Insurance quote.

[Ohiowoodchuck]

I got a quote today for insurance on my car. 1974 Barracuda, it was by Hagerty thru my regular insurance and the quote came back at 650.00 a year with a value of 30k. Does that seem high to anyone. Got good driving record, no tickets etc in years. Last insurance claim was for a rock that busted my windshield in my truck 10 years ago.

[MKA]

I have American collectors. 

https://americancollectors.com/?gclid=Cj0KCQiAjJOQBhCkARIsAEKMtO2yxz7ywda7R42qge2VCEn6SGVR_Y7kqzqDC6nXjOA4ukzArihdA14aAkLfEALw_wcB

I'm paying about $100 more than you for triple the coverage, 2500 miles a year and $1k deductible, good driving record.    Prices will vary by state but I'm in Florida which I think is one of the more expensive. 

[ZippyZoo]

My 71 Challenger is insured through Hagerty at 30K value for about $300/year.  Direct through Hagerty, not "by Hagerty thru my regular insurance" ???

[JH27N0B]

That does sound high but I don't know all the factors involved in setting the rates.
I liked Hagerty but was scared off as when I contacted them several years in a row on my 71 Challenger at 75K, the quotes went up every time, $450, then $750 a few years later.
A broker, Rally insurance, set me up with collector car insurance through a company called Infinity and the rates were very reasonable. I felt like I was paying maybe half Hagerty rates.
But in 2020 I get notified Hagerty is buying my insurance companies antique business. They guaranteed to keep my rates same for 2021. I was worried what would happen for 2022 though.
Only went up a little!
I pay 1300 for 4 cars now. I was pleasantly surprised adding my Magnum valued at 20K last year cost $25 a year. Seriously.

[Dakota]

I'm direct to Hagerty at roughly the same ratio of cost to coverage as ZippyZoo.  I think you're getting hosed. 

[Ohiowoodchuck]

Thanks for the info. I called my insurance company who insures my farm, house, cars, trucks etc and they gave me a quote. They returned the quote and it says thru hagerty. I was just wondering what I should expect to pay. Is 30k enough coverage because I just don't think you can replace any of these cars for 30k.

[Jay Bee]

Ohiowoodchuck, your quote sounds high. I'm with Hagerty through a broker and last year paid $482.00 w/Cherished Salvage Coverage on $60K (Canadian Dollars). The car is kept in a locked garage on my property when not in use. I'm 66, retired and never had a claim on any car in my entire driving life. Hope that didn't just jinx me.

I'd be curious why yours is so high compared to these replies.

[JH27N0B]

Call my guy (actually gals) they are really good specializing in collector car insurance.
https://rallyinsurance.com/

[Ohiowoodchuck]

Ok I'll look into other places. I'm 40 and like mentioned earlier, my record and claims are clean. I have a few seat belt tickets but that's been years ago. Never had an actual speeding ticket. Never had a dui etc. The only claim I have ever turned in was when a rock came out of a dump truck and busted my glass.

[70vert]

I am using Allstate, same as my other cars. They simply asked how much the car was worth. I'm paying about the same, $600/year but for $65k coverage. No max mileage because I drive it all the time.

What do the "collector" car insurance companies do different than other traditional insurers?

[Dakota]

I was just wondering what I should expect to pay. Is 30k enough coverage because I just don't think you can replace any of these cars for 30k.

My approach is to watch the selling prices for comparable cars and at least get coverage in the neighborhood of what the car would realistically sell for.  Getting coverage equal to what I spent?  Not realistic for my ride.

[Ohiowoodchuck]

I just figured if I had to replace it I was looking at 35-45k just for a 74. Maybe I'm wrong but I can never find the all original barn find for 16k that some guys are lucky to find.

[JH27N0B]

I am using Allstate, same as my other cars. They simply asked how much the car was worth. I'm paying about the same, $600/year but for $65k coverage. No max mileage because I drive it all the time.

What do the "collector" car insurance companies do different than other traditional insurers?

The big issue that you need to be concerned with is agreed value vs stated value.
The collector car companies insure at agreed value.  That means if you insure your car for $100,000 and a tornado blows it to the next state, they send you a check for $100,000 (minus deductible) almost immediately after the claim is filed.
If insured with stated value, you file a claim on your car insured for $100,000 and their adjuster comes back and says you know, you insured it for $100,000, but we did some research and determined it's worth $60,000 so that's what we will pay.

[MKA]

I am using Allstate, same as my other cars. They simply asked how much the car was worth. I'm paying about the same, $600/year but for $65k coverage. No max mileage because I drive it all the time.

What do the "collector" car insurance companies do different than other traditional insurers?

It's the same insurance effectively  but by putting a mileage limit on in theory your rate should be cheaper.   Their underwriting rules take into account the different risks and the lower mileage.   You can get special add ons such as for parts and they should put an annual appreciation factor on the car, small things. 

Your probably getting a multi car discount on your rate.   Progressive would not insure my "collector" car, they passed me on to Hagerty and what would have been a higher rate with no multi car discount.

[70vert]

@MKA  yes I do get a multi-car discount on the Challenger

@JH27N0B  thanks, that seems odd that they charge a premium for a value they won't cover but I will definitely check on it with Allstate