I am underway installing a new erod LT1 gen V 455 HP engine. I currently have USAA insurance. I am thinking I need to go to a more custom insurance now like Haggerty? The value of the vehicle has significantly increased and I want it to be covered. Any thoughts on this or ideas? What have others done?
Restomod need new car insurance?
- Thread starter Roonie
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Keep in mind the value doesn't track what you put into it. Just because you put a $10,000 engine and transmission in there, doesn't mean the value is suddenly $10,000 more. You will have to work that out with your broker. i.e., would you want the vehicle to be insured for its replacement cost (what it'd cost to find another 62 with a V8) or for the amount you put into yours. Two very different things.
My agreed value policy with Hagerty is half that
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Hagerty has a "cherished value" add on option you can add to any classic car policy. So if you want to insure for 150K and they agree... that's the payout. It takes many back and forth emails and pics, but possible.
Most of my Customs build customers have used this.
I have a $ 320K policy on my SEMA 6x6 with Hagerty, 3363.20 a year- with a zero dollar deductible for total loss value payout or claim payout.
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Completely depends on desired value and add on options.
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However, Hagerty will drop you with ANY claim a majority of the time no matter the degree of damage.
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I run my policies through my Allstate agent; as it was close to 30% less than going directly through Hagerty.
I just dropped progressive after 26 years no claims because im trying to help a guy out renting a room in my house from me they added him onto my insurance he has his own insurance and doesn't even have a driver's license hasn't ever he is 30. I went round and round with them but they still upped my premium 300.00 every 6 months just because he lives in my house and could possibly drive one of my vehicles witch would be theft. I switched last week and has taken till today to get progressive to cancel my policy oh and I owe them 200.00 now.
yoooo i try to be as loud and vocal as i humanly can be on this. I used to have USAA. If you plan on driving your 60 series ever that is not to and from car shows, or on short weekend strolls. DO NOT GET HAGERTY, AMERICAN COLLECTORS, GRUNDY, ETC>!!!!!!!!!!!!!!!!!!!!!!!!!
I spent months going down this rabbit hole and calling so many different providers and running options.
Seriously. If you are at the grocery store on a wednesday, and someone smashes into your car in the parking lot, you will be with zero coverage. Theres a reason the collector car insurance is so cheap, and it is because you are not covered for ANYTHING outside of driving short trips to and from car shows and events, or very short leisure drives on saturday and sunday. They do check. Read the fine print of the insurance paperwork.
What I did was go through Safeco (which is now Liberty Mutual). You will need to go through local insurance brokers to do this. I used the broker locator on their website. It took me 4 local dealers to find one who would do it. If one says no, just say thanks and hang up and on to the next one.
When you call the broker tell them you want classic car insurance at agreed value. The standard mileage allowance is 5,000 miles a year. You can increase that to 10,000, or to 20,000 miles a year. They dont check your odometer or anything on miles used.... and its completely unrestricted. The more miles you add the higher your policy wil cost. You will have full coverage sunday-saturday. The only catch, is you need to have another "daily driver" car on the same insurance policy. So my wifes 100 series is also insured through safeco/liberty with normal car insurance. With both vehicles it ends up being only slightly more than what i was paying with USAA.
They will require a list of mods and why you came to your agreed replacement value, with high quality images. I have my agreed value at $60k and didnt have to get an official appraisal, but that will vary from different underwriters. They just need proof to sign off and agree to the replacement value you are asking about. They saw the classic 60 series, the LS Swap, parts list, etc and agreed via email without appraisal for me.
This is a little pricey, but i daily drive my 60 series and if its totaled it will pay out 60k and i can maybe build another. Ive also got the repair deductables super low. I honestly need to up my replacement value if im being completely honest. Ive used the glass coverage twice on the 60 series in 3 years and also once on the 100. You just get a company to do it and they send you a reimbursment check. They dont force you to use safelite
This is my policy from 3 years ago. Im sure its different now, but this is just what i had in my email inbox. I originally started at 45k agreed value, then increased it to 60k. Full comprehensive insurance for both of our daily drivers with all the stuff like windshield replacement, loss, uninsured driver, roadside assistance, etc. You could get that price lower if you removed the glass insurance, loss of use, and roadside assistance and stuff
edit-just checked again, my insurance is at 2,200 annually in a high COL area total for both cars now after 3.5 years. I can get that cut down a good bit if i upped my deductibles. Also do not say the word "daily drive" say you want to drive the truck at least 10k miles a year
I spent months going down this rabbit hole and calling so many different providers and running options.
Seriously. If you are at the grocery store on a wednesday, and someone smashes into your car in the parking lot, you will be with zero coverage. Theres a reason the collector car insurance is so cheap, and it is because you are not covered for ANYTHING outside of driving short trips to and from car shows and events, or very short leisure drives on saturday and sunday. They do check. Read the fine print of the insurance paperwork.
What I did was go through Safeco (which is now Liberty Mutual). You will need to go through local insurance brokers to do this. I used the broker locator on their website. It took me 4 local dealers to find one who would do it. If one says no, just say thanks and hang up and on to the next one.
When you call the broker tell them you want classic car insurance at agreed value. The standard mileage allowance is 5,000 miles a year. You can increase that to 10,000, or to 20,000 miles a year. They dont check your odometer or anything on miles used.... and its completely unrestricted. The more miles you add the higher your policy wil cost. You will have full coverage sunday-saturday. The only catch, is you need to have another "daily driver" car on the same insurance policy. So my wifes 100 series is also insured through safeco/liberty with normal car insurance. With both vehicles it ends up being only slightly more than what i was paying with USAA.
They will require a list of mods and why you came to your agreed replacement value, with high quality images. I have my agreed value at $60k and didnt have to get an official appraisal, but that will vary from different underwriters. They just need proof to sign off and agree to the replacement value you are asking about. They saw the classic 60 series, the LS Swap, parts list, etc and agreed via email without appraisal for me.
This is a little pricey, but i daily drive my 60 series and if its totaled it will pay out 60k and i can maybe build another. Ive also got the repair deductables super low. I honestly need to up my replacement value if im being completely honest. Ive used the glass coverage twice on the 60 series in 3 years and also once on the 100. You just get a company to do it and they send you a reimbursment check. They dont force you to use safelite
This is my policy from 3 years ago. Im sure its different now, but this is just what i had in my email inbox. I originally started at 45k agreed value, then increased it to 60k. Full comprehensive insurance for both of our daily drivers with all the stuff like windshield replacement, loss, uninsured driver, roadside assistance, etc. You could get that price lower if you removed the glass insurance, loss of use, and roadside assistance and stuff
edit-just checked again, my insurance is at 2,200 annually in a high COL area total for both cars now after 3.5 years. I can get that cut down a good bit if i upped my deductibles. Also do not say the word "daily drive" say you want to drive the truck at least 10k miles a year
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