Collector Car Insurance - Add Comment

[6shark9]

Save $234 bucks a year! Wow... great...! Count me in.

Wait a minute..............

Regular Insurance $380/yr, 300K/100K full coverage $250 deductable, no "agreed value" on the car, unlimited driving.

Collector Insurance $146/yr, 30K/15K full coverage, $0 deductable, agreed value of $16,000, DRIVING 5K miles/yr, only to shows, club events, and pleasure Absolutely Never drive to work, never use the car as a backup to the main drivers, never run errands in it

Hagerty $146/yr
Grundy $258/yr plus a CA surcharge(?)
Both have the same rules
I drive the car about 1000 miles/year.

I'm beginning to think that I'd rather pay the extra $234 for the piece of mind of being able to drive the vette when and where I want to. I might get an appraisal to submit to the regular insurance for an "actual value" policy.

Now, what does the Action Center think?????

 

[Wamp]

I got a pamphlet from a customer one day who has Ferraris about this insurance. I don't remember which company because when I started reading all the limitations to the policies it went in the trash. We have both our vettes on our policies with our regular insurance carrier for the rest of the fleet. Full coverage and I know my husband got the appraisal done and put an actual value on them. I don't know how much we would have saved, but like you said I would rather drive them where I want, when I want. The only one we would have put on a policy like that would be the 74, so I don't know if we would have seen a real substantial savings.

 

[Tom73]

You may want to check out that "regular insurance" to see what they will pay since it is not agreed value. The agreed value which is what the classic/collector insurance offer is what makes the difference. The regular insurance, in case of a total loss, will value the car as a very used '69 chevy. May give you $300.

As for the libiality amounts, you can get the higher rates on the classic/collector insurance. Will cost a bit more but nothing like the cost of "regular insurance".

If you can live with and abide by the restrictions, then classic/collector insurance is the only way to go. If not, then get the regular insurance. Just make sure you get an agreed value policy.

tom...

 

[Tuna]

I just checked with my regular insurance company about this since my 92 is getting older and I just put a lot of money into it to keep it going and looking good.

I was told that they used the Kelley Blue Book as a guide to establish the value of the car in case of a loss. However, they would take into consideration any recent major restoration work and paint if I provided them with receipts. So, I'm keeping my receipts for the motor rebuild, parts, paint, etc. just in case.

I checked with Grundy and American Collectors Insurance also. Grundy doesn't seem to have any mileage restrictions but there are lots of other questions. American Collectors only insures cars 15 years old and older and has lots of restrictions. I drive my ol 92 to work every day. I'll stick with my regular insurance for the foreseeable future.

 

[Tom73]

I was told that they used the Kelley Blue Book as a guide to establish the value of the car in case of a loss. However, they would take into consideration any recent major restoration work and paint if I provided them with receipts. So, I'm keeping my receipts for the motor rebuild, parts, paint, etc. just in case.

Be careful, they could say that all of that was just normal maintaince. What you need is a statement from them as to what they will pay in case of a total loss. Without something like that they can pay you a book value plus any depreciation they want to add on top of that. Check with them for a regular insurance with agreed value. Get the value set up front, not after it is too late.

tom...

 

[IH2LOSE]

no "agreed value"
.
Check the archive on this web site in the C3 section.If its NOT agreed value then you are NOT properly insured.

I try and find the information

As we all know something that sounds too cheap is.

Actually some of the collector car insurance does not offer agreed value the fraze it differently so you think you have agreed value.

The reason the collector car insurance company can afford to offer the insurance so low is they know we are not driving our cars every day,We are not leaving our cars alone in a parking lot for long periods of time,We are not putting on 6000.00 to 10,000 miles a year we you have the idea,Do you due dilagence here and youll see the best insurance for a collector car is one that has AGREED VALUE worded no other way then agreed value

 

[IH2LOSE]

Again I just reread your post

I might get an appraisal to submit to the regular insurance for an "actual value" policy.

actual value is different then agreed value

actual value is only agreeing that they will determin what the actual value at the time of loss and you will negociate it then.

