- Classic car insurance is a very good value. It's inexpensive and offers very good coverage. If your classic Mustang is damaged, Hagerty, or a similar company, will pay to have it repaired proplerly. If your Classic Mustang is stolen or completely destroyed, you will get a check for the agreed value. As you're finding out, the big catch is you must have another vehicle as your daily driver and your classic car must be garage kept.
- Regular car insurance companies are a bad way to go when insuring a classic. I'm not sure about USAA. But with any other insurer, you'll get hosed. Regular insurance companies consider a classic Mustang as having no value whatsoever. If the car is damaged, stolen or destroyed, the most you can expect is a token amount for paying your premiums. Obviously, your lender is very aware of this.
Shoot, buy an old Honda Civic if you have to and make that your daily driver. Park your Mach 1 in the garage and go with Hagerty or a similar company.
I also believe classic cars should be driven and driven often. But there's simply no way to get adequate insurance if it's your daily driver and/or it's not garage kept.
I have my 67 (only a coup) insured as a daily driver because I want to use it like a "regular " car and loan it to my sister or my nephew on occasion. I also don't want to lie to Haggertys and tell them I was really going to a car show when that guy ran a red light at 2:30 in the morning (those halogen seal beam replacements are great by the way). I have a "sort of" agreed upon value. They will never pay more then $14,500 for a total but they can pay me "market value" for a similar car at the time of the accident. This makes driving this car "affordible and my loss is well tempered and more importantly my liability is covered. All this for $400 more with my two cars already insured (another factor here is that my insurance company corectly sees that with three cars they are collectively not going any more miles then the two had been)My company is California casuality, a policeman, fireman, teacher kind of insurance company.
i have Hagerty too.. they gave me a "Guaranteed Value" policy.... i haven't wrecked it yet so idk how they are... but i only paid like $270 per year with $150 in Roadside with guaranteed flatbed towing... when not in project mode, i'll drive the stang 2 times a week to work and alot running up to the store or parts house.... i told them i'll drive the car maybe 3k miles a year, which is spot on....
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Last edited by Mustang_zulu; 01-06-2013 at 07:11 AM.
I have American Classic with an agree on value of $20K. Annual premium is right at $170 and allows me to drive up to 2000 miles a year. I have Triple-A so declined AC's roadside service add-on.
I could have contracted this insurance myself but my home and auto insurance agent also handles American Classic. I contracted through him and exactly the same rate as if I did it myself on-line. Now, I have an advocate to fight for me, should the need arise.
Maybe you should contact one of the classic insurers and tell them what you want. If you don't believe us about the regular insurers please call them and ask them about the value of your car if its totalled and if its determined your not driving to a car show. I worry about those people who have, say State Farm, and believe they are safe. I hate to see these cars totalled and someone not able to afford another one.
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