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TR2/3/3A Insuring the TR3
- Thread starter Tinkerman
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Dick - if you put the TR on your regular car insurance, it'll have full liability coverage at a low rate, but very low collision/comprehensive/theft coverage. I'm very happy with the full coverage I have from Hagerty classic car insurance - about $250/yr for $20K value, $500K liability, and the 125-mile "towing" plan.
Tom
Tom
TR3driver
Great Pumpkin - R.I.P
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Important question to ask is whether you can use "classic" insurance or not. Generally it requires that the car be driven only "for exhibition purposes", possibly with a mileage limit per year, and kept in a locked garage. If that works for you, then either Hagerty or JC Taylor is the way to go. Rates are much lower, and they are "agreed value" policies, meaning that they will take your word for how much the car is worth and pay that much if it is damaged beyond repair.
Since I use mine as a daily driver, I can't use "classic" insurance. Instead, I have a "stated value" policy through Mercury (who also handles my other cars and house). "Stated value" means that I define how much insurance I want, but in the case of a total loss, they will pay the lesser of either that figure or what it costs to purchase a similar car in similar condition. I have been very happy with them, in spite of the fact I was somewhat underinsured (my fault!) when my TR3A got totalled. Since the accident was not my fault, they gave me the option of taking the full insured value or fighting with the other guy's insurer. I took the first option and they just wrote me a check for the full amount; letting me keep the car (with it's undamaged overdrive, TR6 gearbox, alloy flywheel, sway bars, rebuilt carbs, etc.)
They also gave me a list of "comparable" cars that had sold recently, which I really appreciated. The average of the comps was $9200, back in 2005. These were cars like mine, reliable drivers but not show cars. I could have disputed any or all of them (for example, most did not have overdrive or synchro 1st), but since I was only insured to $8000 there was no point in doing so.
Since I use mine as a daily driver, I can't use "classic" insurance. Instead, I have a "stated value" policy through Mercury (who also handles my other cars and house). "Stated value" means that I define how much insurance I want, but in the case of a total loss, they will pay the lesser of either that figure or what it costs to purchase a similar car in similar condition. I have been very happy with them, in spite of the fact I was somewhat underinsured (my fault!) when my TR3A got totalled. Since the accident was not my fault, they gave me the option of taking the full insured value or fighting with the other guy's insurer. I took the first option and they just wrote me a check for the full amount; letting me keep the car (with it's undamaged overdrive, TR6 gearbox, alloy flywheel, sway bars, rebuilt carbs, etc.)
They also gave me a list of "comparable" cars that had sold recently, which I really appreciated. The average of the comps was $9200, back in 2005. These were cars like mine, reliable drivers but not show cars. I could have disputed any or all of them (for example, most did not have overdrive or synchro 1st), but since I was only insured to $8000 there was no point in doing so.
martx-5
Yoda
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I have Hagerty also. Pretty much the same plan except my agreed value is at $25k. Hagerty doesn't have any mileage limits, but they do want it garaged and I'm pretty sure that commuting with it is a no-no. Also, the towing applies to all cars in the household up to three times a year with a guarantee of a flatbed.
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I have both of my old cars on my family auto policy covered as antiques. My policy, like Randall's is on a stated value basis.
I can adjust the values each time the policy renews so it's up to me to keep it current. This also helps if you want to carry a personal umbrella policy since the insurance co. Is concerned with your underlying coverages for the umbrella policy. The antique rate is considerably less than my other cars.
I can adjust the values each time the policy renews so it's up to me to keep it current. This also helps if you want to carry a personal umbrella policy since the insurance co. Is concerned with your underlying coverages for the umbrella policy. The antique rate is considerably less than my other cars.
M
Member 10617
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I, too, have my 58TR3 on my family auto policy, covered as an antique car. I have to keep it in a locked garage and am restricted to 4000 miles@ year, but am I able to do as much recreational driving as I want -- within reason. Moreover, it is insured to the appraised value of the car.
The State of Virginia, for a driver to qualify for antique plates, also restricts me to 4000 miles, limited recreational driving, and no more than 250 miles from my home.
