slowrollwv Posted July 2, 2014 Share #1 Posted July 2, 2014 I know some of you have classic cars. My question is. What insurance do you have, and will it cover the amount you have invested or it's value? I am in the process of buying an 86 Monty Carlo SS T Top and it has less than 20,000 miles on it. Link to comment Share on other sites More sharing options...
Rosie1965 Posted July 2, 2014 Share #2 Posted July 2, 2014 Our American Family agent offers a classic car plan that costs less than full coverage. Have to get an appraisal for value. Link to comment Share on other sites More sharing options...
ragtop69gs Posted July 2, 2014 Share #3 Posted July 2, 2014 We use Hagerty Ins. out of Traverse City, Mi. 1-800-922-4050 They specialize in Collector Cars & Boats. Reasonable rates and you can get coverage at agreed value or appraised value. Link to comment Share on other sites More sharing options...
slowrollwv Posted July 2, 2014 Author Share #4 Posted July 2, 2014 Thanks Jay I found this one local to me and it is a one owner with 16,768 miles on it. I will be picking it up in a couple weeks from the shop where it is being repainted. Link to comment Share on other sites More sharing options...
bongobobny Posted July 2, 2014 Share #5 Posted July 2, 2014 Not a prime year for a Monte but still a nice version and SUPER low mileage!!!!!~ Link to comment Share on other sites More sharing options...
Money Venture Posted July 2, 2014 Share #6 Posted July 2, 2014 We also have Hagerty. You definitely want an "Agreed Value" policy. Grundy insurance and JC Taylor are good as well. Slight differences in allowed drivers but similar policies. Link to comment Share on other sites More sharing options...
Oldodge Posted July 2, 2014 Share #7 Posted July 2, 2014 I also have agreed value policies through Hagerty. Never had a claim so I can not comment on how good it is or isn't. However, the price is not too bad. Link to comment Share on other sites More sharing options...
GAWildKat Posted July 2, 2014 Share #8 Posted July 2, 2014 How many years old is considered a classic car? Link to comment Share on other sites More sharing options...
etcswjoe Posted July 2, 2014 Share #9 Posted July 2, 2014 We have Nationwide on the 41 and 46 for appraised value. Link to comment Share on other sites More sharing options...
Flyinfool Posted July 2, 2014 Share #10 Posted July 2, 2014 My '88 Venture is old enough to be insured as a classic BUT, the classic bike insurance with American Family is more than what full coverage regular MC insurance would be. Part of it may depend on what state you are in. In WI a vehicle with collector plates can still be a daily driver. In other states there are restrictions on how much a collector can be driven. Link to comment Share on other sites More sharing options...
GAWildKat Posted July 2, 2014 Share #11 Posted July 2, 2014 My caprice is eligible for collector plates in 2yrs I think. The Van is already eligible. Link to comment Share on other sites More sharing options...
ragtop69gs Posted July 2, 2014 Share #12 Posted July 2, 2014 My GS thru Hagerty at agreed value. No drivers under 25, must be garage kept, no restrictions on when you can drive it. I know others that have made a claim with them and it was a good experience. Sent from my SAMSUNG-SGH-I997 using Tapatalk 2 Link to comment Share on other sites More sharing options...
jdross440 Posted July 2, 2014 Share #13 Posted July 2, 2014 I use American Collectors Insurance. My 65 Chevy pickup is 115 a year and covered for 14000 with 0 deductible. This is full coverage: liability, medical, unisured, underinsured,comp, collision, towing and spare parts up to 500. Link to comment Share on other sites More sharing options...
ediddy Posted July 2, 2014 Share #14 Posted July 2, 2014 Most companies consider a classic car to be 25 years or older but some of the classic insurers will insure exotic cars regardless of the age. Last year one of my insureds bought a new Ferrari. I didn't think it would be a problem to insure it but I got turned down by every major auto insurance company. Hagerty was glad to insure it. When comparing companies for classic car insurance make sure you check the mileage restriction, if any, and are you required to keep the car in an enclosed locked building when not in use, and make sure you are getting guaranteed value and not stated value coverage. Link to comment Share on other sites More sharing options...
