Insurance Dilemma...Who Do You Use?

[trentwat]

Hey Pelicans...I live in the South where a garage was a luxury in the 60s...the ubiquitous brick ranch homes primarily have carports. My car has increased in value, but Hagerty will only cover up to $30K (or something like that) for a car that is not in a locked garage. Grundy won’t even consider it. I live in a very nice neighborhood on a culdesac and take precautions to protect the car. Anyone aware of other classic car insurance companies out there who might be more flexible? Other ideas (aside from converting the carport to a garage...I checked, and it could be up to $30K...)

[Tommy Z]

Just curious if you checked with your regular auto insurance company? Who ever insures your daily driver will surely do it but you'll likely have a hard time convincing a collector car insurance specialty company without a garage.

[AG81]

How do you live without a real garage? Just wondering.

[FastCarFan]

If you do end up going with a "normal" insurance company, make sure you insure the car for an "agreed amount", not a "stated amount".

With a stated amount, you state the value of your car. However, if you have a claim the insurance company might argue that the car worth a lower amount, and that is what they will pay.

With an agreed amount, you and the insurance company agree upfront on the value of the car. In the event of a total loss, they will pay the agreed amount.

I use the same insurance company for my '88 Carrera as I do for my daily-driver cars. I used Hagerty's valuation tool to come up with a value for my car, including their definitions of the different condition levels (e.g., #2 - "Excellent"). I also provided photos to confirm the condition I claimed.

Every couple years they ask me to provide documentation again.

My 2 cents.

[cmcfaul]

Be careful of the classic car insurance. It only covers your car for very limited and specific use. If you have an accident going to the grocery store, for example, you are not covered.

[trentwat]

Originally Posted by Tommy Z

Just curious if you checked with your regular auto insurance company? Who ever insures your daily driver will surely do it but you'll likely have a hard time convincing a collector car insurance specialty company without a garage.

Up until about 2 years ago I had it combined with my daily driver, but what I didn’t realize until a friend clued me in, is that regular insurance companies estimate classic cars at a depreciated market rate. When I checked with my company at the time, the replacement value was like 1/3 the value of what Excellence Mag or Hagertys said the value should be. Maybe I should check again.

[trentwat]

Originally Posted by FastCarFan

If you do end up going with a "normal" insurance company, make sure you insure the car for an "agreed amount", not a "stated amount".

With a stated amount, you state the value of your car. However, if you have a claim the insurance company might argue that the car worth a lower amount, and that is what they will pay.

With an agreed amount, you and the insurance company agree upfront on the value of the car. In the event of a total loss, they will pay the agreed amount.

I use the same insurance company for my '88 Carrera as I do for my daily-driver cars. I used Hagerty's valuation tool to come up with a value for my car, including their definitions of the different condition levels (e.g., #2 - "Excellent"). I also provided photos to confirm the condition I claimed.

Every couple years they ask me to provide documentation again.

My 2 cents.

Who is your insurance provider? This is exactly what I’m facing!

[dicklague]

Originally Posted by cmcfaul

be careful of the classic car insurance. It only covers your car for very limited and specific use. If you have an accident going to the grocery store, for example, you are not covered.

really??

My Hagerty policy reads....."Is used only infrequently for other purposes."

[dicklague]

Just switched 2 of my cars to Hagerty...

Read through the contract and I am very satisfied with the coverage. I do have a garage and use it.

My daily driver and my wife's daily driver are insured with another good company with normal insurance. Hagerty prefers that arrangement.

They don't want you commuting in your colector car. BUT ............................My Hagerty policy reads....."Is used only infrequently for other purposes."

[trentwat]

Originally Posted by AG81

How do you live without a real garage? Just wondering.

Difficult...at least for auto maintenance...we bought right...lower priced house in a great location in town...good schools...had the intention of adding walls to carport until learning how much it would cost. Next house we buy will have a legitimate garage.

[juanbenae]

just went from hagerty to grundy with the same restrictions, same agreed value at half the cost. give them a try they may work with you.

[blucille]

Same experience as Juanbenae...just got a Grundy quite at it was not quite half of what Hagerty has become in recent years. Exact same coverage.

[ejp]

Originally Posted by cmcfaul

Be careful of the classic car insurance. It only covers your car for very limited and specific use. If you have an accident going to the grocery store, for example, you are not covered.

This is completely dependant on the policy, and is not the case for all classic car insurance. I looked at a Hagerty policy and the conditions for use of the car were too limited for how I intended to use the car. I checked with American Collectors Insurance and they offered a policy with a usage tier thst was far more generous, and it allowed for some regular use (provided that I had a daily driver in my household). There is, however, a price differential between the two companies offerings.

Not all classic car insurance policies are the same.

[KNS]

Don't many of the classic insurers require your daily driver to be relatively new or late model?

Their argument being that if your daily is older and breaks down you'd commute to work in you classic.

[NY65912]

Originally Posted by juanbenae

just went from hagerty to grundy with the same restrictions, same agreed value at half the cost. give them a try they may work with you.

Me too

[Tommy Z]

I chose Hagerty over some of the other classic car insurance options as they were the most lenient in regards to use of the car. I believe it was American Classic that told me I couldn't take it to a store or drive it to work etc. I was also told that if it was left outside overnight anywhere other than my garage I would not be covered which pretty much rules out any road trip. That just wouldn't let me use and enjoy the car. Hagerty covered all those things. They are a little more expensive but still only a little over $60/month.

[gogriz91]

Chubb is another company I've heard others speak of.

https://www.chubb.com/us-en/individuals-families/products/auto-insurance/classic-car.aspx

[tirwin]

Check with Porsche Insurance. Georgia is one of the two states they are operating in right now. They have far fewer restrictions than other classic car policies. I don’t know specifically about the gargae requirement. I switched to them a few months ago.

[GH85Carrera]

I use ANAPAC, and they have great agreed value insurance for my cars. They do require the car be kept in a locked garage.

I can't imagine owning a house with no garage, but I am a car guy.

[emac]

Check out American Collectors—I have a agreed value of 43k on my 81SC. I can drive 5,000 miles a year and pay just morts of $250 a year for full coverage