My insurance agent, who also is an agent for the "classic car insurer" most often mentioned, says that I would be greatly restricted in how I use the car, mainly for "exhibition purposes," with that insurance. She would gladly sell me the insurance, but advises that I stick with the family policy.
The nice thing about having the car on my family auto policy is that I also have homeowners policy and umbrella liability policy with the company.
I have read debates over whether to use family policies or special classic car policies, and the jury is out as far as I am concerned, but I'm satisfied with my arrangement.
The State of Virginia, for a driver to qualify for antique plates, also restricts me to 4000 miles, limited recreational driving, and no more than 250 miles from my home.
My insurance agent, who also is an agent for the "classic car insurer" most often mentioned, says that I would be greatly restricted in how I use the car, mainly for "exhibition purposes," with that insurance. She would gladly sell me the insurance, but advises that I stick with the family policy.
The nice thing about having the car on my family auto policy is that I also have homeowners policy and umbrella liability policy with the company.
I have read debates over whether to use family policies or special classic car policies, and the jury is out as far as I am concerned, but I'm satisfied with my arrangement.
Geo Hahn
Yoda
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From the Hagerty website:
No commuting and not for daily drivers but possibly not the onerous restrictions some may expect.
This was the issue I encountered -- my carrier would not issue an umbrella because the classic cars were with another carrier. Had to get the umbrella from a third party (Shifting Sands Mutual or something like that). I now have Hagerty and they have a 'special relationship' with Allstate so for now at least I can have an umbrella from Allstate that covers all the cars.
Note: This is not meant as an endorsement of Allstate and certainly not wanting to engage in carrier review as everyone knows a story or two about any major carrier -- just pointing out one way the umbrella policy bugaboo can be overcome.
Hagerty said:
No commuting and not for daily drivers but possibly not the onerous restrictions some may expect.
This was the issue I encountered -- my carrier would not issue an umbrella because the classic cars were with another carrier. Had to get the umbrella from a third party (Shifting Sands Mutual or something like that). I now have Hagerty and they have a 'special relationship' with Allstate so for now at least I can have an umbrella from Allstate that covers all the cars.
Note: This is not meant as an endorsement of Allstate and certainly not wanting to engage in carrier review as everyone knows a story or two about any major carrier -- just pointing out one way the umbrella policy bugaboo can be overcome.
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One thing I discovered when first investigating coverage: not all "general insurers" will cover you for an agreed or appraised value. Mine (Arbella) didn't, so that was another reason to go with Hagerty.
Come to think of it, how do you actually obtain an "appraised" value for your classic car?
Tom
Come to think of it, how do you actually obtain an "appraised" value for your classic car?
Tom
Geo Hahn
Yoda
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There are professional appraisers who will do the job but the field may include some who know little about British cars.
I needed an appraisal for a policy some years back and went to a local appraiser who just looked up a value in a book. He then offered to 'adjust' the number to whatever I had in mind. He said "After all, a dancer can insure her legs for a million dollars, why can't you name the value of your car?" I pointed out that a dancer would probably not crush her own legs just to collect the million. "Oh" he says "I never thought of it that way."
One other way an appraisal may be helpful is in the case of a serious accident and extensive repair -- a subsequent appraisal may be lower (due to the accident/repair) and be the basis for a 'diminished value' claim.
TR3TR6
Jedi Warrior
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Dick, I have two of my cars with Grundy. They have no mileage restrictions, but the car has to be kept in an locked garage. There restrictions are that it will not be used primarily for general transportation; cannot be used for back-up or for errands. Naturally it can't be driven to work or school or used for business or commercial purposes. One final thing, it can't be be used to participate in any rally gymkhana, speed contest, race of timed event of any kind. If you can live with those restrictions, then the car is insured for an agreed value plus they have a built in inflation added to the value each year. When I took out the insurance which was many years ago; all they required was a picture of each side of the car. Mine is insured for $ 24K and it runs about $ 200. per year. One other thing to think about. Most people think that if anything happens to there car it will be from a wreck. I know these folks that had a restored Mach I mustang that they kept in an locked garage and had dropped the insurance on it since it was locked up. Along came a tornado took the garage and dropped the mustang in a field about a half-a-mile away. You couldn't even tell what kind of car it was.
