Guys, I wanted to start a thread about classic car insurance coverage.
Many of us have it – but does it suit our needs?
Are there things that we wish were different?
Are there things lacking or of little value in the policies we have?
What are the reasons that we went with one brand over another?

First and foremost, please no agency names or vendor bashing. That’s the last thing I’m trying to start here.
I also want to be upfront and honest – I work in the field, so besides an opportunity to mix business with pleasure, there are selfish reasons for my inquiry, but I’m not promoting or selling anything.

To get the thread started – I’ll offer up what I think to be a low value benefit in most policies. $500 protection for spare parts….. One NOS fender far exceeds that coverage! If that’s all the spare parts coverage I can get, then don’t bother giving me anything at all!

Here’s one that most people don’t know – take your car to the track for muscle car night to see how it does in the quarter mile – did you know that your not covered at all when participating in a “timed speed event”? A track accident could hurt in more ways than one!

did you know that your not covered at all when participating in a “timed speed event”? A track accident could hurt in more ways than one!



That is standard. Your regular car would not be covered either. I don't know if any insurance company will provide that coverage.

[QUOTE=MJRIBEIRO; did you know that your not covered at all when participating in a “timed speed event”? /QUOTE]

I think if you look at the policy for your daily driver, you will find that same clause. You raise a good point, tho. It is important to actuallly read and understand the whole policy document that you recieve. If there is something you don't understand, ask your agent. Don't worry about looking 'dumb' because you don't understand. That isn't your area of expertise. He probably can't change a sparkplug! Besides, better that you look dumb for a few minutes than to find out you aren't covered when you were driving on a sunny Tuesday in June with an even number day between 5 & 7 pm!

I have an agreed value policy from my independent agent, same company insures my daily drivers and my house. It saves some $ and is convenient. I have read it and I am satisfied with the coverage. Unfortunately, one can hardly imagine all the twists of fate that can occur.
John

I'm sure none of ever race our muscle cars, :noway: I thought they were for show. The tracks are all taken with ricers anyway! :yes:

Steve :cool:

You guys are right - regular 'private passanger vehicle' coverage also excludes speed events. In many cases it also excludes "track training" - You know, if your lucky enough to afford a high end exotic and the manufacturer sponsors a "training" event where you bring the car to a road course and they teach you how to use it.....Not covered!

mine also says I can't drive it to work, can't drive over 2500 miles a year (not a problem really) and I think its gotta be kept in a garage. (duh!)

The 67 I have now is insured with State Farm on a regular policy with $25K stated value. It runs $550 a year and is a little pricy over a collector car company at $150-200. But heres why.

My wife had a 71 Vette that was involved in a wreck that was her fault. Estimate was $14k to fix. State Farm insisted it be fixed by a Corvette restoration shop and questioned virtually nothing on estimate. In the other vehicle there were two elderly people who sustained minor injuries. My agent took them under his wing having them examined by EMT people and had them in a rental vehicle that night trying to make sure we dotted every I and crossed every T. We had the money for the repairs in less than two weeks. It scares me to think how collector car insurance would have handled this situation.

The trade off for the extra money is being able to drive the car when and where I want to .

One suggestion I would give you all. Examine your liability limits. By raising my deductible to $500 I was able to increase my limits to $300,000 for the same money.

Let just hope you don't EVER have to try and collect on a stated value policy.

If you want to understand more about the kind of insurance you need, call Alex Larue. I will get the link to his site and post it here.

http://www.larueclassics.com/about6-larue.html

I guess if it's endorsed by ACES it can't be that bad, if you hadn't guessed by now thats who I am insured with.

For what its worth John, I have twice the insurance for a lot less money.





Rocky

Good pont on the claims - everyone should understand the distinction between the agent (sales) and the carrier (underwriting, claims, billing). Nearly every classic coverage out there is actually marketed via an agent sales force - even the 'big two' are not actually insurance carriers, just sales. Some claim to have their own call centers for claims, but I've seen that implemented in funny ways - like at the carriers call center, you dedicate 6 CSR's to a special 800 number and they answer the phone as if they are the agent, 'Hello, xyz agency, how can we help you?'.

I have classic insurance from one of the well known companies. I'm paying $224 anually including membership fees for $25,000 stated. I'm not limited to miliage nor am I prohibited from occasionally driving to work or anywhere else for that matter. I do however have to show proof that I have a primary vehicle with current insurance information. Cost from the company that insures my other vehicles was 235.00 every 6 months for just liability. And yes I know I can't wreck it at the track and expect to be compensated for my loss. Probably why racecars don't have insurance.

