car insurance questions

[Kenneth G.]

hello all,

I have read all the past archives and the comments about specific classic car insurance companies. My 69 350/350 convertible is almost near completion and my resto shop has to take it out on the road to get all the "bugs" (if any ) out of it, so i need to get it registered and insured. The shop deals with a classic car insurance broker, who insures all his cars (not sure if he goes thru a national carrier) and is recommeneded by the shop owner. I would ask everyone for some advice on what specific questions to ask the broker, as I have never gotten classic car insurance before and am somewhat unsure what to ask ( and get suckered). TIA

Kenny#31871

[Joe S.]

Re: car insurance questions

I can only tell you what I do.

I have mine with Parish Heacock (Sub of Great American). (www.parishheacock.com). They have been great, and the price is right. I've had no issues with agreed values. During the building of my 34 Ford they increased teh agreed value as the car was completed based on pictures they would review off my website. Same for my 63.

No deductibles and full coverage
Agreed Values
3000 Mile Annual Limits
Must be Garaged
Pleasure USe Only
Must have another primary vehicle and show insurance coverage for that vehicle.

I current have my 34 Ford, 63 Vette, 78 Vette, and even the 96 Vette insured with them. Total annual premium is just over $1000 (the 96 is just over $500 because of the year).

This works for me, but ask and shop around.




Joe and Joanne's 63 FI Convertible

[Christopher R.]

Re: car insurance questions

Very important that you read and understand the issues of "agreed value" vs. "stated value" and the restrictions on the use of the vehicle. Assuming you read all the archives, you should have a good understanding of these issues.

Go to hagerty.com and and get a quote for this car. Shop that quote against prices you get from other carriers.

[Rob A.]

Re: car insurance questions

I just checked with my normal insurance company, AAA, and with my multi-car discount they will insure my '67 coupe, (with a letter of appraisal) for around $55,000 for about $290 yearly. This is about $100 less than the quote I received from the collector car insurance companies. There is no limit on mileage with them. It's basically like normal insurance, however, to be covered for more than the "blue book" they require the appraisal.

[Michael S.]

Re: car insurance questions

Rob,

Like Chris said, make sure you have "agreed" value insurance, not "stated value". Many main line insurance companies (State Farm etc.) now insure collector cars as they have realized the profit in this business as the rate of loss is low. Some do "agreed" value and some "stated" value. You want "agreed" value.

With "no limit on mileage" as you stated, you "may" not have the type of coverage you think you have. I hope I am incorrect. Many mainline insurance companies use the stated value to base line a premium and that may not necessarily be what they will payoff if there is a loss.

I am sure you have investigated this issue. Just some additional information for others to consider.

Mike Strinich
#11202

[Shannon Burgess]

Re: car insurance questions

Rob, make sure you read the fine print, and that it is an "agreed value" policy. The appraisal means very little if it's stated value. The primary question that you should ask is "what amount would I receive in the event of a total loss?". With an agreed value policy, you'll get the agreed amount, less deductable. With any other type of policy, you may be subjected to blue book prices, depreciation, etc.

Shannon

[Rob A.]

Re: car insurance questions

Thanks for the info, I'll certainly check those details.

[John H.]

Re: car insurance questions

Rob -

The "detail" on "agreed value" vs. "stated value" is VERY important, to the tune of thousands of dollars in the event of a total loss; saw a post today on another forum where a guy just had his '67 427/435 roadster stolen and is at odds with his insurance company over the settlement. He now knows (too late) the difference between "stated value" and "agreed value". Don't even THINK about a "stated value" policy - all it protects is the insurer.