Insurance Questions Again

[eismont_designs]

Ok I looked around on the search of the boards and couldnt pin point this information. If there is a link could someone please post it?

I am looking at getting insurance on my new GN 87'. I was quoted by Hagarty at a reasonable price of $402. Will the cover an occasional drive to work? Say three days out of the entire summer? You cannont be caught in a store parking lot, like getting a bottle of soda from a 7-11?

My regular insurance quoted me at $800 and something. (way more than my daily driver).

I guess what I am trying to find out is what is the right insurance for me. I want to drive to work a few days a year, cruise around on sundays, go to car shows, perhaps take a vacation a few hundred miles away in it. I dont plan on driving this car more then 3-5k a year.

Any ideas or help? Or other posts that might help me decide?

Thanks
Mitch

 

[GNBRETT]

Sounds like too much drama and restrictions. I went with this company and there were mileage restrictions depending on what program you chose but there was no restriction when and where you could drive ur car. That sounds rediculous.

Insurance for Classic Cars, Antique Motorcycles, and Collectibles | American Collectors Insurance

 

[eismont_designs]

Good I dont want anyone telling me where to drive my car either. I will look into American. So you can drive to the grocery store on American Insurance? Sorry that is a funny question Haha.

 

[ngc414]

I have used hagerty in my agency for my clients collector cars for a few years now. So far I am very pleased with their service. I would not reccomend using them if you drive the car to work or arrands. I have been told by some hagerty reps that it is ok to drive to work occasionally. I have been told by others that it is forbidden. In a nut shell it is not well defined and if you have a claim you will be at the mercy of the adjuster. I decided not to take a chance and moved my WE4 from hagerty to a standard market. It is the lesser of 2 evils. With a standard market you are limited to a stated value or ACV policy wich gives no guarantee what you will get in the event of a loss. With a collector car market you do get the guarantee with a Agreed value policy but the driving is very restrictive. I hope this helps

 

[DJ Red Barron]

I am currently with Hagerty also. My understanding is as long as the car isn't your daily driver, then no worries. I told them I would drive the car fairly often when the weather is nice. They had no problem with this. The only thing I can't do is put it on a drag strip and be covered. But that's the case with most insurance coverage I would imagine.

 

[eismont_designs]

yeah I am going to call a few tonight including American.
NGC14, under ACV, if I where to get my car stolen or totaled. Is there a chance they would try to give me say $2,000? Or would it be more realistic at 10,000-15,000?

I tried getting a 15,000$ value with my current insurance and it was something crazy like $850 a year but, I could drive it anywhere and no mileage limit. Which the mileage doesnt really matter to me much it will be driven way less then 5k miles.

Thanks for everyones input, if anyone else has any insurance they like please chime in.

 

[GNBRETT]

Good I dont want anyone telling me where to drive my car either. I will look into American. So you can drive to the grocery store on American Insurance? Sorry that is a funny question Haha.

I insured mine for $20k for $360.00 and no it doesn't matter where you drive it.

 

[eismont_designs]

I am on the phone with an agent. He said I drive it to work "On a rare occasion" and home (on a rare occasion), and to a restaurant (On a rare occasion). This is American. Mine is about 15k for $300 a year.
-This is about what HAgarty said but it was $400.

 

[ngc414]

yeah I am going to call a few tonight including American.
NGC14, under ACV, if I where to get my car stolen or totaled. Is there a chance they would try to give me say $2,000? Or would it be more realistic at 10,000-15,000?

I tried getting a 15,000$ value with my current insurance and it was something crazy like $850 a year but, I could drive it anywhere and no mileage limit. Which the mileage doesnt really matter to me much it will be driven way less then 5k miles.

Thanks for everyones input, if anyone else has any insurance they like please chime in.

Honestly it depends on the company you chose to go with. Some companys are very good about being just with claims others are not. An ACV policy is going to pay out Actual cash value, you will still be at the mercy of the adjuster. In many cases you will be covered with the ACV or stated value policy, but there are some companys that are not as generous. Most people look at price first, which is fine but its not the most important thing to reasearch. Look at thier AM Best Ranking, if its not at least A+, I would not consider them. You can also look up customer satisfaction rankings with tools like JD Powers and Associates. I moved my buick to a standard market I have that I know is very fair and generous with claims. I put it on a stated value policy and they inspected my car and approved it. I am keeping my Mustang with hagerty since i never drive it to work or arrands.

 

[eismont_designs]

I am just afraid that a ACV will think my car is just a plain regal. I will look at some JD power insurance companies thanks.

 

[no-nos]

grundy here , $30k for $430yr no mileage:biggrin:

 

[InHock]

I have state farm and have my gn insured for 25k for 386.00 with no restrictions. you might check them out.

 

[ngc414]

I am just afraid that a ACV will think my car is just a plain regal. I will look at some JD power insurance companies thanks.

Most companies that write ACV also offer a stated value policy ( Like State farm in the post above). A stated is still not as good as an agreed value, but you do get the value stated on the policy. At least this way the company agrees on the value for the vehicle when you write the policy and you know they see it as a turbo regal/grand national. Then you are only exposed to minor fluctuations on the values. In the turbo Regals case the values seem to hold well and go up if anything IMHO. Most companys that write agreed are going to restrict driving.

 

[eismont_designs]

My regular insurance company, the agent said, "I dont recommend you get insurance through us, your car would probably be worth $2,000 if someone hits it" "Why dont you try a collectors insurance?"

I think hagarty seemed the most lax. No mileage restraint. I can drive it to work a few days in the summer, go out to eat, and stop and get a soda if I want to and run the streets for joyrides (general mayhem). That is basically all I wanted to do anyway. So I decided to go with them. Plus they have a tow package, parts package, and if you run out of gas they will come and help you out.

Thanks for your help.

M

 

[Evans Ward]

My regular insurance company, the agent said, "I dont recommend you get insurance through us, your car would probably be worth $2,000 if someone hits it" "Why dont you try a collectors insurance?"

I think hagarty seemed the most lax. No mileage restraint. I can drive it to work a few days in the summer, go out to eat, and stop and get a soda if I want to and run the streets for joyrides (general mayhem). That is basically all I wanted to do anyway. So I decided to go with them. Plus they have a tow package, parts package, and if you run out of gas they will come and help you out.

Thanks for your help.

M

I think you have made a wise decision. I have Hagerty on my older Buick and I asked all the questions too.

 

[tonys87]

after reading this thread i got a quote from american collectors ins same agreed value as hagarty..but they were close to 200 cheaper..$306 a year on 20,000 agreed value

 

[stagemonster]

Grundy here 430 also.

 

[eismont_designs]

The lady on the phone was extremely nice at Hagarty, so I decided to go with them. I googled them also and heard nothing but good things.

 

[1kwick6]

just went with hagerty 295 a year 20k agreed value all my paperwork came in today and i dont see any restrictions about when where or how much driving i can do so where you find that out? just states no racing yea like thats gonna happen!!!!!

 

[eismont_designs]

My application says "Driver will not frequently drive to work, school, run errands, go to the mall, etc, etc...."
I take the word frequently as if you can do it once and a while.