Well guys, for my 600th post, I actually came up with a topic I haven't seen discussed before...collector car insurance. I was curious what you guys are paying, who you are using, and in particular if anyone has insurance on their project cars. We have a lot of money and time tied up in our projects, and I was going to start looking for a for a company that insures in-the-works vehicles. any suggestions?
hi, i have Haggerty in michigan, for the 3 cars, total coverage, costs around 750 a year
Haggerty...no claims to date. Been very happy with the coverage asked for and provided for several different car over the years. Rates and restrictions are in line with other providers, the restrictions are livable and suit my needs.
I have J.C. Taylor Antique Auto Insurance. They only accept cars after complete restoration. The premium is about $275 per year. That includes unlimited mileage, 35K vehicle loss or damage and 300K liability/50K uninsured motorists. I got the insurance from Farmers Insurance. I told the guy that I used this car ALL the time except limited use during winter. He said, "no problem"'. I then sent a letter to JC Taylor and told them this car would be used ALL the time. They wrote back and said "no problem". My insurance agent keeps that letter in my file along with me keeping a copy with my insurance records. Most companys that have cheap rates have too many clauses to suit me. I also haven't made a claim. Jim
We (my family) use Grundys on our classic cars. Real good rates, no mileage limit and easy to deal with.
http://www.grundy.com/ (http://www.grundy.com/)
I did an appraisel for Nationwide Agent on a car (and parts) that was under restoration. Nationwide was willing to insure the car and parts as long as they had a appraisel by a licenced automotive appraiser. I have no idea what the cost insurance was.
i use state farm on my 57 and on wife's 67 mustang with an agreed value, not that expensive around 600. per year for both. was going to use hagerty but they had a stipulation no one under 25 would drive, i have a 20 year old son so that went out the window.
I looked at going with Farmers a few years ago, one of the club members brother was a Farmers agent. They had a requirement that your daily drivers (late model) be with them as well. Met the man to look at the cost and coverage and when I told him I was with USAA he just said I might as well go home. He couldn't even come close on rates for my late model stuff. At least he was honest about it and had no problem telling me he couldn't save me any money.
I had State Farm for years on my daily drivers and when I finished my street rod in 1978 they covered it as well. Back then the only know insurer was through the NSRA. My agent happened to be a classic car guy (British cars) and suggested that I use State Farm for it as well. Very happy with them. Just USAA was so much better and less expensive.
I'v used Condon Skelly since 91,I'm sure there are some out there that may be cheaper, it cost about 1150 for 6 cars, I think they have a limited milage claus, but I'v went over it many times and they never said anything. They let me cover 2 of them while we were restoring them, our 57 convert. and the T-bird, we did have to submit pictures and put a vaule on them when we started, and I upped the value during the projects. I'v had 3 claims, 1 fire, 1 hail storm and 1 19yr old flash back, and they sent a ajuster right out fixed the problems with no increase in prems. take care, Alvin.
I have Haggerty. 180.00 per/year No restrictions
Bill...I'm with usaa also...since 1967...I wasn't sure if you were saying that's who you use for your '57. If not, did you ever talk to them about it?
When American National decided for no reason to start doubling my rates on regular drivers and house insurance I checked in with AARP source and had every thing but classic cut in half of my before hike rates.Classic car was not part but when bundled with the house and regular car/ truck agent was more than helpfull. Classic insurance on last car wasabout 200-250 range and this car isn't up yet but expect about the same. Summer driving and if the agent has the house policy it is known that it is garaged. Seemed to be a point with the last company.
Quote from: RICH MUISE on 2011-01-25 08:57
Bill...I'm with usaa also...since 1967...I wasn't sure if you were saying that's who you use for your '57. If not, did you ever talk to them about it?
Rich I checked with them about my 36 Chevy, that was in 83 when I was commisioned. Liability only, the collision coverage would only be for the book value (not in the book) and they recommended I go with a specialty company. Have not asked recently as Hagerty has met all my needs at very reasonable rates. Added a 62 Bird after it was finished ($15K agreed value) and only added $96 to the anual coverage, the 61 Unibody F100 was only $36 ($6K agreed value).
