Join Date: Jun 2011
Location: Colorado Springs
As usual, bartl is spot-on. Here are the facts:
- 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.