Agrred vallue means this is what everyone agrees on today that in the event of a loss actually a total loss they will pay you the agreed value of the car.The only down side is if you do not watch the value of your car yearley you can have an insurance policy in 5 years that makes you under insured.Yearly I check what the current value of my collector car is and increase my AGREED VALUE with my insurance company as the car apreceeates in value .

Never be under insured

 

[6shark9]

Oh yes "agreed value" and "actual value" are very different.

In the event of a total loss my insurance company offers the option of a replacement with a same model/same year/like condition car. (but I just can't bring my self to trust them)

So under protection for my car with regular insurance & $$$$$$

vs.

Limited use (or No protection if I'm dropping off a letter at the P.O. in the vette) & $$

 

[JRMaroon]

Limited use (or No protection if I'm dropping off a letter at the P.O. in the vette) & $$

It sounds to me like you were just turning around in the Post Office parking lot. That's not an errand.

 

[69MyWay]

Yep..you are a wise consumer.

You have read the fine print, reviewed your drive style, and realized that this one size fits all collectable coverage is not right for you.

I have regular insurance on my 69 for the very same reason.

It is worth ACV if it is damaged.

No driving, garaging, driver restrictions.

Half the fun of having it....is driving it to work!!!!!!

 

[IH2LOSE]

You have to read a copy of the policy you are thinking of purchasing with agreed value.

You are allowed to drive it anyplace for maintnence.Sears offers no appointment needed repairs.So what I am saying if your out for the wrong reason and get into trouble who is to say you were not on your way to sears to have the battery tested.evrybody has a sears near them dont they?

I am embarresed to say I just got my car inspected in october and since its last inspection I drove my 1966 a total of 202 miles less the 16 miles to go to the inspection station leaving a total of 186 mile's driven for shows pleasure maintnence.So I actually am a fellow who rairly uses my car and I am perfectly insured with the limits of a collector car insurance policy

 

[6shark9]

Going with the Collectors Insurance.

Plenty of good excuses, plus I have a written (well e-mail)
OK for the "I'm going out for a ride...and since I'm out, I'll pick up a ......" scenario.

Now to create a corvette club at work (which meets every Friday).
'Cause it's OK to drive the vette to work then.

Really, I'm 4 "residential" miles from work (yeah, in So Cal too!!!) so what am I really missing. 15 minutes in the vette at an average of 30 MPH. That type driving does more damage that good.

 

[JohnZ]

Hagerty, Grundy, and Great American are quite flexible in terms of their driving restrictions in their "agreed value" collector policies, although none of them will allow driving to work or to school, for obvious reasons - their collector rates are low because their loss exposure is low.

I have my two classics covered with a total of $95,000 agreed value (plus the other usual coverages) with Great American for $660 a year.

"Collector" insurance is for "collector" cars - you protect your investment with "agreed value" coverage (and I have my appraisals updated every two years and GA increases the "agreed value" to match), and the insurer protects themselves by requiring that the car not be exposed to everyday risks. If you use your car for everyday driving, you can't expect an insurer to cover it at "collector" rates when it's exposed to the same risks as your daily driver.

If your car's market value can be documented as significantly higher than the Kelley Bluebook, it's old enough to qualify, you don't drive it every day, and you have "regular" insurance, you're under-insured in terms of recovering your investment in the event of a total loss - all the insurer is legally obligated to pay is the Kelley Bluebook actual cash value at the time of loss. You have to make the choice yourself and abide by the rules - there's no inbetween choice; it's either "regular" insurance with unlimited risk exposure or "collector" insurance with limited risk exposure.

 

[Robin7TFour]

HELLO, my allstate agent is handling my vette,but they also have some sort of agreement with hagerty to write policies. anyway, $123. for the year . i've been told that milage and usage isn't checked very often.


.02

 

[69MyWay]

These are the only guys I trust for specialty coverage.

They have written my cars in the past and do a great job.

The best part is, they are very liberal on usage.

I just got my Mom a Street Rod policy through them for the 23 T-bucket with high limits, full coverage, etc at $200 a year...and NO mileage restriction!

http://www.sneedcompanies.com/collectible.htm

 

[Robin7TFour]

CHRIS, thanks for the info. i sent in a quote request, wait and see what they say. btw, when you getting down this way again?


your friend


ROBIN