Those of you with 4th Generation special editions, how are you guys insuring your cars with State Farm and other insurance agencies?

We just had the '02 35th LE SS (under 17k miles) brought back to brand new via $2k in parts and labor, and just had 1/3 of a restoration done on the '95 Z28 (91k miles) to the tune of $4k in parts and labor. We've got about 1/3 to go before we'll call it done, so it'll be another ~$3k to go. That means $7k added to a car that currently blue books for $3.5k.

I talked to our State Farm agent and she hasn't had to deal with this with such late model cars (most people in our neighborhood drive only late model luxury cars and '90s and early '00s simply aren't around). She talked to someone else who said that the '95 could possibly fall under a Classic if we can prove it's rare or something (that'd be a hell of a job honestly, because it isn't THAT rare, though in the condition it is in, it certainly IS rare) and be insured for ACV (actual cash value). And the '02 couldn't fall under that at all because it's too new.

Any tips on how to get this to work? We really have to get the Z28 valued for about $9k or if we are involved in an accident, all the money will have been wasted and the car will get a salvage title. Almost ANY sort of damage is greater than 3 to $4k. We'd like to get the '02 35th LE SS insured for at least $24k while Kelley Blue Book says it's only worth $13k.

How can we do this? Do we claim the restoration work as modifications? If so, how do I do that? This isn't seeming to work out as easily as I planned, especially since there doesn't seem to be a form you simply fill out yourself. Any advice would be helpful!

 

You contact companies like Hagerty where you tell them what you want to insure it for.

http://www.hagerty.com/

There is also Grundy:

http://www.grundy.com/

 

Do not use state farm under any circumstances!my ceta was stolen and they crapped all over me!!!!they used nada wholesale and depreciated the crap out of it when it was a mint show car!!!

 

I use Grundy.

 

I use Grundy for my 2001 Camaro Z/28 I pay $450 a year we have an agreed value of
$25k. I have been using them since 2003 I also have my wifes 2000 NBM Camaro under the same policy.

Sean

 

^^^ any claims^^^^^?

 

I have my 'Hawk insured with Grundy for a stated amount as well.

Here is a Grundy claim experience - https://ls1tech.com/forums/eastern-m...ghlight=grundy

 

Does Grundy have mileage and use restrictions? The Z28 is a daily driver that gets about 4000 miles a year. The SS gets like 800 a year.

 

No mileage restrictions. Cannot be your daily driver or be used to commute, must be garaged, etc.

 

4000 miles a year is considered your daily driver? I think you would be able to say the GXP is your DD

 

Part of the issue is that the Z28 is my sister's, the SS is my mom's, and the GXP is mine (that's how they are titled). We all live together and for the most part share cars, so we're on the same insurance policy. My mom drives my GXP whenever she needs to go anywhere and she's retired, so she hardly goes anywhere. The Z28 is my sister's car and daily driver, and she commutes 16 miles a day to work and back. My GXP is just a grocery getter and occasional driver since I work from home.

I actually misquoted above, and to be more specific...

the Z28 is a daily and gets 4000 miles a year
the SS is an occasional and has only had like 800 miles in the last 4 years

All of the cars are garaged. Since we are all insured on all of the cars, would we all be able to claim the GXP as our daily driver? And would the GXP need to be insured by Grundy as well, or can we leave it on State Farm?

How does Grundy work with those of you who have wives? Do you and your wife each have to have a car in addition to your collector car (therefore 3 cars)? Or do you only have to have 2 cars (your collector car and your other one)?

My family's cooperation so we can afford to live in a pretty nice place usually doesn't fit the form too well... and it would be absolutely ridiculous to have to purchase additional cars (and insure them) just to qualify for special insurance when we hardly drive at all in the first place. Any input?

 

Grundy here too, do not use conventional insurance companies!

 

Let me see if I can tackle your questions...

To put a car on Grundy (or mostly any collector car insurance) you need the following...
- Access to alternate transportation (If you have 1 car, and it's the one you are putting on collector insurance, duh, it's your daily driver)
- You cannot drive the collector car insured vehicle to work. (AKA commute)
- The collector car must be stored in a garage.

My other two cars are insured under "normal" insurance. You can add whatever drivers to the collector car policy. (My wife could drive the Firehawk )

Anyone is welcome to jump in and correct me if I'm wrong.

 

on all collector car policies, every household driver must have a regular use vehicle availible to them.

