The Stovebolt Site Forums The Shop Area General Truck Talk Insurance

Any recommendations on classic insurance?There are a bunch of companies that offer DIFFERENT coverages.would like to be able to Sunday cruise every now&then
Thanks

I use Grundy. Great rates plus no annual mileage limits. It's agreed value coverage so there's no arguing about how much is paid if the worst happens. I have full coverage on my 38 for an agreed value of $30K for less than $200 per year.

There are several companies that specialize in collector car insurance. However I would reccomend you check with your regular insurance company. I have mine insured where I have my daily driver vehicles and house insured.Works out great.

Just make sure you read all the fine print. In my opinion there is no reason to own a classic that you can't do whatever you want whenever you want to do it and most classic insurance policies have restrictions.

200 bucks? Tiny, can I use your address in Kansas? They'd want a 1000 in CA.

Hagerty Insurance has online quotes... Mine came out to $ 119 a year... I do not have insurance at the moment with them... When the time comes to insure my truck I will have my wife look into the best way.. She was an insurance adjuster for 23 years...

I have Hagerty because my regular insurance company didn't want to cover my 64 after I had finished restoring it. I don't remember the details but I do remember that the Hagerty agent implied that they didn't want me to drive it much. He almost shut me off when I told him that I planned to drive it to work and run errands with it from time to time but he eventually agreed when I told him it wouldn't be very often.

Just don't wreck it on your way to work. My guess they will fight paying if you do. I insure mine under my regular USAA policy with full coverage.

The way you use your truck will determine how you insure it. If you use it as a daily driver it will be hard to get classic insurance on it. I use Hagerty myself and there is no limit on the miles I drive them. But I had to show proof of insurance for daily drivers for both me and my spouse, even though we're retired and don't drive daily.

There's a good tech tip on insurance on this site.

http://www.stovebolt.com/techtips/insurance.html

The problem with using a "regular" insurance company to insure a collector car is that a mainstream insurance company uses "book" value or "stated value". Where that becomes an issue is the "book" value on a old vehicle is negligible and if you have a loss, you must prove that the stated value is in fact the true value of the vehicle. Agreed value coverage is just that, both parties agree on the value before the policy is issued. With Grundy I can drive my 38 every day. I checked Hagerty and they were quite a bit more expensive.

I just quoted my 55.2 truck online at Grundy.com and it was $232 a year for and agreed $30,000 value! That is cheaper than my junky 2001 Saturn! What gives? Why would it be so low? Do they just expect us to drive more carefully? And if that is unlimited miles, then I know who I'll insure with.

I use USAA also.they wouldnt touch it-

Progressive insured mine for liability only no questions asked. Listed right next to my 07.

That's kind of like comparing apples to oranges. Liability insurance isn't the issue. The issue is collision and comprehensive that would fix/replace your ride if it got damaged. If you don't have the right coverage you're SOL.

my truck isn't insured yet, but when i got my cobalt ss, the slow one of 170 horsepower/ not supercharged, they gave me a rate equivilent to a corvette. that and im 18 and live in the highest insurance rate area in america. but we'll see what the 52 comes out to

Please read the Hagerty policy CAREFULLY- There are several restrictions to their coverage( vehicle must be stored in a LOCKED garage, milage is usually restricted , pleasure use only, no hauling of any kind, no driving to work, etc ). Ask the agent for a sample policy and READ THE EXCLUSIONS. Their target seems to be high dollar collector cars rather than old trucks that might see occasional use. They are a good company but they may not fit your needs.

Here in BC if your vehicle is as nice as the day it left the factory you can get collector insurance for around $200 per year. You must have another vehicle to get this rate. You can drive as much as you want and wherever you want but you cannot drive it to work or school.
My truck is not in that condition so I pay about $500 per year with no restrictions.
The one thing you have to watch with Agreed Value is that in most cases it pertains to a total loss of the vehicle. If you are involved in an accident with major damage you cannot expect the Agreed Value. Only for a total loss.

And the search continues...Yes,I want to occassionally drive it around(when in the mood)for a cruise or??I know i read a policey (forgot name)that allowed XX mileage& some pleasure driving.None of the insurance carriers will allow "driving to work"scenerios.There are more insurance carriers for "classics/antiques"than I realized. Right now am paying everyday "cost"but only drive occassionally;paying as much as for my 2003 pathfinder!

I have been playing with old cars and trucks for a long time and I have found insurance to be nothing but a hassle.

Coverage for a daily driver is impossible to get anything more than liability. I drive my vehicles. The newest I own is a 72. I haul my kids to school, drive them to work, use my truck to haul stuff.

None of them is in any different condition than your average 5 year old vehicle. All have shiny paint, full interiors, and reliable engines, decent tires. I could drive any of them across the country without worry.

I can get coverage for a "classic", as long as I don't drive it to work and have another "daily."

My regular insurance will allow me to pay them full coverage, but if the unthinkable happens, will they pay out? Not likely. Actual Cash Value, according to them, depreciates each year, to the point after 10-15 years a car or truck is worth nothing.

I carry basic liability. Nobody is going to pay to repair a driver except me.

Devin

Good points, but if you carry the full coverage you have the option of insisting that your car be repaired and/or taking them to court to make it happen. Full coverage on mine is only a few dollars more than liability and I realize that the insurance company feels that their potential liability for it is reduced. If anything happens to one of mine I will insist on full repair and refuse to accept a pay-out unless it is what I feel the car is worth. Once everybody else figures this out and follows suit then full coverage will cost more but it will actually cover the car.

