[larrym]

How does one insure a restored car?

A hypothetical example: Someone has 67 Chevelle that he's put many $K and untold hours of personal sweat time into. We figure he could get $12K out of it in the unlikely event that he were willing to part with it.
He gets broadsided at an intersection and his insurance company, feeling it's being exceedingly generous, agrees to give top blue book for a totaled '67 Chevelle, $750.

How does one avoid this hypothetical catastrophe? How does one document the true value of the car? Does one get an appraisal? What special arrangement do I need to make with my "State Farm" agent in advance to assure I'm not stuck with a $750 settlement. My safe driver premium for a similar unrestored car; top end liability, collision, comprehensive, (the works) is $203 for 6 months. Approximately what multiple can I expect to be applied to that premium?

I'm sure many of you have worked through this. Would like the benefit of your experience.

Thanks,
Larrym

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[MoeMan]

Well, I am about to do some shopping myself. My understanding is that State Farm does have better rates than you described, based on mileage. They seem to understand that we don't drive our classics to work in the snow, or drive a restored car daily. I do know that A##state does not acknowledge classic cars, they are just old worthless cars to them, or it may just be my agent. (soon to be ex-agent) This topic has been discussed here before and there are some good companies advertised in Hemmings. I am going to watch the replies here to fix up my shopping list.

 

[mike reeh]

Check out http://www.hagerty.com

Their server seems to be down right now but if you cant get ahold of them, I will get you their #.

All they deal with is classic car and boat insurance.. its excellent coverage and you state an agreed value and in the event of a total loss you GET that amount. For example If i stated $5500 on my 70 el camino, I would pay $102 a year (or something rediculously low like that) for full coverage the only catch is that it cant be your primary driving vehicle.

Im sure others will post about their experience with this company..

Mike
Gold #34

 

[Gandalf80]

Hi, i'm not sure if your insurance in the states works the same as in Canada, but for my '71 Malibu I get normal plates put on it ($200), then I had the car appraised at $9000 and went to an SGI accredited insurance broker, (SGI is the company you get your plates from as well) and get an Auto Pak which is a stated value policy. It has a few downsides though, you have to have another vehicle liscensed in you name (i'm 19 and only have my chevelle) and you also are only allowed to drive the vehicle a maximum of 5000 miles a year. But, by having a stated value policy, my car gets totalled off, i get $9000. I am currently looking for a Canadian company that doesn't put a limit on miliage. Don't forget that all these numbers are in Canadian dollars, oh ya, forgot to say that my autopak only costs $120, so for roughly $320 I get extremely better protection than some guy in a new camaro paying $1000 for just plates. My autopak also includes $1,000,000 of liablity (plates are 100,000), a glass package, $200 deductable etc. Hope this helps.

Gandalf

 

[TH]

I've posted about this before. There was an article in Petersen's Event Scene magazine (now defunct) which was all about auto insurance for "special interest" vehicles. I have this and would send out info or copies of the article to anyone who needs it. It's from around '95, so the info isn't all current, but it gives several companies full contact info to start shopping. Some companies offer variable rates based on how many miles you drive it per year and how much the policy value is written for. Contact me by email if you are interested.

 

[70L34]

I just insured my '66 GS Convertible with Hagerty. The sales rep was very knowledgeable and helpful on the phone, and I was VERY impressed to find that the yearly premium was $79!!!!! I am NOT lying here. This is especially impressive considering my profile: 20 yr. old male, 1 speeding ticket, 1 minor parking-lot-ding accident. You have to send a picture of your car for records purposes. I ended up giving them a whole roll of film's worth. I 'estimated' the value of the car at $7000, which is probably a bit high, but I justified it by the new mechanicals and rarity (431 4-speed converts built in 1966, also buckets, 3.91 posi, etc..). Oh yeah, they have a policy where they'll cover the *ENTIRE* value of the car, rather than the typical insurance agreement which takes depreciation (?) and other BS's into account. I suppose that's how a $12000 Chevelle becomes a $750 scrap-pile in their eyes. Scary thought. Anyway, it's difficult to accurately rate an insurance company without having been in an accident, but they certainly seem like one of the best. I chose Hagerty after receiving positive feedback from other TC members. I'll try to answer any other questions if you need-- good luck--

 

[DG]

I went with Haggerty also. They execeeded my insurance carrier in almost every area as far as covergae went.

70 Malibu, not perfect, but had a $5500 apprasial from a local Corvette-Muscle Car restoration shop. Haggerty will insure it to a max of $11,900 (like it will ever get that close). So I got insured for $5,500 at $89 a year. Got my cousin's husband to insure his 69 Camaro, appraised and insured at $12,000, for $130 something a year.

AND EVERY OTHER CAR IN YOUR COLLECTION ( assuming you have more than 1) OF LESSER VALUE IS INSURED FREE, FREE, FREE. They figure you can only drive 1, so pay for 1.

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DG
Springfield, Ohio
70 Chevelle Malibu

www.wright.edu/~s001dga/chevy.htm

TEAM Chevelle Member #0086

 

[260]

I have classic insurance with American Collectors Insurance,Inc. www.americancollectorsins.com
I am very pleased with them.Many benefits like inflation guard,no deductable,automatic protection for new classics purchases,and $500 spare parts.I have my LS6 insured for $25,000 much more than I paid(they don't ask you don't tell).All they wanted to see were a few pictures.I didn't even need to get an appraisal!I have 100,000 liability and free towing and as I said before no deductible all for $177 a year.I checked around and they have the best rates (for me anyway).Your car has to be over 15 years old,driven on occasion(car shows,weekend drives..Not to work or the store)You must be at least 25 years old,and have a clean driving record for 3 years.

