Classic Car Insurance

[Mike Shawgo]

Hi everyone,

Does anyone know of a car insurance company that will insure classic cars even though you do not have a "regular" car?  I was rejected by Haggarty because I have two 1985 Cadillacs, a Seville and an Eldorado convertible, but I do not have a "regular" car.   Currently I just have Gieco just to have some insurance, but I always worry that if something happens and I have to put in a claim, they will total the car.

Mike Shawgo

[R Schroeder]

Did you ask them for a definition of a regular car ?
I believe all they wanted to know with me was that I had a car insured with someone else that was a daily driver.
Unless you are trying to insure all of them, I don't see a problem. How were you trying to set all of them up ? All of them insured with Hagerty ?
They don't like them being used as a daily driver.
Roy

[Mike Shawgo]

Yes, I was trying to insure both of them.  I admit I'm probably unusual, as I don't really have a daily driver.  I live in the city where I take public trans back and forth to work, and usually only drive one of the cars on the weekend.  I store the convertible in the winter, and then store the Seville in the summer.

I guess what I need to do is insure both of them as "daily drivers," with a regular insurance company, but how would I avoid having them totalled at the first fender-bender?   I suppose I would have to have them appraised?

--Mike

[Eric DeVirgilis CLC# 8621]

Hi everyone,

Does anyone know of a car insurance company that will insure classic cars even though you do not have a "regular" car?  I was rejected by Haggarty because I have two 1985 Cadillacs, a Seville and an Eldorado convertible, but I do not have a "regular" car.   Currently I just have Gieco just to have some insurance, but I always worry that if something happens and I have to put in a claim, they will total the car.

Mike Shawgo

It's pretty much a prerequisite that in order to obtain classic car insurance that you must first have "regular" liability insurance on another "daily driver" car.

[Eric DeVirgilis CLC# 8621]

I guess what I need to do is insure both of them as "daily drivers," with a regular insurance company, but how would I avoid having them totalled at the first fender-bender?   I suppose I would have to have them appraised?

--Mike

Sounds like that's pretty much your only option unfortunately. Maybe pick up a rabbit's foot for each car? 

[Classic]

Buy a cheap clunker, license and insure it as your everyday car with the minimum required regular insurance and you should be good to go??  Store it at a relative's or friend's place out in the country??  Just a thought. 

Here's what Condon Skelly Insurance says on their website: 
"1. What are the eligibility requirements for collectible vehicle insurance?
Our classic car insurance eligibility guidelines are pretty simple. Your collectible vehicle's primary driver must be a licensed driver for at least 5 years and have a clean driving record. (So rejoice! You have an excuse when your 16-year-old son asks to take over your wheels.) Every driver in your household must have a separate vehicle for daily use. You can't use your pride and joy as an everyday vehicle or as a substitute when your regular car is in the shop. And when not in use, you have to keep your collectible in a secured garage."

"2. How many miles can I drive my car each year?
As many miles as you like! We want you to have fun with your best friend, not limit your mileage. As long as your collectible vehicle isn't your primary car, you're covered for leisure use. So go ahead, show off your ride at club events and car shows. And by all means, drive it around town on a sunny day and even to dinner every so often. Your baby will love being taken for a spin. "

[Louis Smith]

You can insure both of them as "regular", read daily drivers, with a mainstream insurance company, Liberty Mutual, All State etc.  Sure it will cost you more then antique insurance, but at least you will be fully insured except for collision.  Since you don't use both cars all the time, you could rotate the insurance on the cars.  Probably not  what you really want to do, but with your "unusual" situation, might be your best option.  Of course in the event of any fender bender, the responsibility of having it repaired, would lie entirely with you.  The good side of this is that it will make you a safer driver.  Worse case scenario, if one car gets stolen or totaled, at least you have another one to fall back on.  I would also highly recommend buying a Roadside Assistance Insurance policy.  You can get that through AAA, All State etc.

[R Schroeder]

They should take one of them, if you tell them the other car is a daily driver, and is insured with another company.
Pick the best one for Hagerty to insure.
That would be your only way out.
Regular insurance would write them off if you wrecked them.

[dadscad]

Try a regular insurance company to see if they have a policy with an agreed value for the vehicle. That would step in for collision coverage value. You may have to get an appraisal to justify the replacement value.

