Insuring Multiple Classics - Vintage Mustang Forums
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post #1 of 14 (permalink) Old 10-18-2018, 01:07 PM Thread Starter
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Insuring Multiple Classics

I have 3 Mustangs that i feel need the full coverage insurance. But am finding issues due to my age. I had Hagerty one time for a year on one car but it was pretty expensive. Im 23 so a few places wont even let me be a driver on a car that is insured by them. I would like to get full coverage on my 1970 BOSS 302, my 1968.5 CJ Fastback and my 65 K code fastback. The BOSS is now a driver, the k code is also a driver and the the CJ is being put together now. Anyone have any idea of who i should look at for my situation?

1970 G-Code Boss 302
1965 K-Code Fastback
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post #2 of 14 (permalink) Old 10-18-2018, 08:14 PM
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I have 5 cars with Hagerty. Less than half of State Farm. Never had to claim on it though so not sure of the service.

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post #3 of 14 (permalink) Old 10-18-2018, 08:21 PM
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The problem is the OP's age. Until he's 25, it's going to be tough. What is Hagerty's opinion on insuring all of the cars? Did you get a quote?
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post #4 of 14 (permalink) Old 10-18-2018, 09:33 PM Thread Starter
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The problem is the OP's age. Until he's 25, it's going to be tough. What is Hagerty's opinion on insuring all of the cars? Did you get a quote?
Have not gotten a quote from them yet, but last time I insured my BOSS it was just over a thousand for the year. Many people I talked to said that was high and that they paid less for more coverage on their classic cars

1970 G-Code Boss 302
1965 K-Code Fastback
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post #5 of 14 (permalink) Old 10-18-2018, 09:33 PM
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State Farm made me a great deal. Hagerty had one too many rules for me.
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post #6 of 14 (permalink) Old 10-18-2018, 09:53 PM
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I am using American Collectors Insurance. I pay under $300 but I am 50 and it is a 5k a year mileage policy. I also have a 66 C code coupe so the agreed value is much lower than what you are going to need.

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post #7 of 14 (permalink) Old 10-18-2018, 09:59 PM
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Forget the insurance, I'm wondering what it would have been like to have a K-Code, a Boss 302, and a '68.5 CJ when I was 23. That's a dream list for a lot of people.

On the subject though, I have 3) cars on Hagerty, but they aren't daily drivers, and I am a lot older than 23. The 2nd, 3rd, etc. car you add to the policy are cheaper than the first one (comparatively speaking).
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post #8 of 14 (permalink) Old 10-19-2018, 08:29 AM
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Quote:
Originally Posted by Bill Fraley View Post
I am using American Collectors Insurance. I pay under $300 but I am 50 and it is a 5k a year mileage policy. I also have a 66 C code coupe so the agreed value is much lower than what you are going to need.

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I've had American Collectors Insurance for over 20 years. Have only had one claim and it was for a $250 tow bill. I am covered for $150 but they paid the whole thing. I have 3 cars covered for a total of 85k, pay $900/yr or so.

From their website:

QUALIFY FOR COLLECTORS INSURANCE.
Do I Qualify?
We will consider operators with:

A minimum of 5 years of licensed driving experience.
A good driving record. No more than one moving violation or one at-fault accident within the last 3 years (up to 2 per household).
One regular-use vehicle for every licensed driver in the household (exceptions may be made for full-time students and retired couples).
Does My Vehicle Qualify?
We will consider ANY vehicle that has collector merit and is appreciating in value however we require that they are:

Driven on a limited basis and not as a daily driver.
Not used for racing, timed events or Driverís Education.
Kept in an enclosed, locked garage (alternate garaging options may be permitted; contact our representative).
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post #9 of 14 (permalink) Old 10-19-2018, 10:18 AM
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I'm with Heacock Classic Insurance, but seems they are just an agent for American Modern Insurance. I went with them as they were the only one (at the time) that would cover my car while it was torn apart, under restoration. Sounds like the same restrictions as malarson has with American Collectors Insurance. I had to sign a waiver that my 19 y/o daughter was not allowed to drive the car, not that she wanted to anyway. I was paying about $280 a year until I just got it running in the past couple of months. This makes the value go up and thus my yearly premiums have gone up with it.

State Farm has my daily drivers insurance, and it seems they have a Classic Car program, but they were not able to match what Heacock offered me. Not sure if they have an age restriction, but they do cover my daughter with her 07 Honda.

