Who is the best insurance for classical cars?

[ichthos]

I am almost done restoring my Bugeye, and will be taking it on the first road test tomorrow. I need to get it insured fairly quickly as I will be taking it across town for a front end allignment shortly. I presently have my car registered as a "collector car", mainly because I only have to pay a one time tab fee. How do I determine what my car is worth? What is the best choice for collector car insurance? Are there companies that let the owner establish the value? If they do this, is the insurance proportional to the stated value of the car? Any input would greatly be appreciated.
Kevin

 

[Billm]

Check them all out but i very heartily recommend Hagerty! They won't insure anything below $4500 in value but will let you name the value of your car (within reason). Don't make the mistake that I made and only insure it for $4500 since that was WAY too little and when I got hit by an SUV last summer they almost HAD to "total" it since the repair cost was almost 80% of my valuation (I had to use "uninsured motorist" since she was).
I had to tell the adjuster to minimize his estimate so that I wouldn't have a "salvage" car.
The cost MAY be linked to value of the car but it seems to run around $125.00 per year (full coverage) no matter what the value is.
BillM

 

[JPSmit]

Many companies will want an appraisal to value the car. I actually ended up using my insurer for the rest of my vehicles. Same price and much more convenient.

 

[Pythias]

I haven't had experience with anyone BUT Hagerty, but I have no reason to switch. I've had two claims and they paid immediately. When it took a while to get parts they even asked what they could do to expedite things.

Their restrictions are about the same as you are already operating under with Collector Car plates. I told my agent that I would be driving the car any time the roads were dry. That counts as "limited pleasure driving" in Western Washington.

 

[JohnnyO]

I found out my insurance company that covers my other cars, State Farm, also covers collector/classic cars, and you set your own price and give them pictures just like Hagertys. Because I have multiple cars with State Farm the premiums for the same coverage was lower then Hagertys.

 

[JPSmit]

I told my agent that I would be driving the car any time the roads were dry. That counts as "limited pleasure driving" in Western Washington.

you mean it covers both days? (sorry hijack - back to the topic at hand)

 

[taskadog]

I'll second, or third Hagerty. State Farm cost me way more. Last renewal I increased the agreed value by $2000, and it cost another $12/yr. I sent pictures of the car and garage, they want to know its stored indoors, but they didn't need an appraisal.

South Florida is a high rate area, I think I pay abot $130.00/yr for $12,500 value including road service.

 

[Pythias]

Hagerty Road service isn't as good a deal as AAA, when you get to the PLUS level at least. Be sure to shop for that service. They WILL make sure that the tow truck comes, though, and if all you plan to use is the basic level, it's a fantastic deal.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:](you mean it covers both days? devil (sorry hijack - back to the topic at hand)[/QUOTE]

YES, BOTH DAYS! It's well worth the $125 a year to be able to drive BOTH DAYS!

 

[Hap Waldrop]

Haggerty here as well, and very satisfied, I also have the roadside pan which extends to all your other cars as well, I had to have the GT towed a 110 miles one time, didn't coast me a dime, and they wnt to my wife work andput her spare tire fo me one time as well, the roadside paln is a good thing to have, it cost less than one tow bill and with a classic car is for sure going to be used sooner or later.

 

[The_architect]

The wrinkle for me is that I live in an eastern state and have registered my Bugeye at a second home in the midwest, where the car is garaged. I could not find any insurance company except Grundy who would give me a classic car policy without also showing I also have a daily driver registered in the location where the Bugeye is garaged. The assumption is--if you don't have a daily driver you're driving your classic car every day.

I get that, but I don't have a second car out there. When I visit I just rent a car.

Grundy was very easy to deal with. I am paying $160 a year for $8,000 I think. So far no claims, so I cannot tell you what kind of service they give. Hopefully I never will!

 

[Guest]

When I had the Super Bee, we wnt w/ Allstate on our regular policy. It wasn't too much more and I didn't need a note from my mother to drive my car ( i.e I could drive it whenever I felt like it.)

 

[scoutll]

This question is likely to end up with a dozen different opinions.
A lot of people recommend Haggerty or one of the other classic car specilaists.
I have mine on my regular state farm policy. just over 100 a year. No driving restrictions other that it goes up if I drive it over 7500 miles a year, and it can't be used as a commercial vehicle. Their appraised value was 12,000.

 

[Healeysince59]

Is that (12000) stated value or agreed value?

Marv J

 

[RickB]

This question is likely to end up with a dozen different opinions.
A lot of people recommend Haggerty or one of the other classic car specilaists.
I have mine on my regular state farm policy. just over 100 a year. No driving restrictions other that it goes up if I drive it over 7500 miles a year, and it can't be used as a commercial vehicle. Their appraised value was 12,000.

