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Insurance Thoughts

9K views 46 replies 37 participants last post by  Bill&Rebecca-1965-302 
#1 ·
My insurance for my mustang is coming up for renewal this Spring with American Collectors. I like to drive my car a lot during the summer but don't want to be restricted to driving to/from car shows or cruises. I would like the option to drive the car daily during the summer (2 months) to/from car shows PLUS be able to drive it around town for errands. Does anyone have any suggestions about a specific insurance company or type of insurance? Thank you in advance for your suggestions/comments.
 
#5 ·
I'm assuming you want full coverage or something? I'm 25 and have my 1998 mustang, 1993 jeep, 1969 mustang and 1970 mustang as just liability through progressive, all listed as daily commuter cars. I pay 500 for 6 months of insurance. Again I just have liability so if I wreck my car or get hit by an uninsured motorist I'm outa luck. But my 69 and 70 are only worth around 5ish and i'm still in college. The price is right for me.
 
#11 ·
I loved Hagerty but for me, one year they're literally double my annual premium ($850/year for $50k vs $420) compared with most other classic car agreed-upon-value providers. I have a clean background, obviously living in California plays a role, but I'd think all providers would be higher if it was simply because of living in LA. I've called Hagerty and spoken with them multiple times about why it's so much higher and they couldn't give me a specific reason, but did say it was correct. I have State Farm now and they provide agreed value policy but I'll probably switch back to Heacock since the price is comparable and I'd prefer having a company that understands classic cars for if I have a claim. For a while I didn't have a private garage and Heacock dropped me but State Farm had no issues and minimal restrictions. Definitely search around for the best rate for your situation.
 
#12 ·
30 yr agent here

Haggerty is good but they are pricing themselves out of the market

their niche is unlimited mileage.

in realty how many of use really need more than 1000 or 2000 a year. I dont come close. maybe i do 500 if that

most companies allow what they call "occasional pleasure use"

what that means is its open to interpretation. IMO i wouldnt consider driving to work "pleasure" unless you had a meet or show that night or were dropping it off at a shop on the way home

any time i take my car to work for those reasons I call my co rep and just let them know about it

when I had my car painted i told them its going to be a X shop for the forceable future

IMO occasion pleasure use means a weekend drive, maybe a stop for ice creme or coffee and thats about it

companies love to deny claims

I just had a client eat a $10K claim on a Rolls because they caught him on a technicality, dent was about the size of your thumb. lol
Sure he could have fought it and imo won but the legal fees would have been about $5K, plus his $2500 deductible so he decided to walk
 
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#13 ·
in realty how many of use really need more than 1000 or 2000 a year. I dont come close. maybe i do 500 if that
It's more than you may think particularly out west. We've got more agreeable weather the whole year and in the southwest perhaps a more extensive back road network. I've done over 1000 in the 9 months I've had the car and most of the time it's been off the road. I think it's different from a show car in that those of us with drivers are going to use them more. I'm at $289/year at $17k value with road service. The Focus is $144/month (other carriers are around $200) for two near retirement age drivers with clean records.
 
#20 ·
IMO i wouldnt consider driving to work "pleasure" unless you had a meet or show that night or were dropping it off at a shop on the way home

I consider every opportunity I get to drive my Mustang "pleasure" :smile2:


However, I also agree that I drive it less than 2000 miles a year. Maybe that's why driving it to work occasionally still feels fun.
 
#19 · (Edited)
One more vote for Hagerty. My window shield got hit by a large rock bouncing off a semi trailer literally two days after I signed their policy.

They told me to take the car to a local shop here that only works on vintage Mustangs and Hagerty paid the entire bill, no deductible. When renewal time rolled around my premium was basically the same. That was probably 12 or more years ago. I've been with them ever since. (No experience with any big claims though.)

The only restriction they mentioned to me is that I can only drive it to work up to 6 times a year (that was a negotiated number). Their agent explained that a large percentage of claims happen for vandalism in parking lots which is why they don't usually allow people driving the car to work. I explained that parking at my place of work is in an enclosed security gated sealed structure. They decided it was just as safe (probably safer) there than as in my own garage. But the agent said they could not write a blanket exemption (without higher up approval and extra expense) but he could do the six times a year thing without all that hassle. They sent me a specific amendment to the contract. There are no restrictions on non-work related driving.

Price is $198 for 12 months ($16.50 a month).
 
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#47 ·
Wow, trying to get insurance on our 1965; we're telling them we'll only do ~2500 miles, and still the best we got was $409/year (and for the record, I've had exactly >1< claim other than windshields in my life, and the few claims my wife ever head were all HER being hit at stoplights while stopped (rear ended) AND the car stated value is only $16K. Don't get why ours is so high compared to everyone else here (and Hagerty's was the winner at that $409). And that's till with a $500 deductible.
 
#22 ·
I'm cheap. I only insure for the other guy. If I wreck it I pay. He hits me and my insurance pays if his don't. There is an agreed value associated with the policy. I drive as much as I want and wherever I want as there are no restrictions. I insure against the other guy, mother nature, etc.

Remember insurance is a scam! Most of the time the fault lies in the other guy. Insure against that. If you don't trust your driving and insure against it, don't drive.
 
