My car is driven a lot and I don't want any restrictions as to where or how. My company sees it as a low use car and sort of tacked on to my regular policy. I hope I never need to test how good they really are but they are willing to replace the vandalized top of my Miata after deductible which is about the cost of a new top. I helps that the Fiat is a low value car.
Cheers Ron
I know several people that drive their classic more than collector car insurance would let them and/or against some of the collector car insurance restrictions. For them, regular insurance works. With how I drive mine, collector car insurance is significantly cheaper. It does amaze me that some have never heard of collector car insurance. I have a friend that restores tri-5 Chevies, He has a nice 55 convt that doesn't see much road time, he even has antique plates on it and drives it IAW those restrictions and has regular insurance. I told him about what I have and now he's looking into it.
I just transferred to Collector Insurance last week - from a regular multi-car policy where the ZXT was listed as driving less than 3000 miles/year. Savings of ~ $500 for the same coverage - and the restriction is I am not supposed to drive it regularly to work, or on "extended trips" without at least first advising them of our plans. I delayed changing policies for several years - and now wonder why... as the driving restrictions shouldn't change any on my habits.
GWGarrard
I have three cars under our collector car policy. So far, it's been quite harmless--plus I have agreed upon replacement values on the cars, no deductibles, and fair rates. I also do it through my regular agent. When I have a question, I can just call or e-mail my regular people.
Depends on how much the car is really worth, and how you drive it. If it's a faux regular driver, then the restrictions of the various classic car insurances aren't for you. If you can live with the restrictions, the agreed upon value is darn nice, in the event of a bad crash.
I use my regular car insurance. I only drive my cars in the nice weather part of the year, so I reduce the insurance to comprehensive only, when I lay them up for the winter. I then get a check back from my insurance company, pro-rated for the time I didn't use.
It's pretty cheap that way.
Dave
Hey Ron, You might wanna check out this blog post about collector car insurance ... has some decent information that you might find useful
Dave - I used to do the same as you. And thought I was saving money by removing road coverage when the car was stored in the winter. It still would cost me over ~$300 to insure, and although I had agreed appraised value, there was a deductible.
With the Collector car insurance, I have agreed upon appraised value, no deductible, 12 months full coverage, and I pay a flat rate of $136 for the year. For that much, I won't bother taking coverage off when I store the car. And removing the Z from my regular policy saves me ~$40/month...
The only downside was my regular broker didn't carry the collector policy although it is underwritten by the same company, so I had to go to another broker... but then again... business is business... and as long as I can save some money...
GWGarrard
I do not have classic/collector insurance right now, and although my BGT is no Ferrari 250, it is in my eyes and relative to my pocketbook. If I had to buy my car right now and do everything I have done to it to get it to where it is (all mechanical work, no body work) I couldn't afford it again. I don't care to ever sell it, either, but right now, I am only minimally covering it as my income changed when I stopped bartending and became a full time attorney paying on student loans. Yes, I know, hard to believe. Oh, to be behind a good bar in a stronger economy.
Therefore I drive it sparingly, in fact, sometimes as rarely as once every one or two months, even in the warmer times of year like now. If I had an accident it would break my heart as much as the car. When I can comfortably get classic car insurance again, which should be soon, I will drive it more, but until then, I don't, and I think proper coverage is important for an important car as much as for anything else that is important.
Anyway, I loved the coverage when I had it. I believe cars should be driven and not stowed away, but at the same time they are an asset that should not be risked for the transient pleasure of a drive when we are constantly surrounded by mouth breathing morons with suspended licenses and crap insurance if any.
And I ask you, at what price this?
I think it's time for another story on collector car insurance.
I use Lant. I've not had any issues.
A friend had his TR3 backed into, but they were great. Paid for everything no questions or hassles.
I don't drive to work with the GT6. Too scary so the rate I pay suits my needs.
A.
I am like David, at least in that I have multiple vehicles under a collector Car policy and have had no issues. Also when you make a claim they understand what you have and what things cost to have done correctly something sometimes lacking in standard policies. take a look at some companies websites: www.hagerty.com www.grundy.com If you have questions in regards to limits that are not answered give them a call. The usual restriction is that you must have some alternate car to drive on a standard insurance policy.
I use Hagerty,and have for the past 2-3 years. I actually just called them tonight to inquire about adding my 78 Datsun 510 to the policy. For an agreed upon value of $5000 I pay $32 for the year. Sweet!!!!
It costs me $160(maybe $180 I don't remember) for the 78 RX-7 and, 74 REPU for the pair per year,and each is valued at $5000 a piece. I know none of my vehicles is what you would call majorly collectible,but they are hard to replace(maybe the RX-7 is easy,but not an early car like mine),and fit the criteria as a classic car/truck.
Chris
Speaking of collector car insurance, did you notice Barrett-Jackson got into the insurance business? Nice "thank you very much" to Hagerty for all their years of sponsorship...
Barrett isn't really in the insurance biz. Note that is is BARRETT-JACKSON endorsed INSURANCE.
You wouldn't know it from the way much of it is being presented though. It appears the coverage is actually on AIU paper, (ex-AIG), and sold through an agency on Ohio. Looks maybe like AIG wanted to hold some of their clients with collector cars, swapped their name to AIU, and maybe paid to use the Barrett name in context to it. The rates they were quoting @ the auction were low, but from what I have seen in context to loss ratios in the collector car market, the way this is being written, and the way it seems the program is being underwritten for acceptability, I can see this having problems. Rapidly.
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