OK...my project is getting close to being drivable & over the last two years I've spent more money than originally planned. My wife (don't let her know, but she's a lot smarter than I am) asked if it wouldn't be a good idea to insure my collection of expensive parts. They're pretty much all bolted together now & if some car thief decided to steal my truck, it'd most likely be an uninsured loss.

Are any of you using any of the collector car insurance companies?

I did a quick web search and found Chubb and Hagerty.

There are probably others. Do any of you have any good or bad experiences with any of the companies??

Dan

 

I'm with Hagerty... This is been my second yr with them... Haven't had to do anything except send them my check so far (knock on wood).

 

I've been insured with Grundy since I've had my collector vehicles. Haggerty and Grundy are the top two in the collector vehicle insurance industry. Neither of them, as well as any other collector vehicle insurance policy, allow the vehicle to be used a daily driver. All of the policies require that you have another vehicle for that purpose. Also, running errands in the collector vehicle is not ok. However, stopping by a store on the way to or from a car show or parade is acceptable.

 

I'm close to driving it too so asked my State Farm broker just to be ready mentally when the time comes. $340 per year for full coverage on a declared value of $10,000, < 7500 miles per year, $500 deductible collision, $250 deductible comprehensive.

Mine will be a semi daily driver so sounds like it won;t qualify for "collector vehicle" insurance but I'm curious what that costs.

 

Wow, what a difference a state makes. I have State Farm on Edith, same type of policy...with $15K declared value, $250 deductible collision and Zero deductible comprehensive for $144 a year.

 

Just on Monday I renewed my collector insurance with Grundy on the 56 Effie. $40K stated amount coverage with ZERO deductibles for both coll/comp for $188/yr. And, that premium is up 42% from last year for some reason! But, was still lower than Haggerty or any other collector car insurer that I checked with prior to renewing. I've had Grundy for 5 years now on the Lightning truck and added the Effie when I purchased it last year. Grundy Worldwide is now a division of Philadelphia Insurance Companies..

BTW, be advised..that there is a difference between "declared" value..and "stated" value. Better check it out before you buy coverage.

 

I too went with Hagerty (since 11/1 of last year). I can tell you some stipulations they have (or at least for my zip - Denver CO). 1) it must be garaged or carported, not parked on the street. 2) no daily driver 3) no driving it to work, etc - i.e. stay out of rush hour (not explicitly said but very clearly implied).

That said, geico would not insure it at all - they automatically refer you to american classic collectors insurance when you put in the year. American, Grundy and Hagerty were all within $10 of each other - $115 a year for $15k value and my mvr (a few speedies). Since geico wouldn't cover it and I wanted to be able to drive more than just weekends and evenings I probed a bit - anyone who would insure it as a daily driver was ridiculous, like $900 every 6 mo or worse (up to $200 a mo). (note a basically brand new car - pontiac, convertible no doubt is like $450 every 6 mo for full coverage - and the pontiac went up a 100 as soon as the line was killed "just cause"). I can't say I love hagerty - no "use" yet, but I can't say I hate hagerty either... just no matter what happens you are on your way to/from a car show or club meeting

 

and to add to the above caveat, there is also "agreed" value. The amount they "agree" to pay you in a total loss. That's probably the more common term, but buyer beware - do your homework and be sure of what you get.
Hagerty also covers when you are still building and tools - so if someone broke into the garage, stole it and $1000 worth of tools I should get a check for $16k (the $15k agreed, plus $1k worth of tools).

Here's a piece of advice the insurance companies told my grandad when he got robbed (cleaned the place out). Take a picture of everything you own, everything you would dare turn into insurance in the event of fire or theft, etc and put the pictures in a safety deposit box in a bank.

 

I just talked to Chubb. They seem pretty good. Their quote was $169 per year. That is with the "agreed upon" value set to $20k. They said that they'd evaluate pictures prior to agreeing on a value, but that was probably in line.

They don't cover it as a daily driver, and they don't have a mileage limit. They say occasionaly driving is OK, and definitely to club meetings, parades, or shows is covered. I don't like the non-definitive "occasional" use thing. Since there is no log or trips driven or miles used, who's to say that, should there be an accident, that the drive was actually one of those occasional drives. They also said...no runs to the dump or to the recycling center....just the occasional drive.

I learned years ago in the aviation business....never give your insurance company the opportunity to screw you. I'm having trouble coming to grips with a policy that might not be in effect at any given time. I'd prefer to be able to drive my truck to the hardware store on a Saturday & know that there is no question about whether it's going to be covered.

I called Farmers...my regular broker...they're coming up with a quote too.

Dan

 

Yea, I meant "agreed value" with regards to Grundy..couldn't remember the term.

OK, Here is what Grundy says about "agreed value" and coverages:



1) When did Agreed Value insurance originated?

In 1947, Jim Grundy Sr. employed the theory of Agreed Value comprehensive and collision, with the same coverage that Grundy sells today. Grundy now offers Agreed Value insurance on not only old cars, but all of your motorized vehicles through our Motor Vehicle Program. We also offer this coverage for boats, through our Marine Insurance program.
2) What is Agreed Value?