[Dan LeBlanc]

I wish we had the same options here for classic car insurance as you do in the US.  Here, Hagerty has bought the Silver Wheels plan.  While they haven't changed the coverage to match the US coverage, a lot of people are still insured there.  If you read the fine print, I had an agent selling the plan steer me away from it.  Some of the restrictions include:

1. Car can only be driven to and from shows or for servicing.
2.  If you leave the car unattended while at a car show and something happens, the policy will not pay.
3.  Even if you're coming from or going to a show, say you stop for a lawn chair at Wal-Mart for the show, if something happens, it's not covered because the car was in a public parking lot.

The list continues, so, while they advertise no mileage restrictions, where and when you're covered pretty much restrict that for you.

[Louis Smith]

Try a regular insurance company to see if they have a policy with an agreed value for the vehicle. That would step in for collision coverage value. You may have to get an appraisal to justify the replacement value.

That would be a very interesting scenario.  When all is said and done, the ball would be in the insurance companies court, and I would like to know what the premium would be on a agreed replacement value.

[Jay Friedman]

I've read all the postings on the classic car insurance question with interest, since I have 2 old cars which are insured very differently:

1. a restored (not a hot rod) '32 Ford which mostly sits in the garage.  I drive it once a week or so around my suburban neighborhood to keep it in shape and occasionally to local car shows and other club events etc.  It has typical "agreed value" antique car insurance with a well known company which specializes in this type of insurance.

2. my '49 Cadillac, which I drive frequently, including occasional visits to the grocery store as well as long trips to CLC Grand Nationals and elsewhere.  It has what in the above postings is referred to as "regular" insurance with a very reputable company because I don't want any restrictions on mileage or when and where I can drive it.  The company asked for an appraisal which I provided but it is not clear whether this is "agreed value" or what would be paid in case of a claim.  My daily driver is a VW which along with my wife's Honda and our house are insured with the same company as the '49 Cadillac. 

I've owned all the cars, both old and modern, a number of years and have never had an accident or made a claim.  As such, aside from paying the premiums I'm not very familiar with car insurance terminology and procedures.  In the above postings several of people have stated that if an old car with "regular" insurance has a "fender bender" the insurance company would "total" it.  While I've heard, of course, the term "totalled" I've never thought about exactly what it means.  So, could one of you guys please explain this as well as whether or not my '49 Cad is properly insured.  Specifically, would the Cadillac be better insured with an antique car insurance company like the Ford?

Jay

[Louis Smith]

I've read all the postings on the classic car insurance question with interest, since I have 2 old cars which are insured very differently:

1. a restored (not a hot rod) '32 Ford which mostly sits in the garage.  I drive it once a week or so around my suburban neighborhood to keep it in shape and occasionally to local car shows and other club events etc.  It has typical "agreed value" antique car insurance with a well known company which specializes in this type of insurance.

2. my '49 Cadillac, which I drive frequently, including occasional visits to the grocery store as well as long trips to CLC Grand Nationals and elsewhere.  It has what in the above postings is referred to as "regular" insurance with a very reputable company because I don't want any restrictions on mileage or when and where I can drive it.  The company asked for an appraisal which I provided but it is not clear whether this is "agreed value" or what would be paid in case of a claim.  My daily driver is a VW which along with my wife's Honda and our house are insured with the same company as the '49 Cadillac. 

I've owned all the cars, both old and modern, a number of years and have never had an accident or made a claim.  As such, aside from paying the premiums I'm not very familiar with car insurance terminology and procedures.  In the above postings several of people have stated that if an old car with "regular" insurance has a "fender bender" the insurance company would "total" it.  While I've heard, of course, the term "totalled" I've never thought about exactly what it means.  So, could one of you guys please explain this as well as whether or not my '49 Cad is properly insured.  Specifically, would the Cadillac be better insured with an antique car insurance company like the Ford?

Jay

Disclaimer:  I am far from being an insurance adjuster, never had been one, and never will be.  With that said, it is my thinking that a car that is involved in an accident, will be designated "totaled" when, here comes the "fly in the ointment", it is cheaper for the insurance company to replace the vehicle, rather then have it repaired.  This is where the fun begins, especially with an "older" car.  With late model cars its a little easier.  Usually the insured comes out ahead, as the insurance companies usually offer a fair sum to cover the loss.  If the insured is not happy, they can get 3 prices of a like vehicle to debate the settlement.  The insurance companies really don't want to go through this process, unless the prices are somewhat ridiculously high.  I would imagine with an older car, one would have to get appraisals, submit them to the insurance company.  If the insurance company accepts the appraisals, you can be sure the coverage will be shown in the premiums.

I would contact your insurance company, and ask them flatout, how much you would get if the car was totaled.     

[Jay Friedman]

Louis,

Thanks for the info.  I'll look into it with the insurance company.

