Insuring a Hemi Cuda in 1971

[Mopsquad]

Using a few references, the insurance companies decided to highly demotivate drivers from purchasing 426 hemi cars in 1971.  The referenced rate was $1500/yr which in today's dollars is just over $9000/year.  I'm sure there are slight variations in that rate specific to the driver and geographical area, but that is insanely high and obviously the high horsepower cars were targeted.  How could anyone afford to insure those cars back then?  I'm too young to give a personal opinion but I'm curious how drivers in that era managed to keep these cars on the road.

[JS29]

Good point!

[fantum]

I had friends who misrepresented the engine size when paying for insurance.  They might say they have a 340 when, in fact, they really had a 440.

Many times the insurance adjusters had no idea what the VIN codes really meant, so .....



MIKE

[WCC]

At a price tag of just over $5k it probably made sense to self-insure.

[GoodysGotaCuda]

At a price tag of just over $5k it probably made sense to self-insure.

....and for liability?


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[71vert340]

I had my insurance company in 1972 tell me they would not insure a Z28 I was going to buy. I then decided to order a Camaro SS 350 and I was told to find a new insurance company if I bought any car with an engine with 350 cubic inches displacement or larger as they were considered muscle cars. I then went and bought my 71 Challenger 340 convertible and they insured me. That was a bunch of BS if you ask me. I can see the same thing happening to those ordering cars like the Hellcat, etc.
Terry

[1 Wild R/T]

I had my insurance company in 1972 tell me they would not insure a Z28 I was going to buy. I then decided to order a Camaro SS 350 and I was told to find a new insurance company if I bought any car with an engine with 350 cubic inches displacement or larger as they were considered muscle cars. I then went and bought my 71 Challenger 340 convertible and they insured me. That was a bunch of BS if you ask me. I can see the same thing happening to those ordering cars like the Hellcat, etc.
Terry

My buddy went through the same thing when he was looking at a 383-2bbl Challenger.... Then he found his T/A.....    383-2bbl was considered Hi Performance..... 340-6bbl not considered Hi Performance......  LOL.... I bought a 440 Challenger & then found out it was gonna cost me $105 per month....   If I didn't already have the car I might have become a small block fan..... Instead I sucked it up & payed the price.....  My insurance agent always dangling a carrot "It'll go down when you"   Yeah right....

[Mopsquad]

Yeah, just looking at the production numbers for the hemi from 1966 to 1971, you can see in part the effect of the high insurance rates. 

My own experience, in 1984 I had a 1965 Mustang fastback (still have it).   I put the big Centerline wheels on the rear and jacked up the rear with air shocks.  My insurance company dropped me because the car was no longer stock and considered modified.  I finally found another insurance company to take me but not before I temporarily put on a set of junkyard steelies for the pics.

[Katfish]

Wonder what someone under 25 would pay for insurance on a new Demon?
I remember my buddy paid $3000 to insure his 84 Vette in 1988

[Lemontwist]

I wanted a 1970 340 4 sp. Cuda but when I found out that my insurance would be $1200.00 a yr. I ended up ordering a Dart Swinger 340 4 sp. They still classified it as and economy car. Yeah Right.

[nsmall]

Finally, I am winning.  I pay $369 a year for 65k of full coverage.  I had no idea how high those prices were back in the day.  Wow.

[GoodysGotaCuda]

Finally, I am winning.  I pay $369 a year for 65k of full coverage.  I had no idea how high those prices were back in the day.  Wow.

Oof I pay $1,200 for the same coverage using Hagerty. I'm still getting pegged for being 30 with a fun car.


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[RUNCHARGER]

Yes: Basically most cars loans were for 3 years. $100 a month payment on a car was considered high and most were under $100 so if the insurance cost was higher than the car payment (which it was) it made people go for a lesser car. That's why Hemi cars were produced in the hundred not thousands.
If you had a 340, automatic Dart you generally slipped under the radar and you were faster than 90% of the big blocks anyway. There were scads of 340 Darts on the streets back then. The first thing the insurance company would ask would be if there were any letters in the car name such as R/T, GTO, GTX etc. Second thing they would ask is how big the engine was and lastly if it was a 4 speed manual. Lie about any of it and they likely wouldn't cover you in an accident or theft.

[nsmall]

@GoodysGotaCuda

I think you drive your car too much, but I use Grundy and I just turned 39.  I know you drive a lot so maybe Grundy wouldn't cover you, but $1,200, dang, thats not cool.

[Brads70]

Finally, I am winning.  I pay $369 a year for 65k of full coverage.  I had no idea how high those prices were back in the day.  Wow.

Oof I pay $1,200 for the same coverage using Hagerty. I'm still getting pegged for being 30 with a fun car.


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If it helps ease the pain I'm paying $847 Canadian funds with Hagerty and mine is insured for $60k Canadian.  Mine is insured as " modified " and we have lots of lovely extra taxes up here you don't ..... It was $267 when it was insured for 30k and listed as stock....