classic car insurance Options

[rfuerst911sc]

Hey guys I'm in Marietta Ga. for the weekend getting the wife settled in temp housing until we move. I've been trying to get insurance quotes from " conventional " ins. companies for the new house, the daily drivers and the two Porsches. While some of the quotes have been competitive on the Porsches I know I can do better. I just got a quote from Leland West for an agreed value policy on both Porsches for $30,000.00 each and the yearly premium is $320.00 each. This sounds pretty good. I have limited time to " internet search " this weekend so I thought I'd reach out to the world. Grundy was WAY higher and I'm waiting to hear from Heacock insurance. Any others to consider ? Neither Porsche is a daily driver and both will be kept/stored in the garage. I'm the only driver. And if an appraisal is needed how/where does that get done ? Thanks guys.

[rfuerst911sc]

I ended up going with Grundy for both the 911 + 914. With an agreed value of 30k each it was $423.00 total per year for both. Good price and hopefully will never have to see how good they are with claims. (IMG:style_emoticons/default/biggrin.gif)

[carr914]

hopefully will never have to see how good they are with claims. (IMG:style_emoticons/default/biggrin.gif)

Amen to that (IMG:style_emoticons/default/driving.gif)

[914itis]

hopefully will never have to see how good they are with claims. (IMG:style_emoticons/default/biggrin.gif)

Amen to that (IMG:style_emoticons/default/driving.gif)

i had mine this week with american collectors, $12000 / 160 a year

[bmtrnavsky]

I use JC Taylor. Great company... My grandfather had a claim with them no issues. I guess in the end that's REALLY what you are paying for.

[PlaysWithCars]

Read the fine print as posted earlier, particularly when considering a "stated value" and an "agreed value" policy. The insurers responsibility is significantly different between these two types of policy.

As I understand it:
Stated Value - you pay the premium based on the "stated value", if you have a claim (assuming total loss) they pay based on the adjusters assessment of value.

Agreed Value - you pay the premium based on the "agreed value", if you have a claim (assuming total loss) they pay based on the agreed value.

The stated value plans seem to be very biased and leave the customer with all of the risk.

[Robert21]

(IMG:style_emoticons/default/driving.gif) They tell you were you can drive to. and how far . I drive my car every day. to the market. AMPM. anywhere i want you can,t with some . I have Mercury for $10,000 pay less than $200.00 a year

[VaccaRabite]

I go through American Modern and have my car insured for $14K @ 5000 max miles a year. I don't think I have put that many miles on it in the past 2 years combined.

Usually, you can't get collector car insurance unless 1) you are over 25 and 2) you say that you are going to store the car in a locked garage.

Zach

[mojorisen914]

I have mine with American Collectors. Agreed value at 25K, milage at 4k or less/year in locked garage. Total cost is < $190/year. Not a bad deal in my book.

[Drums66]

.....with a stock car you really don't need special insurance (IMG:style_emoticons/default/idea.gif)
make your choice!!.....now with a heavily moded car?? (IMG:style_emoticons/default/confused24.gif)
(IMG:style_emoticons/default/bye1.gif)

[Tom_T]

.....with a stock car you really don't need special insurance (IMG:style_emoticons/default/idea.gif)
make your choice!!.....now with a heavily moded car?? (IMG:style_emoticons/default/confused24.gif)
(IMG:style_emoticons/default/bye1.gif)

Ummmm - NOPE! .... sorry, but I beg to differ! (IMG:style_emoticons/default/dry.gif)

It's not whether a car has been modified, fully restored, well preserved, or somewhere else in the spectrum, when you're talking about 20+ year old vehicles.

With a standard policy they only settle/pay what the Blue/Gold/NADA/etc. "Book Value" is on the car - regardless of it's true value as a classic/vintage vehicle - basically an adjuster low balled DD value & that's it!

Whereas the classic car policies value at the stated or agreed value - but the former sounds like one is open to the same adjuster low balling games!

It's kinda like us older farts needing more health insurance coverage for our aged bones! (IMG:style_emoticons/default/laugh.gif)

[Justinp71]

I have mine with American Collectors. Agreed value at 25K, milage at 4k or less/year in locked garage. Total cost is < $190/year. Not a bad deal in my book.

Same here, the insurance is very affordable and they have an agreed value. I was worried if something happened on stated value insurance then I would not get near as much money. But on the other hand I don't drive it to work anymore with agreed value insurance because they don't technically allow it.

[patssle]

Usually, you can't get collector car insurance unless 1) you are over 25 and 2) you say that you are going to store the car in a locked garage.

I'm 24 (IMG:style_emoticons/default/sad.gif)

I just have my 914 on the same insurance as my Mazda 3 through Progressive, but without collision. Can't justify the outrageous age discrimination rate for a car I don't have much money in.

[oldschool]

(IMG:style_emoticons/default/agree.gif) Hagerty is what I have 15k for the white car, I keep it in the garage and I have a dd that is what makes more a Good rate (IMG:style_emoticons/default/flag.gif)

[Tom_T]

Usually, you can't get collector car insurance unless 1) you are over 25 and 2) you say that you are going to store the car in a locked garage.

I'm 24 (IMG:style_emoticons/default/sad.gif)

I just have my 914 on the same insurance as my Mazda 3 through Progressive, but without collision. Can't justify the outrageous age discrimination rate for a car I don't have much money in.

