Collector car insurance

[Steve Parmerlee]

I'm looking at purchasing a nice 1963 Coupe Deville (as a collector car) and would appreciate input/advise for insuring it.  Due to their TV ads, I'm familiar with Grundy and Hagerty, but don't have any experience with either company.   Anyone have any experience with these companies?  Are there other collector car insurance companies I should consider?   Looking forward to your replies.  Thanks in advance for your feedback. 

[TJ Hopland]

How often and in what ways do you plan to use the car?

I dont mean to get you down on the whole thing (and hopefully someone will come up with a new company that I have not already talked to) but what I have found is for the 100% honest average guy there are pretty much no good options.   If you are willing to share only select info and then willing to take the risks if something catastrophic happened then there are several options.   Im still running around with the state minimum regular policy because of all the limits on any of the 'special' ones.  My car is not a show car, just a always work in progress driver.  The 'book' is anywhere from 8-30K depending on where you look.  I would be content if it was valued around 5k.  If its nice out and I have an easy week I may drive my car to work.  If its nice out and I want to go to the video store I may drive my classic car.  If I decide to go on a cross country road trip I may decide to take my classic car.   From my research and calling the common ones you see advertised in classic car places that pretty much excludes me from 99% of the options.   Its usually not even a cost issue, I dont expect one of those $100 a year policies since I actually drive my cars.

[Otto Skorzeny]

Those are both respectable companies. Many of the collector car insurance policies at different companies are underwritten by the same company - Zurich Direct.

Most have similar rules and caveats. Some require multiple cars on the policy, virtually none will write a policy if you've had a ticket or a wreck in the last 5 years. One actually refused me because my "regular" vehicle was too old (1979). All require a locked garage.

Some claim they have no mileage restrictions yet will not write a policy if you tell them in the application how many miles you actually drive. Most will write an "Agreed Value" policy (which is the only type you want) and pay to the limit  in the event of total loss. Some will pay you for the repair if you do the work yourself.

Do not purchase a "Stated Value" policy. It's not the same as "Agreed Value".

TJ posted as I was writing this. He's absolutely right. If you do anything other than haul your car to shows in a trailer, it's almost impossible to get real collector car insurance if you telll the truth on the application.

If you do get one of those policies and have to make a claim, you'd better tell them you were on your way to a car show or to your mechanic - and be able to prove it.

[Kevin M. Parkinson]

My experience is with Hagerty.  I have had several cars insured with Hagerty for many years.  I thankfully have never had to make a claim.  I did have an electrical fire involving the wires near the starter on my 1968 about 18 months ago.  I called Hagerty for a free flatbed tow back home and was completely satisfied with their prompt service.

Like the good advice given by both TJ Hopland and ottoskorzeny, first decide what your intent is with the car.  I don't happen to have conflict with following the requirements placed on drivers of vehicles registered and insured as classic or antique automobiles.  Hagerty says they allow the occasional leisure drive, but Michigan law does not.  I would never drive one to work or take one out to get a video ...  there's nothing wrong with doing that, but if that is what you plan to do, then add the car to your daily driver insurance policy. 

I live in Genesee County, MI.  We are fortunate to have a car show or cruise-in nearly every day or evening from early spring to late fall somewhere close by.  There are plenty of opportunities to enjoy an old Cadillac.

[TJ Hopland]

Good point about state laws.  That is something you should look into for your state, also be sure you are getting the info from the state hopefully in writing. Some states dont appear to have many special rules and others have a bunch.  Even the police dont always seem to know the exact details.  In MN you can put regular plates on or 'collector' plates.  Some of the insurance companies I talked to required the collector plates which have all sorts of restrictions.  I think its the insurance companies way out of having to make their own rules.  I have regular insurance and regular plates on my cars so I dont have to worry about restrictions.  Only risk I run is if someone else hits my car its probably going to be totaled with a value of $1000.  A friend of mine was hit by a collector car and as far as I know its still not settled because the accident didnt happen 'on the way to a car show'.   

[bill henry]

i use j.c. taylor they are not unreasonable

[JerRita]

I switched to Hagerty 2 years ago they are very good to deal with. One of my cars was hit in the parking lot of a repair shop by a customer and they sued Gieco to get my car fixed and I wasn't charged for the accident JerRita

[Walter Youshock]

I have a '57 and a '91 Brougham.  Years ago, I hit a telephone pole with the '57 (DON'T ASK!)  I am with American Collectors.  They did an assessment of the damage and wrote me a check the next day.

I tried to get the '91 on the policy.  As soon as I "confessed" that I drive it to work occasionally and park it in an authority garage with video surveillance and security, they said: "NO!"

I called JC Taylor.  Same thing, but their rates were even higher on the '57.  A friend of mine has a '63 CDV with Taylor and a '92 Eldorado.  They told him the Eldorado is too new and is not eligible for their insurance since it is not out of production long enough...

[TonyZappone #2624]

I have been with J.C. Taylor since 1965.  I have had four or five claims, ranging from $75.00 in 1966, to $22,000  in the mid 80's (acid rain).  I have been treated like royalty.  The Wallace family has owned the agency since I started doing business with Taylor.  They approach clients with the understanding that most hobbyists do everything possible to lovingly care for their cars.  I have had the opportunity to save small amounts on premiums with other companies, many of which I am sure are very good also, but have stayed with Taylor.  Tony Zappone CLC2624.

