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.
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.
My 71 Challenger is insured through Hagerty at 30K value for about $300/year. Direct through Hagerty, not "by Hagerty thru my regular insurance" ???
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.
I'm direct to Hagerty at roughly the same ratio of cost to coverage as ZippyZoo. I think you're getting hosed.
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.
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.
Call my guy (actually gals) they are really good specializing in collector car insurance.
https://rallyinsurance.com/
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.
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?
Quote from: Ohiowoodchuck on February 10, 2022, 06:31:38 PMI 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.
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.
Quote from: 70vert on February 10, 2022, 07:04:16 PM
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.
Quote from: 70vert on February 10, 2022, 07:04:16 PM
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.
I don't know if you'll get a straight answer. I had cars insured with State Farm's classic car insurance and never got a definitive answer from them if they were stated or agreed value, and yes I asked.
I did hear a couple stories of classic car owners making claims with State Farm and having to fight with them about their claim.
On the other hand I've heard stories about claims with Hagerty and they were all no problems no questions asked they took care of it. There was a V code Challenger owner on some of the boards a few years ago who had his car hit by some idiot blowing a red light and they paid to have it fixed at his choice of shops, he chose Mancini. American Muscle car Restorations, which must be one of the highest cost Mopar shops in the US!
Hagerty has been buying up a number of smaller collector car insurance companies and even recently partnered with State Farm to run their classic car insurance program, so they are becoming the 5000 pound gorilla of the industry.
Quote from: Ohiowoodchuck on February 10, 2022, 06:31:38 PM
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.
You might also want to try contacting Hagarty directly for a quote. I have Hagerty and pay less than $250/year for $25K coverage, but maybe that's partially because I've had Hagerty coverage for 10+ years with no claims. You're right to be concerned about replacement costs though. I used to think that $25K of coverage was enough for my project/driver, but the way prices are going... :thinking:
Quote from: JH27N0B on February 10, 2022, 09:27:40 PM
I don't know if you'll get a straight answer. I had cars insured with State Farm's classic car insurance and never got a definitive answer from them if they were stated or agreed value, and yes I asked.
I did hear a couple stories of classic car owners making claims with State Farm and having to fight with them about their claim.
On the other hand I've heard stories about claims with Hagerty and they were all no problems no questions asked they took care of it. There was a V code Challenger owner on some of the boards a few years ago who had his car hit by some idiot blowing a red light and they paid to have it fixed at his choice of shops, he chose Mancini. American Muscle car Restorations, which must be one of the highest cost Mopar shops in the US!
Hagerty has been buying up a number of smaller collector car insurance companies and even recently partnered with State Farm to run their classic car insurance program, so they are becoming the 5000 pound gorilla of the industry.
I had Hagerty and had a horrible claims experience, I thought having a reputable collector car insurance company would be better. :dunno: I have my house and dailys insured thru State Farm but wanted agreed value, I now switched to Grundy for the Barracuda.
Quote from: JH27N0B on February 10, 2022, 08:12:41 PM
Quote from: 70vert on February 10, 2022, 07:04:16 PM
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.
That's a great point on stated value. The insurance companies will always go with the lower of calculations if allowed. Stated value is the lower of the stated value or actual cash value (per whatever source). That source could be a reputable valuation tool but that still lags the market and hence gives a lower value.
Prices depend upon where you live, so its next to impossible to get a good comparison asking people here what they are paying.
Quote from: Racer57 on February 11, 2022, 09:19:24 PM
Prices depend upon where you live, so its next to impossible to get a good comparison asking people here what they are paying.
:iagree:
For my short 9 month stint in North Carolina, where if 2 people arrive at a stop sign simultaneously no one moves to allow the other to go ( it can get awkward), insurance was 300 dollars cheaper annually than Florida where we just assume run you over than say hello. Same coverage same car. Daily driver
Zip codes is a big part of rates.
I switched all my insurance from Geico to Farmers, all were close in price and coverage until it came to the car. Farmers, 45k agreed value, $125 for 6 months with towing.
Only had to send a few pics to get it started.
I second Farmers. I had American Collectors for several years but after a rate increase two years ago I called my Farmer's agent who also has my house, cars, boat, M/C and trailer insurance. He came back at $153 a year for full coverage on the 'Cuda. I told him no, he made a mistake that I wanted full coverage and a stated value of $100K. He said that was correct but I still didn't believe him, and I didn't cancel Americans Collectors until I had the Farmer's policy in writing. He was correct. Annual premium was $153 a year, $100K stated value (had to send pics) $250/$500K full coverage, $500 deductible. No mileage limitation even though I drive less than 2K miles a year. When I originally switched to Famers from AMPAC, my daily driver car and truck, M/C, boat and trailer car insurance rates were similar to my previous carriers. However I got a substantial discount on the house rates if I insured everything else with them so I switched to Farmers. Been very happy. Couple minor claims. No hassles and no rate increases. The Cuda rate was the icing on the cake. Highly recommend Farmers.