Rich,
I think you had a good topic but there will never be a definitive answer. Everybody's case is different and everybody has different perceptions to what their insurance covers. State Farm for example, one man on here has State Farm and he is happy with them. I've been with State Farm for 42 years, every thing I own is insured through them and I get better rates than anywhere else. But, they can't cover my 57 Ford because I drive it too much. Two agents couldn't get it through for me but that's not saying in another part of the country another State Farm agent couldn't do it for someone else.
Example: State Farm doesn't insure aircraft hangers. But when I found out that they covered out-buildings on my property and I was paying for that coverage although I had no out-buildings on my property, I asked them to eliminate that portion of my premium. Instead, they gave me a rider on my policy in writing that since I was paying for out- building insurance they'd call my hanger an out-building and insure it even though it was 6 miles from my principal residence. I even pay a little extra to raise it from the 10% home value to 20% of the home value. Aircraft Hanger insurance usually runs about $800 a year. I pay about $50 through State Farm for the same coverage. I know theres a lot of people out there that pay the $800 because State Farm says they don't insure aircraft hangers.
Just because two people have the same Insurance Company doesn't mean they can or do get the same coverage. Jim
good information....
ditto what James said. Bill, I thought I had remembered usaa telling me that also, but it was a long time ago and I wasn't sure. I'm going to check back with them to see if things have changed. Alot of you guys are getting great rates...things have changed alot since way back when. It use to be anything with any kind of hoped up motor you were going to pay thru the nose for. I guess insurance companies have finally come to realize our colector cars are actually a lot less likely to be trashed from abuse. Sounds like my biggest problem will be finding a company that insures project cars and components.
Rich I have my home owners with USAA as well and my project cars are covered on the rider for the shop, AS LONG AS THEY HAVE NO TAG, get them registered and they move to an auto policy. They will pay the going rate for a project car before you start plus the money spent on parts and such. Need to keep every invoice!
I've got Grundy on all my stuff, even the project cars. Great Rates and Easy Terms.
They have a $5000 minimum value, but that comes out to be just under $100 per year per car. Definity gives me a better feeling about all the cars in storage waiting on me.
Bros:
I had GEICO for many, many years, my Bro-in-Law, suggested I try USAA.
Got better coverage and saved big bucks to boot by changing to USAA.
BTW they also thank you for your military service each time you call them AND you're talking to someone here in the good Ole US of A not the Philippines or Hong Kong!!
I asked them about collector car insurance and they said they work through another agency.
I will follow up and see if they can save me anything on the 57 Fairlane and the 68 Mustang.
Will let you know how it plays out.
while we are on the insurance topic...if any of you have a covered trailer and don't have full coverage..look into it. When I sold my businesses and house in Colorado, I had to physically combine all of the business stuff that I had previously in several locations, and move all of my personal stuff to Texas. I bought a 16' enclosed cargo trailer and used it continuously for 3 months, about 12 trips to Texas included. After it sat in my driveway for a year unused, I decided to sell it since it was just becoming a storage area anyway. When I bought it, I checked with my insurance company(usaa) to see if I needed to add it to my policy. They told me as long as I was towing it with my covered vehicle, liability was already included in my policy, but that I could add FULL coverage for seven dollars a year!, which I did of course.
Anyway, I paid 3200. for it new, and decided to sell it for 2700. while it was sitting in my driveway,for sale, we had a hail storm that put a whole bunch of small dents in the lightweight aluminum skin. When the adjuster was out looking at the damage on my cars, I mentioned the trailer, and to my surprise it was covered. I got an estimate of 2750. to repair it, less my deductible, I got a check from usaa for 2550. Two weeks later, I sold the trailer for 2550. also...hell of a deal. made 2 grand on it and used the hell out of it. all for a 7. policy increase.
Rich:
You have to love USAA!!!
BuBBA