------------------
Dean Ciampi
Autumn Gold 1970 LS6 Chevelle
Team Chevelle Gold #52 Aces #3094

 

[Woj]

I switched from American Classics to Hagerty.
Hagerty was less restrictive (you can walk away from your car to buy a quart of milk) and their rates were better. Also they don't have a mileage/year rate. Overall, Hagerty was less restrictive in many ways and their rates are among the best.

 

[rstoltz]

In California, State Farm offers excellent coverage. They are not as inexpensive as the "classic" car insurance companies listd above in previous posts, but they are trouble free and offer "stated value" (i.e., replacement value) policies.

But of all, in my opinion, is that there are no restictions: No annual limit on mileage and no restrictions on driving. Take it to work, to the video store, to a car show -- doesn't matter. In short, you set the vehicle's value (within reason) and they tell you the premium.

------------------
Robert

www.classiccarlot.com (15% discount for my fellow Chevelle owners!)

 

[Fred Aldrich]

I'm with Haggerty. Anyone ever had a claim with them. Satisfied?

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Fred Aldrich
Web Site: www.GeoCities.com/~69_chevelle

 

[Gene Chas]

When my '67 was delivered a few months ago, I went with my current carrier AMICA, for a whopping 675/year. It was just temporary in case anything happened to the car while I was getting it roadworthy ( and a windshield cracked - full glass coverage!). The quote I got from Americal Collectors was 190, with all those restriction, no I couldn't race it once in a while, covered garage, 2500 miles, etc. etc. How the heck can Haggerty provide coverage for under 100 bucks? I don't want the cheapest insurance for my 'Elle, but good liability and "replacement cost" coverage. What does Haggerty give you for liability? Liability is where your biggest risk is.

 

[DG]

All I know is that Haggerty exceeded or matched the full coverage amounts that I have on my other vehicles. I had to include my insurance policy covergae sheet when you send your application in so I compared coverage.



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DG
Springfield, Ohio
70 Chevelle Malibu

www.wright.edu/~s001dga/chevy.htm

TEAM Chevelle Member #0086

 

[Canuck64ss]

Some lessons learned dept. I have my Life, Home, Auto insurance with one company and they give me a darned good deal. But there's certain things that have had to be dealt with. I have has various types of coverage for my vehicles and have learned many points, but here are a few that are the most significant. Note also, that rules are different everywhere. I'm in Ontario Canada so not of these would apply, but you should interview your agent and he should interview you to determine exactly what you want/need.

1) When getting your coverage, get a certified appraisal and make sure that the company accepts the appraisal for the actual value.

2) Make sure that the "full replacement value" in case of loss is in there for the appraised value.

3) Most companies, recommend that you get an appraisal every two years to maintain a current value of the vehicle. This can be done easily and cheaply if you use the same appraiser because he is only updating the original appraisal.

4) Any significant changes to the vehicle must be recorded and if they do change the stated value by anything over 1,000.00 then a new or updated appraisal is warranted.

5) If you have the car insured for "show only" versus daily driver then you will see a difference is the values of depreciation and the cost of the policy. Make sure that you have the right type of insurance for the right type of use... Otherwise they'll nail you to the wall and shaft you.

6) Remember that insurance companies are in the business of making money and they do... So they need to be absolutely certain as to what you want, otherwise they won't give you what you want.

Hope it helps...

 

[Patrick Schamun]

Fred, had one claim with Hagerty. First week I had my El Camino, slid on sme wet pavement at a stop sign, and cracked the plastic bumper on the car in front of me. Reported it to Hagerty, my rates never changed. I fixed my car. Never heard a word from them. IM sold.

 

[RDJunc]

I am another Hagerty client and very satisfied. I bought my '69 Chevelle in March and would have had to pay an additional $400 on my existing policy. I called Hagerty, described the car and it's value and got a quote FOR $77 PER YEAR!! At the time, before the 307 to 350 conversion, the value of the car was $7,000.

I knew that I was going change the motor and go for a little extra HP so I ran all this by them. As long as the car is essentially stock, it is covered. So if what I did/do to the car is similar to what GM offered, it is covered. I could have swapped the 307, 2B Rochester and PowerGlide for a 454, double pumper and Muncie Rock Crusher and it would still be covered.

All I have to do is keep them updated on the upgrades and the present value. There is a corresponding bump in premium of course.

 

[Todd69SS]

i have my insurance through state farm which is through my mom. my 69 SS 396 has full coverage and was appraised at 18k, so if it gets stolen i get 18k, i only paid 8k for it but i bought it off my brother and got a good deal. the rate for full coverage unlimited miles is 350$ every 6 months.
By the way i just got the damn thing paid off and im tearing into the motor.
11:1 , stock rods, JE pistons, huge solid roller, stock steel crank, dart or brodix single plane, 850 holley, hope to run low 12's. Right now im running 14.0 on street tires and mid 13's on slicks.

http://www.newwave.net/~macgyver/todd/


here she is..

 

[bart]

what's the number to hagerty?

bart

 

[Super70]

toll free: 1-800-922-4050
fax: 616-941-8227
web: www.hagerty.com

 

[mmcporter]

Hey guys, Hagerty is great, unfortunately there are some states in which they do not (or cannot) do business, Massachusetts in my case being one of them. Anyone in Mass using any classic car insurance companies?