Classic car insurance rates

[mallard]

It's insurance time again and I was wondering what everybody was using for insurance. I'm using Hagerty right now but their rates are starting to look a bit high. I did check with Grundy for their rates and they were $25.00 bucks cheaper for the same coverage. I don't think I would change from Hagerty for $25.00. Any ideas.

 

[Brosky]

My rates with Hagerty are great. And the most important part is that they come through immediately when you have a claim. That to me is far more important than an extra $20 bucks or so a year.

 

[DNK]

I know a few people whose rate went down this year with Haggerty. If they didn't go down there coverage was increased.

 

[3798j]

I can attest personally to Grundy International's professional and compassionate handling of a claim. A wonderful company to be sure.

 

[vagt6]

My cars are currently insured with GEICO. When I recently bought an MG Midget I called GEICO to add the car to my policy. I was prepared to insure it elsewhere if I couldn't get agreed value coverage. Well, GEICO sent me to another insurer, transferred by phone, to American Modern Home Insurance Co., who provided the coverage for $125 per year.

For $125, I get the following with $8K agreed amount (also called "agreed value") physical damage coverage:

$500,000 comvbined single limit liability;
$5,000 med pay;
Uninsured Motorist: $500,000
ZERO deductible comprehensive ($8000);
$100 dedcuctible collision ($8,000).

Conditions: max 4,000 per year mileage restriction. The policy language is very clear on the mileage and will not void or alter coverage if I go over that amount.

Pretty good, I must say.

Hopefully, it's not underwritten by Dewey, Cheatem and Howe, or Shifting Sands Mutual! But since GEICO referred me, I feel pretty confindent in the coverage.

Cheap insurance IMHO.

 

[Don Elliott]

I know rates might be different from state to state - also different here in Canada. I'm paying $888.00 for the 1998 family Buick Le Sabre (80,000 miles), the wife's 1992 Honda Civic and my 1958 TR3A (insured for $30,000) with 182,000 miles from new. All three cars look like new, run like new, and I have full two way coverage and no restrictions.

 

[mabbott]

I use American Collector Insurance. I believe I paid $117. for $14,500 agreed value on a 73 TR6 in MA. Your mileage may vary.

 

[TR4]

I have mine with American Family Insurance. Agreed upon value of $18000 with full coverage. I pay $80 per year. I do have 2 other cars and my house insured with them too so I get a discount.

 

[tomgt6]

From what I understand is to make sure you get a policy that is for an agreed to value. It is easy to find other types of insurance but make sure you get a policy that will pay you what you and the company agree to for value. There is no hassle then when it comes time to pay out. They pay you what you have agreed too.

 

[TR3driver]

From what I understand is to make sure you get a policy that is for an agreed to value.

Or at the very least, make sure you understand the difference.

I had a "stated value" policy when my TR3A got totaled, as the car was my daily transportation to work (and was on my way home from work when that Toyota parked in my trunk). With "stated value", they pay the lessor of either the value you have stated, or the actual value of the car.

But in my case, it was absolutely no hassle at all. They valued the car for more than the value I had stated, so simply cut me a check for the full stated amount (not even taking out the deductible).

As I also got to keep the car (including a freshly rebuilt OD gearbox, aluminum flywheel, gear-drive starter, sway bars etc.), I was not unhappy with the settlement. Of course I would still prefer that the guy hadn't hit me, but I have no complaints about how Mercury handled the claim. They didn't even raise my rates (well, at least not right away).

 

[Geo Hahn]

...But in my case, it was absolutely no hassle at all... I was not unhappy with the settlement...

Would you be willing to mention the carrier's name?

I, too, use my TR as my primary car and thus must carry a regular policy with a stated value and a current appraisal on the books.

Hard to compare rates due to variations by geography, liability limits, driving record, etc -- but carrier practices are possibly more meaningful indicators of what to expect.

 

[mallard]

After looking at other Insurance rates and all the input from the forum I decided to keep my insurance with Hagerty. No body I've talked to had any problems with claims or service. The $20.00 savings I would get from going with Grundy would not be worth the time. One of the other considerations was that I have to have Collector Car Insurance in Arizone to avoid our very strict emissions testing. Cars are tested here from 1965 and up. No problem for the 3, but the 6 can be. The last time I tested the TR6 the computer randomly selected my car for a extended test session that lasted over ten minutes. I'm sure they gained a ton of usefull information from the test. I bet the kid doing the test was having fun while I had to stand there and watch.

 

[JodyFKerr]

Quick question regarding Arizona emissions. I thought that emissions weren't avoidable for older cars. Is there a cut off year for collector cars with collector plates? The 50's cars I've owned never needed emissions, but my '74 JH and the '78 Spit have to go through emissions.

Thanks!
Jody

 

[mallard]

What you have to do is get insurance thru someone like Hagerty or Grundy. It has to be a second car and you will have a limit on the amount of miles you can drive. I think mine is 3000-5000 miles with Hagerty. Then the insurance company gets in contact with the DMV and you no longer need to have the car tested. Also to car has to be a collector type car.For example a 1980 Ford Taurus would not work. All the cars you have listed would not have a problem. Very easy process.

 

[JodyFKerr]

Keith,

Thanks, didn't know that one. Looks like I'll be able to get both cars back on the road sooner rather than later!

Jody

 

[TR3driver]

Would you be willing to mention the carrier's name?

I already did, it was Mercury Insurance.
https://www.mercuryinsurance.com/