Danny

Rocky is yours classic insurance with limitations or regular car with no limitations. A policy is only as good as the company or agent. I would like to look into a regular full coverage policy with no limitations, $600,000 liablity limits across the board for less than $550 /year. Mine is carried on the same policy as my wifes everyday car.

Mine is not carried with my every day car. It's classic car insurance with limits. My point is, In the case of a total loss, you're stated value policy will be payed out by book value, not your 25k. I much would rather the insurance company write me a check for my agreed value that I have with the insurance.

I don't mind the limits as I would have no desire to ever drive my Chevelle to work. If you actually take the time to investigate what the difference between what Stated Value and Agreed Value is, you might not think you have such a good deal. Take the time to check out the link I posted above, I think you will find it's a pretty credible insurance company by the company it keeps.



Rocky

I've had my CC insurance through the same company since I first bought my car. I also have my sons nova with them as well. I was paying $220 a yr for $20,000 agreed value before I started my resto. When I was starting the resto. I called them to see what could be done to protect my car while off the road. The Rep. I talked to told me that he would drop the "collision" which reduced my coverage to $105 a yr. I asked if I should drop the agreed value to $10.000 while it was apart and the Rep. told me to keep it at 20k as it is a fair value even in the "resto" state.

Rocky My wife and I live close to very little car related. 75% of every mile we put on our classics is restricted on a classic policy. When she has one it will be driven to work a good bit, like most of us she has a little show off in her too. With me having a very flexible schedule I may go any where any time.

I guess stated or agreed value would only come into play in a total loss collision or theft. State Farm has already proven to me what they will do in the time of crisis. Living in Morris County,which has been dubbed the lawsuit capitol of Texas, there are other considerations than just having your car fixed or replaced. I want somebody by my side if they drag my ass to the courthouse.

As you are well versed on insurance, I am sure you will agree people carrying minimum limits on their policy are exposing everything they own to the the circumstances of one accident with an injury. Like cars everybody has a different situation. Your points are well taken and this is certainly an area of car ownership people should not take for granted.

If you use a "classic" policy, you want Agreed Value not Stated Value. If you have stated value they can say the the Blue Book says "x" so that's the stated value. In agreed value you premium goes up as the "agreed" value goes up but you get what you are expecting, not some "wholesale" value.

John,

I have the exact same setup with State Farm. I have been meaning to talk to my agent more about the 'Stated Value' issue that I have seen on previous threads. When I do talk to him - I'll post what he says.

But like you, I have 3 other cars and a bike on my policy and have been with them since I was 17. Treated me well for ever issue I ever had, including some bad wrecks and thefts.

I'll report what I hear from the agent.....

Mike

I'm with everyone on the agreed value point. That is definitely what you want. You never have to worry about what your getting.....

How about usage? I'm not too keen on limiting my usage (I've only missed one drop top day in the last two weeks!)

This is what I have......... no mileage limit, agreed value. Just can't drive to work, Oh, I'm retired :)
http://www.grundy.com/default2.asp

That's how to solve the drive to work limitation Dave!!!!

Guys - what do you find more important, your relationship/trust in the agent, or your relationship/trust in the carrier?

John,

There are classic car policys that offer what ever milage plans up to and including unlimited milage. I suggest you call and talk to Alex LaRue at the link I posted above. It doesn't cost you anything and he will give you the straight story no matter who you buy from.

I couldn't imagine anyone not having the kind of coverage it takes to compensate for this type of car in case of a total loss wreck or stolen.

I know I read your story about your vett but your not compairing apples to apples. Corvette shops are a dime a dozen on every corner. And a 71 Vett could probably be repaired in any compatent shop.

I hear horror stories for years about folks with classic cars, stated value policys who think the car is covered.

I think when you check it all out you will be surprised. I have a 3000mile policy, I only probably drive 1200 maybe and it's a zero deductable, there are quite a few folks here on TC hat are insured with Alex. Give him a call, you will be glad you did, if nothing else for the education.



Rocky

Hello,

This may sound like a silly question, but can you get classic/collector car insurance on a vehicle that is being restored or under construction?

Hello,

This may sound like a silly question, but can you get classic/collector car insurance on a vehicle that is being restored or under construction?

Yes, I have my unfinished 70 insured
Talk to Alex Larue.
http://www.larueinsurance.net/larueins.html

I have an issue in that I DO drove to work. It's not a ton, but far exceeds anyone "classic car" restriction. My insurance is a big California company, and I've been with them for decades with only excellent results, even in in totaled car situations. But not for this...

