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Car Insurance for your LBC

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gjh2007

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I just got a policy for my TR250 through Hagerty Ins. Being in MA most companies don't want to touch classics unless you have major restrictions, like driving only to-from shows, repairs, parades. Anyhow the only limitation they have is car needs to be in a garage & no more than 3500 miles a year. only cost me $93 for 100k/300k plus $300 deductiible fire/theft with an insured value I set at $6000.

Check them out if you are interested.

https://www.hagerty.com/ /ubbthreads/images/graemlins/patriot.gif <font color="red"> </font> 4th of July!!!
 
That's different because when I was shopping a few years ago they had the usual restrictions - club use, not for work/commuting/regular-use, etc. I'll have to look into it.
 
I went with Grundy Worldwide. I have all three MGs insured with an agreed value policy. If I remember correctly the policy costs me a couple hundred for all three cars, full coverage per year. I get unlimited mileage, but the restrictions are that you can't use your vehicle for work or errands. Only for pleasure. Of course most of the places I run errands to are places I enjoy - auto parts store, home depot... /ubbthreads/images/graemlins/wink.gif
 
Maybe someone who is in this situation can explain it to me.

I have all my coverages with one carrier (let's call it snake farm) including a big $$$ umbrella policy. I wonder if putting my TRs with Hagerty, etc. would take them out from under the umbrella?

Obviously, the definitive answer would have to come from the agent or better yet the home office -- just wondering if others have this situation.
 
Some insurers will allow you to insure cars with another carrier just as long as the liability coverage tracks with the umbrella carrier's prescribed limits. Call your Agent for details, it's usually OK.
 
I use to have all my cars, regular and classic, insured with "Snake Farm" and had the umbrella policy and it was far cheaper than using a classic car insurance company AND I had no restriction whatsoever on how I used my classic cars. The only reason I no longer use Snake Farm is because I moved to a Province where Snake Fram does not operate.

My guess concerning the umbrella policy is that it would cover, but that wound make sense so I'm sure it doesn't work that way /ubbthreads/images/graemlins/wink.gif
 
Interesting topic. I have my house, life and both cars with one of "snake farm"s competitors, a large multinational. I'm having difficulty getting an agreed value policy for my '80 spit that I drive daily during the non-salt months here in Toronto.

Does anyone know of a canadian carrier that I can get an agreed value policy with out restrictions?
 
[ QUOTE ]
...My guess concerning the umbrella policy is that it would cover, but that wound make sense so I'm sure it doesn't work that way /ubbthreads/images/graemlins/wink.gif

[/ QUOTE ]

Checking with the agent, it seems that I could move the TRs to another carrier and (if that coverage matched SF's minimum liability requirements for the underlying coverage) they would still come under the umbrella.

The catch is it would greatly increase the premium on the umbrella policy if SF didn't have all the underlying risk on their books. I can see this makes sense for a couple of reasons I won't take time to mention here.

BTW - the SF coverage I have is a "stated value" (probably not as good as "agreed value") with their antique/classic endorsement. Quite inexpensive and not onerously restrictive -- but I was interested in Hagerty etc just because they have much more experience in dealing with these cars should a loss occur.
 
[ QUOTE ]

BTW - the SF coverage I have is a "stated value" (probably not as good as "agreed value") with their antique/classic endorsement. Quite inexpensive and not onerously restrictive -- but I was interested in Hagerty etc just because they have much more experience in dealing with these cars should a loss occur.

[/ QUOTE ]
You are right. Stated value is definitly not as good. From a previous topic;

"Stated amount insurance is used for the benefit of the insurance company to cap their losses. It would be difficult to explain to a consumer how having a stated amount endorsement attached to their policy would benefit them at the time of a loss. Stated amount coverage does not automatically provide payment for the amount of insurance shown; it states the policy will pay the stated amount or the ACV, whichever is LESS.

Agreed value coverage benefits the policyholder by providing payment for the amount shown in the schedule without having to worry about receiving a payment of lesser amount."
D
 
Long Time Hagerty Insurer

I have my 62 xke, and the 31 Model A both under Hagerty, and for nearly 10 years and they actually are cheaper as you have more cars. (Rationale is that you can't drive them all at once!) Agreed value is no problem, you may pay a little more for it though... I think I pay about $450 a year for both total coverage (Collision and liability with very few restrictions...a high annual maximum mileage is all there is if I recall) and the xke is valued at $45K, whilst Model A Coupe is at $20K). I have never had a claim, but their ads and quotes have me to believe they are straight up honest! Hope I never need to find out!
 
