Collector Car Insurance? Grundy or Hagerty.

[c6v6]

Thinking about changing insurance companies, found out collector cars insurance might be cheaper.

 

[87boostedbuick]

Well I have hagarity I went through aviva to get it I pay 140$ for a the year but they don't want the car going to work or shopping

 

[williamsGN]

Collector is much cheaper than regular insurance. But your limited to pleasure use. Some have mile restrictions, some don't.
http://www.grundy.com/
Do a search and you will find many threads on the topic.

 

[TT/Ameasap]

I have Hagerty. With that said, you wont know how good they are until you make a claim.
My wife was honest and told them I will be drag racing the car too. Not that it would be covered, but they accepted me anyway.

 

[c6v6]

Thanks for the info! Im paying 100 a month to Farmers with only driving 2 to 3 hundred miles a year.

 

[696]

Grungy Worldwide, $25,000 coverage, 4 pics sent, unlimited mileage (within reason), NO daily driver, and show them you have another daily driver. $525.00 a year

 

[BuickMike231]

I've got mine covered through Grundy with no limitations on mileage or use (within reason as mentioned above). I sent two pics of the car, proved its not a daily driver and it stays in a locked garage and I pay a bit over 200 bucks a year for $16,000 coverage.

 

[696]

BTW: I did ask and a "Power Tour" run is ok as well. They understood certain car people "drive" on things like that.

 

[krom]

I pay $165 a year with StateFarm collector insurance, 3000 miles a year limit. After 4 years I am 11,000+ miles to the good. They have never checked mileage.

 

[Eazy-E]

I pay $256 a year with hagertys.... and im 20

 

[Dan SS2471]

Checkout American Collectors as well. 5,000 mile tier. Sent a couple pics. $16,000 agreed to value. ThInk it's $140.00 annually.

 

[HUMBLE-U2]

grundy x2 have my 87GN 30K coverage 385 a year., 69 Z/28 50k coverage 250 a year.

 

[TurboTGuy]

Hagerty here. I've made a claim in excess of $5000 with them recently, too. (not on the Buick)

Agreed on the Buick is 28K, as high as they will go on my T type.

I also talked to them about the "driving it to work" thing. They told me all you need to say is "there was a car show at work that day"

They treated me with respect and were extremely fair. It was obvious to me they wanted to keep me as a customer.

 

[Undercover87T]

I have American Modern through AAA (they also offer American Collector). I'm 25 and the only driver, $320 annually, 3000 mile tier, agreed value coverage for $20,000. Had to send them 4-5 pics since the car is listed as "modified", 2 pics of the garage, and show them the statement from my std insurance to show that I have a daily driver. Most are going to tell you it needs to be in a locked garage, pleasure use only, must have proof of a daily driver, some kind of mileage tier (1000, 3000, 7000, unlimited), no drivers under 25.

 

[Red C5]

State Farm here with a value of around $26k if I remember correctly.

 

[kels87gn]

I've got State Farm collector insurance. They have a 5000 mile year limit at $250.00 and that's insured at $30,000.

 

[chopped39]

The big problem depends on what you have listed. Stated value is what most have to offer.That means you get paid out stated value of car when wrecked. You want agreed value.Thats means if you have an agreed value of 35k between you and the insurance company you get the agreed value of 35k if car gets stolen or wrecked. American Modern is the best by far for this coverage. State farm would not offer me agreed value on my corvette. Neither would Farmers. They only offered stated value. My friend had Grundy on his 60 chevy. He had 30k coverage for 220 a year. I thought that was too cheap.Good luck

 

[Phoneguy]

The big problem depends on what you have listed. Stated value is what most have to offer.That means you get paid out stated value of car when wrecked. You want agreed value.Thats means if you have an agreed value of 35k between you and the insurance company you get the agreed value of 35k if car gets stolen or wrecked. American Modern is the best by far for this coverage. State farm would not offer me agreed value on my corvette. Neither would Farmers. They only offered stated value. My friend had Grundy on his 60 chevy. He had 30k coverage for 220 a year. I thought that was too cheap.Good luck

I am going to check them out, thanks

Bryan

 

[William Hoffer]

The big problem depends on what you have listed. Stated value is what most have to offer.That means you get paid out stated value of car when wrecked. You want agreed value.Thats means if you have an agreed value of 35k between you and the insurance company you get the agreed value of 35k if car gets stolen or wrecked. American Modern is the best by far for this coverage. State farm would not offer me agreed value on my corvette. Neither would Farmers. They only offered stated value. My friend had Grundy on his 60 chevy. He had 30k coverage for 220 a year. I thought that was too cheap.Good luck

Howdy, here is the straight dope on the different types of car insurance in a nutshell:

In today’s collector car market environment of escalating values, it is more important than ever to pick the right insurer and policy type. Firms that have proliferated recently offering collector car policies are not all equal, and insuring with some companies may leave you with unacceptable risk exposure. Besides choosing an insurer who has substantial experience in car collecting and vehicle valuations, what else should you evaluate?

There are three basic types of automobile policies: Agreed Value, Actual Cash Value, and Stated Value. AGREED VALUE policies determine at the outset the amount that a policyholder will receive in the event of total loss or theft of a vehicle. To obtain an AGREED VALUE policy, the owner submits the value that they would like to have insured. Both the vehicle and the value are then reviewed by the underwriters, who arrive at the agreed value using photos of the car, pertinent documentation, and their expertise in the car’s market value. That Agreed Value is the amount paid in the event of a total loss, with no deductions taken for depreciation, wear and tear, or age.

Most large insurance companies do not understand collector car use and valuation, so they do not offer Agreed Value. Instead, they typically offer collector car policies based on Stated Value and sometimes issue policies based on Actual Cash Value. ACTUAL CASH VALUE is the most commonly used automobile policy type to insure newer, mass produced vehicles. With an Actual Cash Value policy, the value at the time of loss is typically a depreciated value determined by the insurance company considering the make, model, options, age, and condition of the car. This applies to collector vehicles insured under this type of policy as well. An Actual Cash Value policy does NOT establish the amount a policyholder will receive in advance.

STATED VALUE is a misleading term because this type of policy also does NOT establish in advance the amount a policyholder will receive in the event of a total loss. A Stated Value policy pays out the actual cash value as determined by the insurance company at time of loss not to exceed the stated value. Essentially, it is an actual cash value policy with a cap.

So, what’s best? First, make sure your insurance company is secure and understands collector cars. Be sure to check the financial stability of the underwriting company!!! There are changes afoot in the industry, and you want to be SURE that the underwriter has an AM Best rating of A++. And bigger is better - the greater the financial reserves an underwriter has, the more assured you are that they will pay any claims in a timely manner. This is especially important when there is a large disaster like hurricane Sandy that hit the northeast recently, and many, many claims were filed in a very short period of time. Next, if you are insuring a collector car, be it an antique, classic, hot rod, custom, or exotic, you should be looking for an Agreed Value policy. Buy Agreed Value insurance, and settle the loss before it happens.

I hope this clarifies things for everyone. Oh, and that Grundy reference is the first time I've ever heard anyone complain about an insurance company's rates being too reasonable! Get out and drive 'em!

 

[Bobs rare 6]

Grundy here, 28,000 value/$212 a year. Plus they raise your value $1,000 a year automatic.