I have a semi-restored Malibu. Not a show car, a nice driver. That ain't worth a ton, but to replace what I have would be an easy $10k. However my company will only provide "agreed value" if it's under 5000 a year. Which it's not.

It seems they (and I) should be able to agree on SOME value? Even if I got $5000 agreed, better than getting screwed on their final offer after it gets crunched?

My other thought was to NOT insure the car; get liability etc, but put the money for insurance into my own bank fund each month, and save it for YEARS in case of accident?

i just requested a quote. I drove the car around the block yesterday to test some carb work i had done, got the itch in a big way now. too bad it's so hot now

I have a not so great driving record. :cool: It was impossible to get one of the bigger classic auto insurers to pick me up. I wound up with a company out of the pacific northwest, and actually switched over all of my vehicles to that company. They were cheaper/better coverage than the gecko people I was using. I have had a few claims...nothing MAJOR, and they are great. It is a stated value policy, and it does have restrictions like the others. I want to say it costs me $400 or so a year. I have an appraisal for more than my stated value in case anything happens. I actually have a pending claim with them right now on my chevelle. The mobile claims person came to my house on a saturday and took notes and pictures. She said she couldn't generate an estimate because her software doesn't go back to '72. She instructed me to pick a shop, have them furnish an estimate, and she'd cut a check for that amount.

Larue rules

I'm with everyone on the agreed value point. That is definitely what you want. You never have to worry about what your getting.....

How about usage? I'm not too keen on limiting my usage (I've only missed one drop top day in the last two weeks!)

I noticed you are a NJ resident like myself. As far as usage goes...I've spoken to a few local and state police officers and they themselves are not fully aware of what the states limitations are for usage. Personally, I do randomly take my cars to work, I even used my 70 to go to work for a week while my daily driver was down. The company I have my 3 old cars insured with do not have mileage limitations at all, and they don't have limits on when you can drive it so long as you are not using it for daily transportation or commercial purposes. There are alot of times where I'll take one of the Chevelles or the Charger out for a ride after I get home from work just to do it.


That's how to solve the drive to work limitation Dave!!!!

Guys - what do you find more important, your relationship/trust in the agent, or your relationship/trust in the carrier?

I think both here are important. I do use an agent for the insurance on my everyday vehicle and I'm glad I do after having nothing but problems with the previous carrier.

Larue rules :yes: I called all over and that is who we went with. They even insured my 99 SS Camaro for me (bought new in 99 and only has 7,800 miles on it)

Sorry - forgot to followup on State Farm. I submitted new pictures and a parts cost list to them and they increased the agreed value $10,000.

What my agent did say was that it is always good to have a profressional appraisal done - that way there are never any issues....

This question in the thread?

Guys - what do you find more important, your relationship/trust in the agent, or your relationship/trust in the carrier?
History is it for me - had some stereo thefts - all paid. Had a bad wreck but did not want to total the car - they worked with me. Years ago had a 70 SS 454 stolen - rebuilt motor, primer ready to paint - they accepted all the receipts and paid it (I was out of work at the time).

Years ago I checked with H****** on my 78 vette. I was initially denied insurance because I stated I periodically drove it to work. When I explained to them work is 1.5 miles from my home and I park in my own private parking lot they then said they would insure me so I think there are circumstances when driving to work will be covered. There was a 2500 per year mileage limit but I've only driven it 20,000 miles in the 23 years I've owned it. Currently has 42,**** on it. Pete

There is a company that offers a "drive to work" option that costs about $50 extra per year. I won't mention my agent's name, but it's the same guy others have named in this topic. ;)

There is a company that offers a "drive to work" option that costs about $50 extra per year. I won't mention my agent's name, but it's the same guy others have named in this topic. ;)

If it's a product your agent offers, why wont you "Mention" his name. This is supposed to be an informative thread to help someone, not some guessing game!


Rocky

If it's a product your agent offers, why wont you "Mention" his name. This is supposed to be an informative thread to help someone, not some guessing game!


Rocky


I only said that because the original post asked not to name agencies.

Alex Larue is who I go through and American Modern is the insurance company that offers the drive to work clause.

I wish copanies wouldnt raise yer rates or not insure cars with major mods ,, over 600 horse,,tubbed wheels,, blowers ect,,, hard to get em to insure a pro street car... and anybody using state farm for yer velle insurance is gettin a screw job IMO..

