Collector Car Insurance

[Dave B.]

I recently learned something very interesting that hopefully will be of help to others.

When I purchased my first collector car I called one of the major collector car insurance companies and obtained insurance. As happens to most of us this soon became an addiction and I continued to add cars calling the same insurance company each time. Later I decided to get my dealers license and then added garage liability insurance using the same insurer.

I felt confident that the insurance company was treating me right on the price, but recently I decided to bid out my insurance needs to the other major collector car insurers. The quotes came in as much as 50% less than what I was being charged. The garage liability quotes came in as much as 70% less that what I have been paying. Point is if you have stayed with the same insurer for some time you might be surprised what you will find out when you bid this out.

[Don H.]

Re: Collector Car Insurance

There are other considerations besides price. 1. Is it a reputable company. 2. Do they have a history of how they pay claims. 3. What are the driving restrictions (big one to me). 4. Is it stated value or other. The main thing is do your homework. Don H.

[Wayne W.]

Re: Collector Car Insurance

There are other considerations besides price. 1. Is it a reputable company.

Insurance Company, Reputable? HA

[Jim L.]

Re: Collector Car Insurance

When a person insures a collector car for stated value that term is then negotiable. The insurance co. will state their value and state yours which will naturally be much more. Always buy agreed value. there will be a fee however there will be no argument as to the pay off. This will require pictures of the car from all sides.

[Jean C.]

Re: Collector Car Insurance

I'm with Donald. If I am limited on annual driven mileage, limited to certain reasons for driving the car and the insurance is for anything other than agreed value, it does not fit my requirements at which time I don't care how much lower the premiums are. When shopping your insurance around, you must make sure you are comparing apples with apples.
Best regards,

[Christopher R.]

Re: Collector Car Insurance

Related subject.

Not that any NCRS member would do this, but I've heard of this for other car guys. Be very very careful about insuring and driving your multiple collector cars around on garage, dealer, or repair plates. If you finessed the regulations to qualify, an insurance company will likely deny coverage if you have a claim. With insurance, they take your premium money and get to keep it, but don't have to pay claims if they think you lied to them. Problem is you don't find this out until you have the claim. It only goes one way.

[Michael R.]

Re: Collector Car Insurance

I currently live in California and own a 1967 Coupe. Could any of you provide me a web site that would allow me to compare insurance for my car. I don't get a chance to drive it that often. Also could you folks perhaps provide some of those reputable insurance companies that would be good to work with?
Please send along to my personal email: Michael.Ray@Earthlink.net
Many thanks in advance!!

[Jean C.]

Re: Collector Car Insurance

Michael,
I'll probably get a lot of comments on this, but if you select from the ones who advertise in The Driveline, you will probably do OK. Hundreds of posts on this site regarding collector car insurance. Try current TDB as well as the TDB archives for the pros and cons of several insurers, stated value vs. agreed value, mileage allowance, etc, etc.
Best regards,

[Dan H.]

Re: Collector Car Insurance

I currently live in California and own a 1967 Coupe. Could any of you provide me a web site that would allow me to compare insurance for my car. I don't get a chance to drive it that often. Also could you folks perhaps provide some of those reputable insurance companies that would be good to work with?
Please send along to my personal email: Michael.Ray@Earthlink.net
Many thanks in advance!!

Michael, I live in San Diego and have AAA collector insurance, 'stated value' as per the professional appraisel on my car. I can drive, park at non home locations, take trips, 2500 per year mileage etc. Had other collector car insurance and couldn't even leave the car unattended to get a gallon of milk at the store! Parades and weekend drives only! Might give them a call and go over details.
Dan

[Jim D.]

Re: Collector Car Insurance

Michael, I live in San Diego and have AAA collector insurance, 'stated value' as per the professional appraisel on my car. I can drive, park at non home locations, take trips, 2500 per year mileage etc. Had other collector car insurance and couldn't even leave the car unattended to get a gallon of milk at the store! Parades and weekend drives only! Might give them a call and go over details.
Dan

Dan,

Do some research. "Stated value" is worthless. Get "agreed value". I went with Midwest Insurance on my collector cars. The nice thing is that Robbin Terry is a real car guy and knows what he's talking about.

[Kenneth A.]

Re: Collector Car Insurance

I actually go through my Homeowners insurance - American National - the rate was less than the collector car houses. I paid $100 for an appraisal and we agreed upon insured value

[Erv M.]

Re: Collector Car Insurance

It is important to have agreed value:

Agreed Value

[John F.]

Re: Collector Car Insurance

Compare apples-to-apples coverage, look at claims paying ability, go with a AAA+ rated company. Be very up-front with valuation and how it was determined, prior losses, mileage driven, etc. Most of all know and trust the agent you work with. John Ftacek, State Farm agent (62 corvette).

[Dan H.]

Re: Collector Car Insurance

Dan,

Do some research. "Stated value" is worthless. Get "agreed value". I went with Midwest Insurance on my collector cars. The nice thing is that Robbin Terry is a real car guy and knows what he's talking about.

Jim, big oops on my part, meant to say 'agreed value' between me and AAA Insurance, based on value of appraisel of my car by independent agent. Agree that's the way to go.
Dan

[Jay G.]

Re: Collector Car Insurance

Went w/ State Farm after being with American Collectors and Grundy. We own a Horse Ranch in Colo. State Farm took our AG. Status Prop. and all the cars (collector and otherwise) put it under an umbrella policy. Saved us OVER 50% in preimums. Can's say enough. AG Ins tends to be pricey. Cars have no milage restrictions.