How to Insure a Classic Vehicle (1 Viewer)

[BadReligion]

Another vote for State Farm's "Classic Car" Policy. I haven't insured my 62 yet with it but my 40 is under that plan. You get to pick the stated value to insure to, then take a few photos and their underwriting will ok the amount,. As long as there are a few comps on BAT you will get the stated value approved. You are limited to like 7500mi per year but not a big deal. Best part is that the yearly policy for my 40 was like $300/year for $30k in comprehensive coverage.

 

[NearJetties]

Another vote for State Farm's "Classic Car" Policy. I haven't insured my 62 yet with it but my 40 is under that plan. You get to pick the stated value to insure to, then take a few photos and their underwriting will ok the amount,. As long as there are a few comps on BAT you will get the stated value approved. You are limited to like 7500mi per year but not a big deal. Best part is that the yearly policy for my 40 was like $300/year for $30k in comprehensive coverage.

What the details on storage?

 

[80sand100s]

I just got a Hagerty quote earlier today for my 80:

insured value - $40k
deductible - $2.5k
12 mo premium - $2600
annual mileage "limit" - 5k

The premium seems absurd based upon other's posts here.....any advice on what I'm doing wrong? Or other places to look?

Zero traffic tickets and garage kept.

 

[BadReligion]

I just got a Hagerty quote earlier today for my 80:

insured value - $40k
deductible - $2.5k
12 mo premium - $2600
annual mileage "limit" - 5k

The premium seems absurd based upon other's posts here.....any advice on what I'm doing wrong? Or other places to look?

Zero traffic tickets and garage kept.

Yeah that's more than a little high, especially for that deductible. What insurance company do you use for other vehicles, home, etc? I would start there.

 

[BadReligion]

What the details on storage?

I think they did ask if it was garaged, which it is. Definitely doesn't have to be climate controlled or anything crazy like that.

 

[80sand100s]

Yeah that's more than a little high, especially for that deductible. What insurance company do you use for other vehicles, home, etc? I would start there.

I got a quote from State Farm:

insured value - $40k
deductible - $100
12 mo premium - $180
annual mileage limit - 3k


I'm scratching my head.... how is one 7% of the price of the other?

 

[BadReligion]

I got a quote from State Farm:

insured value - $40k
deductible - $100
12 mo premium - $180
annual mileage limit - 3k


I'm scratching my head.... how is one 7% of the price of the other?

That's a crazy difference. I don't know anything about how insurance is priced but those two quotes are not even close.

 

[SteveH]

Hagerty was 2x the cost of Grundy and JC Taylor for me. They were competitive in the 1990s for my '66 Mustang, but not when I went back later for my FJ40. Must be all those TV and magazine ads they run.

 

[4runner2FJ60]

X2 on Grundy being about half of Hagerty, just priced it as well.

 

[cheeese]

Isn't there discussion on the previous page about how neither Hagerty, Grundy, or the others will cover your truck if it's taken off road? Or am I misreading that?

Perhaps we need a clearer format to compare apples to apples, eg:
Company
Stated vs book value
DD / Non-primary on-road / Non-primary off-road use
Stock vs modded

I personally have all vehicles insured thru USAA (Garrison) but after reading this thread am considering switching the 60 to something that will cover stated value and light off-road, trail and camping use.

 

[SteveH]

I was musing to myself about 'why can't an insurer offer a policy for off road vehicles that just covers on-road accidents, and not self-inflicted off road accidents'. The problem is that some yo-yo would roll his truck off road and then drag it back to a paved highway and try to make it look like it happened there, so that he'd get insurance coverage. Then you get into exactly what is 'off road' - a private road? a county dirt road? A mountain pass without a road number? - you can see where this would be an underwriter's nightmare.

Insurance is a numbers game and a bit of a racket. No insurer seems to meet the needs of the Mud community's vehicle use.

 

[Bubbaskyjacker]

I just did Hagerty- 20$k 600$ a year.


