I had to switch to Hagerty insurance as my other carrier sold out to them, I think 2 years ago. Last year's policy for 5 cars, valued at $233,000 was $1070. This year, no claims, same cars, and the premium is $1,467, a 37% increase. I think that is a little more that normal inflation, but what can we do? Suck it up I guess.

 

Did you ask them why it went up so much? They may have upped the value.

 

The biggest part of car insurance is medical premiums, compare your previous coverage to your current and see what increased. I bet they got you for a medical premium increase.

 

Are any of the cars listed as custom? I know I pay a lot more for my wagon then I do for my Toronado or 66 Chevelle convertible. All through Hagerty. The Toro and Wagon policy is about $1400/ year with over 2/3 of that going to the Wagon.

 

Speaking of classic/muscle car type insurance, let's say you have your 70-442 insured at $50k at purchase from 10+ yrs ago, but more recently dropped another $100k into a full restoration and now have a car that has drastically changed in value. What type of info must be provided to update/increase coverage on the same car?

 

I've had similar situations with Hagerty.

The common factor with my premium increases is that I make some change in the policy.

I think that may be the only time the underwriters look at a policy.

Otherwise my premium has always stayed the same.

 

Hagerty, It doubled for my three cars. Insured 35k for the Old's and 14k for each Cadillac. From $1,000 per year to $2,000.

Told me because I moved to Port Isabel, TX. from Utah. Hurricane potential.

 

Maybe just the company appraiser to come and have a look at it. At one of our car shows a Hagerty appraiser was invited and gave quotes to all who asked.

 

This is similar to what happened with my wagon. I think I had it insured for $10K-$12K while it was unrestored. This was more than I had in it /what it was worth, but the premium was the same as if it was insured for less. After the restoration, despite pics, they did not want to insure it for what I wanted. I ended up getting it close to the value I wanted by giving them a list of expenses (not actual reciepts, just a word document with prices of everything I could remember). Currently it is insured for about 20% less than what I originally wanted, but I would still in an "OK" position if the car was totaled. I had no problem insuring the Toronado and Chevelle for what I wanted. Part of the problem is if you have a car that is legitimately worth a lot, but there are not many recorded sales to compare it to.

 

But, you get their stupid magazine......

 

Common sense folks. Insurance premiums have to cover costs for claims. That's repairing damage to your car, repairing damage to other people's cars or property, and medical coverage. The cost of ALL of those has gone up and will go up in the future. Did you NOT expect the premium to rise accordingly?

 

I did not ague. Hurricane Harvey destroy like something like a million cars. Pictures of all the classic's flooded. Guys posted on CO years back.

 

Probably time for a second opinion, try some of the other insurers. I'm using Safeco (a Liberty Mutual subsidiary) and mine did not go up.

 

I use Grundy for my collector car insurance (3 vehicles). I recently requested an increase in my agreed value coverage for each car and they were more than happy to accommodate me. Of course my premium went up accordingly but that's only fair.

 

Chances are I would try to negotiate to keep my car in case of a total loss. Unless it burned up in a fire, or absolutely nothing left of value, I’d want it back. Chances are I’d replace it with another car, I’d want parts and the custom stuff I have added.

 

You can always buy your totaled car back at salvage value. I've done this previously.

 

Well you don't get their stupid magazine if you don't join their stupid drivers club.

 

The only totalled car I have ever dealt with Hagerty on was a 64 Impala hardtop. A 17 year old girl rear-ended me while I was making a right hand turn. She hit doing close to 40 MPH. I think she was on her phone or not paying attention and looked up at the last second because she swerved into the oncoming lane as she hit me (glancing off the driver quarter). She hit that hard that the back of the car spun 90 degrees. The back end was pused over so the passenger quarter was hitting the trunk lid. During the impact, the leading edge of the driver quarter hit the back edge of the driver door and chipped the paint, same for the front of the door to the back of the fender. My brother's house (where I was going) is on an amish farm lane. I am sure if there had been a car in the other lane or a tractor was turning onto the farm lane, she would have been killed. If a buggy was turning onto the lane, she would have killed someone. The adjuster Hagerty sent out did not really know what he was looking at or what he was doing. His quote was around $6500 to fix the car (2012 for reference). I took the car to a local restoration shop. Their quote was $25,000. The car was insured for $20,000. Hagerty accepted the second quote and cut a check. I would have been able to buy the car back, but only at the price it reached on the auction site they list totalled cars on. The car brought around $6k, so that is what I would have had to pay to get it back (maybe a small percent reduction). Overall, I was pleased with how Hagerty handled the issue which is why I have never searched for a "cheaper" company. Although the first adjuster gave a low estimate, they did not question the estimate of the shop. I believe they would have even paid the full $25,000 quote if I wanted the car fixed.

