Insurance Question

[glomonac]

The insurance premium on my 87 Vette ie $1600. The classic insurance is $300. Heres the problem. To get classic insurance you have to have a car for every driver in the house excluding the classsic. My wife and I only have one car between us excluding the Vette. Does anyone know of an insurance co that dossnt have this requirement?
Thanks.

 

[bbw]

A $1300 difference. Buy a little beater for a few hundred. Register it, then park in on the street in front of your neighbor's house!

 

[gmhowe]

Here in Arizona my cost is only $700 and thats full coverage on my 85, never heard of "Classic" insurance. and our rates are high out here due to the car thefts. I have mine through Hartford

 

[Edmond]

The insurance premium on my 87 Vette ie $1600. The classic insurance is $300. Heres the problem. To get classic insurance you have to have a car for every driver in the house excluding the classsic. My wife and I only have one car between us excluding the Vette. Does anyone know of an insurance co that dossnt have this requirement?
Thanks.

I think you would have a difficult time finding an insurance company that would believe that you have 1 car for 2 adult drivers. They just won't believe that 2 working adult drivers share 1 car while the expensive Corvette just sits at home.

In IL, I think the car has to be out of production or 30 years old to be able to buy classic insurance. Not sure though because I've never looked into it.

 

[spyysee]

I too have an '87 and in NY. The cars are 17 years old. How do they qualify for "classic"
status?

 

[c4cruiser]

Have you tried getting quotes from other companies that offer "Classic" insurance?? The other problem with some polices that insure "classics" is that they limit you to "exposure" effectively limiting you to when and why you drive the car including a maximum number of miles per year. You could drive to events, shows, parades, club activities and such but you may find that it cannot be used again as a daily driver.Another older economy car as a daily driver might be a way to go assuming you have room and don't mind the possibility of having limits placed on the use of the Vette.

 

[94C4]

Check out lelandwest.com

 

[richscorvettes]

The companies providing classic car coverage that I know of do require that it's not used as a daily driver. Some may want to see the other insurance policy for those cars as proof of that.

I do know that Grundy Worldwide, for one, has no mileage limitation or age restriction but they will only give those rates for cars not used as a primary vehicle. They can justify the lower premium because of the limited use of the car and the fact that most will be garage kept and well protected. The other advantage of collector car coverage is being able to get "agreed value" physical damage coverage to make sure you will get the car's full value in the event of a total loss. Your standard policy will only provide either "stated amount" or "actual cash value" coverage which is based on a Blue Book value and subject to depreciation.

Rich Lagasse

 

[muskiemike]

The companies providing classic car coverage that I know of do require that it's not used as a daily driver. Some may want to see the other insurance policy for those cars as proof of that.

I do know that Grundy Worldwide, for one, has no mileage limitation or age restriction but they will only give those rates for cars not used as a primary vehicle. They can justify the lower premium because of the limited use of the car and the fact that most will be garage kept and well protected. The other advantage of collector car coverage is being able to get "agreed value" physical damage coverage to make sure you will get the car's full value in the event of a total loss. Your standard policy will only provide either "stated amount" or "actual cash value" coverage which is based on a Blue Book value and subject to depreciation.

Rich Lagasse

Rich,

Perhaps this will help, as I just checked into Haggerty and Grundy Insurance to insure a few classics:

Grundy was cheaper, here are their rules: one car has to be insured by another insurance co, and that car has to be used for all your daily driving. Then you can insure your classic if it is at least a 1984 or older, the insurance is based upon what value you set for the car.

Now here is the condition, the classic can't be a daily driver, and you can only drive it to special events, car shows, hobby, and only drive it 3,500 miles per year.

Both sites are on-line and you can get an estimate on-line - works good and fast.

To get various rates, use a different value, like $10,000 or $15,000 - the more "classic" cars, trucks, motorcycles you have insured with Grundy or Hagerty, the lower your rate will be.

Hope this helps - good luck!

 

[HTRK-1]

I looked at these sites, there prices are very comparable to my Erie Insurance policy except, they have a $1000 deductible on collision. What am I missing?

 

[vetteguy]

Most have this policy. I agree w/ above post, for $1300 a year , buy a beater. I have mine w/ Grundy for $453 a year, 30k agreed value. Guy

 

[muskiemike]

With Grundy, there is "$0" deductable -, agreed replacement value on the vehicle.

 

[richscorvettes]

Rich,

Perhaps this will help, as I just checked into Haggerty and Grundy Insurance to insure a few classics:

Grundy was cheaper, here are their rules: one car has to be insured by another insurance co, and that car has to be used for all your daily driving. Then you can insure your classic if it is at least a 1984 or older, the insurance is based upon what value you set for the car.

Now here is the condition, the classic can't be a daily driver, and you can only drive it to special events, car shows, hobby, and only drive it 3,500 miles per year.

