Who do you use for Classic Insurance & how much?

[70_Fastback]

I'm in the process of obtaining insurance for the '70 now.  I insure with AllState for my home & autos.

I contacted my local Allstate agent about insuring my '70.  The typically broker it out to Hagerty.  He wanted to know a value to insure it to.  How would I come up with a value number? 

What values have YOU used...?


For initial quoting purposes I told him to value between $35K & $40K & appx. 90% complete :

And this is what he came back with:

The quote for $35,000 in stated value coverage thru Hagerty is $572 a year.  That is full coverage, no deductible.  The quote for $35,000 in coverage thru Allstate , by adding it to your current auto policy, is $426 every 6 months.  That is full coverage, but with a $500 deductible.  As you can see, Hagerty is much better for coverage like this.  I reviewed Hagerty's guidelines and it appears that they will insure a vehicle that is still being restored.  I think we can get it approved thru them, right now.  Let me know what you think and what you want to do.  I can then give you further direction on how we get it insured.  Thanks

I was surprised; I was thinking it would be higher than that.

Any opinions?  And any opinions, or experiences, on Hagerty...?

[silverblueBP]

I have mine through Grundy, $355.00 a year. I have it insured for $50K, all they wanted was pics and a description...no appraisal.

I've had this coverage since 03.

[68EFIvert]

I use Hagerty as well.  I am insured for $75k and I pay just under $550 IIRC a year.  I used that stated value because my body shop said it would take a minimum of that amount for him to build a car the same as I built mine.  He felt that $90k would be likely closer to the actual cost.  I am so glad I taught myself how to do a lot of this!!!!

I used to use the other big car insurance company that does only classics (can't remember the name to save my life right now) and they were great for the first 4 years.  After I told them I had modified my car the rate quotes went up to over $900 year for only $40k in coverage.

[Sluggo]

I'm insured through State Farm (my wife) and pay about 120 a year for stated value coverage of 20k and limited driving, to and from repair shop, shows, etc.
Referred to as parade coverage.

[blue65coupe]

Hagerty also.

[pnandy]

AAA

[joesgt281]

I've got mine insured with Heacock Insurance.
I got a pretty big discount on the S351 for being a MCoA member.
In fact I joined MCoA to get it  - $40/yr for membership and my premium is only like $120/yr for the limited mileage, to/from shows and shop type.  That's stated value based on $22k that was agreed upon off of pictures.
I insured the 67 with them for $35k and it's about $200/year.
As far as a work in progress is concerned, your homeowners policy should cover it since it's not on the road.
Not sure how you agree on value though.

[daveSanborn]

As far as a work in progress is concerned, your homeowners policy should cover it since it's not on the road.

Joe,

You better double check that....

NO homeowners policy will cover a motor vehicle which has the ability to be covered under an automobile policy.  A homeowners policy will not cover a boat either.  It will cover motor vehicles that are not insurable as automobiles such as golf carts, riding lawn mowers, dirt bikes, 4 wheelers, etc., but even in these cases, the coverage isn't usually very good.  As an example, if your kids $2000 dirt bike gets stolen off the property, after paying your homeowners deductible (in most cases $1000), you'd be screwed.  For non-automobiles.... dirt bikes, 4 wheelers, etc., etc. you may want to talk to your insurance agent about a policy rider to specifically cover these items.

[70_Fastback]

Joe,

You better double check that....

NO homeowners policy will cover a motor vehicle which has the ability to be covered under an automobile policy.  A homeowners policy will not cover a boat either.  It will cover motor vehicles that are not insurable as automobiles such as golf carts, riding lawn mowers, dirt bikes, 4 wheelers, etc., but even in these cases, the coverage isn't usually very good.  As an example, if your kids $2000 dirt bike gets stolen off the property, after paying your homeowners deductible (in most cases $1000), you'd be screwed.  For non-automobiles.... dirt bikes, 4 wheelers, etc., etc. you may want to talk to your insurance agent about a policy rider to specifically cover these items.

Ding, ding, ding.  We have a winner.

[daveSanborn]

See, I'm not as dumb as I look....

[joesgt281]

Joe,

You better double check that....

