Hi, I'm 18. Am I basically screwed if I want to acquire any form of classic car insurance at agreed or stated (yes I know the difference) value?

Anyways, I've been checking out Hagerty's site and they will give me quotes at the age of 18, but I've heard that you need at least 5 years of driving experience before they will cover you, meaning that I'd actually have to be 21. Is this true? I live in Michigan, perhaps it varies by location?

Another question, when I get quotes on Hagerty's website, they have the option to choose between standard or classic coverage. If I choose standard, it only makes my annual rate go up by like $110. By choosing standard does it mean that I will have no yearly mileage limit?

Long story short (too late), is it even possible for me to get any form of insurance on a classic car at my age?

Welcome to Team Chevelle! :thumbsup:

The best thing to do is give them a call and hear what they say.

Good luck.
Mike

Hello I live in Michigan and I have never heard of the 5 yrs driving experience thing. I find it hard to believe that you cant find some somewhere. It may/will be more expensive because of age but........ Keep looking you will find some.

I had a similar problem when I completed my 70. I called up Hagerty and they said they would insure me under the stipulation that I had a daily driver in my own name. Since I live in NJ, insurance rapist capital of the world, I couldn't afford to have my daily driver soley in my name so I had to have the 70 titled in my dad's name as well as have the Hagerty policy in his name with me listed as the main driver. Once that was established, they had me a policy written in a couple days. My policy was and still is for agreed value and has no mileage limitations.
You should be able to get a standard liability policy from just about any insurance agent, a classic policy is another story. If you choose to just put standrd liability coverage on it, you will get no money for it should it be totaled, just what they think the value is.

I had a similar problem when I completed my 70. I called up Hagerty and they said they would insure me under the stipulation that I had a daily driver in my own name. Since I live in NJ, insurance rapist capital of the world, I couldn't afford to have my daily driver soley in my name so I had to have the 70 titled in my dad's name as well as have the Hagerty policy in his name with me listed as the main driver. Once that was established, they had me a policy written in a couple days. My policy was and still is for agreed value and has no mileage limitations.
You should be able to get a standard liability policy from just about any insurance agent, a classic policy is another story. If you choose to just put standrd liability coverage on it, you will get no money for it should it be totaled, just what they think the value is.

Okay, so your Hagerty policy has zero mileage limits? I assume you are still banned from driving to work, the store, or school though, correct?

What I really want to do is get a daily driver type of policy so that I could make the classic my daily driver. Although I'm not sure that's feasible at my age. I've heard of people getting fairly low rates by having stated values on their classics with a regular insurance company. Obviously with a stated value the insurance company is not really liable to give you close to the car's actual value, so they are usually willing to give you a lower rate, right?

Lets say hypothetically that I'm willing to take the risk of the car being totaled and getting very little in return from the insurance. Would the company give me lower a lower annual rate since the insurance company is not liable to pay me the real value of the car. What would be a good company to do that through?

Sorry if that's confusing, I'm just doing a lot of insurance research and comparison to get the best deal to suit my needs.

What would be a good company to do that through?

Sorry if that's confusing, I'm just doing a lot of insurance research and comparison to get the best deal to suit my needs.


Welcome to TC.

I'm impressed with you doing research and asking questions before taking the plunge. Most of us here probably didn't do that first - myself included - when we were your age.

I can say that ALLSTATE has treated me exceptionally well for over 15 years. The rates are very reasonable, and the local office makes every attempt to keep me a customer. Hagarty was good to me, but I no longer go through them after I got a surprisingly good quote to add to my ALLSTATE daily driver policy. Same coverage, slightly better rate after the multi-car discount , and only one bill to pay.
Just a suggestion, if you have a family member that has a homeowner's and automobile policy combined with one company, they seem to understand the value of adding onto policies and give a discount to add a new driver.

Again, I am happy to hear you asking all of us questions, and wish you luck to get your car on the road quick.
Tom

Might just have to keep the cars in dad's name until you get older and IF something happens "you were borrowing it for the first time"

Might just have to keep the cars in dad's name until you get older and IF something happens "you were borrowing it for the first time"

Haha the classic excuse. "Oh yes, I never drive this car, ever"

I have this friend who is 18 with a fully restored 55 Chevy and I was asking him some insurance questions today. He says he just has a regular policy on it (with low rates) with no restrictions through this one company I have never heard of before. I forgot to write down the name, but I'm going to talk to him some more tomorrow and look into this place.

Or perhaps I can convince dad to put it under his policy and then I just pay him the annual rate myself haha.

Thanks for all the help guys, and I typically do lots of research on things before making purchases or deals. It's just kinda what I do lol.

Okay, so your Hagerty policy has zero mileage limits? I assume you are still banned from driving to work, the store, or school though, correct?

Incorrect, I drive it to work occasionally or if I have to run an errand and it's nice out, I never drove it to high school b/c it wasn't done until I was 20,I'm now 26.

What I really want to do is get a daily driver type of policy so that I could make the classic my daily driver. Although I'm not sure that's feasible at my age. I've heard of people getting fairly low rates by having stated values on their classics with a regular insurance company. Obviously with a stated value the insurance company is not really liable to give you close to the car's actual value, so they are usually willing to give you a lower rate, right?

Not going to happen. If you want to use it for a daily driver, you will not be able to get a classic insurance policy. Even if you did and you get caught, kiss classic insurance goodbye.

Lets say hypothetically that I'm willing to take the risk of the car being totaled and getting very little in return from the insurance. Would the company give me lower a lower annual rate since the insurance company is not liable to pay me the real value of the car. What would be a good company to do that through?

You're going to get whatever the blue book value is. The rate will be higher b/c you are using it for daily transportation. Liability rates work based on how much damage your vehicle can inflict upon another. Full frame older cars can inflict quite a bit of damage

Sorry if that's confusing, I'm just doing a lot of insurance research and comparison to get the best deal to suit my needs.

Not at all, it's the ony way to learn :thumbsup:. You're best bet is to find a regular insurance policy and have comp & collision added along with the standard liability.

Regardless of how you end up with insurance, I cannot emphasize enough the importance of having a qualified appraisal done on a finished car. THEN, you have a value established. I had a '65 SS appraised and when the guy totalled my car after turning in front of me, I was able to easily get past the insurance agents comment, "Gee, how much money is an old Chevelle worth? Maybe $400?" I slapped the appraisal on him, then told him I had to see a doctor for my back and I would contact him later.

Needless to say, when all was finished, I came out on top.

Rare when dealing with insurance stuff.... get the appraisal.

'bear