Want to PM me the name and number of your agent?
My State Farm agent apparently can't spell MG.
They seriously told me it would be like $750 / year to add it to the policy.

Or give me a clue what to ask my agent for?

 

[scoutll]

Is that (12000) stated value or agreed value?

Marv J

Marv,

That was the value that the State Farm agent placed on it. They had an appraiser look at it and took several pictures, then stated that was the probable replacement cost.

 

[scoutll]

Rick,

My agent didn't have any information on MG's either. That's why they had their appraiser look it over and place a value on it. They had to manually enter it into their computer without using all the automatic entry features.

$750 a year sounds pretty crazy.. My new $35,000 Town and Country costs around $500.00 a year for full coverage and my old beater pick-up costs about $90.00 a year for basic coverage. From what I hear, the premiums are somewhat lower up here in no man's land though. I don't know if it really makes a difference these days, but I have also never had a ticket or accident, and been with State Farm since 1977.

 

[RickB]

Aha!
Now I see where I went wrong, when they couldn't find it I said well it's kind of like a 'classic car'...

Classic blunder on my part!

 

[Healeysince59]

If you have an "Agreed Value" policy and there is a total loss, they will pay that amount, no argument. A stated value establishes the premium and if there is a loss, the insurance company will establish the market value at that time and reimburse accordingly. Classic car insurers are generally agreed value. Mainstream insurers (like State Farm) have both types. Google "Agreed Value vs Stated Value insurance" and read the horror stories.

Marv J

 

[Hap Waldrop]

If you have an "Agreed Value" policy and there is a total loss, they will pay that amount, no argument. A stated value establishes the premium and if there is a loss, the insurance company will establish the market value at that time and reimburse accordingly. Classic car insurers are generally agreed value. Mainstream insurers (like State Farm) have both types. Google "Agreed Value vs Stated Value insurance" and read the horror stories.

Marv J

That's right, anyone who has dealt with a regular car insurer knows the deal, they will try to rob you, it just took me month of banging heads with Allstate to get them to give the actual value of my Wife's Honda CRV that was totaled when their client didn't stop for the traffic light and rear ended my wife going 40 mph, it was almost like I had done something wrong to Allstate. To top everything off the Allstate adjuster cursed me out during the process and had to replaced by aonther adjuster, it was a terrible expereince. I will never trust my classic car insurance to these idiots ever, but remember even then you my have to deal with one of them is someone hits you.

Most of us don't use our classics as daily drivers and do not put more than 2500 miles a year on them, and already keep them in garages, that stereotype fits 90% of classic car owners. Haggerty, Grundy understand our cars and their value, while the big boys do not. I pay just a tick over $200 a year for 12,000 agreed value, and that inlcudes $85 for a 125 mile road side service, which I used twice last year. Now mind you the classic car guys are serious, if you have a lot of tickets or wrecks, forget it they will not touch you, they are looking for low risk clients and that is why they can offer their service and reward you for being low risk, I recently had a buddy with a Midget turned down by Haggerty because his wife had, had three speeding tickets in two years.

Alot of us put alot of money in our car, high perforamnce engines, 5 speed trannys, alloy wheel, leather interiors, fancy paint work, Haggerty and companies like them give you the abilty to decide what you would like to compensated if you car is totaled, the other don't give you that freedom, you take whatever they see see fit, so here's how I see it, if your car has alot of work and money put into it, lets say over $10K value, then classic car insurance is the only logistal choice IMHO, and the best way to protect your investment should you lose it.

 

[vagt6]

This question is likely to end up with a dozen different opinions.
A lot of people recommend Haggerty or one of the other classic car specilaists.
I have mine on my regular state farm policy. just over 100 a year. No driving restrictions other that it goes up if I drive it over 7500 miles a year, and it can't be used as a commercial vehicle. Their appraised value was 12,000.

Want to PM me the name and number of your agent?
My State Farm agent apparently can't spell MG.
They seriously told me it would be like $750 / year to add it to the policy.

Or give me a clue what to ask my agent for?

Rick, not that State Farm is so bad, they just don't like to insure these cars. It's a financial decision. If that's the case and Snake Farm wants to charge you $750 (crazy), just pick up the phone and get quotes from other agents. Talk to a local Independent Agent, call Allstate, Nationwide and definitely GEICO. I have GEICO, who referred to me American Home Insurance (owned by GEICO, I think). Very cheap.

If you and your household have good driving records, you'll find a competitive price. Shop til you drop on your car insurance, forget about "loyalty" to an agent or company, it's a myth.

Good luck, let us know.