NO homeowners policy will cover a motor vehicle which has the ability to be covered under an automobile policy.  A homeowners policy will not cover a boat either.  It will cover motor vehicles that are not insurable as automobiles such as golf carts, riding lawn mowers, dirt bikes, 4 wheelers, etc., but even in these cases, the coverage isn't usually very good.  As an example, if your kids $2000 dirt bike gets stolen off the property, after paying your homeowners deductible (in most cases $1000), you'd be screwed.  For non-automobiles.... dirt bikes, 4 wheelers, etc., etc. you may want to talk to your insurance agent about a policy rider to specifically cover these items.

Yes...big disclaimer...I've only heard that that's a possibility, i've never done it myself...check with your homeowners insurance company!

[Fast68back]

What do you guys use as a deductable?

[daveSanborn]

Whoever you heard it from was dead wrong.

I stongly recommend that anyone with a homeowners policy make an appointment with their agent to discuss their coverages.


Everyone knows that if you run off the road and hit a tree... that without Collision coverage you are NOT covered.

Only from asking my insurance agent about 1000 questions/scenarios did I learn that if I hit a deer in my Liability/Comprehensive only Jeep Wrangler (no collision coverage) and then run off the road and hit a tree..... I am fully covered.  What about if I hit a squirrel and then run off the road and hit a tree?  No, was her answer.  What about a bird?  Nope.  Opossum? Raccoon? Iguana? Dog? Cat? Turtle?  Nope, nope and nope.  I asked her why is a deer so special?  I forget her exact answer, but it had something to do with a JoeBlow vs. His Insurance Company lawsuit.  I then asked her what if the deer was only "winged" and wasn't lying there dead on the road where I soon after hit the tree?  She stated that there had to be evidence of me hitting a deer on the vehicle.  I asked her if a few clumps of bloody deer hair stuck in the front grill would be enough evidence.  She stated that's exactly the kind of evidence that would allow reimbursement for collision damages.

So, in the center console of my Jeep Wrangler is a ziplock bag with some bloody deer hair..... just in case I'm ever in a collision type accident.

See the kind of crap you can learn by asking a million questions of your insurance agent?

[daveSanborn]

Homeowneres policy or Automotive?

My homeowners is at $1k and my auto policies are at $250.  I've also got the 300/300/100 coverages on the autos.

[70_Fastback]

...So, in the center console of my Jeep Wrangler is a ziplock bag with some bloody deer hair..... just in case I'm ever in a collision type accident.

See the kind of crap you can learn by asking a million questions of your insurance agent?

LOL!  I love it.

[Flysure1]

I have mine with met life classic car ins. $20,000. agreed value, several restrictions-- no drive to work, no daily driver, 0 deductibles, 100 towing, ---$185. a year---and Dave, my home owners covers my little jon boat on my homeowners (very limited coverage)---damage or theft must be while it is on or stolen from my property, also I think $1,000. max value--basicly worthless coverage---if it blows out of my truck while going down the road I am screwed, if someone steals it from other than my property--screwed again---I had a small boat stolen from a lake a couple of years ago---guess what --yep--more sex--screwed again!--I am talking about a couple hundred dollar boat so I don't bother insuring it.

[68EFIvert]

It seems to me that a lot of you guys may be underinsured for the replacement value of your cars.  Have any of you thought about increasing the coverage?

[tarafied1]

I know mine is under-insured. I only have it at $15K thru State Farm. I'm shopping around.

[daveSanborn]

It seems to me that a lot of you guys may be underinsured for the replacement value of your cars.  Have any of you thought about increasing the coverage?

Yes and no.

I don't want to pay the higher premiums associated with a higher agreed value based upon what the car is "worth".... as I'd never use a settlement check to buy a replacement car.  I'm insured for what it would cost me to replace the car by building another one from scratch..... this is obviously minus my "labor", but as you remember..... building the car is a lot of fun so I'm not worried about it.

[Flysure1]

Since the 71-3's aren't as popular I feel I am in the ballpark at the $20,000. figure---did you see the silver mach 1 in the contest? I realize it was just a picture but it looked sharp.

[tarafied1]

I just got Grundy to insure my car for $30K (just sent some pics and filled out application), no deductable, no mileage restrictions but I'm not supposed to drive it to work or race it :naug. $231 per year for 300/300/100 coverage. No one under 25 is supposed to drive it either. Hagerty, Heacock and Chrome were all double and/or wanted an appraisal.