An Agreed Value Policy, as opposed to a Stated Value or Actual Cash Value Policy, is the only way to know in advance how much you will receive from an insurance company if your car is destroyed or stolen. With Agreed Value, you will get the amount listed on your policy. It is also the basis of your premium.
3) Are my cars covered while parked outside or left unattended?

Underwriters will want to know that you take extraordinary care of your motorized vehicles and require that your cars are garage-kept; however, leaving a car unattended or in the driveway overnight is not the basis for denying a claim. Insurance companies and their policies are carefully regulated by 50 separate state Insurance Departments to protect you from unclear, hidden or fine-print exclusions.
4) What is the importance of a financially strong insurance company?

Insurance Companies are rated on their financial strength and claims paying ability in the event of a catastrophe. Best's Guide rates carriers between A++ and B-. Whenever possible, you should consider this rating before purchasing coverage. Grundy uses A++, A+ and A rated carriers for all of our insurance programs.

5) How much insurance should I carry on my motor vehicles?

You should always insure your car for a recent purchase price or current market value. In the event of a partial loss to an underinsured vehicle, the insurance company can total your car. If you insure it for less than its true value, you will suffer a financial loss. With each renewal, you should review your values to ensure you are current with market trends.


6) How many miles can I drive my car each year?

Grundy offers Unlimited Mileage on all of your vehicles - including older vehicles - through our Motor Vehicle Program. Personally, the Grundy's drive thousands of miles a year, while participating in organized touring events, simply enjoying their cars and keeping up on maintenance. You can, too!
7) How does Grundy Insurance handle a claim?

Small claims can be adjusted within a few days, by simply submitting an estimate and a photo of the damage with a claim report. Larger claims are reported to Grundy's home office. They will assign a local adjuster and monitor your settlement to make sure it is prompt and fair.

Our insurance companies are available to respond and assist you 24 hours a day, 7 days a week, 365 days a year; and they deal with claims quickly and efficiently. We choose the top-rated companies that promise to action all claims immediately. They keep you informed of the claims progress at all times and return all phone calls on the same day.

The insurance companies that underwrite our MVP accounts have networks of repairers who are available 24 hours a day. In the event of a claim, they will attend to an insured property immediately to prevent any further loss or damage. When settlement has been agreed, payment is arranged within 24 hours.

8) Is Grundy Insurance licensed in my state?

Grundy's carriers are licensed in all 50 states, including Massachusetts, South Carolina, Alaska and Hawaii. If you are from one of these states, you know how hard Grundy Insurance has worked to support your insurance needs.
9) Can Grundy Insurance help if I take my vehicles out of the country?

Yes. In most foreign countries, Grundy's carriers offer a host of coverages including Ocean and Air Transit, Foreign Liability and Physical Damage Coverage extensions. If you are planning a trip overseas, contact Grundy's underwriting department at least 2 weeks in advance in order to obtain the required coverage.

 

Dan, I went with Chubb, just renewed. $227 /yr for 20k agreed value, no deductables, with towing and a few other perks. My truck is street rodded, which makes the premium go up. Grundy's limitations were too limiting, and Hagerty was too high. Take a look at CHROME, they are the official company of the nsra. I was very specific when talking to chubb as far as usage. It must be garaged when at my house and it can't be daily driven. They don't have a mileage limit, but it really is coverage for pleasure use. Cruising, car club stuff, ice cream runs and pleasure trips are OK. Driving to work and club meetings right after is OK. A big issue I had with grundy was if I took my truck on vacation. Grundy said no coverage as it wouldn't be garaged, and it would be my primary transportation during that period and they don't cover daily drivers. Typically, any of my vehicles are my primary transportation when I'm in them, but they said no coverage on vacation unless it was to go to a car show. Make sure the coverage the company offers is the coverage you're seeking.

 

One thing Hagerty would not do is insure my truck if I were to tow with it. i had to sign a form saying I would not tow with it.

Does anyone know if any of these companies will insure if you tow with it? what about you coe/car hauler guys?

 

I went with Hagerty because I am in a awful "no-fault" state (Michigan) and they are based in Michigan as well. The premiums are very reasonable compared to my daily driver insurance (Geico). They have been very professional, helpful when needed, and had nice things to say about my truck.

I had to laugh when I contacted Geico to see if they would cover my truck. Basic insurance (PL/PD) with no collision or comprehensive coverage wasn't a problem but when I asked about full coverage, here was their reply: "We would be happy to cover your 1954 Ford F250 for $154 for six months. Should a claim arise, please be aware that the value of the vehicle will be calculated at the original sale price minus 57 years of depreciation." I laughed and laughed at that one.

 

I was with Hagerty for years. Then I switched to Grundy because they do not charge me the $50/year broker fee. Grundy charges $147/year for $17K agreed value with no deductable. I don't think State Farm, Farmers, or Geico can compare. Good luck, Jag

 

I have my regular Farmers....all my cars can be daily drivers (at least the ones running ). I'm driving my '64 chevy panel daily and it's $35 a month, my '47 ford car is about $48 a month and is agreed at 25k. With Farmers I can park my cars on the street, driveway, go to the store, mall, out to dinner, cruise late at night and drive them to work........I don't own a car newer then the '64 panel.