CJD
Yoda
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I have always used regular insurance...no restrictions. The only caviat is that if the car is totalled/stolen, you have the burden of proof to show what the car was worth. That is not a problem, if you, like most of us, have a lot of pictures.
I put this to the test a few years ago when I totalled a 1966 Vette. I showed the pictures, showed the CPI value, and had absolutely no trouble collecting what the car was worth.
Classic insurance just sucks! They limit your driving and usually costs more than regular insurance anyway. I have looked into it several times to try to save money...but it is just not worth it. Plus, if you do total it, you are stuck having to prove you were not outside of your restrictions. To me that is much harder than proving the value of the car!
I put this to the test a few years ago when I totalled a 1966 Vette. I showed the pictures, showed the CPI value, and had absolutely no trouble collecting what the car was worth.
Classic insurance just sucks! They limit your driving and usually costs more than regular insurance anyway. I have looked into it several times to try to save money...but it is just not worth it. Plus, if you do total it, you are stuck having to prove you were not outside of your restrictions. To me that is much harder than proving the value of the car!
justin_mercier
Jedi Warrior
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martx-5
Yoda
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I agree. I live on Long Island, and our car insurance rates are also very high. My '92 Miata costs me about $1200/year with NO collision coverage. So for the $300 I also pay for my TR3 valued at $25k, it is quite a bargain. And I do keep the same high liability on the TR as I do my other cars. As far as the restrictions go, I don't find them a problem at all with Hagerty. Unrestricted mileage...what more do you need. Just as long as I don't use it for commuting by having another car for those duties, and keep the classic locked in a garage when not in use, I'm good to go.
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One other caveat with insurance is that coverages and policies can vary greatly state-to-state in the USA, even from the same provider.
I used Hagerty for a few years on my Sprite and then on the MGB, and was happy with them. I've got the MGB on a regular "stated value" policy now as I do drive it to work quite a bit in the summer months. May be going back to a classic policy, but not sure if the limits they have work with how I use the vehicle. Main thing is to make sure your coverage fits with your usage.
I used Hagerty for a few years on my Sprite and then on the MGB, and was happy with them. I've got the MGB on a regular "stated value" policy now as I do drive it to work quite a bit in the summer months. May be going back to a classic policy, but not sure if the limits they have work with how I use the vehicle. Main thing is to make sure your coverage fits with your usage.
TR3driver
Great Pumpkin - R.I.P
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Read it again, "no fixed limit" is not the same as "unrestricted". I've heard from several people that got questioned as to how they put so many miles on the car. No one got turned down that I know of; but I'm sure they wouldn't bother interviewing if they didn't turn down at least some people.
Just for comparison, I pay about that much for all 3 cars combined, my TR3 and two older "regular" cars. The TR & Buick wagon have full coverage, the wife's Toyota only liability. (I should drop the collision on the wagon.)
Gordon_Dedrick
Jedi Trainee
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+1 for Hagerty. If I remember correctly, they wanted to know how many cars we had .........and how many drivers. Car must be garaged and not used for "daily transportation". I sent a couple of pictures and they insured for my requested amount. Easy, inexpensive IMO, and you can track values on any classic car on their website easily.............four rating classes with detailed descriptions of a trailer queen to a good looker @50 feet so you can make an educated guess where you stand. Interestingly, the value of ALL TR3's seems to have risen quite a bit in the past 18 months! Check your policy to be sure you can replace what you have in case of a total loss
OP
Tinkerman
Darth Vader
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My thanks to all of you for your thoughts and comments on the insurance questions and companies. I am retired military (line of duty medical injury) and for the last 5 years I have been doing my home mortgage, car and home insurance through USAA. Because of that I called them as well as Hagerty. USAA does not do "Antique or collector cars" but they have an associated company called American Collectors Insurance. I will be getting a stated value insurance plan. What they did though, in addition to the stated value they took a look at the insurance coverage on my other two daily drivers and matched the liability coverage that I have. Kind of like that. Will let you know how it all works out.
Cheers, Tinkerman
Cheers, Dick
Cheers, Tinkerman
Cheers, Dick