance.

Here is what will help. If you go with a company like State Farm, they offer a teen driver discount for signing a form and watching a video, you can also get a good student discount for having a 3.0 GPA or higher, lastly, for your age group, I highly recommend taking a defensive driving course. You can find these online and will typically lower the cost of insurance a good bit. Most insurance agents are greedy and may not volunteer these discounts.

Lastly, like everyone said. You are 17, you have 1 year of real driving experience at most, to an insurance company you are a high risk. Be happy you aren't male, it might make it close to double.

MGBGirl said:

... I would love to switch to someone else, but because my oldest brother got in an accident last september and he didn't have insurance, we are kinda screwed right now.

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Insurance companies show that having a laspe in coverage as a major issue, to them it shows lack of responsibility (even though in most cases, that is not true) for this reason, they will typically rate the driver, maybe the entire household up for 6 months after a laspe. If he ahs insurance now, don't metion anything other than the accident.

If you need any additional help you can email me directly at justinshepherd82@gmail.com

Good stuff, Justin - thanks for posting!

Mickey Richaud said:

Good stuff, Justin - thanks for posting!

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Thanks Mickey, glad to do it. I always feel bad for teen drivers in that aspect, and I feel worse for their parents who typically have to pay the bill.

I work for USAA now and the good thing about that is USAA volunteers all the possible discounts.

Justin, thank you so much for all of that. Hagerty did not approve because of no garage and we did not have enough primary vehicles for each driver even though they were listed as not driving the MG. About the defensive driving course, would that be the same as driver's ed? I took that last year in school. I will definately be looking for the cheapest insurance company. I try to talk my parents into it but I think mom gets the last word. And I thank God just about eveyday i'm not a boy. Sorry, boys are just weird and can be pretty gross. But i'm still in high school and they are all retarded so.... But thank you again so much!!!! If I have anymore questions, i'll come to you first.

MGBGirl said:

Sorry, boys are just weird and can be pretty gross. But i'm still in high school and they are all retarded so....

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On behalf of your parents, hold that thought. Remember, no dating till you are married!

I use Geico...$18 a month.

LBCs_since_1988 said:

I use Geico...$18 a month.

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Yeah, but your'e OLD!

~Like the REST of us!~

Sometimes good things come with age......sometimes. :cooler: