What classic car insurance do you use?

[josh817]

Hi all, it's been a while!

 

I was wondering who you use for your classic car insurer, the cost (per month/year?), and if you so desire, how much you insured for.

 

I recently got my Hagerty renewal statement for May and my premium has gone from $200/year to $236/year and I believe if I remembered correctly I am insured for $11k. I know $36 is chump change but that's an 18% increase when I haven't made any claims. In fact the car has been in garage collecting dust ever since I got Hagerty. From what I read on Yelp, they aren't looking good. Who knows what changes they have made to the policy behind the scenes.

 

Also, I was under the impression that Hagerty is a no questions asked payment of the agreed insured amount. Is this true? I'm guessing that's in the case of a Total but what about repairable damages?

 

 

Thanks for the input.

Edited March 28, 2016 by josh817

[Darrel]

Just received my renewal. $8k agreed with Roadside(hagerty plus $150) $149 coverage for $299 total.

 

I had a friend that had a '77 280 he totaled and it was insured for $16k, he had no problems with them. Your choice if you want to get it repaired as long as it's less than the agreed coverage, how much less, I couldn't tell you.

 

Make sure they didn't up the coverage above what it was from last year.

Edited March 28, 2016 by Darrel

[socorob]

American collectors. They have by mileage policies. I don't know if Haggerty changed, but when I had them, the agent told me I could drive my car whenever. When I read the actual policy that was signed, it clearly stated you could only drive it to car events,car shops, etc. No going to dinner, the store,work, etc. Read your policy carefully. I don't know how hard they actually enforce that, but it gives them a way out if needed.

[Kurbycar32]

American collectors. They have by mileage policies. I don't know if Haggerty changed, but when I had them, the agent told me I could drive my car whenever. When I read the actual policy that was signed, it clearly stated you could only drive it to car events,car shops, etc. No going to dinner, the store,work, etc. Read your policy carefully. I don't know how hard they actually enforce that, but it gives them a way out if needed.

 

Yup these Haggerty guys claim you can drive your car but in reality you cant.  They declined to cover my car because I said I would take my son for ice cream on the occasional Sunday.  I also heard some horror stories about cars that were damaged in parking lots and the policies were revoked because they weren't being used in a qualified manner (to and from events).  I ended up getting a mostly conventional policy with Progressive

[josh817]

My deal has been less than fun with them. My 240 was my first car and when I parked it is when I wanted to get Hagerty. The title was in my mothers name. They scrutinized us heavily and used all sorts of excuses to revoke us. First was "well you have a son on your regular insurance policy. We can't cover you because he may drive it."... despite the fact that there were 2 cars on our regular policy because we each had our own vehicles separate from the 240.

 

Then after that squabble they came back saying the car doesn't look show quality. No where did I state it was a show car... So we finally got through. But, I too have heard the same stories of them doing sneaky things. I would've thought that I could use my business with All State to leverage things, since we have to use All State as a middle man with Hagerty, but I don't think Hagerty gives two damns about their business practices or losing people judging by reviews I read.

 

How much is American Collectors?

[Aero Z]

I had Hagerty for years on multiple cars at once. They did make it restrictive by saying the cars shouldn't be driven to work regularly (which I didnt do 'regularly') but was always concerned if something happened they'd try to get out of coverage.  I probably had them for 10 years. When I got my 93 RX7 LS2 and went to add it the rate was significantly more than expected based on other cars. Their excuse on the high rate was it was too 'new' which was odd cause I had a 2000 Porsche 911 covered with them months before and also a 91 NSX. 

 

I shopped the rate to ANPAC classic car and it was lower on the all the cars, Seems like I just told them the mileage I drive per year but there wasn't a 'limit' and didn't seem restrictive (maybe if you tell them you daily drive it it might be an issue)

[Rob L]

Im with hagerty ...well i have to go through Lant insurance which then is hagerty some how....my agent has explained my policy to me which i have kept on record just in case they try something.

 

My insurance through them is classified as "pleasure driving" so im not aloud to daily it or use it as a substitute for my daily.....but they told me of course i can use it at nights on weekends and to stop for coffee.

 

I might just get it insured through my regular insurance which is a bit more expensive but they wont question anything if i get in an accident and i would be able to use it as a daily.

[josh817]

Just renewed mine. I see they have a feature on their webpage that automatically increases the car's value. For $0 collision and other than collision deductible @ $11k value they wanted $156. With automatic increase value they would up that to $13k for $176, and then towing was $60. So I upped it to $13k and took the towing off since it sits in the garage. I think $13k should be fairly competitive with what I have, I know prices for our Z's have sky rocketed. I only have insurance because the car is registered as an Antique here in Texas (registration every 5 years) and the state requires you to have insurance for registration. I know I can tell them it's being restored and they won't penalize me for registration but I also heard horror stories about documents getting lost and all sorts of wacky stuff where you have to pay thousands to get your car re-registered. Also, I insure it because if the house burns down or a tree comes crashing down onto the garage I am hoping it gets covered. I don't know if they would say no go talk to your home insurance people.

 

One thing I noticed is they have a standard and modified label. Does anyone have experience with the price gap for modified vs unmodified?

 

I will switch to someone else once I get my own home and get out of my mothers hair. I'm afraid to see what type of stunt Hagerty will pull when I try to transfer title and insurance over to my name even though I'm 25.

[djwarner]

I use Grundy after Hagerty said I drove the car too much. Been happy with Grundy and also use them to cover my daily drivers at a very competitive rate.

 

I saw an TV ad recently where Hagerty says they no longer restrict mileage. This maybe why your rates jumped so much this renewal. 

 

One difference with Grundy is that they write stated value policies for many cars when they identify them as future collectibles. My wife bought a 2 year old Camaro Convertible a couple of years ago. They came up with a stated value higher than what she paid for it. When it got totaled 6 weeks later (not at fault), Grundy ( through AIG) sent us a check no questions asked. Said they would go after the at fault driver's insurance.

Edited April 23, 2016 by djwarner

[Rob L]

@josh817....I was in the Unmodified category and only had to pay 170 bucks year through Hagerty ....then I basically did a full suspension , brake and interior overhaul .

 

Naturally I wanted to UP my coverage after dumping that much money into it .

 

Hagerty wanted pictures of all the mods I did .

 

I put an auto power roll bar in my car and when Hagerty saw that they said I have to go into the modified category now .

 

Anywho ....rates jumped dramatically and I went from $170 to now $550 a year .

 

They have a list of what will take your car from unmodified to modified .

 

Off the top of my head ....roll bars , bigger tires ...and a few more things ...,

Edited April 26, 2016 by theatriks

[josh817]

@josh817....I was in the Unmodified category and only had to pay 170 bucks year through Hagerty ....then I basically did a full suspension , brake and interior overhaul .

 

Naturally I wanted to UP my coverage after dumping that much money into it .

 

Hagerty wanted pictures of all the mods I did .

 

I put an auto power roll bar in my car and when Hagerty saw that they said I have to go into the modified category now .

 

Anywho ....rates jumped dramatically and I went from $170 to now $550 a year .

 

They have a list of what will take your car from unmodified to modified .

 

Off the top of my head ....roll bars , bigger tires ...and a few more things ...,

I don't even see the point.... No way would I pay $550 to them. I wonder what happens if you just cover yourself for the cost with the insured value.

[texis30O]

I have friends with JJ Best and Grundy.

I am looking into both  of them now to cover my car for 55k..... I have at least that into the car.... damn money pit

[seattlejester]

I went with grundy, my insurance agent gave me both quotes and it was something like 270 vs 450 or something for grundy vs haggerty for 17k of coverage.

 

They seemed to nicer about modified cars, I sent pictures of my car when I asked for the coverage a couple years ago and they didn't bother me about the plethora of things that were different. I was told haggerty on the other hand would want to put me in modified which may explain why they wanted to charge more.

[Rob L]

i have been trying to look for a better company...in my area another good company is Zehr but they wont insure you if its modified.

 

I could go with my regular car insurance which is co operators But from my understanding they will only give me back what market value is on a 1974 260z...and wouldnt refund me on all the mods...unless i can provide receipts which they would scrutinize to death in the event of an accident...

 

anybody else know of a good collector car insurance in ontario ?

[ritrebor]

Mine is through Hagerty for $30K which cost $367

There seems to be a big difference in quotes as mine is modified with a blown SBC, Roll Bar.

The only no no was running nitrous.

I told them the truth on everything I am running with pictures.

 

ritrebor

Edited May 10, 2016 by ritrebor

[Rob L]

ya 367$ usd sounds right i pay $550 CAD

[Rob L]

I don't even see the point.... No way would I pay $550 to them. I wonder what happens if you just cover yourself for the cost with the insured value.

Well when you dump 20gs into a car you want it covered for the full 20gs thats the point of the price increase.

[Mike kZ]

I had Hagerty on my modified Z for 20k, at $320/yr.

 

I also have a 1962 Impala convertible - 409 - 4sp.  Hagerty wants $320 /yr  at $30k

                                                                                 Grundy wants $230 /yr at $30k

I'm going with Grundy

[duragg]

I have Hagarty on my 560SEC my 240Z track car.

Unfortunately dropped load of bricks on the 560 last week at my house and they sent a check basically the next day.

 

Track car is covered everywhere but while on track. When the 240Z burned down on track I didn't even call them.

 

I'm an insurance Agent so I wrote the coverage myself. Remember there is a BIG difference between "Stated Value" and "Agreed Value". Stated is subject to discussion, Agreed is just that. I could probably save money elsewhere but now that I've had a claim I will let them get their money back for a bit.

Edited May 12, 2016 by duragg

[Rob L]

^^^ thanks for that tip ...i just asked to get a copy of my agreed value and its at 20gs....also i thought i was paying 550 but it turns out im only paying 470$ cad .