I noticed you are a NJ resident like myself. As far as usage goes...I've spoken to a few local and state police officers and they themselves are not fully aware of what the states limitations are for usage.

I think there are likely many laws on the books that are effectively overlooked by law enforcement because they are not worth the cost of processing. I live in a rural town that just passed an ordinance on ATV usage. This new law states that you must have 4 acres or more to use an ATV on your property. I think it was put in place after some family was running 2 strokes late into the night, making lots of noise. I asked several of our local officers and they said they would only bother someone if there were multiple complaints. If they drove by and saw your kids riding ATVs on your 2 acre lot they'd just waive....

My cars are covered by one of the major Classic Carriers. I dont see how stated value can be a problem in case of a total loss, when the stated value of the vehicle is printed in the policy as vehicle value. The insurer has requested interior, exterior, trunk, and engine compartment pics, and has agreed that each vehicle is worth the stated value,in writing in the policy. Seems a little hard to defend its worth book value,(which may be thousands less) in case it was a total loss.

My cars are covered by one of the major Classic Carriers. I dont see how stated value can be a problem in case of a total loss, when the stated value of the vehicle is printed in the policy as vehicle value. The insurer has requested interior, exterior, trunk, and engine compartment pics, and has agreed that each vehicle is worth the stated value,in writing in the policy. Seems a little hard to defend its worth book value,(which may be thousands less) in case it was a total loss.

You really need to understand the difference between stated and agreed. Talk to an insurance provider and let them explain the difference between the two in case of a total loss.

I have heard nothing but tales of woe concerning "Stated" polices, VS agreed. But if you feel comfortable with your stated policy, by all means stay with it.


Rocky

The proper term that I should have used was agreed, or "verified value." This is usually attained with photographs, documentation, or an outside appraisal. I should also state that my policy covers an agreed value. I stated the value, and they agreed. :D

We are currently insured through an out of state company, our car is/was a 1934 Ford coupe, a 4 year project, tubbed for 16" Mickys, 450 hp stroker, slammed to the ground, full tilt front end, over 30 car show awards, you get the pic. Last fall went on a last time drive before putting it away, a deer ran across the road, swerved to miss it, and hooked the passenger tire in the dirt @ 55mph, jerked the car hard rght, drivers door came open , (sucide doors) and had a visit w/the rear fender, shattered the paint as the front end dug in. To make a long story short, was very concerned about any body shop, giving a quote, then wanting more because it took longer, or whatever. No one wanted to be exact or even close. The insurance company sent us the money from the first bid, then told us not to worry about it, that there would be adjustments as they did the work, and we would be covered. So far we are up to 32k and its been great! I would reccomend this company for any classic car!

I noticed you are a NJ resident like myself. As far as usage goes...I've spoken to a few local and state police officers and they themselves are not fully aware of what the states limitations are for usage. Personally, I do randomly take my cars to work, I even used my 70 to go to work for a week while my daily driver was down. The company I have my 3 old cars insured with do not have mileage limitations at all, and they don't have limits on when you can drive it so long as you are not using it for daily transportation or commercial purposes. There are alot of times where I'll take one of the Chevelles or the Charger out for a ride after I get home from work just to do it.




I think both here are important. I do use an agent for the insurance on my everyday vehicle and I'm glad I do after having nothing but problems with the previous carrier.
Hey Tom,i have been looking and getting ideas for insurance companies.you said in your e-mail here,that your vehicles have no mileage limitations.if you don't mind me asking.What insurance carrier insures your muscle cars? Thank You, Jeff

The 67 I have now is insured with State Farm on a regular policy with $25K stated value. It runs $550 a year and is a little pricy over a collector car company at $150-200. But heres why.

My wife had a 71 Vette that was involved in a wreck that was her fault. Estimate was $14k to fix. State Farm insisted it be fixed by a Corvette restoration shop and questioned virtually nothing on estimate. In the other vehicle there were two elderly people who sustained minor injuries. My agent took them under his wing having them examined by EMT people and had them in a rental vehicle that night trying to make sure we dotted every I and crossed every T. We had the money for the repairs in less than two weeks. It scares me to think how collector car insurance would have handled this situation.

The trade off for the extra money is being able to drive the car when and where I want to .

One suggestion I would give you all. Examine your liability limits. By raising my deductible to $500 I was able to increase my limits to $300,000 for the same money.

I also have my '66 insured with state farm at a $25 K value. I use state farm for all my insurance. I have similar concerns as Bunz-T has listed.