[jagbuxx #12944]

I am with American Collectors.
Very reasonable rates and they also cover my Bentley.
I have not yet had a claim and hope I never do.

[Steve Parmerlee]

From what I gather, collector car insurance companies require (at least some do) the car be put to bed at night in a locked garage and be within eyesight whenever it's out of the garage.  So, how are these issues addressed at events like the CLC Grand National meet or multi-day driving tours?  I'm guessing there's an allowance in the policy that covers car shows/events like this, but I'd like to get feedback from those in the know.  Which insurance companies cover this kind of thing and which insurance companies don't. Thanks.

[TonyZappone #2624]

I really think you are looking for an agent to spell out more detail than they are able to  pin themselves down to.  When my '31 Pierce-Arrow was at a Pierce-Arrow national meet in Glens Falls  (Lake George, N.Y. area),  the old line lacquer on the car was severely damaged by acid rain.  Obviously it was outside, I don't think anyone expects a car to be locked in the garage all lthe time.  Zurich American Insurance company through J.C.Taylor paid the claim, the car was painted by my choice of restorers  (the claim was over $20,000)  Hagerty, Taylor, and all the rest of the  companies that  have been around for some time  generally have good reputations.

[johnsor]

I have four classic cars which I insure with Congdon-Skelly.  Rates are reasonable as I insure them only for liability, fire and theft at an agreed value.  If I were to "bang one up" or incure a minor damage loss, I'll deal with that myself.  I am most concerned about a garage fire or outright theft of the whole vehicle.  In my state I have a "Classic Car" license plate on each car which there was a one-time cost of $95. and it is good for the life of my ownership.   

[Bill Podany #19567]

Owners who insure valuable collectable automobiles must understand the conditions of coverage; in most cases they are limited to specific driving circumstances.  My experience when making a claim with Hagerty Insurance has been nothing less than 100% positive and proactive with respect to meeting my repair requirements and re-restoration requirements after an unfortunate and damaging incident to one's valued classic.  This is the most professional insurance company I have ever dealt with in my 67 years of automobile ownership; and their employees are considerate, respectful, and friendly.  I use Hagerty for my antique automobiles, exclusively and will never change. 
Most Americans distrust and despise their insurance companies, and usually for good reason; I feel this way about State Farm Insurance which has insured every physical asset I own for over 60 years, excepting my antique automobiles, and in this time I had one minor claim and State Farm found some minor rule and loophole to prevent settling a minor $3,000 damage claim on a freak water problem in the basement of my home.  I have never missed a payment, ever, for any policy with State Farm in 67 years; this company does not exist to proactively service problems for their clients; Hagerty Insurance is the exact opposite with respect to its client orientation.  I suggest any CLC member thoroughly study the Hagerty Insurance rules and restrictions; they are reasonable and fair.  And when it comes time to filing a claim for damages, if you have followed the rules and restriction, their committment is unwavering.  Feel free to contact me, this is one modern insurance company.

Bill Podany
Knoxville, TN   

[Chris Conklin]

AAA offers insurance for collectible cars. I've had claims with them for my "normal" vehicles and have been very satisfied. They have flexible terms as well, so you can pretty much decide the amount of coverage and restrictions for your driving habits and pay accordingly. It's an "Agreed Amount" total coverage.

[Hollywood]

I have insurance similar to Steven T., and about the same situation...I have a good relationship with my State Farm guy and their has been zero hassle.  I pay like $12-$15/month. That's it. My insurance (I believe) says basically I won't drive over 2,500 miles per year, and I keep it secured in a garage.....H'wood

[fjp912]

When I lived in Philly where car insurance was prohibitively high, I used to keep my "toys" on a collector policy and I chafed at, and occasionally "forgot about," the restrictions.  Now that I moved to Georgia where I am paying one-third as much for insurance, my '74 Brougham is on my regular policy.  Considering my round trip from Savannah to Cherry Hill for the Grand National was about 1500 miles by itself, a 2500 mile limit doesn't really allow you to do much more than tool around town. 

If you have 3 or more collector cars then the collector policy definitely makes sense.  With one, it really puts a cramp in your style.

The flip side though is that I have heard about owners having trouble getting full value for a collector car on a regular policy for a theft or a bad collision loss.  I think it is a question of what kind of car you have.  If you have a driver worth in the mid four figure range, that's different from if you have a '56 Eldorado or something like that.

[Bill Podany #19567]

Hello Members,

If one owns a vintage auto or Full Classic (CCCA) that is particularly valuable to you , I believe, it is wise to insure that car adequately enough so that any serious damage or even theft is fully covered to your satisfaction.  This includes having the car repaired at a shop of your choice, including shipping the car to the shop and back to your car's residence.  Insuring the car's market value should be set at a rate taking into consideration not only replacement cost, but re-restoration costs, if necessary.  Most collectors in the  vintage hobby know through experience that a complete frame off restoration often exceeds the current market value of the car; this should be carefully understood when insuring your favorite piece of iron.  Car insurance can always be found at variable premium rates; the test of a credible insurer is how efficiently, and responsibly a serious damage claim is handled.  To me, all other factors are of secondary and tertiary concerns.  I speak from personal experience having to deal with very serious damage claims, including hospital ER care.   

Bill Podany
Knoxville, TN 

[Chris Conklin]

Caveat emptor.