The Stovebolt Site Forums The Shop Area General Truck Talk Collector Car Insurance Policies-Who to use?

I've looked into Hagerty and Geico Collector car policies for two of my stock antique trucks. It seems many of you use Hagerty and are happy. I personally use Geico for my regular cars. Initially I wasn't aware Geico offered collector car policy and was given a shocking quote when I added one of my trucks to my current policy. But their classic quote is on par with Hagerty's quote.

So has anyone used Geico's Collector Car Insurance? Or should I use Hagerty's? I basically just need the insurance so I can take them around the block and a few trips to town or country rides. I expect less than 500 miles a year. By the way I noticed geico includes a "spare parts" coverage for your extra or spare stuff lying around the shop. I didn't see that offered at Hagerty's.

Kyle

All collector auto policies in Canada (there are several providers) include coverage for spare parts. Some just advertise it more than others. When comparing insurance companies you really have to ask them all your questions individually, as they aren't always forward with the information.

I use Hagerty's but so far never had to see how their service is,
and it is for an agreed to value.. I think that is the most important... some use others but from what I can tell Hagerty is one of the best.. you just have to shop around and see.. most important is to make sure whom ever you use is that the coverage meets medical requirements for your state..

I believe Hagerty also has the spare part coverage, at least they use to...good luck with your hunt..

I know that Hagerty requires for your vehicle to be garaged and it can not be your primary driver, they offer towing, etc

if you shop and compare you need to make sure your are comparing the same from each policy.. most of it depends on the value of your vehicle, some may come in and say well mine is such and such, that wont help you much unless their policy is the same as yours..

again the main deal is agreed value..with that you can't go wrong..but then we both hope we never have to find out

Allstate offers suspended vehicle coverage where you call them prior to using your vehicle and again when you are done letting them know no one died and no accidents happened. They only charge you for the actual use time involved plus a basic $12 a year or such.

I had my COE covered under that for awhile and it was dirt cheap. They may not offer it for someone who doesn't carry their main policy with them.

I also use Hagerty for my '53 and it is pretty darn inexpensive.

Jeff

I use Grundy. When I did a rate comparison with Hagarty they had slightly better rates. I've not filed a claim so I can't speak to claim service but I've read good and bad on line (as with Hagarty) and my state insurance commissioner's office had no bad reports so I went with Grundy.

another thing that might make a difference is where you live,
at least I would think so, I think Tx is one of the highest

I have my vehicles insured with Hagerty. I did have a wreck with one of my vehicles. After trying to deal with the other insurance company (since the other person was at fault) and getting nowhere, I called Hagerty. They sent out an appraiser to verify the damage, and cut the check for the agreed upon value. They were wonderful to deal with.

I've got my '53, '65 & '66 with American Southern Home Insurance Company. The policy with all 3 runs $335 a year. They limit the miles to 3,000 a year each and I can only drive them for pleasure not errands or to work.

Thanks for the advise. I think I'm going to call a local Geico agent and see if they have something for current policy holders. Otherwise it looks like most companies offer about the same restrictions/policies.

How have most of you determined what a fair replacement value is? Have you based it on what it has cost you or what you'ld likely have to pay to find a close original?

I have my agreed priced on what I would sale it for,or what it would cost to replace it if it was stolen or total.. I worry more about one being stolen then anything else..

you can add a thousand or two more, really not that much more..
I am sort of surprised the Geico will do a classic but.

if I had anything worth less then $5,000 I would probably just put the minimum required by law and take a chance and use my normal insurance..

The devil is in the details for collector insurance, there is a big difference between agreed value and stated value, you want agreed value.
Both Hagerty and Grundy have good reps, in the collector classic car world, you present a legit claim and they pay.
Ask about the usage restrictions and garaging requirements, some minor details will be different from State to State.
One company I talked to require locked garage even on the road they were geared to trailer queens.

anyone in England would be well advised to stay well away from MCE insurance they are a total rip off

Hi,

I use Geico for all my vehicles 2003 Ranger, 1948 GMC 1/2t, 1948 GMC 1ton and 2000 Harley.

The Ranger is the base vehicle, then I added the other 2 GMCs. I got a multi-vehicle discount. Payments for 3 trucks is 5 payments of $56.00+ per month.

I did it all online and one phone call from them.

I will be adding my 1952 GMC 454-30 soon, but for Geico I have to get a commercial drivers license because of the GVW of 19500 lbs. A California requirement.

I use the standard insurance no specialty stuff.

One driver, no accidents, no tickets, no DUI etc. I get the safe driver discount too.

Standard insurance will pay you 'book' value for your vehicles. That isn't much on a '48 Jimmy.

