[OVERULD]

I think I'll re-read my policy from Hagerty and then send an e-mail to my agent for clarification. When I bought coverage for my cars, I understood him to say they were covered so long as I was under the annual mileage limits. If I can get him on written record saying that it doesn't matter where I am driving them (to have them serviced or taking a weekend cruise for instance) then if anything ever happened and they tried to deny the claim as "not covered" - I believe I would then have a pretty good bad faith claim against the agent under his business liability policy.

[1971/455/HO/4-SPD]

Originally Posted by 68RamII

Hello Everyone,


If anyone would care to comment, I would like to know how you are insuring your rare and valuable car. For example... A RA Judge Convertible... How much do you have it insured for and what is it costing you per year. Also, what company are you using.

I am curious to find out because with the rising values of these cars how can someone afford to insure it.


Thank You,
John

HAGERTY!

[74 SD455 Formula]

I have State Farm Insuranse for both my everyday transportion and my 1974 SD Formula and my 1972 HO 455 GTO.I have had both of the collector cars professionally appraised and the insurance is based of the appraised value.My agent came out to my house to take picture's of both of the cars and I had to fill out the usual paper work,but I feel I got a very good deal.First of all like any insurance company there are some limitations to mileage.I know I pay a whole lot less than what i would of if I had Hagerty.I did check into this as should most of you.Ask your insurance agent what they have to offer for collector car insurance.For the record I pay around $380.00 a year for both car's.

[wase]

I wonder if, due to the restrictions placed on "collector car" insurance and the dicey possibilities of not being covered in the event of a loss, would it be better to get ordinary insurance on my 67 GTO? Is there such a thing as "stated value" insurance for using my goat as a daily driver?

[getmygoat]

Coincidentally, I talked to my state farm agent today and they for the first time mentioned this designated "classic car" option.. .. My agent isn't as good as yours, I have to take my own pictures and take them to them!

But this will save me about $200 a year... I'm still going to be paying $800/year for my two 1970 GTO's.

[getmygoat]

Originally Posted by wase

I wonder if, due to the restrictions placed on "collector car" insurance and the dicey possibilities of not being covered in the event of a loss, would it be better to get ordinary insurance on my 67 GTO? Is there such a thing as "stated value" insurance for using my goat as a daily driver?

It depends on what you deem to be your greatest risk:

Risk A) The possible loss caused by a claim where the insurance company values your car less than you do.. (For example, they only give you $10k when you think the car is worth $20k).

Risk B) The possible (complete) loss caused by denial of a claim by a collector car company because they think you violated the terms of the policy. (loss of complete value $20k).

[74 SD455 Formula]

Originally Posted by getmygoat

It depends on what you deem to be your greatest risk:

Risk A) The possible loss caused by a claim where the insurance company values your car less than you do.. (For example, they only give you $10k when you think the car is worth $20k).

Risk B) The possible (complete) loss caused by denial of a claim by a collector car company because they think you violated the terms of the policy. (loss of complete value $20k).

Through State Farm Insurance I asked just that question about insured value.I had to go and get my cars Professionally appraised and bring them a copy of that appraisial.The car is insured as like your daily drivin vehicle ( at least thats what they told me ).As for a daily driver, thats not possible.Thats not how the policy works.The other thing my agent does is ask that I get the car appraised about evry two years as we all know how the market and values of these vehicles are.All in all this works for me.

[1971/455/HO/4-SPD]

Bottom line when it comes to insurance, "You get what you pay for!" Companies like State Farm, Allstate, American Family etc. are not geared towards collector vehicles and don't know the values of these cars, whether or not you have an up to date appraisal etc. More important than that, there claims handling ability will really come into play in the event of a claim. The last thing a captive company like State Farm want to do is spend a lot of time and money having your classic car repaired. You will go through a never ending sea of paperwork, they will pick the shop for you, etc. etc.

I use Hagerty because of there ease of use, policy coverages, 24/7 service, roadside and CLAIMS ABILITY. If you have a problem with your baby, you know they are going to get you back on the road a lot faster. Lastly, don't accept ANYTHING less than an AGREED VALUE policy. ACV and State Value are NOT the way to go as they depreciate over time!

[getmygoat]

Originally Posted by 1971/455/HO/4-SPD

I use Hagerty because of there ease of use, policy coverages, 24/7 service, roadside and CLAIMS ABILITY. If you have a problem with your baby, you know they are going to get you back on the road a lot faster. Lastly, don't accept ANYTHING less than an AGREED VALUE policy. ACV and State Value are NOT the way to go as they depreciate over time!

The rub here is that - If your claim is not denied due to improper use, then you get the agreed value.

Otherwise you get zip.

i.e. agreed value insurance from a collector car company does not guarantee you get the agreed value in the event of a loss. - (Oh, you stopped off at 7-11 on your way home from the classic car parade, well, that's not allowed, so DENIED).

Oh, you took the car out on a nice sunny day and went to the beach? DENIED.

Oh, you left your car unattended in the "best buy" parking lot for 20 minutes? DENIED.

They try to mask this by saying the policy covers "pleasure driving" - But in the small print you learn that what actually qualifies as pleasure driving is a very very small set of activities.

p.s. - Collector car insurance is actually cheaper than traditional insurance, so the "get what you pay for" analogy doesn't apply.

[1971/455/HO/4-SPD]

Originally Posted by getmygoat

The rub here is that - If your claim is not denied due to improper use, then you get the agreed value.

Otherwise you get zip.

i.e. agreed value insurance from a collector car company does not guarantee you get the agreed value in the event of a loss. - (Oh, you stopped off at 7-11 on your way home from the classic car parade, well, that's not allowed, so DENIED).

Oh, you took the car out on a nice sunny day and went to the beach? DENIED.

Oh, you left your car unattended in the "best buy" parking lot for 20 minutes? DENIED.

They try to mask this by saying the policy covers "pleasure driving" - But in the small print you learn that what actually qualifies as pleasure driving is a very very small set of activities.

p.s. - Collector car insurance is actually cheaper than traditional insurance, so the "get what you pay for" analogy doesn't apply.

You have misunderstood my "You get what you pay for" analogy. CHEAP collector car insurance is just that, cheap. If you are going to really USE your collector cars, make sure your policy contains those terms and conditions, if not, you could be in trouble. So, yes, you do get what you pay for.......Looks like you may not have read your policy goat...............

[Ram Air IV Jack]

I have been with J.C. Taylor Insurance for 15 years and never had a problem even when putting in a claim. There are the oldest of the collector car agreed value insurance companies and the largest. J.C. Taylor is underwritten by a solid financial group called Zurich Financial Services. A local car collector who had a 1936 Rolls Royce steered me to them.


The company is very reasonable in their rates and you can drive your car anywhere at anytime. The caveat however is, you must not use your classic for dailey transportation or going to work. You also must have a second car and they ask for all the information for that car as well as who it is insured with.

I agree to stay away from insurance companies like State Farm, American Family, Allstate, etc. Find a good agreed value collector car insurance company you are comfortable with. There are many of these companies now because the value of many cars has exceeded even the wildest dreams of car collectors just a few years ago.