One of my friends has several classic cars insured with Hagerty Classic Insurance. One of the cars belongs to his 18 y/o kid and it seems, per the insurance regulations, the kid is not even allowed to drive the car (or any of the cars). Not sure what the age limit for that is, maybe its the 25 y/o thing.

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post #10 of 14 (permalink) Old 10-19-2018, 10:45 AM
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Forget the insurance, I'm wondering what it would have been like to have a K-Code, a Boss 302, and a '68.5 CJ when I was 23. That's a dream list for a lot of people.

On the subject though, I have 3) cars on Hagerty, but they aren't daily drivers, and I am a lot older than 23. The 2nd, 3rd, etc. car you add to the policy are cheaper than the first one (comparatively speaking).
I'm curious how a 23yo ends up with three cars like that.

You're pretty much out with any collector car insurance company. Best thing would be to call an agent that handles collector insurance and tell them your situation.

FWIW, I pay $250 for my 71 Mach with $25k value. A Boss 302 is worth more than that, when you add in the age issue, $1000/yr sounds about right.
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post #11 of 14 (permalink) Old 10-19-2018, 11:27 AM Thread Starter
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I'm curious how a 23yo ends up with three cars like that.

You're pretty much out with any collector car insurance company. Best thing would be to call an agent that handles collector insurance and tell them your situation.

FWIW, I pay $250 for my 71 Mach with $25k value. A Boss 302 is worth more than that, when you add in the age issue, $1000/yr sounds about right.
Thanks for you input. Ill probably have to just call them and have them tell me my options. I am fine with limited miles and rules.. just dont want to be paying out the wazoo for something i will rarely use.

I buy and sell "Barnfinds" and "Basket case" cars and use that money to pay for my keeper cars. Its just a hobby and have gotten lucky the past couple years finding these cars in yards. The BOSS 302 is the original paint, motor, trans, interior car. K code and CJ have nice bodies, but are not matching numbers. I got pretty good deals on all of them and found them all in Arizona.



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1970 G-Code Boss 302
1965 K-Code Fastback
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post #12 of 14 (permalink) Old 10-19-2018, 02:59 PM
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Thanks for you input. Ill probably have to just call them and have them tell me my options. I am fine with limited miles and rules.. just dont want to be paying out the wazoo for something i will rarely use.

I buy and sell "Barnfinds" and "Basket case" cars and use that money to pay for my keeper cars. Its just a hobby and have gotten lucky the past couple years finding these cars in yards. The BOSS 302 is the original paint, motor, trans, interior car. K code and CJ have nice bodies, but are not matching numbers. I got pretty good deals on all of them and found them all in Arizona.
Awesome, that's how it's done!

I did a bunch of that in my early 20's (early 90's), but the Northeast is not kind to our cars of choice. Did a lot of parting out and building driveable restoration projects. Keep at it and you'll build yourself a really nice stable.

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post #13 of 14 (permalink) Old 10-19-2018, 03:25 PM
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Any auto insurance is going to be relatively expensive for a 23 year old regardless of driving record. Add a muscle/pony car particularly one with some value and it's going to be steep compared to us olds with collector car insurance.

My Hagerty is $289/year, value of $17k (for a survivor/driver I could probably only get $10k) 5k miles, road service with 10 miles of paid towing on a flatbed.

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post #14 of 14 (permalink) Old 10-19-2018, 03:29 PM
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Originally Posted by llammanipples View Post
I have 3 Mustangs that i feel need the full coverage insurance. But am finding issues due to my age. I had Hagerty one time for a year on one car but it was pretty expensive. Im 23 so a few places wont even let me be a driver on a car that is insured by them. I would like to get full coverage on my 1970 BOSS 302, my 1968.5 CJ Fastback and my 65 K code fastback. The BOSS is now a driver, the k code is also a driver and the the CJ is being put together now. Anyone have any idea of who i should look at for my situation?
Frankly, I would'nt insure me when I was 23 with those cars or even the cars and motorcycles I had back then period. 50 Hudson with a full race police interceptor engine, 47 Indian Fat bob with an 80 CI bonneville engine, my dad's old TR3 outfitted with his dialed-in road race trim from the late 50s/early 60s - I had 10 vehicles back then including an Austin Healy 3000 although it was relatively stock, '47 hudson pickup on and on... "insurance, I didn't-need no stinking insurance" The trick is keeping them over time...

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