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Classic Car Insurance

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beebopbogo

beebopbogo

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Well, my baby turns 25 this year, which means cheap insurance! Or so I've heard. A friend told me it's possible to pay as little as $50 per year (liability and comprehensive) for a car older than 25 years.

Anybody have any recommendations as to which companies are good? My current provider is Farmer's Insurance, but they don't have classic car options.
 
I highly recommend Hagerty.com for classic car insurance. I've got full coverage on my '71 TR6 for less than $100/year. But, note that you will be limited on mileage so if your car is a daily driver then classic car insurance may not work for you.

Hagerty bases its annual premium on the value you give the car.

I haven't had any experience filing a claim (yet), but I know others that have filed a claim with Hagerty and they had good experiences.
 
I've been very happy with Grundy Worldwide, which is one of the two most popular classic car insurers (Haggerty is the other one). One limitation of classic car policies is that you must have another vehicle listed as a primary vehicle. Your MG cannot be your only car. Other than that there are few limitations. You can't use the MG for work, commuting or doing errands. It can only be used for pleasure driving. Some companies will give you a mileage limit, but some (Grundy included) will offer unlimited mileage, full coverage for under $100 per year.

The total amount due will be dependant on the agreed value of the car, which brings up another point. Only sign up for a policy with agreed value. If you don't, you risk getting a ridiculously small check if your car is stolen or wrecked.
 
I have a classic insurance policy on my Spit with State Farm. Right now I only have liabliity and its like $90 every 6 mos. WHen I finish it, I can get agreed value full coverage on it. Don't know what that will cost. The good thing about this policy is that it doesn't have all those restrictions other classic policies have. But I'm sure it has some.
 
I have agreed value insurance on both my 25 YO MGB and my 14 YO XJ-S through Farmer's Group. You just have to ask the right questions.
Remember, this is going to limit the mileage you can drive to around 100 Miless/Month. And where you can drive; To/From car events, Service, Service tests, etc.
/ubbthreads/images/graemlins/driving.gif
Mike
 
Grundy has all mine and with the unlimited miles will keep them. I don't plan on taking mine to a supermarket parking lot unless I have two people watching the car. Came out of Sears one time in a big hurry when I watched some clown pull open the rear hatch and stuck a kid in there eating ice cream, when I asked him what the h... he was doing, he said my kid has never sat in a rumble seat. How do we not kill these people??? I would have gladly showed him the car. Wayne
 
I've got State Farm, with all the coverage I could get, including road service, motel rooms, etc. There was a 3000 mile annual limitation, that my agent told me about with a large wink. They did require an appraisal on the car, to establish agreed value, but they never checked the odometer.
The whole deal is less than $200 a year. It was less than half that, until Michigan raised their required minimum contribution to the un-insured motorist fund.
This is on a '72 Midget, BTW.
Jeff
 
I insured my 53TD today for $150 a year, but it is clear that insurance for these cars is very reasonable and twenty bucks one way or another should not be what guides the choice. I would be very interested in hearing from folks who have actually had claims and can comment on how some of the underwriters settled the claims. I would think that any owner would happily spend a bit more with a company that will be there if and when needed
 
I have my insurance through American Collector Insurance for about $50 per year. There are some restrictions...you must park the vehicle in a locked garage, drive less than 2500 miles per year (a 5000 mile option is available) and have an agreed value to start, with an automatic escalation option. They will ask for an odometer reading every year for renewal. one more thing...no one with less than 10 years driving experience is pemitted to operate the car...which is fine by me, but my sons don't appreciate that /ubbthreads/images/graemlins/grin.gif

Bruce /ubbthreads/images/graemlins/driving.gif
 
Bruce
My insurance is with the same folks but the premium is about 150 a year here in Rochester NY. I have the car valued at 2oK so that might make a difference. Also, I ordeded it through USAA, my lifelong military insurance carrier and perhaps they get a cut which drives the price up. I can't get excited about the difference when a common MG TD car part can be twice that but I would be interested to know what car you are insuring for so low a premium
 
hey there, try Avon.com for a rate quote. a few guys at my work use it for there classic cars. that rates are good, and there is no mileage limit. when i did my 76spit it was valued at 2500.00,, only cost 100.00 for the year. m1sabot
 
Oh yes, good point... the difference could be the agreed value of your $20K TD versus my $5K B...one nice feature about American is the agreed value policy. I was referred to them by my regular (AIG) insurance company who issure my other 5 cars, but would not insure an MGB for anyone. I bought it the policy directly through the internet at https://www.americancollectorsins.com/ and through a very pleasant phone conversation. I also have a spotless driving record and live in PA.

Bruce /ubbthreads/images/graemlins/driving.gif
 
I am a licensed property and casualty agent for a major auto insurance company. All the above information is correct. Classic car insurance is exactly what it says it is. All of the major companies offer some form of coverage. You need to read the fine print. Stated value or agreed value coverage is the best option for a classic car. There are restrictions and "you need to know" exactly what they are!! For instance, is your classic car covered when it is being towed in a trailer. In most states the coverage on the tow vehicle transfers to the trailer being towed. If there is an accident the tow vehicle, the trailer and its contents are usually looked up in the Kelley Blue Book and a check cut. This would probably not cover the classic car.
If you attend an auto show out of town and decide to spend the night will the classic car have any coverage because it is not home in a locked garage? Ask questions and keep asking questions and if you are told something is covered then get it in writing!

Jim
 
Jim's question about away from home overnight coverage is an important one. I am going to call them but I suspect since they specialize in this niche market they will in fact cover cars at a show
 
I called American Collector this morning and, as expected, they cover cars left ungaraged at meets or car gatherings. Basically, if the car is engaged in a classic car event (not racing of course) the coverage is in force.
 
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