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Looking into insurance options for my 442, and its got me curious what the differences/benefits are of going with a collector car insurance company (Hagerty/Grundy/etc) vs. just adding on my current insurance policy (Allstate)
I simply don't know enough about it to make the correct decision. Any help/advise would be greatly appreciated.
If you put your 442 on your regular insurance they won't value it nearly enough. Plus, any classic insurance is probably going to be cheaper than even liability insurance through a normal carrier.
The collector carriers specialize in these vehicles so they're more tuned in with what it takes to repair and value them. Prices may be cheaper through Grundy / Hagerty than under a regular policy as well, in addition to being less restrictive on how many miles you can drive it per year. As an example, I pay about $350/year under Grundy, for full liability and physical damage coverage - collision/comp, UM/UIM, etc. mileage and use unrestricted with exception of not using for school or work commuting. Agreed value policy so there's no argument over total loss value and the agreed value figure automatically increases by $1k per year (albeit so does the premium).
Read up on the different type of policies, what you want is an Agreed Value Policy. Using the same insurance type as your daily driver, the car would be looked at as just an old car with depreciating value.
+1 for Grundy. I've had an agreed value policy with them for nearly 20 years. No mileage restrictions. Must have another "primary use" vehicle and my Olds is required to be in a garage. I've got two other hobby vehicles covered also. Another benefit in Az is no emissions testing with collector insurance. The Olds likes that!
+1 for Grundy. I've had an agreed value policy with them for nearly 20 years. No mileage restrictions. Must have another "primary use" vehicle and my Olds is required to be in a garage. I've got two other hobby vehicles covered also. Another benefit in Az is no emissions testing with collector insurance. The Olds likes that!
Car must be garaged in your residence's garage or a classic car garage. Grundy will not insure a vehicle in a garage in which other owners have access. An example is a condominium garage with multiple owners.
Thank you for the help, it looks like I've got a few things to consider for sure. Sounds like the obvious one though will be it needs to be a standalone rather than grouping it in with my normal insurance provider.
I would talk to your Allstate agent and see if they have an Agreed Value policy available for old cars. I'm with Safeco (Liberty Mutual) and they have one.
I would talk to your Allstate agent and see if they have an Agreed Value policy available for old cars. I'm with Safeco (Liberty Mutual) and they have one.
I agree with oldcutlass, although many agent's are unaware their company offers classic/antique automobile insurance. You may have to talk to multiple agents or call the insurer directly to determine if classic/antique insurance is offered and then educate your agent.
Be aware that underwriting criteria varies depending on the insurer.
Classic/antique insurance is more common than you may think.
In my case, the agent was unaware and insisted nosuch policy could be written. I contacted the insurer, requested and received a blank rider, showed my obstinate agent and assigned my insurance to a more knowledgeable agent going forward.
Last edited by twilightblue28A; Apr 13, 2022 at 05:04 PM.
In fact, now that I heated myself up, I remember my former agent disagreeing with the concept of agreed/stipulated insurance. He reasoned that if such insurance existed, insureds would buy inexpensive cars, insure the cars at an inflated value, report the car stolen, and collect the inflated value stipulated in the policy.
He was clueless that classic/antique insurance had to meet strict underwriting guidelines.
Be careful that you are comparing apples to apples with policies, especially with underinsured coverage. Some carriers try to cap the underinsured limits at the state minimum liabilty limits. This results in less premium but poor coverage for circumstances when you so often need it. There was a time when Grundy was doing this, but I understand this may have changed.
I had Hagerty when my car was stolen and recovered stripped. They paid full agreed value and I was able to buy the car back for $125. They would not insure me again for 3yrs. Hagerty rates are good.
Not to piggyback off this, but does anyone know a company cheaper than hagarty that'll cover my 67 olds AND my 93 explorer? Grundy won't cover the explorer which is a shame cause they quoted me $40 for both vs hagarty's $75
Not to piggyback off this, but does anyone know a company cheaper than hagarty that'll cover my 67 olds AND my 93 explorer? Grundy won't cover the explorer which is a shame cause they quoted me $40 for both vs hagarty's $75
I'm not sure why they wouldn't cover your 93 explorer, unless it's a body style thing (To much of a daily driver thing). I insure my 91 Miata and my 97 BMW through them with no issues....Tedd
You would think customer service would be rated higher as that’s how people actually feel about cost/coverage/ claims service.
all good companies though, great link!
I have American Collectors Insurance, seems like a fair deal and realistic restrictions. Had a claim 2 years ago, they were a pleasure to work with, basic questions, no hassles, accepted a very well documented estimate and photos, then wrote the check without hold ups. A completely different world for this retired body shop guy than dealing with auto insurers for the last 30+ years.
Read up on the different type of policies, what you want is an Agreed Value Policy. Using the same insurance type as your daily driver, the car would be looked at as just an old car with depreciating value.
this is basically what USAA told me. They were actually going to use the MSRP from 1971 with a depreciation factor added to the original selling price. I went with Hagarty with an Agreed Value Policy. They have an option which allows you to drive your car to work on occasion. You will need to show your declaration page on you daily driver car policy to prove you have another vehicle.
this is basically what USAA told me. They were actually going to use the MSRP from 1971 with a depreciation factor added to the original selling price. I went with Hagarty with an Agreed Value Policy. They have an option which allows you to drive your car to work on occasion. You will need to show your declaration page on you daily driver car policy to prove you have another vehicle.
USAA told me the same and said I should look at their collector insurance “American collector”. So that’s what I did and have the agreed values now.
That was a shocker all those years that I had been using reg insurance on my collector….it’s good to do an insurance review once in a while…lol
I have American Collector Insurance on my 2 classic cars, my 58 Impala and 70 Cutlass Convertible. My 58 Impala is insured for $52,000 and my 70 Cutlass is insured for $31,000 agreed value. I was involved in a bad accident that cost over $21,000 to fix and they paid for the repair without a single problem. BTW, insurance for both cars is $510.00 for the year.
Since the late 1940s insurance risks are rated and vary by individual states. In other words, the premium for the same risk can vary quite a bit from state to state. Additionally, for rating purposes, risk factors are numerous. Examples are driver age and record, deductibles, limits for liability, comprehensive, uninsured and uninsured, location, floors for outside excess liability coverage, agreed or stated value, make and model, modifications, appraisal requirements and more.
For these reasons, using someone else’s premium posted here to set your expectations for your own premium may not be worthwhile. Instead, consult an agent in your state that represents all, or as many classic car insurance companies as possible. That way you can obtain head to head pricing based upon the same criteria.
I am insured with Chubb, When my 69 H/o caught fire and was a total loss, They paid me quickly and allowed me to keep the total car less salvage value [w/o a salvage title] and sell it to a guy that eventually restored it and sold it at BJ
I'm also with American Collectors, have been for many years. For a while I had their endorsement that allows you to drive the car as any other but I dropped it since I wasn't driving it enough to justify the extra expense.
