Classic Car Insurance - Hagerty vs. Grundy vs. ...?

[intoflatlines]

I'm shopping for classic/collectors car insurance on a garage queen that may be driven 500-1000 miles per year max.

Hagerty seems to have the most policyholders, commercial exposure, etc. but I haven't heard much about Grundy or other carriers.

For those of you with classic car insurance, who do you recommend, and why?

[dyetrixy07]

I currently have Hagerty on my Firebird. I like them and have had nothing but good service from them thus far. You can set an agreed value(sorry if everyone does this, I haven't been around insuring classics for very long) and you pay based on that. I think you can even get a lower rate if you don't plan to drive out of state or even less miles. I have out of state driving and 4,000 miles per year even though I've put 3,400 over two years and also have the tow thing added where they will pay for a tow anywhere I break down and it comes to $183 for the year. I've yet to have a complaint but it also couldn't hurt to shop around a bit

[scoTT la rock]

I pay 84 dollars a year for my 76 2002 with a 5000-mile limit. Not bad! I use American Collectors

[MoPho]

I have had Hagerty for about 6 years on a couple of cars, but recently I got a pretty big price hike and started shopping around.
Apparently Grundy won't insure just one car anymore, you need to insure all your cars, or a fleet of classics.
Other options are American Classic insurance co., American Modern Insurance co., and JC Taylor Insurance.

I got the cheapest quote from American Classic but I ended up calling Hagerty and was able to get my rate down though it was still about $180 or so more than the quote from AC but around $90 of that was for the fantastic road side service/towing that Hagerty offers and is well worth the money (I've used it quite a few times over the years).
One other thing I like about Hagerty is when you talk to people on the phone they are seem to be enthusiastic about cars. When I had to send in pictures of my car, I got an email back from someone I wasn't even dealing with there telling me how cool the car was.



Also, how much you pay is very dependent on where you live, what kind of car it is and the agreed value, My Caterham is over $600 a year with a 2500 mile limit.

[nm+]

Fireman's Fund, though their policies seem more aimed at people who put miles on (they do collector policies without driving restrictions).
Worth looking at though. Never done a classic claim, but on normal claims they've been as good as I would expect from classic.

[jettagli1991]

I have had Hagerty for a few years with no complaints. Never filed a claim though. Everything has been easy and everyone I've spoke to has been nice and helpful. I did have an issue when I initially tried to sign up at age 21- they flat out denied me, despite having a perfect driving record, because my daily driver ('83 Honda) was too old. Maybe they thought someone with a daily that old would drive their classic cars a lot more, or maybe they just do anything to deny younger drivers due to higher risk. 4 years later, with a newer daily and my own home, I had no issues. Also, no appraisal was required, just had to send them a few pics of the cars. Historical insurance also allowed me to apply to the state to run original 60's plates on both cars which is a nice bonus.

[dmorrow]

Hopefully buying a weekend car this week and I don't expect to drive it more than 3000 miles per year. This will be a 2006. Does the car have to be a certain age to insure with these companies? I thought it might have to be considering it is "Classic Car Insurance". Was it substantially less than standard insurance or did you do it because standard insurance wouldn't give you much for an old car, with most of them worn out and worth a lot less?

[barry2952]

Hagerty has been very, very, good to me.

[Smigelski]

I pay 84 dollars a year for my 76 2002 with a 5000-mile limit. Not bad! I use American Collectors

I've been happy with what I get from American Collectors as well.

[freedomgli]

Does the car have to be a certain age to insure with these companies? I thought it might have to be considering it is "Classic Car Insurance".

Typically, yes. Although Hagerty, etc. sometimes do insure modern "collectibles" they don't insure everything so it's best to give them a call.

[eunos94]

I use State-Farm for all my insurance needs including classic car insurance. I pay $65 a year with an agreed replacement value of $10,000 and a 5,000 mile per year mileage restriction on my 1970 Beetle.

[2.0T_Convert]

Since my company doesn't insure collector cars for anything other than ACV we send people elsewhere for classic vehicles.

I've had clients who use Chubb for classic cars. I have no experience but it is another option to consider: Chubb Collector Car Insurance

[.LSinLV.]

Hagerty has been very, very, good to me.

X2

I had one car stolen many years ago. I had a stated value policy, but forgot to adjust it due to work performed (engine rebuild) and was waiting for the policy to renew to up the coverage.

I told them my story, provided reciepts, and they adjusted the policy value and paid the FULL amount (more than the value of the policy for the rebuilt engin).

This is why I have always kept Hagarty for over 20 years. They are simply the best collector car insurance company.

[barry2952]

They paid out $80,000 for my trailer/356 crash and didn't bat an eye.

It's doubtful that Hagerty would insure the OP's car without first having a basic classic car policy. My '88 750iL is insured by them as a seldom-used car at $250 a year when it was insured by my regular insurance at $1,250 a year.

[ForVWLife]

Typically, yes. Although Hagerty, etc. sometimes do insure modern "collectibles" they don't insure everything so it's best to give them a call.

they insure my 2003 jetta....its nice to drive knowing if something were to happen that id be covered for what i have in the car vs what a 2003 jetta is worth to your everyday insurance

ps...car has a fully built motor, full paint and exterior along with alot of other stuff

but i do pay for it...around 1k a year....and i felt like a circus animal jumping through all the hoops to get it finalized

[.LSinLV.]

They paid out $80,000 for my trailer/356 crash and didn't bat an eye.

