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Who is the best insurance for classical cars?

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Thanks,
I have State Farm on our family vehicle and have been paying about $750 / year with lots of coverage.
I recently signed up on their website so I can see all my coverages and I deleted some features and reduced the cost by half.
I'm going to check if they have any tools online for adding a vehicle and if it gives you any sort of options.
I like the idea of shopping it around, I will make some time to do that.
I also have my home insured with them, and feel like I could be doing better there too.
 
As others have already said, just be sure you understand the difference between "Actual Cash Value", "Stated Value" and "Agreed Value." Your regular car is almost always insured for Actual Cash Value. That means whatever the insurance company decides it is worth in case of a total loss but usually about what you could sell it for before the loss. Stated value is often used by the regular insurers for our older cars. It determines the premium but has very little to do with how much you get for a total loss. Again, the insurer will determine the value for a total loss and usually considerably below the "stated" value. In the case of Agreed Value, the insurer agrees with you on the value of the car and that is the amount you will receive for a total loss.
 
I don't know if it's appropriate to trash particular insurance companies on the forum, but I will say that I've never heard anything good about filing a claim with the two aforementioned large companies whose Initials are A------- and G----.

I have heard good about Grundy, and swear by Hagerty.
 
Ok, just called my SF agent and asked what it would cost to add the Midget.
No matter what I'm leaving the Sprite with Grundy.
They will call me back hopefully this morning and let me know.
 
Well the lady who called me back was saying $50 / month, to which I said 'no thanks'.

Then my agent quickly called back and said hey, we have a policy for you for something like $100 - !50 / year. I said I'd choose that one!

I'm emailing him some pics right now.
 
What 1200m limit is this? I have Hagerty and they have never mentioned any specific limits, just must be "reasonable use" for a "collector vehicle" (which means that we can drive them every sunny day in "sunny" Seattle (or approximately 5 days per year!).
BillM
 
Thanks, that was what I was hoping to hear. For some reason, I had this 1200 figure in my head, but I couldn't find any substantiation from Hagerty. I did see another company that offered three different plans according to how many miles you wanted to choose as a limit. My agent told me not to worry, as I would be covered regardless. I just had this idea of being told that because I had wracked up X number of miles , they were denying the claim. I have done about 2500 miles on the Bugeye this season.
Bill
 
Well, I tried getting my Bugeye insured with Haggerty, but it looks like I will not qualify unless I add a car and get it insured. Apparently every one in a household has to have a separate car and have it insured - we only have a Saturn that we both use. I do have a TR6 and Ford Falcon that I could get running without too much effort, but it just doesn't make sense to drive them right now. I only live 4.5 miles from work and get dropped/picked up by my wife each day. We were doing this to save a little money, but I liked it because it was nice to see each other every morning. I had a front end allignment scheduled tomorrow, but I guess I will have to cancel for now until I do more research. It looks like it could end up being very expensive to insure the Bugeye. With all the work, time and money I have put into the Bug, there is no way I want it to be a daily driver. I do want to drive it occasionally as weather permits. Is there anyone who insures classics where I do not need to have another car? Any suggestions on what I should do?
Kevin
 
I decided to check out Grundy and get a quick quote. They only charge $160 a year as opposed to Haggerty that wants $260 a year. I listed the value as $20,000 in each case. Any idea why the price is so different?
Kevin
 
ichthos said:
Any idea why the price is so different?
Click to expand...
Every company is different -- that's why it pays to shop around. They all run a different set of calculations to determine their premiums. Find the company that has the right deal for you.
 
Check:

American Bankers Insurance Company of Florida

Antique and Collectible Vehicle Policy

800 630 6302

I had no probs. see what you get. About 125 A year.
 
I am shopping now good information here.

Got online quotes from Hagerty, Grundy, J.C. Taylor.

All pretty reasonable, under $200 a year for $20,000 coverage.

