SuperSport346

iTrader: (2)

I have a 2002 Camaro SS/SLP. It's got 29k, and I put on about 7k annually since it's basically my DD during the warmer months. It's also basically stock.

I applied for Hagerty today, and their quick quote was about $1400, whereas I'm paying $3000 right now with my current company (yes, that is a hell of a lot, and a hell of a lot of difference). I'm sure their real estimate will be higher though.

So is collector car insurance that much cheaper? Will Hagerty Insurance work for me? Do any of you have Hagerty and how good are they to work with?

ZigZagZ

Collector car insurance usually has mileage restrictions, like 2,500 miles per year or less. They also have restrictions on commuting to work, etc. I haven't dealt with Haggerty, but like everyone else I've seen their ads on TV.

The most expensive componet on insurance is liability coverage, which depends upon a number of factors (age, tickets, accidents, and marital status). It also depends on the amount of coverage 10k, 50k, or even 500k.

The book value on a late model F-Body (albeit low mileage) is not that high, so I can't image it would really pay to get collector car insurance.

mklinger

iTrader: (4)

Hagerty is awesome. I have two collector cars insured with them and have 'declared value' policies. These are not daily drivers but I will tell you that Hagerty has no mileage restrictions on my cars. The cost is a fraction of what State Farm would have quoted. You do need to have a squeaky clean driving record to take advantage of this.

RPM WS6

iTrader: (3)

Book value has no bearing on collector car insurance. It's usually based on agreed value or appraised value.

I have Grundy. I pay just under $300/year for $20k of coverage on my '98 Z. Yes, that's $300 per year. I did not forget a zero. When I had State Farm I was paying $700 per year for full coverage on this same car, and they wouldn't have given me anything near $20k in a total loss event.

But there are restrictions. You cannot use the car for daily driving, commuting, etc. There is no specific mileage restriction, but it can only be used for pleasure driving or car shows/events. It cannot be your only car, and it must be stored in a garage when not in use. This is not the sort of policy you want if you intend to daily drive the car during the summer months.

SuperSport346

iTrader: (2)

I do have an at fault accident 2.5 years ago. No tickets though.

I will also have my Jeep insured all summer, as well as my Silverado which is in my name but is mostly driven by my mom. I'd even consider buying a cheap DD if they'll cover me for somewhere close to what they quoted me. That would save me a ton, and would easily pay for a cheap DD...

And my SS is worth close to $20k. Well, maybe not with this shitty economy, but I paid $21k when I bought it, and if it gets totaled I'd like to get close to what I paid for it...

ZigZagZ

The insurance companies have all the angles figured out. The cost per mile of collector car insurance is just as expensive as a normal "daily driver" policy.

RPM WS6

iTrader: (3)

State Farm, normal "daily driver" full coverage: $700/year, I drove the car about 1,000 miles per year.

Grundy, "collector car policy" full coverage: $300/year, I still drive the car about 1,000 miles per year.

State Farm = $0.70 per mile for coverage up to "book" value only
Grundy = $0.30 per mile for $20k of coverage

ZigZagZ

I'm not going to argue with your math. As you stated, collector car insurance is not well suited for a daily driver (because there are restrictions). Likewise, a daily driver policy is not the best choice for a "collector car" that is rarely driven.

Garages cost money (property taxes, insurance, maintenance). Having a second vehicle to drive to work costs money. If you add up all of those costs then then you might see what I was trying to illustrate.

SuperSport346

iTrader: (2)

But if you have all of that already (as I do), then you will save money...

RPM WS6

iTrader: (3)

Agreed.

Exactly.

litemup02

iTrader: (39)

Another thing about grundy that they sent back to me... "Unfortunately we cannot insure collector vehicles that are newer than your
primary transportation vehicles. " Camaro is an 02 and i daily drive a 2000 Xtreme. Load of **** if you ask me! I would understand if i said i was driving an 81 honda

billyb

iTrader: (15)

with ins company's it's the end results that makes one of you the winner!!! you can fool yourself with all the coverage and angles you percieve on your policy but will you get paid in a real time wreck,they will look into all the angles of the crash, and THEY are holding the $$$$$$$$$$ good luck.

NC01TA

You guys are lucky to live in states that allow your cars to be insured by these type companies. North Carolina requires that your car be at least 20 years old to qualify for 'collector car' coverage. Not even a choice here. I have to pay full price even though I have only 19,000 miles on my T/A. The book value is 'crap' if I should wreck it too. It would require an attorney to get close to the true value. If it wasn't a convertible I wouldn't even bother with any coverage other than simple liability but unfortunately just one 'slash' would pay for years of coverage.

RPM WS6

iTrader: (3)

That's the first I've heard of that. When I signed up my '98 Z with Grundy, my daily driver was a '96 Bonneville. They new this because I put it on my disclosure form, but they had no problem with it.

Giddswat

iTrader: (13)

I have Grundy also($350) a year, insured the car for $24,000. Someone local made a claim on his FireHawk and they paid for everything with no problems, that sold me on their coverage. Just make sure it fits with how you use the car.

peterlawl84

iTrader: (12)

I have Grundys as well, covered for 25k right now. I had some issues when I first applied because they said I didn't have adequate daily transportation...even though I listed my motorcycle and truck. After a few email exchanges, everything got straightened out. My annual premium is ~350ish...cant recall the exact number right now.

RPM WS6

iTrader: (3)

I remember reading that thread as well. I think it was in the Eastern members section. IIRC, Grundy paid out like $9k to fix his car with all OEM body parts with no hassle. I think they even paid to replace some of the mods that were damaged.

ZigZagZ

I couldn't agee with you more. If you check out your insurance policy you'll probably need a miscoscope to read the fine print (lots of clauses, terms, and conditions in those contracts). And when policies are up for renewel they can be ammended.

A good college buddy of mine has been a corporate attorney for Geico Insurance for about 11 years now. His job is quite simple, he does everything he can to write the smallest check possible. It doesn't matter who's right, or who's wrong. If you make him an offer, he will automatically make you a counter-offer (for less money). If you don't like his counter-offer then be prepared to play the waiting game. Court dockets are jammed packed these days, (do you want to take a number and get in line?).

My old beer drinking buddy is not your typical slimey insurance attorney. Prior to working for Geico he was an Assistant DA for 12 years, keeping really slimey people behind bars.

NC01TA

Good post ZigZagZ. Insurance companies are not your friend. There are always exceptions but it is not the 'norm'.

ZigZagZ

Judging by the equipment in your signature, it looks like your insurance agent likes you alot.