Money Venture Posted July 2, 2014 Share #15 Posted July 2, 2014 Appraised value is what the insurance company deems your car worth and then applies your deductible. Agreed value is an amount that you and the insurance company deem your car worth and agree that it is the amount paid in the event of a total loss. There is no deductible and you know what the amount is from the start. Big difference. Link to comment Share on other sites More sharing options...
MJ44 Posted July 2, 2014 Share #16 Posted July 2, 2014 And read the policy - I can't use mine for every day like going to work and such in order to get antique insurance - but I insure a 67 Ford F100 and 62 Pontiac Tempest Lemans for $175 a year Link to comment Share on other sites More sharing options...
ediddy Posted July 2, 2014 Share #17 Posted July 2, 2014 Stated value and guaranteed value can be different. Usually they aren't different but can be. Guraranteed value is where you tell the company the value and they verify it's a reasonable, accurate number. Then they guarantee that value in the event of a total loss. Stated value is basically the same but some companies will have their policy written where they can take depreciation. Just make sure if your company offers stated value that there won't be any depreciation at the time of a loss. Link to comment Share on other sites More sharing options...
ragtop69gs Posted July 4, 2014 Share #18 Posted July 4, 2014 If I remember correctly my cars value increases in insured value by 5% per year . My policy has no restrictions either on when or how many miles I drive. Sent from my SAMSUNG-SGH-I997 using Tapatalk 2 Link to comment Share on other sites More sharing options...
slowrollwv Posted July 4, 2014 Author Share #19 Posted July 4, 2014 Thanks all. I will be checking into it next week when I seal the deal. Link to comment Share on other sites More sharing options...
cabreco Posted July 4, 2014 Share #20 Posted July 4, 2014 I know some of you have classic cars. My question is. What insurance do you have, and will it cover the amount you have invested or it's value? I am in the process of buying an 86 Monty Carlo SS T Top and it has less than 20,000 miles on it. Check out Grundy Worldwide http://www.grundy.com/ They are reasonably priced. I have 4 vehicles insured for $300K liability & $6K agreed value each & I pay $246/year. What I like about them is there is no annual driving mileage limitations. Link to comment Share on other sites More sharing options...
grilledbed Posted July 15, 2014 Share #21 Posted July 15, 2014 I know Hagerty is a good company when it comes to classic cars. Might as well check with Hagerty and talk to their agent for whatever concern you have regarding your new car. If you have time feel free to check out coverage characteristics of auto insurance too for more info. Link to comment Share on other sites More sharing options...
crazygaucho Posted July 15, 2014 Share #22 Posted July 15, 2014 few years ago living in Southern California had a 65 Cadillac convertible aka "pimpmobile" (still missing it) and the insurance Company was Hagerty Link to comment Share on other sites More sharing options...
Gary N. Posted July 15, 2014 Share #23 Posted July 15, 2014 Been with State Farm for all my insurance, including the old cars, for over 40 years. Always felt the rates were good and any claim submitted has been taken care of without complaint. They have sold their Canadian arm to some company in Quebec and the transfer will take place later this year. I have a bad feeling about this. I may have to go shopping for a different company. Link to comment Share on other sites More sharing options...
cvhs67 Posted July 15, 2014 Share #24 Posted July 15, 2014 Our '63 Vette is with Haggerty, resonable and good coverage. Link to comment Share on other sites More sharing options...
KIC Posted July 15, 2014 Share #25 Posted July 15, 2014 A friend of mine has a 92 Chevy pick up he bought new and babied. I mean babied that puppy. His insurance would only cover it for $1500.00 value. He talked to my State Farm agent and was able to get a special policy cheaper than he was paying and covered it for $9,000.00. Sad note: Never had an accident in it. BUT, last night on his way home a guy ran a red light and hit him head on. The truck is so bent and totaled. He won't give up and has talked to two mechanics today asking for estimates to repair.. I know...we have all told him... the frame is a twisted pretzel... Link to comment Share on other sites More sharing options...
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