Ummmm not to start a [censored] contest ...but I had my State Farm Agent up to the house this fall ..he had his camera an took a BUNCH a pics ..we set down an "AGREED AMOUNT" coverage of 22 thousand on my 52 ...the cost is $78/6 months.
I am 43 yrs old,spotless drivin record,it states on my policy I can drive the 52 rain or shine, day or NIGHT I specifically questioned the agent on the "NIGHT" thing as I work 3rd shift an spend 99% of my drivin time at night.
THERE ARE NO HIDDEN CLAUSES..I triple checked this out.
my Agent told me that insuring driving antiques is NEW to them but they would work with me on my lifestyle.
So I AM PRETTY DARN HAPPY WITH STATE FARM!
Tim

What exactly is State Farm's position on agreed value? As I wrote previously agreed value will only be paid for a total loss or theft of your vehicle. Smash a fender and agreed value won't talk to to. You would have to set up an agreed value for each body part of the truck if you expect to get paid. That ain't gonna happen.

olblu is correct - agreed value insurance:
"An agreement made between the insurer and insured at policy inception confirming that both parties concur that the limit of insurance set forth in the schedule of property is that item's value, and that agreed upon value is the amount that will be paid by the insurer in the event of a total loss."

you have no "options" to do with repairing a total loss - and it has nothing to do with the difference between liability [the accident is your fault and the other party gets compensated] and collision ["own damage" whether or not anyone else is involved] or comprehensive [any damage other than a collision], both of which are usually subject to a deductable amount - it's a "subheading" of comprehensive and applies only if the vehicle is a total loss

Bill

I've admittedly not read my entire Grundy policy but Grundy has stated on their My Classic Car TV ads that their policy allows the insured to repair any damage using the best parts available including NOS if they are available. I hope I never have to find out one way or the other.

any reputable insurance should allow for that Tiny, but that deals with less-than-totaled collision/comprehensive claims - as said, an agreed value is paid for a total loss only .... or we could say, needs 100% "NOS"

another thought: collision damage as well as liability claims will be examined for cause [brake failure, etc], if you happen to be the one who did the work and do the maintenence, there could well be unpleasant questions, might be a good idea to study how your insurance company treats cases where you are shown to be "negligent"

Bill

Interesting with regular car insurance, a car that is a few years old may be repaired with used fenders. I think that is a common practice. Now when it comes to a classic, new fenders are a relatively new option.

I have never, ever been able to say that I've been happy with an insurance company. Ever. They rank in the same catagory as Credit Card Companies, in my book.

State Farm has been excellent for me and my family (non antique vehicles). I've had insurance with them since 1969 (a 1948 Chevrolet Panel Truck). I won't go into the details but we had a bad year when two cars were totaled and the pay-offs were immediate, the amounts were greater than what they cost to replace, and the rates did not get raised.

Six years ago, State Farm had no idea how to make a policy for an antique vehicle but their policies seem to have changed. I'll be re-checking their rates/coverage this summer (I use Hagerty now but they will not let me carry an antique truck on my antique COE - even to a show).

I had State Farm... switched to Hagerty in a heartbeat. Hagerty offers better coverage for less. Especially if you insure more than one vehicle- you only pay liability once. On my Super Bee (2008) I save $300 a year and have $40,000 agreed value... not bad. When insuring the 49, State Farm wanted dad to jump through 100 hoops to get insured, much easier to call Hagerty and email them pictures.

I switched to The Hartford when I saw so many “restrictions” being applied to my classic. Now, I get good rates, “agreed value” and 24*7 roadside assistance on demand.

I think the bottom line, though, is that it all depends on the condition of the vehicle (is it restored? A well-preserved original in pristine condition? A beater or well-worn original pulled from the barn and still struggling on?), your intended use of the vehicle (occasional pleasure use? Limited work? Daily driver? Trailered to and from shows?), and (most importantly) your record.

Rarely will any two of us get similar quotes. And neither can you expect to get low premiums if you are in a high risk group or your truck is a daily driver.

Most of the specialty insurers base their low rates on insuring "good risks" -- guys who don't use the vehicle very much and are likely to be very careful when they do. Their research tells them that people with hoopty mobiles tend to be less of a "good Risk" than people with well-maintained show vehicles. Obviously, your individual case may vary, but that's what the over all research shows the insurance companies. Read the Tech Tip mentioned above -- it explains all this.

As for me, I use three different insurance companies -- GEICO for our daily drivers (and I've had nothing but fantastic service from GEICO -- They've been great to us and our teen-aged drivers ), Hagerty for the '49 and Gulfway for the Big Truck. Gulfway is a little more expensive than Hagerty, but they have less restictions on the big truck. (Hagerty didn't want me pulling a trailer, for one thing ... um, it's a semi tractor ..

Insurance is a pain, but part of the overall fun

John

Guys, Keep in mind you Need an Appraisal otherwise. You have an accident. The insurance company will find ways to devalue your rig. You may call me crazy but, This is the reason I do appraisals. I had an agreed value and had a guy take the front end off by them going threw the red light talking on the cell phone.
Mind you that this car was just completed the day before.

In the end the car is not finish because they devalued the agreed value. Without the appraisal. I had no prof of the condition of the car. They even said that the recipts were fake! and get this.. I used the Discover card and they still would not look at them. SO, Lesson learned.

Get an appraisal every two years.... have one accident and you will regret it without one. I now get one for each of my finished cars or trucks. I use another appraisal as I can not do my own. It is well worth the protection. Most all companies will tell you to get one for cars or trucks over $15,000

Appraisals every two years is too often, imho. My insurance company requires an update every 5 years. If I got one done last year, the value likely would have been down, as the economy has been poor.

I did an online application and voice call to Hagerty. They seem really unfriendly to using the truck for anything but total pleasure or shows. Don't even want to allow grocery shopping ( unless an afterthought ) to a pleasure drive.

They also do not give a cost reduction for removing coverages during non-driving winter months.