 

My Grundy premium goes up a bit incrementally every year due to automatic agreed value amount increase with each succeeding policy period. - currently paying about $350 / year for my ragtop on full coverage policy with $25k agreed value. No claims and only ever had to submit photos at original policy inception. The value increase is an additional $1k / year

 

My Hagerty premium hasn't changed in at least six years. But it will this year, as I'm upping my Guaranteed Values.

 

I tried to do this once, 2005 Infiniti G35 6-speed. Bought for $14k, rear-ended at a redlight a few months later, so hard that it damaged the pickup stopped ahead of it. Insurance paid $22k. I had a junkyard-owner friend watch its salvage auction, and after it passed $8k, he bailed. Car didn't look that bad, but the rear unibody was crumpled.

 

Ha! I have that? Honestly, only carry it because it's cheap and state required; could care less.

 

My Hagerty premiums didn't change this year; didn't change the policy. It actually went down a year or two ago. One thing I tell people when they quote Hagerty is that you actually have to ask for a paid deductible - their standard is $0. I'm not going to file claims for <$1k on the car, so getting a $1k deductible dropped the premium, and then I dropped the driver's club since that was more money per year than I was willing to spend - I think it was like $125/year when I dropped it, looks like they dropped the price to $70/year.

 

My American Collector's insurance premium went up when I added my 96 98 but; overall, the insurance is cheaper to have the 96 on classic insurance vs. liability with USAA.

If you think classic auto insurance goes up each year then be thankful you don't own a home in OK. HAIL...

 

I 2nd Safeco they seem very reasonable

 

I left Hagerty insurance. They are just to high priced. I would check around for sure. I am with MK insurance now and so far have been far less money. I have not had a claim with them but I have talked to a couple people that have and they had zero problem. If you happen to have State Farm for your daily drivers, they actually have good rates on agreed value policies. If you are not already with State Farm, they are a little rougher on you.

 

My agent called Hagerty and was told that they raised the premiums across the board the same percentage to cover claims. I looked into going from $0 deductible to $750 and it would save me about $100, so I am leaving it as is.

 

425HP409,
Is it safe to assume you have an early impala? If so what year is it? Just curious.
Tom

 

Ha, you read between the lines, deciphering my call out, 425hp409. Good Job, I have a 64 Impala SS, 425hp409, 2 fours, 4 speed, power steering, power brakes and AC. It was originally a 327 car as you couldn't get AC with the 425hp engine. I always wanted a 64 Impala SS, and built this one the way I wanted it. It is not quite finished, Body Off restoration, and can't wait to get it on the road.

 

Apples and oranges. My coverage allowed me to use my cars as daily drivers. And I do.

Some insurance companies would not cover that. Driving only to shows or repair garage, etc.

Want does your insurance, wants you to drive your cars?

 

Safeco has no mileage limit, with no use restrictions other than the car cannot be used as a DD to work. It must be garaged. Being retired I have no issue with that.

 

My oldest brother loves early impalas, 63's in particular. Can't recall the number of wagons, and four doors he's had over the years, but some of the neatest 63's were an untouched red/ white top red cloth interior bench seat hardtop. He also had a red/ red 340 HP 4 speed SS A/C hardtop for a little while and a maroon/ black interior convertible that he put buckets/ console and a 340 horse 409/ powerglide in. His wife got him a rough but original bench seat column shift 340 HP 409/ powerglide hard top (non SS obviously) for his 40th birthday. Still sitting in his garage waiting to get on the road.