I just went thru the sign up process myself...lol. I'm confused how they jus accept the "declared value"
How to Insure a Classic Vehicle
- Thread starter karlbra
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Safeco told me "we dnt do anything other than book value"
I've had different policies on my 60 including classic coverage from State Farm. I'd do your research and talk to your provider and under writer to know the fine print. Sure it's easy to obtain, rates are cheap but overall the coverage is less than desirable for a Land Cruiser unless it's a garage queen.
Often times the Classic Insurance states vehicle should only be driven to club or sanctioned events, not to work, etc etc. I see a lot of ways insurance could easily get out of a claim if one has classic insurance on a Land Cruiser that is used and driven as they were designed for.
Something to consider.
Often times the Classic Insurance states vehicle should only be driven to club or sanctioned events, not to work, etc etc. I see a lot of ways insurance could easily get out of a claim if one has classic insurance on a Land Cruiser that is used and driven as they were designed for.
Something to consider.
I'm going through this process right now as well. I was originally planning on Classic insurance with agreed upon value, which was based on market value, comps, and appraisal. However, and as mentioned previously, the fine print of the classic policies exclude almost every kind of use and have a lot of restrictions including mileage. I currently have a regular full coverage and collision policy on my '85, and I'm now trying to get the same policy for my '69. It is a lot more expensive than the collector/classic insurance. I'm also trying to get them to include agreed upon value in case the vehicle is totalled. No cheap way too fully insure an old 4x4 if you intend to use it, even for weekend driving.
I just had to play this game last year
my local insurance rep told me this
get full coverage from ANY place you want ( I chose State Farm cause they treat me right)
have them do their thing take their pictures and what not
then go get it appraised by three different places.
Can be a dealership to appraisal place
hold on to those values. If and when you have a problem, supply what those appraisals stated the value was.
they took pictures and saw what they were insuring before they insured it and knew what they were doing they are “professional insurers” but can’t argue the value of the vehicle of its been appraised by three different places at this value
Anyways they didn’t give me one bit of grief when I hit an elk and had my front end rebuilt, 6,500$ later, even paid for a hotel and rental car
keeps you legally insured and keeps you daily driving your rig
my local insurance rep told me this
get full coverage from ANY place you want ( I chose State Farm cause they treat me right)
have them do their thing take their pictures and what not
then go get it appraised by three different places.
Can be a dealership to appraisal place
hold on to those values. If and when you have a problem, supply what those appraisals stated the value was.
they took pictures and saw what they were insuring before they insured it and knew what they were doing they are “professional insurers” but can’t argue the value of the vehicle of its been appraised by three different places at this value
Anyways they didn’t give me one bit of grief when I hit an elk and had my front end rebuilt, 6,500$ later, even paid for a hotel and rental car
keeps you legally insured and keeps you daily driving your rig
Try HAGERTY
‘Book value’ is for their normal car insurance.
You want Safeco ‘Classic Car Insurance’ which is based on agreed value.
Maybe its State dependant...was told Safeco had no option.
I went w/ Hagarty only a few months ago. They didn’t ask for pics. Told them it’s garaged... insured for 10k... it cost around $285 for the year.
After reading the above comments I guess I should look through the policy. Glad to see this.
After reading the above comments I guess I should look through the policy. Glad to see this.
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I have Geico. I've asked them about this several times and they assured me that they would provide enough coverage to buy a replacement of equivalent value.
Hope I never find out how they wiggle out of that.
Since ours is a daily driver and only car, frequently off road, flat towed all over north america, and is never in a garage, I doubt I have any insurance options
Hope I never find out how they wiggle out of that.
Since ours is a daily driver and only car, frequently off road, flat towed all over north america, and is never in a garage, I doubt I have any insurance options
Same. My agent asked me for values of each vehicle. Told her I only drive them a few times each year. I think I’m paying $600 per year for my 40 and 60 insured for 25,000 and 15,000
Haggerty wont insure in Colorado if vehicle isnt parked in a Garage or permanent structure. Driveway parking no bueno!