I sent a pick of the rig parked off road lol

they said as long as it wasn’t primary usage wasn’t “camping” or “off-road”. I sure didn’t like how they were questioning me so I will be looking at another place.

in reality no one probably covers off-road damage, not sure why that has any bearing normal reasons for insurance. - I’m worried about the soccer mom or teen doing tictoc vids.

 

[euclid537]

My insurance agent was able to secure an "agreed value" policy with Encompass, with little-to-no fine print.
The cost was comparable to my regular insurance, and I haven't found anything that would limit the way I use the truck.

 

[SteveH]

Just got my Grundy quote - $325 total for two vehicles, one at $20K and the other at $25K agreed value.

 

[Big Cruiser Guy]

Mine also fully covered. Now I need to look at Hagerty. I looked into the additional insurance you mentioned because it sounded great, but found out right before activating it with them that you must keep it garaged and only drive it in parades or to car shows. They would not insure it for casual driving!!! Crazy. No way to get the current market value on these even fully insured as far as I know. Anyone else?

Hagerty refused to insure my FJ60 because they went on Google Earth and saw it parked in front of my house. I explained that I sometimes park on the street when I'm going to be coming & going throughout the day, but that it ALWAYS is garaged at night. Still no dice. OK, they don't need my money, I'll insure it elsewhere.

 

[tc01]

I just got a quote from Safeco. They make you go through an insurance agency (At least in Florida). So I called an insurance agency that sells Safeco at random and asked for classic car coverage with agreed value of $24k. The agent sent me a quote, they said Safeco might require an appraisal after the policy is issued. I asked the agent about parking requirements, and they said that it should be parked in a locked garage "majority of the time."

agreed value - $24k (Agent says this doesn't change the premium, the coverage does, not sure if that's true)
deductible - $500
coverages - Bodily $100,000/$300,000, Property $100,000
parking - garage "majority of the time"
annual mileage limit - 3k (I think it can be increased)
12 month premium: $183 per month, $2,198 per year

Does this seem reasonable? Does anybody know how to talk to a Safeco underwriter?

@80sand100s is your $180 State Farm 12 month premium per month?

 

[kbfj621989]

I just got a quote from Safeco. They make you go through an insurance agency (At least in Florida). So I called an insurance agency that sells Safeco at random and asked for classic car coverage with agreed value of $24k. The agent sent me a quote, they said Safeco might require an appraisal after the policy is issued. I asked the agent about parking requirements, and they said that it should be parked in a locked garage "majority of the time."

agreed value - $24k (Agent says this doesn't change the premium, the coverage does, not sure if that's true)
deductible - $500
coverages - Bodily $100,000/$300,000, Property $100,000
parking - garage "majority of the time"
annual mileage limit - 3k (I think it can be increased)
12 month premium: $183 per month, $2,198 per year

Does this seem reasonable? Does anybody know how to talk to a Safeco underwriter?

@80sand100s is your $180 State Farm 12 month premium per month?

I switched from Hagerty to Safeco same as yours above but with $1000 deductible and agreed value of $30k and my annual premium is $470. This is not my daily driver, no accidents, tickets.

The premium was the same with Hagerty but I less concerned about denial of claims given the conversations above.

 

[WSOPgold2012]

not looking forward to the hoops im gnna have to jump thru once all my improvements are done this summer. Not to piss in anyones Cheerios...but if you think they gnna pay out $30,000 on a policy under $500/year... i wish you all the best.

 

[kbfj621989]

not looking forward to the hoops im gnna have to jump thru once all my improvements are done this summer. Not to piss in anyones Cheerios...but if you think they gnna pay out $30,000 on a policy under $500/year... i wish you all the best.

I sent in multiple pictures to their policy reviewers. I had the same valuation with Hagerty without sending in any pictures.

I hope to never find out.

 

[WSOPgold2012]

I sent in multiple pictures to their policy reviewers. I had the same valuation with Hagerty without sending in any pictures.

I hope to never find out.

FTR...wasnt trying to single you out at all...was just a generalization on all the under $500/year Policies mentioned in this thread. Hope none of us find out!! Cant imagine trying to insure in Oregon...seems like a 50 goes missing monthly up there.