Hagerty is the most, but not by a whole lot, I started the application process with with, couple minor irritants, they ask if you belong to a club, then they have a list, if you say yes your club has to be on the list or you will get zapped out, there are a lot of big clubs on the list, but a lot that are not, minor thing, but irritating, would have been easy to add an other option.

Also they ask for declarations page or something like that from your current insurance policy on all other cars and drivers in the household, I have that somewhere I suppose, but I did not feel like digging them up anns scanning them so I stopped at that point,

The all ask if your car is stock or modified, a hard question to answer, but noticed with Hagerty it made about $100 difference in the premium. Their deffinition was "significantly modified" don't know exactly what that means, I have wider than stock wheels, and some minor tweaks to the motor, but nothing radical, don't really want to pay 50% more for my insurance because of that, but don't want a clain denied because they disagree about modification being "significant"
 
I explained to insurers that my Superbettle is converted to front disk brakes and front lowered 1 inch (stock Supers look like they are going uphill all the time). Also my Prefect is updated to hydraulic brakes and has a '58 motor instead of the original '48 (still the same dimensions and 36hp). Hagerty accepted those mods as "standard" but all the other guys rated them as "custom" at a considerably higher premium. I decided on Hagerty for that reason. If you are concerned about your mods (and you should be) the best bet is to call them and ask.
 
I would suggest calling the insurers as well to clarify questions. The Tunebug has a later 1275 motor and disc brakes. They still considered this "standard" as it didn't add more than a certain amount of power to the engine (an advantage with little bitty motors :smile: ).

I've found their call-answering folks helpful, and I'd guess that the other major carriers of classic car insurance would be similar.
 
Good discussion.
Glad to see people are aware of differences between
"stated value" and "agreed value".

Kevin, you asked why Hagerty was more than Gundy.
Look closely at quotes.
You will see that Grundy quotes UM/UIM at state minimum.
Hagery quotes it at $100,000.
Believe me, you will give a darn about this coverage and
the limits if you are ever hurt by an uninsured driver.

Hagerty includes med pay, Gundy does not unless required
by state law.

Sooooo, make sure you are comparing apples to apples
between companies. If someone with poor limits seriously
injures you, the LEAST of your worries will be a
$15,000 collision loss claim.

Paul
 
I sort of feel overwhelmed by the insurance issue. Lack of insurance has put the brakes on my restoration. I already had to cancel a front end allignment. I know there has to be a reason why Haggerty is $100 more per year than Grundy. I am having difficulty figuring out what those differences are. This is further complicated by the fact that it looks like I have to insure another one of my cars to be able to get classic car insurance. I currently car pool with my wife so we could save some money. I am only four miles from work and don't need another car on the road right now. Is is tacky to ask Haggerty or Grundy why I should go with either of them?
Kevin
 
Kevin-

Absolutely call them. I did.
I was not happy with the UM/UIM coverage, as I wanted
it the same as liability, and I wanted all of it to be
single limit. They requoted my coverage at THREE TIMES
the limits previously quoted, made it all single limit,
and the premium changed by less than $20/year.
Note that Hagerty also automatically includes
"Hagerty Plus" at $29/year. Dropped that as it offered
nothing I wanted. So I got the limits I was looking
for and after dumping the "Plus", I saved money.
For anyone who wants details, PM me and I will tell you
my limits, value, and premium. I just don't want to post
that info on a public board.

Paul
 
Just a reminder from an old insurance guy . . . we purchase liability insurance to cover our assets. How much are you worth? Unless you and your family are living in the woods eating nuts and berries, $300,000 is a minimum, especially if you own a house/property.

Don't skimp on liability coverage. In today's litigious environment, you need all you can get. Most of us here should have an umbrella liability policy as well.

I hope this is helpful. :thumbsup:
 
When I had asked for estimates on insurance, I had asked for 500,000 liability for the very reason you stated, Mark. I am not sure medical is an issue for me right now as I do have medical coverage. Any other recommendations on what I should look for?
Kevin
 
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