I use Chubb. They've been great. No major claims but I've needed a tow on several occasions and they've picked up the tab every time. All I've had to do is email them a cell phone photo of the bill and within a couple days I get reimbursed. No questions, no conversations other than a polite call confirming the claim.

As far as value, I have it tagged and insured as historic and knowing it is a running/driving project they asked what I paid for it, what I thought it was worth and what I'd like to cover it for. After seeing pictures they agreed with my coverage estimate (which I based on what I think, in it's current condition, I can replace it for) and I was all set. Now they call once a year and ask how it's going and if I'd like to increase the coverage. So far I haven't and I think my yearly premium only went up $3 to $178/yr.

Last time they called, I mentioned I was about to replace all of the cracked/chipped glass and they told me to send them the bill when I do.

I use hagerty, They gave me a guaranteed $15.000 value. Be sure to have a stated value or you will get book value which is very little.

+1 for what others have said above...Be sure to get an agreed value. I use Heacock classic insurnace. Very easy process: I sent in my info, w/pics of course...and we set the agreed value of $14k. To be eligible, it has to be stored in a locked garage (provided pics to them) and driven less than 6000miles a year. So no daily drivers: My 55.1 is weekend warrior. BTW, they have great customer service too. Hope that helps some.

http://www.heacockclassic.com/

Thanks,
-Paul

I use State Farm with the rest of my stuff it's onder 200.00 bucks a year no millage and it's for 15000.00 value.Had to send in pics. of engine so it's no Hot Rod.I know alot of guys in the area that use State Farm and they're happy with the company.

Pete

I use my regular Allstate policy but if course i have never had a claim and i was told with bills of what was spent and a professional appraisal i would be ok. i drive my truck regularly not as a regular driver but i do take it too work occasionally. all of the coverage i have seen they would disallow payment because of the way i use it.

Mine is through American Modern Insurance Group. For $10,000 coverage on my '53 is $184 a year for 6,000 miles.

I'm getting stumped by all the insurance carriers who require that the vehicle be garaged. Anyone know of a carrier who does not require that?

you guys that use regular Ins better hope you have
an agreed value on it, here in Tx it is hard to get that agreed value with reg Ins.......and ev en if you dont it is very high.

but then Tx probably has the highest rate in the US

Ron, you might want to really have a good talk with your agent and make sure you understand because if you have a wreck in that baby I can almost guarantee you wont get what you have in it or what it is worth....I would want to see it in writing....and to the point

Call your state insurance commissioner's office. Some states have a law that they can't require a vehicle to be garaged to be insured. If a company sells insurance in that state they have to abide by that state's laws. I wasn't aware of that until I queried Grundy about it. I'm going on a week long tour with my VCCA members in Tennessee in October and my '38 will spend a week outside a garage. I wanted to verify that my coverage will be in force. Grundy advised me that it would be covered. Their web site said that leaving a vehicle outside is not a basis for denying a claim. <CLICK>

you can get Ins in Tx with out a garage
but most collector type states garaged although they for sure realize you will taking trips with it....most collector type Ins want you to have a Primary driver other then your collector..

they dont come by and see if you have a garaged but... if you got that rascal stolen at your house you might have a problem explaining...

Thanks, redrider

I guess my fall-back is to use a friends garage but i hate doing that as i know how the insurance companies are experts at dodging their obligations.

I have not checked yet but Grundy is advertising a insurance policy for agreed value daily drivers. here

I've had Grundy for many years on several classics. Rates were always reasonable and never a problem with service. I have my 1950 3600 insured for an agreed upon value of 10K and it costs me $90 per year. That's for full coverage with zero deductable.

Just about all the specialty insurers have a garage requirement. Except Gulfway. I insure my road tractor with Gulfway, the smaller trucks with Hagerty and our modern stuff with GEICO. Gulfway is a little more expensive than Hagerty but they are a less restrictive. You might give them a try if the garage thing is a show stopper for you.

The overall bottom line is that you have to do your research and you have to shop around and compare rates. We're all different circumstances to the underwriters -- what goes for me might not apply to you, etc.

And as always, there's more to Stovebolt.com than discussion forums Check out our Tech Tip on Old Truck Insurance.

And as for everyone else -- If you've had the same insurer for more than five years, you might do yourself a favor by getting quotes again from different companies. Yep, it sure is a pain but you might find that the company that *used* to give you a good rate has slowly crept your premiums up over the years and is now ripping you off. Make 'em re-earn your business and not take you for granted!

Thanks,
John

As always, a wealth of information from everyone. I ended up with Gulfway as they had no problem with the garage issue.

Prices may be based on States (I have not heard this) but I do know they are based on zip codes. Living in Dallas or Mesquite will cost more than in Bugtussle North Dakota.