I know insurance is often a topic

[BIGSHCLUNK]

So I thought share this...

[challengermaniac]

Here's mine through Condon Skelly, underwritten by Ironshore Indemnity.  $50k vehicle insurance with $300k Liability and Underinsured Motorist Coverage, Annual Premium $281.00.

Added:  I also have a $1M Umbrella Policy

[Poolshark314]

I just got a quote from Grundy. $30000 value for $228/yr

[blown motor]

You guys are only carrying 300K liability!! I carry two million. That's pretty standard here. Nobody sues for only 300K.

[anlauto]

You guys are only carrying 300K liability!! I carry two million. That's pretty standard here. Nobody sues for only 300K.

I was going to mention that too....Here in Ontario, I think a minimum  1 million is mandatory isn't it ?

[JH27N0B]

As far as liability, how much you carry should be dependent on how much you have to lose.
If your net worth not including your house and employer retirement accounts is not a lot over 300K, there is no reason whatsoever to carry over 300K liability insurance. 
Despite their TV commercials claiming to be the champions of injured victims, plaintiff's attorney's are greedy opportunists out for a quick buck.  They would rather take 1/3rd of a 100 grand settlement in the next couple months than spend 10 or 20 years trying to squeeze a million dollars out of someone who doesn't have a lot of money.
Also, umbrella policies can provide high limits at lower cost than upping your car insurance limits to seven figures, but last I checked require 500K liability in auto coverage.
My collector car insurance is a good deal, but it looks like my insurer apparently recently got taken over by Hagerty.  Hagerty is a great company, but the last time I quoted with them, they were about twice what my insurer is charging me now. I don't want my insurance doubling when my policy is up for renewal in December!
I use a broker so hopefully they will find me a good deal rather than letting me get hit with a huge increase.
Requirements are different in other countries like Canada so my comments are about how it is in the US.

[blown motor]

You make it sound like if you are sued they cannot take your house or employer retirement account. Is that correct? Are you only liable for what worth you have at the moment or are you on the hook for a larger amount which you have to pay off over time? I don't know how that is here in Ontario. You make an interesting point about only carrying what you have to lose.
I think you're right Alan that 1M is the minimum here.

[JH27N0B]

I am not a lawyer and don't even play one on TV!  Therefore I can't claim to be an expert. However I've looked into the issue many times over the years, as my side job is a flight instructor, and liability is a big concern among CFIs that prevents many experienced pilots like retired airline pilots from instructing even though they'd like to.
Home equity and company retirement funds like pensions and 401Ks are pretty much off limits to anyone except the IRS and ex spouses in divorce settlements.  IRAs are sometimes safe also but laws vary by state.
Look at OJ Simpson, he got sued by the family of the guy who was murdered along with Nicole.  Even though they won the lawsuit, I don't think they've got a dime.  OJ has a big house and a gets a very generous NFL pension, I think I've heard the pension is around a half million dollars a year, but that's all off limits to them.
But like I mentioned before, lawyers like a quick buck.  They will take a settlement now rather than spend a bunch of time trying to squeeze every last dime out of someone like garnishing paychecks.  They drool at the prospect of deep pockets, if you don't have deep pockets, they loose interest very quickly!
It's an issue of what they can do versus what they actually will do.

[BIGSHCLUNK]

Those numbers are pretty typical for my area.  Dont think the policies for the shop trucks are much different as I recall. My point was mostly this.... 6 figures coverage for under $400 .... I thought that was cheap  Maybe I'm wrong?   

[GoodysGotaCuda]

Hagerty gets me for $1,200/yr at a $60k value. Being under 35 with a "modified" car in their eyes is pretty expensive.

I've considered moving to Grundy, which is about $600/yr for me, but I am concerned with their coverage and being able to drive the car often...including to work.

Anyone driving theirs often?

[blown motor]

I drive mine a lot if I can. Not just to shows but just to drive it. I have classic insurance but don't have historic plates. My policy states that I can go on the "occasional" recreational drive not including shows, parades or service. I take advantage of that. Historic plates don't allow that which is why I have regular plates on them. The extra plate cost is less than the fine and I don't have to worry about it.

[Poolshark314]

I am 35 and just wrote 500 miles/yr. Maryland does not allow vehicles registered as historic to be used as commuter vehicles anyways, so not super concerned

[BIGSHCLUNK]

I have "Collector" plates, the biggest restriction from the state is you cant drive a "collector car" in January. (who cares?) Insurance wise, its not used for daily commuting - work/school and the like. Must be garaged. That's about it. But between my time schedule and dogs I dont get her out as much as I'd like anyway.  I realize all ins carriers have different requirements 

[Mr Lee]

I drive mine a lot if I can. Not just to shows but just to drive it. I have classic insurance but don't have historic plates. My policy states that I can go on the "occasional" recreational drive not including shows, parades or service. I take advantage of that. Historic plates don't allow that which is why I have regular plates on them. The extra plate cost is less than the fine and I don't have to worry about it.

I wonder why the Dept of Motor Vehicles would care if you're driving to a show or just driving it around for fun?  and why the plates have to match that.   

I have Hagerty and when I talked to my agent about which license plates to get, Historic or regular, she said it didn't matter which I get.  I asked, "so I'm not restricted to driving it to car shows?"  She said no, as long as it's not your primary vehicle, it doesn't matter what plates I have or where I'm driving it.   So I guess only the DMV cares about the plates, for whatever reason. 

From what I've heard from other guys in New Jersey that have historic plates, they haven't gotten hassled by the cops for just driving their cars around.  I'm hoping that's true cause I plan on driving my car whenever I feel like it.  So far, so good.  And in NJ, all cars have to have a license plate on the front and on the back, but Historic vehicles only require one on the back, which I think is cool.  That's the way I've been running mine.   

I think I'm paying $540 for $40k value but am about to increase that to $50k value for another $85.

[70Barracuda]

I have the original style plates that came that year in Oregon.  When I took them to DMV I had to ge the special interest tag on them to put them on the car.  I also had to sign a paper, shows, parades blah, blah.  Cops dont care.  I drive it all over never a problem.

Insurance.  I dont remember the particulars other than, 45k agreed value  I need to up that.  $114 6 months. 1500 miles a year.
State Farm.  My son can drive it too.