Both sites are on-line and you can get an estimate on-line - works good and fast.

To get various rates, use a different value, like $10,000 or $15,000 - the more "classic" cars, trucks, motorcycles you have insured with Grundy or Hagerty, the lower your rate will be.

Hope this helps - good luck!

Duke,

Thanks. I use Grundy for our cars. I believe that Haggerty does have an age as well as a mileage limitation, however, Grundy doesn't restrict mileage and they will even insure current model Vettes. They do require that the collector car is not used as a daily driver just as the other collector car programs I've seen.

Two other features are: their physical damage coverage can be obtained without any deductibles and the offer up to $1M liability limits.

They were easy to deal with and their rates have stayed the same for many years. The company that actually provides the coverage is Chubb which is a top rated company.

Rich

 

[JC4]

It appears that one of the caveats with companies like Hagerty and Leland West is that each member of the household of driving age must have a daily driver that is 5 years old or newer (Hagerty) or 10 years old or newer (Leland West). :confused


My wife has a 95 Explorer (okay with Leland West) and I have a 94 Grand Cherokee LTD and a 90 Honda Prelude Si. All three vehicles (in addition to the 93 vette) are immaculate. However, Leland West said they could not accept my app because my 94 Grand Cherokee was not 10 years old or newer.

What crap !! ad Apparently, if I had a 96 Kia Sephia (or other econocar with mediocre reliablity) with 250,000 miles on the clock, it would be less prone to breakdown than my low mileage GC. And, of course, if one of my vehicles went in the shop for repair, I would immediately begin driving the Corvette to work, instead of driving my other car, borrowing my wife's (who doesn't work) Explorer, using my company Explorer, or renting a car.

Sorry for venting, but it's just those kind of rigid, one-size-fits-all rules that generally leads to my low level of confidence in all insurance companies.

 

[richscorvettes]

It appears that one of the caveats with companies like Hagerty and Leland West is that each member of the household of driving age must have a daily driver that is 5 years old or newer (Hagerty) or 10 years old or newer (Leland West). :confused

JC4,

While all of the companies I know of require that a daily driver is availalbe to each licensed driver in the household, I know that Grundy doesn't have a specific age requirement for the daily use cars. Hope that helps.

Rich Lagasse

 

[Tom73]

It appears that one of the caveats with companies like Hagerty and Leland West is that each member of the household of driving age must have a daily driver that is 5 years old or newer (Hagerty) or 10 years old or newer (Leland West). :confused

I believe that Hagerty's is also 10 years but cannot be sure. One of our drivers is a 90, the other an '00. The 90 was too old but I called and talked with Hagerty about our driving situation, wife and I comute together in the '00, and they agreed then that the 90 being over 10 years old would be acceptable.

tom...

 

[zog]

I looked into both Grundy and Hagerty for my 73 Vette, I went with Hagerty because Grundy (though cheaper) would not cover the car if it was stolen or destroyed while I was staying over night in a motel...they said that would be my fault for being "not in attendance" of the car...Hagerty did not have such a restriction...

 

[ljbest]

In Illinois I have Allstate for the Vette and 3 Ford Trucks (E150, Explorer, and a Ranger). Adding the Corvette with the "Driven less than 7500 miles per year" option costs $310.00 every 6 months. Aside from the mileage statement, they did not have all of the caveats and other questions. We have 2 adults and a 20 year old student for 4 cars though.

- Larry

 

[JC4]

Looks like I'll have to insure my recently-purchased cherry '93 with my current insurer, GEICO, since Hagerty requires all daily drivers to be 5 years old or newer, Leland-West requires 10 years old or newer and Grundy, which has no age limitations, does require the covered car to be 1974 or older unless part of a collection of older cars.

How ironic. My wife (the only other household member) doesn't work, and we have a 95 Explorer, a 94 Grand Cherokee LTD, and a 90 Prelude, with all three being in great condition with relatively low mileage. In addition, I only plan to put up to 2K miles a year on the vette, maily for pleasure driving and car shows. The sad thing is that I'm not as concerned about paying a higher premium at GEICO as I am about not receiving the vette's agreed upon value in case it is totalled.

 

[Seahorse51]

INsurance

I bought my Vette a month ago and got quotes from several classic/collector car insurance companies. I finally settled on American Hobbyist. They have no mileage limits, all corvette's, by their nature qualify as classics or collectables. I think they even insure hot rods. All of the companite require a daily driver for each driver in the family. I have twin boys, 16 yrs. They went together to buy their car so each of us don't have a daily driver. American Hobbyist makes an exception for students and we were able to qualify. They were the only ones. My premiums are 260.00 per year. Some of the companies not only require cars for everyone butl go so far as to say none of them can be over 10 yrs old! What a bunch of s**t. They all will require signed exemptions for persons in the house under 25 yrs old. Can't think of much more but might if you asked questions. BTW americanhobbyist.com.