Classic insurance

[DCIV]

Anyone looked into this? I looked into hagarity earlier and they wanted like 1200 a year for my car. Cheapest they would let me insure it through would be for 30k. Just curious what you all do for insurance on your older car, as I would love a cheaper option.


Coop

[Boostaddict]

I used to have American Hobbyist and it was awesome. Very cheap to insure for declared value. I had the vr4 insured for $20k and it was maybe $500/yr. They merged with American Collectors and since I was going to have to re-apply and my wife started working at an insurance co affiliated with American Modern we switched the vr4 and our truck to their company. Rates are a bit higher but we get a discount on our other vehicles so its a bit of a wash (need to re-review $ now). At renewal this summer I think I'm going to re-evaluate American Collectors, Haggerty, or something else if its much cheaper (vr4 with declared value of 15k and truck with declared value of 10k I have right now).

http://www.americanhobbyist.com/Home/Consumers/41/

[DCIV]

Oh man! that would be perfect!


Coop

[I am Me N U r U]

Progressive, agreed value. Just have to show receipts.for custom work some, no mileage or use restrictions, etc. Came to about the same yearly cost as hagerty.

[Chris GTO TT]

[quote=""I am Me N U r U""]Progressive, agreed value. Just have to show receipts.for custom work some, no mileage or use restrictions, etc. Came to about the same yearly cost as hagerty.[/quote]

Just make sure it's agreed value not declared value. Declared value is pretty much a scam, you pay for what you say you're car is worth then if the insurance company had to pay out they pay based on what the insurance thinks the car is worth.

[Monochrome]

[quote=""Chris GTO TT""]Just make sure it's agreed value not declared value. Declared value is pretty much a scam, you pay for what you say you're car is worth then if the insurance company had to pay out they pay based on what the insurance thinks the car is worth.[/quote]

It's a great deal! I looked into switching to this recently.

[Boostaddict]

[quote=""Chris GTO TT""]Just make sure it's agreed value not declared value. Declared value is pretty much a scam, you pay for what you say you're car is worth then if the insurance company had to pay out they pay based on what the insurance thinks the car is worth.[/quote]

I'll have to look to see what I've actually got then. I wasn't aware of the terminology difference... I just assumed one = the other. Maybe thats why I pay more now (because its agreed value). They did give me a hard time about what I said my truck was worth with this new policy, it had to go to underwriting with a dozen pictures for proof before they said okay.

[green-lantern]

Need to call my wife, She sells insurance and just did a classic for like 60 bucks a year (or 6 month). The type he got he can only go to and back from meets/shows though.

[DCIV]

[quote=""green-lantern""]Need to call my wife, She sells insurance and just did a classic for like 60 bucks a year (or 6 month). The type he got he can only go to and back from meets/shows though.[/quote]

mine doesnt move....or so says my odometer if need be :suspect2:


Coop

[I am Me N U r U]

[quote=""Chris GTO TT""]Just make sure it's agreed value not declared value. Declared value is pretty much a scam, you pay for what you say you're car is worth then if the insurance company had to pay out they pay based on what the insurance thinks the car is worth.[/quote]

Yea, it's agreed value, not declared value.

Up to $5000 extra in coverage for aftermarket parts above and beyond whatever the value is of the car, anything above that, is agreed value. If I have a claim though, I just have to provide proof of the value... which I have pictures of all of my cars throughout the entire build process documenting everything that went into the cars, pictures of the work along the way, etc.

For my 91 TT valued at 20k (comprehensive only, storage insurance), my 96 ram valued at 17k (comprehensive only, storage insurance), and Hans' satin black car dropped to regular coverage, with liability and comprehensive since I need to have one vehicle listed as a current driver, I'm paying like $85/month.

When they go back on the road during the nicer months though, the price goes up considerably, but if you're not driving the cars all year 'round, it works out to be quite cheap.

[DCIV]

wayne did you ever find out about your insurance? No hurry, just want to actually be legal with the car when I do drive it.


