Anybody have any advice or warnings on classic car insurance?

I am titling a 56 F100 and need proof of insurance to do soin NJ. I got a couple quotes from some classic car insurance places I found online, but am a little nervous, as I have never done this before and do no want to get shafted. The value of the truck is around $5000 (as it sits today) and the annual premiums were between $127 and $147, does that sound reasonable?

Any favorites or companies I should avoid?

Thanks in advance.

 

$127-$147 sounds reasonable to me. You can check with Hagerty and Grundy insurance and see what they can do for you. Do a search in this forum on insurance and you should be able to come up with some more info.

 

The company you use for your daily drivers will probably insurance it. May want to get a quote to see how they compare.

 

Allstate insures mine..

 

Only consider CCI if you will be happy being highly restricted in type and distance of driving allowed and can meet the storage requirements, those policies have more clauses than NYC on Dec 23rd. Be sure to get a printed copy of the exact policy and read it word for word, do NOT accept the agent's word on any coverage included, should you have a claim they will go STRICTLY by what the policy says it covers and more importantly what it excludes. You get hit in the parking lot of the local mall, unless there was an organized car show going on there at the time, they could deny your claim because shopping is not a covered use. Someone hits your truck turning around in your driveway, they could deny your claim because it was not secured in a covered building. There's a reason those policies are inexpensive they don't cover much.
My truck is covered under my regular policy same as my other vehicles, with an agreed on value collision and comprehensive rider.

 

Thank you all so much, I think I will go with the Hagerty until I get her in the kind of shape that merits real insurance, then I will ad her to my regular insurance. Thanks again for the advice.

 

A couple of days ago 51 PanelMan(ex insurance adjuster) recommended the following,

daily driver: State Farm

pleasure driving: Grundy

I personally have Grundy and I,m happy with them.

 

I have mine with state farm. No restrictions. I drive it when and where I want.

Then again, I like the local agent part of it and have dealt with this one since I was 15. I am a lot older than 15 now. LOL

 

I have Grundy also...no restrictions for $177 anually for $10,000 agreed stated coverage. The prices you quoted are in the ball park...

 

Grundy is the best. No local insurance company is going to touch their rates with no deductable and pre-agreed value. Somebody like AAA or State Farm will try to determine the payoff based on what the current market value is for a stolen 195? truck. Then the "totaled" amount minus your deductable will be mailed to you.

"Dear sir, please see the attached check for $1200 dollars."

That would be very upsetting when you just lost your truck with $10K in new parts and three years of your time wrapped up in it. Jag

 

I use State Farm because they offer agreed value (20k) and unlimited driving as a daily driver. It is pricy compared to Grundy or Hagarty, but offers the kind of coverage I needed. If I was only driving the truck occassionally, I would use Grundy.

 

The last time I checked with Grundy they did not allow it to be a daily driver. Unlimited mileage yes, but you can't drive them every day? There was also something in the fine print about not driving them to work. That's half the fun right there.....

Agreed upon value with state farm is just that (according to the appraiser I talked to last weekend). Yes...its minus a small deductable. In my case $250.

 

If you don't get a plate (only title) you shouldn't need proof of insurance. Think about what may happen in case of fire or theft while you work on it tho. Without insurance in the barn you loose everything
Max E

 

You can drive your truck daily with Grundy if you want to but it is true you must have a second vehicle at the time of application for each driver in the household. They do ask you on the application if the collector vehicle will be driven to and from work but I have not seen anything that says you can't. I answered that question "no", so I wonder what would have transpired if I had answered "yes". Perhaps I would have been declined coverage? I don't know? I just thought the premium might have been higher if I had answered "yes" like it is on all other insurance policies. I haven't worked since 1994 when I retired so that's not a big deal to me. Besides, fun or not, with all the work I've put into my truck I'd hate to wear it out driving it back and forth to work. I tend to be a little more selective as to when I have my fun and driving it into rush hour traffic isn't it!

 

I think the driving to work part has to do with leaving the vehicle unattended. On my Hagerty plan, I can drive as much as a I want, but it has to be garaged when at home and I can't drive it to the store and leave it in the parking lot unattended. I don't have a problem with this mostly because I don't trust people to begin with. Even if I had an insurance plan that allowed me to use it as a daily driver, there is no way I could just park it and "run in" to the store to get a few things. I didn't build it for a daily driver; my hot rod is used for pleasure driving when I feel like it and short summer road trips. As it is, I still get nervous about other drivers while driving So far this year I have only put on less than 350 miles or so. I'm hoping for a road trip in 4-weeks...should be about 1200 miles

If you feel comfortable going with the same insurer you have always gone to that's fine. I have always felt comfortable using the same insurance agent I have had for years and years. He recommended Hagerty to me and that is who I use. Given that he drives a restored '56 Oldsmobile, I have to wonder if Hagerty is who he uses as well. Bottom line, read the fine print, and make sure it's the plan you want and suits your needs