I had hagerty for a while with one of my old 60's. As others mentioned they got expensive and had the most restrictions. I have heard good things about safeco from close friends but have not used them. My regular insurance here for home and regular vehicles is american mutual. They offer stated value classic policies as long as the stated value isn't over 25k. Over 25 k they need a formal appraisal. I have found them cheaper and less restrictive than hagerty, i.e. I can drive a classic to work on occasion to show it off. This was expressly prohibited under my hagerty policy. None of them would cover any "off road" activities. Of course everyone has a different definition of what that is so try to find out what that really means in your policy.
Insurance does vary state to state so perhaps shopping around is the best plan?
Insurance does vary state to state so perhaps shopping around is the best plan?
On my Hagerty policy that is due for renewal next month, the policy highlights document insert reads as follows: “ Flexible Usage: our custom designed policy doesn’t restrict usage to just parades and car shows; we encourage you to drive your classic just for the fun if it.”
As im about to sink a sizable amount of money into my rig for Body+Paint, custom Armor and H55 upgrade...its kooking like ill have to drop another 45-60k for a garage lololol. Spoke with Haggerty and Gundy both require Garage parking in Colorado (prlly due to hail storms) Also USAA, And my current Nationwide provider.... Found myself getting IRATE as Nobody would really clarify how a "total loss" would be valued.... After about 2 hrs...i gave up.
Thanks for all the tips. I’ve been looking into this recently and ran into the same roadblocks with Hagerty others mention.
I just ran a quick quote through Grundy. I don’t think it will work given my parking situation.
I am curious though. What does the limit on spare parts mean? It’s only $600.
I just ran a quick quote through Grundy. I don’t think it will work given my parking situation.
I am curious though. What does the limit on spare parts mean? It’s only $600.
Gretsch
SILVER Star
Just ran similar quote through Grundy. From their website:
This I guess rules me out as my 60 series is my daily driver. Seems for daily driver trucks you either take the hit on value if something happens or insure it as a classic and never use it to get your money if you run into trouble. As if maintenance and upkeep weren't enough reason, I guess it just doesn't make fiscal sense to to have these for daily driver use. Thanks to COVID I don't drive it much these days, but I still wouldn't qualify for classic insurance based on my situation. I luckily don't have as much in mine as some, but still if it were lost or stolen, I would take a hit.
I discussed this some with my insurance company once a few years back and they basically told me that if its totaled they would be sure to give 'fair market value' for it and take into consideration not only book value but actual prices paid for these trucks. That's when the conversation moved into this vague answer mode as to what that would be so not sure I believe that. They mentioned a similar scenario to the one @rhah lays out, so might give that a go. Still seems like a roll of the dice these days and I just don't see a clear way to responsibly use one of these for a daily driver. The penance for folks paying ridiculous sums for these dino-tractors I suppose.
How Can I Use My Car?
Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.This I guess rules me out as my 60 series is my daily driver. Seems for daily driver trucks you either take the hit on value if something happens or insure it as a classic and never use it to get your money if you run into trouble. As if maintenance and upkeep weren't enough reason, I guess it just doesn't make fiscal sense to to have these for daily driver use. Thanks to COVID I don't drive it much these days, but I still wouldn't qualify for classic insurance based on my situation. I luckily don't have as much in mine as some, but still if it were lost or stolen, I would take a hit.
I discussed this some with my insurance company once a few years back and they basically told me that if its totaled they would be sure to give 'fair market value' for it and take into consideration not only book value but actual prices paid for these trucks. That's when the conversation moved into this vague answer mode as to what that would be so not sure I believe that. They mentioned a similar scenario to the one @rhah lays out, so might give that a go. Still seems like a roll of the dice these days and I just don't see a clear way to responsibly use one of these for a daily driver. The penance for folks paying ridiculous sums for these dino-tractors I suppose.
I forgot to mention both Haggerty + Grundy were both a no go on 4 wheeling of any sorts.... I mostly came to the conclusion that while yes...I could persue a Haggerty or Grundy Policy (after building a Garage structure) I was left believing that id run into coverage issues in the event of any real loss. That id still have to have a Daily Driver in winter...as its Impossible to navigate to my cabin with Current DD. After i get my work done...im going to go the appraisal route to have back-up documentation for the Value of my rig...certainly NOT going to trust an Insurance adjusters opinion.
Safeco was my only option for agreed value. It's my daily driver, no garage, I take it off-road. No other insurance would cover me, and Safeco agreed on $50k agreed.