It's doubtful that Hagerty would insure the OP's car without first having a basic classic car policy. My '88 750iL is insured by them as a seldom-used car at $250 a year when it was insured by my regular insurance at $1,250 a year.

yep. our 94' 968 Cabrio is also insured with them, at $250/yr stated value and ZERO deductable, which compared to GEICO of $800/yr for depreciated/book value less $250 deductable.

the one thing that scares me, just like the loss of our 924, is that no matter what value you have on certain older cars, it's nearly impossible to replace them....as those with cars in similar shape refuse to sell them.

so you end up with money, but are unable to really replace the car......

[hawkeye7]

I insure several very large collections ($11mil+) with Chubb.

But if it's just one car I would use Hagerty.

[PoorHouse]

Does Hagarty still require a garage?

I store my car in the winter, and keep it at the house (no garage) when I'm driving it in the summer.

I checked with Hagarty a few years ago and that was a no no.

[ForVWLife]

Does Hagarty still require a garage?

I store my car in the winter, and keep it at the house (no garage) when I'm driving it in the summer.

I checked with Hagarty a few years ago and that was a no no.

yep....garage storage and a daily

[barry2952]

yep....garage storage and a daily

Exactly.

[PoorHouse]

yep....garage storage and a daily

That true for the other companies as well?

[ForVWLife]

you can get a storage unit....thats what i had to do

got denied w car registered at home since dad had a bad driving record......they look up all licensed members of the household

even though dad wont even ride in my car let alone drive it

so i put the car in a storage unit....i have since moved to a place where i can work on the car

[Dan92SLC]

I have had Hagerty for five years. No problems. I pay under $200 per year on an agreed replacement value of $30k.

They just don't want you driving it to work/commuting. You just have to show you have other vehicles for that.

[Rabbitguy21]

Good thread

I've been shopping for Insurance for my nova.

[barry2952]

Do you understand an agreed-value policy? It's a legal form of gambling.

[firstorbit84]

they insure my 2003 jetta....its nice to drive knowing if something were to happen that id be covered for what i have in the car vs what a 2003 jetta is worth to your everyday insurance

ps...car has a fully built motor, full paint and exterior along with alot of other stuff

but i do pay for it...around 1k a year....and i felt like a circus animal jumping through all the hoops to get it finalized

Good to know. Although do you also daily drive your jetta? And garage it at night?

I really wanted to look into this for my old Mk4 Golf TDI. I had around $9-$10k in upgrades and market price was easily $8-$9k while book value was only about $5-$6k. I ended up selling her for $9800, partly because I was worried that something would happen and my insurance wouldn't pay me half of what it was worth.

[PoorHouse]

Do you understand an agreed-value policy? It's a legal form of gambling.

I don't understand how they work.

Will you explain?

[Robin]

I've had clients who use Chubb for classic cars. I have no experience but it is another option to consider: Chubb Collector Car Insurance

I've been using Chubb but thankfully haven't had any instances where I needed them. However, were something to happen I feel confident they won't make me want to murder everyone in sight.

[dmorrow]

Do you understand an agreed-value policy? It's a legal form of gambling.

Isn't all insurance a legalized form of gambling? Based on what I feel my odds of collecting and a worst case scenario of a loss are I adjust the amount of coverage, what I cover, and my deductibles.

Them - "You want extended coverage (insurance) on your new TV?"

Me - "Based on what I have learned about the reliability of this type and brand, I feel that the chances of collecting more than I have paid are small enough that I don't think it is a good gamble. I will pass."

[barry2952]

I'd be happy to. I'll use my '77 Lincoln Town car as an example. It's nearly perfect with 21,000 miles on it. I could get $15,000 for it any time I want from someone that knows what I have. However, I insured it for $20,000 in an agreed-value policy.

Hagerty agreed that they would take my bet. I'm betting $6 per $1,000 in value that I am going to get into an accident and they are betting that I'm not. So, my bet is $120 per year. Statistically, they are on the winning end, but just one payout makes a slight over-bet worth it.

You can only push this so far, though. If you try and claim that a 340 Duster is worth $100,000 they would make you get an appraisal. If you're reasonable they won't require it.

Hagert requires, for this incredibly low rate, that you have one licensed and insured daily driver and that you not use your classic for that purpose. They would require that every licensed driver in the house have a daily driver. They also require that the car be in a locked garage, not just a locked enclosure.

They are not terribly restrictive on use. In fact, Hagerty encourages you to get out and drive your classic, but not as a daily. There is no mileage limitation.

The best part about Hagerty is their road aid. Flatbed-only and a 175-mile range at no additional charge.

[cjmoy]

I've been very happy using American Collectors to insure my Golf. I have a low-deductable and pay less than $150 for a year's coverage.

[ForVWLife]

Good to know. Although do you also daily drive your jetta? And garage it at night?

I really wanted to look into this for my old Mk4 Golf TDI. I had around $9-$10k in upgrades and market price was easily $8-$9k while book value was only about $5-$6k. I ended up selling her for $9800, partly because I was worried that something would happen and my insurance wouldn't pay me half of what it was worth.

no...it cannot be your daily. you need a separate daily

[intoflatlines]

How are some of you paying $100-$200 or less per year? For the car I am trying to get insured (possibly/probably the lowest mileage/best OEM condition E30 in the US) the quotes are $800-900 per year..

[.LSinLV.]

How are some of you paying $100-$200 or less per year? For the car I am trying to get insured (possibly/probably the lowest mileage/best OEM condition E30 in the US) the quotes are $800-900 per year..

things that can and do affect your insurance rates:

- credit rating
- driving record
- age
- sex
- zip code

any or all of the above could be the reason you are being quoted the amounts greater than some of us.

[Skidmark]

I had my '60 Olds insured with Hagerty when I first got it.

I was on the phone with them discussing something unrelated and mentioned I occasionally drive the car to work, once or twice a month. They immediately canceled my policy without any further discussion. Apparently they don't want to insure vehicles that get used at all...