Also, the regular use vehicles must be failry new. I had an issue when i had an old 300zx as a daily driver and wanted to put the firehawk under collector.

This is coming from a licsenced insurance agent in NY

 

I have Grundy for both the GTO and WS6.

 

I have hagety collector car insurance.

 

I've been talking to State Farm, and they are doing something where I had to take pictures of the cars and send them copies of the receipts for the work done. Now I have to get the cars appraised and the cars will be insured under a Stated Value and they can remain daily drivers. I think that's pretty much exactly what we were wanting. Hopefully it works out... I still have to figure out how to find an appraiser.

 

i don't post a lot in here, but i came across this and thought i would chime in...just got my insurance renewal yesterday. first of all, car in sig. 7,104 miles. i obviously don't drive the car much. when i bought the car off org. owner, he stated he had hagerty, so i naturally went to them for my insurance needs. our agreed value was 30,000 with a 1500 mile per year policy (cant drive to work, have to have other daily transportation). don't remember exact figure, but was almost $900 year. not bad, but thought i could do better. under hagerty since the car is so "new," i had to be put in the "exotic" category. i stumbled across an add in hemmings motor news for a agent here in my home state of indiana called colletor car insurance company that uses INFINITY INSURANCE COMPANY as their underwriter. called and got quote: $305 year for same basic policy-250 deductable. i did have a small issue: since my "collector car" was a 2000, and my DD is a 1994, they didn't want to issue insurance b/c there is too much chance that my older DD will break down, therefore forcing the use of my collector car for comuting. i simply fixed that problem by letting them know of my OTHER possible DD, my 99 suburban. since i had another back-up, insurance was approved. as my policy states right now, i have a 6000 mile limit, and it has a inflation fighter, so my agreed value went up $2000 this year for a total agreed value of $32,000. policy went up to $318/year, an increase of $13/year. all of this with a squeaky clean driving record, only drivers allowed are myself and wife (and she can't drive a stick, but either since she is a member of houshold with a driver license, or because she is on the title, she has to be listed. i can't remember which reason, possibly both). also have to keep in locked garage under cover. have to send photos of garage and all doors, car sitting in garage, multiple pics of car, pic of odometer. this policy works for me mostly because of my other vehicles to drive daily. i am thinking about calling and reducing mileage limit to see if it affects premium very much. phone # for my agent: 1-800-787-7637 very nice people, but will usually have to leave a message, they WILL call back. they are out a lot and go to many car shows to run booth for insurance. i understand all they insure is collector/show cars. there is simply no way i would let just any regular insurance company insure this car. if something were to happen, they would break it off in my ***. to get the value of the car, you have to search for a company that understands what some cars are really worth. that's why agreed value is such a wonderful idea. you are really getting your money's worth.

 

I have Hagerty Insurance on all three of my Camaros

 

WE have an 02 Camaro SS 35th Anniv. LE and a 70 Camaro (rebuilt / restored). The 70 is insured with Grundy and like stated in other posts, it cannot be used for anything other than driving to car shows, going on cruises (including Power Tour), car club events but not to be used for commuting to work, school, places like that. It is garaged always. We never had to file a claim, and the premium goes up every year. I have no deductible and a mileage limit of 7K per year which we dont get close to even long hauling on power Tour.

Now the 02 Camaro SS 35th LE insured with State Farm. While it is NOT a daily driver, it is used occasionally IF one of the kids have to "borrow" my daily Driver if their car is broken down or in the shop, then I drive the SS. Otherwise its only driven to local car shows or cruise-ins to show off. Have only had it about 4 months and had an unfortunate mishap a couple months ago, when we lost control on some loose gravel and side swapped a chain link fence out on a country road. Damage was to right qtr panel, tail light, bumper and bent the rear wheel and tore up the tire too.

State Farm gave the body shop fits about using new OEM parts and wanted them to use "used" parts. Well, we knew the owner of the shop and he took care of us all thru this, and refused to put used parts on this car. It took awhile but when it was all said and done, we did get new parts and even came out without having to pay our deductible. Needless to say we are NOT happy with State Farm and from what I hear this is typical of most all insurance companies. To us its a special car, a collector, but to them its just an 8 yr old used car. But I cannot insure thru Grundy since there are times I will need to drive it to work or other places. So what to do? Stick with State Farm and pray we never need to file a claim again or try to find an ins co. that will work with us?

I was glad to see Brangeta's post about State Farm possibly working with him -- Im going to approach my agent with what he said and see what they will do. Thanks for all in input.