#23 ·
I had Haggerty for years. When I call them last spring and said I wanted to upgrade my coverage so I could drive my car to work occasionally during the summer they told me they could not offer that type of coverage. I told the agent State Farm did. His response indirectly implied that would be a good choice for my situation. I switched to State Farm, who insures my house and daily drivers for $20 more a year than Haggerty and I can use the car as I please averaging 4000 miles a year.
I really appreciated Haggerty's honesty in my situation.
 
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#24 ·
Both my classics are 100K + cars and Hagerty is cost prohibitive. There are more reasonably priced plans out there. I insure my Mustang with AAA Classic Car and my Cuda with American Modern (via Geico) for significantly less. Just have a mileage restriction which is tailorable if I should decide to drive more often or road trip it.
 
#25 ·
I just renewed my two 65 Mustangs ($35,000 and $18,000) and my wife's 49 Jeepster $18,000 with Heathcock. State Farm just gave me a bid within $5 per year of Heathcock's. I had priced Hagerty three years ago and they were 30% higher than Heathcock for identical coverage. I didn't want to pay for Hagerty's extensive advertising.
I left State Farm four years ago when they jacked my rates on everything (and no claims). My agent told me that it took about 3 years for the State Farm's pricing execs to finally figure out their customers are not as dumb as they thought. I'm back with State Farm now with home and main transportation vehicles. If they jack my rates again-I'm gone again.
 
#26 ·
FYI this is from Hagerty's site:

An Agreed Value policy -- the same as Hagerty’s Guaranteed Value™ policy --guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.


In contrast, a Stated Value policy (sometimes called “stated amount” or “maximum limit of liability”) does not promise to pay the full vehicle value that’s indicated or “stated” on the policy. With regard to a covered total loss, you may receive less than that stated amount, because the insurer has the right to pay either your vehicle’s depreciated actual cash value OR the cost to replace your vehicle -- whichever is less. Also, many insurers that offer stated value policies (typically standard insurers) require periodic appraisals to affirm the insured amount, adding cost and inconvenience to the client.
 
#27 ·
the only thing State Farm would give me in TX was a stated value and very very restrictive driving or a regular comprehensive policy for about 3-4X of Haggerty. That was even with 2 houses and 3 other cars already covered.:( Our comprehensive for each of those adds only about $150 for all 3 each 6 mos though so why not, it keeps the hail from ever hitting us I figure.
 
#30 ·
How do they know where, when, why, how you are driving your car?
 
#31 ·
I use American Modern, agreed value, 25k and I have no restrictions other than 5k mileage per year and it can't be my only car. However I can drive it anywhere - to work, grocery store, etc - all things Hagerty said they wouldn't allow when I discussed it with them.

david
 
#34 ·
I have American Modern (my brain remembered when they sent me an email cuz a bill is due this month), and the agent specifically told me I couldn't drive it to work, and even when I explained it was only once a month on the day of club meetings (cuz I used to go straight from work to the meetings, no time to go home and change vehicles), it was still a no-go. And they knew my Jeep is my daily. Weird.
 
#32 ·
I'd suggest you get on the phone with American Collectors and see if you can change the nature of your insurance.

I have a policy with them for under 5000 miles a year, drive it anywhere I want. I just had to talk to a human and have it set up that way. It's also an "agreed value" policy, which to me is the most sensible, since I built the car and that's what it'd take to build another one.
 
#38 ·
I have American Modern and they gave me a provision (stated in my policy) for $50 more a year that I can drive it to work any time I want.
They required another daily driver, and they also state I can't do errands (like go to the supermarket).


I live in Maryland and pay $215 per year for $20K agreed value.
 
#39 ·
Interesting, I tried everything I could to get them to allow that. Even just once or twice a month and it was an absolute deal breaker. And that's with it being my 3rd personal vehicle. So it's definitely not my daily, lol. To the point that it is what really caused me to drop my policy.

The two things that I could see being a factor is that I am in LA, and I also had the value set at 65k. They balked at that at first and I had to send them a TON of photos of all kinds of things. Components, under the hood, long list of everything that was done. I have over 70k in the car all said and done, so I wanted to be at least mostly covered. Anyways, perhaps that was part of why they were so strict.

Grundy, on the other hand was really straight forward about it. All they asked was the major modifications to the car, as I also requested 65 for the agreed value. Which I think we all know is over what I could sell it for. But, I didn't value it at a retail value cause it's never going to be for sale so that figure has zero relevance. Anyways, I just really preferred how personable and human they were about it. They simply adjusted my rate based upon my wish to drive it 2 work up to 2 times a month. They just asked for a description of the parking situation at my office and then got back to me about it.

Truth is with my old policy I still drove it in to work. I hated feeling uncovered when I did, and I don't like trying to be sneaky about things. Especially with something I poured years of my life and every dollar I could spare into building from the ground up.
 
#43 ·
I'm literally best friends with my State Farm agents husband. I have insurance with State Farm on the 66 GT and was asked if I was completed with the restoration. No, I still need to get it painted. So she gave me the price and I ask what it would be when I complete the car. It was less completed. I still need to find out why as that just seems backwards to me...

Allen
 
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