Unfortunately the age discrimination is "earned" & we've all been there! (IMG:style_emoticons/default/dry.gif)

When I was in my 20's the young High School "gofer guy" in our office was the son of one of the wealthy clients, whose Dad bought him a new 911S for his 16th birthday, then another when he wrecked it, then a 930 when he wrecked the second (Dad was a bit slow on the up-take I guess). When sonny boy complained that his driving in the 930 was being limited by Dad due to the high insurance costs, I pointed out that HE & his kind were driving up my rates to outrageous-ness with zero accidents/points! (IMG:style_emoticons/default/mad.gif)

At the time I was paying $2500+/- per year on my 73 914-2.0 that I purchased for $4500, with no accidents nor any "points" (yet!) - & that $2500/yr in 1976 equates to about $20k today (it was before insurance controls here in CA too)!!!! (IMG:style_emoticons/default/blink.gif)
... and "I didn't even get kissed afterwords" (IMG:style_emoticons/default/sheeplove.gif) by the insurance agent! (IMG:style_emoticons/default/dry.gif)

Try AAA for a quote on your Mazda DD + a stated/agreed value classic policy (don't recall which it was) on the 914 - as they weren't that bad for me here in CA - but then I'm now in my late 50's, but have a 21 yr old son still on the policy.

FYI - IIRC it was quoted at $215/yr for a $20k agreed value, 5k miles per year & meas the only driver for pleasure use on the 914 (only a quote so far, until she's done resto'ed) & must be garaged (they even want to "inspect" the garage!), but that's on top of about $2k/yr on 3 other cars, my wife & son on the overall auto policy for our 3 other DDs listed below (which will drop when our son & 1 car "leaves").

PS - patassle - if the quotes are still too high, just wait til 25 & they should drop dramatically!

[Drums66]

.....with a stock car you really don't need special insurance (IMG:style_emoticons/default/idea.gif)
make your choice!!.....now with a heavily moded car?? (IMG:style_emoticons/default/confused24.gif)
(IMG:style_emoticons/default/bye1.gif)

Ummmm - NOPE! .... sorry, but I beg to differ! (IMG:style_emoticons/default/dry.gif)

It's not whether a car has been modified, fully restored, well preserved, or somewhere else in the spectrum, when you're talking about 20+ year old vehicles.

With a standard policy they only settle/pay what the Blue/Gold/NADA/etc. "Book Value" is on the car - regardless of it's true value as a classic/vintage vehicle - basically an adjuster low balled DD value & that's it!

Whereas the classic car policies value at the stated or agreed value - but the former sounds like one is open to the same adjuster low balling games!

It's kinda like us older farts needing more health insurance coverage for our aged bones! (IMG:style_emoticons/default/laugh.gif)

Uh Uh....Tom T.....the variables are endless for example ....age,length of time with 1 company, status & so on( don't tell me....you're an insurance clone??) (IMG:style_emoticons/default/poke.gif) (IMG:style_emoticons/default/popcorn[1].gif)
(IMG:style_emoticons/default/bye1.gif)(us old farts? speak for your self)

[Tom_T]

Uh Uh....Tom T.....the variables are endless for example ....age,length of time with 1 company, status & so on( don't tell me....you're an insurance clone??) (IMG:style_emoticons/default/poke.gif) (IMG:style_emoticons/default/popcorn[1].gif)
(IMG:style_emoticons/default/bye1.gif)(us old farts? speak for your self)

Whew - Ya lost me there Drums!!?? (IMG:style_emoticons/default/blink.gif)
.. I don't disagree with those factors, but don't see where you're going with it? (IMG:style_emoticons/default/confused24.gif)

.... & have no idea what you mean by "an insurance clone"?? (IMG:style_emoticons/default/confused24.gif)
I'm not in that business, if that's what you meant.

I was just pointing out the differences between the standard DD auto policy & a classic one is that you get to set a more reasonable value relative to what you have into the car &/or what it's really worth as a collector/vintage auto - as have most everyone else here.

If your 914 is just an avg. value/condition DD - & you don't have another DD car, then it's probably not worth the limits on the classic car policy. However, the issue may be more of what it's really worth in current value (vs. what you paid back whenever & what you've put into it since then), & if you'll get a decent replacement value settlement on a standard DD type policy if something happens to it!

When I checked with AAA for my 914 on their classic policy - it was about half the annual cost of the DD policy on either the "now classic" 85 BMW or 88 Westy - mainly due to differences in their usage - plus our kid(s) were on the other 2 cars as secondary drivers - but not as quoted on the 914. Even pre-kids they were $500-600/yr each vs. the $215 quote at $20k for < 5k mi/yr quoted on the 914.

I know another guy with a 59 356 that he wants to switch to a classic policy & get an avg. 914 as a DD to save insurance payments on that same basis.

So it's food for thought & worth checking out insurance prices with your company, whenever your annual or 6 month renewal comes up. I check mine every year with AAA. (IMG:style_emoticons/default/shades.gif)

(IMG:style_emoticons/default/slits.gif) As for old - well we've PM'ed before off-line & we're about a year apart, so we're both considered "old farts" by our kids & the young bucks on here - & one's kids have a tendency to remind us of that fact (IMG:style_emoticons/default/dry.gif) , unfortunate as that may seem! (IMG:style_emoticons/default/biggrin.gif)