Jay

[R Schroeder]

Hagerty has an AGREED value. If car were stolen or totaled, you would get the agreed value.
Most classic car insurance are written like this. But , they also have restrictions on driving the car.
Hagerty is a little better in this respect. There are some that don't want you even driving the car unless it is going to a show .
Regular insurance companies will write a STATED VALUE policy. These are no good. They are not worth the paper they are written on. You stated the value. It doesn't mean you will get the money that you stated. It is mainly used to set premium prices.
I went around with my insurance guy on this when I bought my car. Also tried another company. No go. There is no "agreed value" with regular insurance.
That's why I'm with Hagerty.

[Jay Friedman]

Roy,

Thanks for the info.  I think I have "stated value" with my current "regular" insurance company. 

Question: when you write "Hagerty is a little better in this respect" what restrictions does Hagerty have or, conversely, what restrictions do other companies usually have which Hagerty does not? 

Jay

[D.Yaros]

I see Mecum is now selling classic car insurance.  Anyone with any experience with them?

[R Schroeder]

Jay, most of them I checked into had miles driven restrictions. Some didn't want ANY pleasure driving at all. Some were 2500 miles per year. Each company is different.
Hagerty lets you drive the car for pleasure more than all the others I have read about. They more or less say use common sense , and don't make it a work vehicle. I have not been to the site since I bought a policy with them, so it might have changed, but I doubt it.
You can go to there site and read all about them.
This has been kicked around by many people last year. I'm sure if you do a search you will see the postings.
I like to take my car out, and use it for short trips around the state. Hagerty fit the bill for me.
I can say that regular car insurance is a risk if you want the car covered for real bad damage, or theft.
Most people think they are covered, but never read the fine print.
Totaled means the insurance company would have to pay out more than they think the car is worth. So, they junk it, and pay you a set amount .
Of course if you are driving to a car show out of state your covered , by Hagerty.
That is the main purpose for this type of insurance.
Roy

[R Schroeder]

Mecum site.

http://www.mecum.com/mci/

They have tailored policies for the needs you want.
Could cost a lot more for people who want to drive more. You would have to get a quote from them.
They do have AGREED VALUE policies.
Roy

[Louis Smith]

Jay, most of them I checked into had miles driven restrictions. Some didn't want ANY pleasure driving at all. Some were 2500 miles per year. Each company is different.
Hagerty lets you drive the car for pleasure more than all the others I have read about. They more or less say use common sense , and don't make it a work vehicle. I have not been to the site since I bought a policy with them, so it might have changed, but I doubt it.
You can go to there site and read all about them.
This has been kicked around by many people last year. I'm sure if you do a search you will see the postings.
I like to take my car out, and use it for short trips around the state. Hagerty fit the bill for me.
I can say that regular car insurance is a risk if you want the car covered for real bad damage, or theft.
Most people think they are covered, but never read the fine print.
Totaled means the insurance company would have to pay out more than they think the car is worth. So, they junk it, and pay you a set amount .
Of course if you are driving to a car show out of state your covered , by Hagerty.
That is the main purpose for this type of insurance.
Roy

I like to put things in perspective.  Yes, regular car insurance is a risk, a big risk if you are involved in a major accident or the car is stolen, BUT you have the peace of mind of being covered for liability, which for me is more important.  Speaking for myself, I have opted for regular insurance for my 30 year old car.  I guess it can be classified as a "casual daily driver".  In other words, I use it as needed, usually when my wife is out and about in her car.  I have no qualms about taking it out in bad weather.  Quite frankly, to me, at this point, its "just a car".  Don't misunderstand me, I keep the car in tip top shape, and don't chintz on any maintenance.  I still get a thrill at taking it out for a trip to Home Depot, and especially the admiring eyes and comments from people that are barely able to remember the car when it was new and still common place on the highways.  As I previously stated, it makes me a somewhat safer driver, not that I am not already one.  I just am a little more cautious, maybe a little too cautious, according to my wife.   We take frequent weekend trips of relatively long distances, 100-200 miles one way.  Since I only have liability, I was not able to get towing on the policy.  Not really a problem, as I bought a Roadside Assistance insurance policy.  I spent a few bucks more and got an extended tow range of 100 miles.  An interesting thing about the policy, is that it covers me and not just the car.  In other words, not matter what car I am in, even as a passenger I am covered!  I realize that this situation works for me, and not for everyone, as "one size does not fit all".  I like the idea of not only owning a classic Cadillac, but the pleasure of using it as it was intended.