Coop

[Boostaddict]

When mine are up for renewal later this year (I think Spring/Summer timeframe) I'll look into my coverage in more detail and start shopping around.

[Boostaddict]

I finally had to renew my policy. I did some basic price comparing and it wasn't worth my time to go elsewhere right now for a variety of reasons. I verified that most of the big name collectors insurarnce policies are all agreed value (including my policy with American Modern). Michigan has a mandatory fee on each vehicle of $185 which jacks all policies through the roof so there wasn't much difference in price from what I can tell between all the companies (I had a broker who deals with about a dozen companies give me verbal rates on the phone). I ended up paying ~ $780/yr for $15k coverage on the vr4 and $10k on my truck which includes a bunch of other "perks". I need to avoid any hard pulls on my credit right now or I'd be more aggressive in saving a few bucks.

[DCIV]

I am having a pain in the ass trying to get classic car insurance. They want the car to be 25 years old and its 23.


Coop

[DCIV]

cheapest I have found is 300 additional for 6 months. While thats not horrible I was really hoping for less. With the 300 ever 6 months you still have to not drive over 5,000 miles, not to work and back, not on errands, stay 50 miles from home, and only to car meets?

Like seriously?!


Coop

[J-Groove]

[quote=""DCIV""]cheapest I have found is 300 additional for 6 months. While thats not horrible I was really hoping for less. With the 300 ever 6 months you still have to not drive over 5,000 miles, not to work and back, not on errands, stay 50 miles from home, and only to car meets?

Like seriously?!


Coop[/quote]

That is messed up?!?!

I have American Collector on the VR-4.

Yearly bill is $491.95

Guaranteed value of $25,000 + all performance mods I have receipts for.

Limitations: cannot be a daily driver, must be garaged, 5,000 miles a year limit.

Beyond that, no limitations on uses, can be used for road trips, non timed track events (meaning track days are allowed, I just can't use the car as a race car).

Call them up, it was a very easy process, they also allow a step up that costs a bit more but has zero mileage limitations.

-John

[DCIV]

[quote=""J-Groove""]That is messed up?!?!

I have American Collector on the VR-4.

Yearly bill is $491.95

Guaranteed value of $25,000 + all performance mods I have receipts for.

Limitations: cannot be a daily driver, must be garaged, 5,000 miles a year limit.

Beyond that, no limitations on uses, can be used for road trips, non timed track events (meaning track days are allowed, I just can't use the car as a race car).

Call them up, it was a very easy process, they also allow a step up that costs a bit more but has zero mileage limitations.

-John[/quote]

Here is my American Collectors quote.
1. Modified 1992 Mitsubishi 3000gt $20,000 7500



Coverage You Selected

Coverage (Limit) [Deductible] 1992 Mitsubishi
Comprehensive [$5000 Ded] $736.00
Collision [$5000 Ded] $216.00
Spare Parts ($500) Included
Marginal Garaging Surcharge Included
Vehicle Total $952.00
Annual Premium: $952.00
Total: $952.00

[J-Groove]

[quote=""DCIV""]Here is my American Collectors quote.
1. Modified 1992 Mitsubishi 3000gt $20,000 7500



Coverage You Selected

Coverage (Limit) [Deductible] 1992 Mitsubishi
Comprehensive [$5000 Ded] $736.00
Collision [$5000 Ded] $216.00
Spare Parts ($500) Included
Marginal Garaging Surcharge Included
Vehicle Total $952.00
Annual Premium: $952.00
Total: $952.00[/quote]


I have to ask, what is your driving record like?

My rate is less than half of yours for $5,000 more coverage and only a $500 deductible.

That just can't be right if you do not have an extenuating circumstance.

-John

[DCIV]

No tickets, no accidents, great credit. Only thing I can think of is that mine isn't stored in a garage but in TN haggerty allows that because we are TN.

I am going to call these people up and see as your car is newer, you want more insurance, your younger, and we have the same driving record.


Coop

[DCIV]

Just called them up and that is exactly what they said....it must be stored in a garage at all times. I can't, my house does not have a garage.


Coop