Re: Long Time Hagerty Insurer

Looks like I'm getting into this a bit late. I went through this agonizing decision a couple of years ago when we bought our house and were switching all our coverages. I wanted to save money on insuring the MG, but didn't want to deal with restricted use or mileage. My agent (with the company that insures nation-wide), was willing to work with me with regards to agreed value and antique endorsement. I have about as much coverage as it's possible to buy. With all my cars on the same policy, I'm paying close to $150/month, and it's getting a bit trying due to my job situation. The 'cycle's on a Dairyland policy.
Now, I'd like to get an antique policy, but wonder if it's worth the trouble. It's doubtful that we put more than 5000 miles per year on the car, but I would hate to take a mileage restriction and then get more chances to drive. But the chance to save some money is almost too much to pass up.
 
Re: Long Time Hagerty Insurer

Grundy is unlimited mileage. You just have to keep the car in a locked garage and only use it for pleasure driving, car events, etc. rather than daily driving.
 
Re: Long Time Hagerty Insurer

[ QUOTE ]
Grundy is unlimited mileage. You just have to keep the car in a locked garage and only use it for pleasure driving, car events, etc. rather than daily driving.

[/ QUOTE ]

But every drive is a pleasure drive in the MG /ubbthreads/images/graemlins/cool.gif
The locked garage might be a bit of trouble, as my garage doesn't lock, but the fence that surrounds it does.
 
Re: Long Time Hagerty Insurer

Technically they don't check on anything. They've never even seen my cars in person. But you didn't hear that from me.
 
Re: Long Time Hagerty Insurer

OK now I'm up for classic car ins. We had 17 cars on insurance with "snake farm" but last moth it went from $225-to $340.-justification being...........beatsme shut up and pay it!!!We are in national clubs and 2drivers for 17 cars.I was using reg plates & a few antique-but I drive them all the time and just switch out to keep everything running smoothly. Have new shop (rebuilt after hurricane LILI & old shop and paint & body shop-but still have 5 at my house-no garage yet. Guess I could rearrange like Sammy so it looks like every body has a house with a roof.......this is a dilemma. I think they are just collecting the cash they parted with when Lili devastated our community.Any body really like their Insurance co. & I intend to drive the cars on a daily basis -the heck with where I'm headed. Is the consencis Haggerty's the one? Randi
 
Re: Long Time Hagerty Insurer

I decided against "snake farm" (I like that.) when my BIL (at the time) was an adjuster for them. He was a "car guy" but bragged about making a classic Mercedes owner go to court to get authorized parts for the repair.

Then it was sealed when I got rear-ended by one of thier customers. The next day, the adjuster called and all but accused me of stopping in front of his client on purpose. The driver admitted that he was taking his car back to the dealership because of the brakes not working, and yes, I did stop in front of him on purpose. I make a point of doing that every time that the light is red. Bad habit of mine, I guess.

Enough of my vent on them. Suffice to say that I your leaving them is a good idea.
 
Re: Long Time Hagerty Insurer

I just wanted to add, that back in the day when I first bought my Midget, I was looking for insurance when I thought oh "Like a good neihbor..." so I called them up and for just liability they quoted me $1600 for 6 months, I told them to insert things into certain orrfices, their justification was "Its a foreign, convertible, sports car." I could understand that for full coverage, but they wanted me to pay more than what I paid for the car every year, just to wash their hands of it incase something happend. I use USAA now, and I called them up the other day, and right now with two cars and renters insurance I only pay $121 a month, and to add the MG on full coverage will only raise my monthly to 170, and with a 300 premium, and only a 12000 mile annual restriction. however, it will be a few years before I actually start driving it once I fully restor it, so its nice to know now that there is a light at the end of the tunnel.
sorry for bringing up old threads.
 
Re: Long Time Hagerty Insurer

I've got my TR6 insured through Condon and Skelly, $6000 agreed value, cost me $83 this year. I am limited in mileage (3000 I believe) and use (shows, club functions, educational purposes, etc.) but last year I only put 1200 miles on the car so this doesn't really bother me.
 
Re: Long Time Hagerty Insurer

Interesting, my Allstate agent didn't bat an eye or lay down any restrictions when I added it to my policy. The mileage limit is 7,500 miles a year (NO problem), but I can drive it to work, to the store, etc.. I noticed the mileage limit on the Honda actually goes down (as does the premium) when I have the MG's coverage active, since they figure whatever miles go on the MG are obviously not going on the Honda.
 
Re: Long Time Hagerty Insurer

I also have one of my MG's on Allstate along with 4 other cars and my agent just asked for which one we drive the most and who (wife and daughters(2) drive because the law makes me let them /ubbthreads/images/graemlins/mad.gif)and with all 4 of us it's about 170 a month. The policy states 7000-8000 miles a year but they have never checked how many miles or when we drive it.
 
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