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Classic car Insurance


SWEDEMAN

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I know this has been talked about before but I could not find it in the search section, there are so many topics about anything with the word "insurance" that it was a maze to find any thing. Maybe some help on the topic issue or just my question below:

 

So my insurance is coming due for the Shelby GT and since I only drive the car about 6+K per year I was wondering if who has the best "classic car Insurance" rates? My current insurance company wants to pry me for $900 per year and I have no accidents or tickets! I'd appreciate any chiming in on where to go and who to talk to about best rates and coverages.

 

Thanks-

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I got a quote from haggerty when i first got my SGT last summer, and it wasn't much cheaper than regular insurance... can't remember the dollar amount now, but I stuck with my normal policy for now.

 

I know that's not helpful really, but I'd like to know what people have had luck with as well!

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I have Hagerty on my 68 and regular insurance on the SGT. Both spend about 6 months in hibernation due to the MI winters!

 

I recently started looking for the "collector" insurance for both cars together.

 

Hagerty was really expensive for the SGT with mileage restrictions of ~3000 (this isn't an issue with the 68 as it gets driven about 1500 miler per year, unlike the SGT that will be used on annual road trips consisting of 2k - 4k miles round trip)

 

Heacock had decent price for MCA members (overall cost about $50 more then what I'm currently doing), problem was limitation on mileage, occasional drive to work, etc.... Not to mention the exlusion of anyone under 25 (I have 4 children ages 17 - 23).

 

Grundy, Barrett Jackson, etc.... prices were either lower or about what I'm paying now, but again mileage limitations and way too many restrictions!

 

I ultimately decided to keep what I have to avoid the mileage, age, etc.... restrictions so I and my family can truly enjoy Both STANGS!

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When you do a search for things like this first go to the "Advanced" search. Then enter your term and check "Search Topic Only" that way you find the term topics and not ever message that contains the term.

 

Here is what I found:

 

http://www.teamshelby.com/forums/index.php?/topic/14794-insurance/

 

http://www.teamshelby.com/forums/index.php?/topic/21142-insurance-questions/

 

http://www.teamshelby.com/forums/index.php?/topic/26685-shelby-car-insurance/

 

I've said it before and I'll say again that these "classic" car insurance policies are complicated reads and more than once I have found things that have kept me from going to one to save a few dollars. If you read the above threads I suspect that you will find the policy that while it had no milage fee it did limit your driving to pretty much home, to a car show, and back. Going by the fine print if you took the car out for a ride, and made ANY stops other than gas and then had an accident, you would not be covered. It will be bad enough getting into an accident the last thing I need to worry about is some obscure sentence someplace.

 

To me, AND THIS IS JUST MY OPINION, for a car like ours you are better off with a typical full coverage mainstream policy, a basic whenever and wherever plan, rather than try to save a few $$$ and maybe loose a lot later because of some policy restriction you were never aware of. I mean why do you think these policies are less expensive?!?! You think any of these guys have it over Geico? No. They write very specific policies meant for classic cars that aren't driven much.

 

In any case, what ever company, READ the fine print and understand it, then go with what works for you....AGAIN just my opinion and you know how those are! :dance:

 

Good luck!

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When you do a search for things like this first go to the "Advanced" search. Then enter your term and check "Search Topic Only" that way you find the term topics and not ever message that contains the term.

 

Here is what I found:

 

http://www.teamshelb...4794-insurance/

 

http://www.teamshelb...ance-questions/

 

http://www.teamshelb...-car-insurance/

 

I've said it before and I'll say again that these "classic" car insurance policies are complicated reads and more than once I have found things that have kept me from going to one to save a few dollars. If you read the above threads I suspect that you will find the policy that while it had no milage fee it did limit your driving to pretty much home, to a car show, and back. Going by the fine print if you took the car out for a ride, and made ANY stops other than gas and then had an accident, you would not be covered. It will be bad enough getting into an accident the last thing I need to worry about is some obscure sentence someplace.

 

To me, AND THIS IS JUST MY OPINION, for a car like ours you are better off with a typical full coverage mainstream policy, a basic whenever and wherever plan, rather than try to save a few $$$ and maybe loose a lot later because of some policy restriction you were never aware of. I mean why do you think these policies are less expensive?!?! You think any of these guys have it over Geico? No. They write very specific policies meant for classic cars that aren't driven much.

 

In any case, what ever company, READ the fine print and understand it, then go with what works for you....AGAIN just my opinion and you know how those are! dance.gif

 

Good luck!

 

 

Jeff,

 

Well said. Saving a few bucks isn't worth it IF you ever do get in a fender bender (or worse). Who wants to fight with an insurance company over policy language?

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Even though i drive my car less than 3,000 milesa year, i don't want restrictions in case i decide to make a long rode trip that would put me outside of the mileage restrictions. If you have your Shelby as a 3rd or 4th car on your policy then many times it's cheaper than having it as a single auto. Classic insurance is great for classic cars but we really haven't reached that status yet and i don't want to have the the restrictions that the old classics have. You don't want any gray areas where you think your car might be covered then find out it's not.

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When you do a search for things like this first go to the "Advanced" search. Then enter your term and check "Search Topic Only" that way you find the term topics and not ever message that contains the term.

 

Here is what I found:

 

http://www.teamshelby.com/forums/index.php?/topic/14794-insurance/

 

http://www.teamshelby.com/forums/index.php?/topic/21142-insurance-questions/

 

http://www.teamshelby.com/forums/index.php?/topic/26685-shelby-car-insurance/

 

I've said it before and I'll say again that these "classic" car insurance policies are complicated reads and more than once I have found things that have kept me from going to one to save a few dollars. If you read the above threads I suspect that you will find the policy that while it had no milage fee it did limit your driving to pretty much home, to a car show, and back. Going by the fine print if you took the car out for a ride, and made ANY stops other than gas and then had an accident, you would not be covered. It will be bad enough getting into an accident the last thing I need to worry about is some obscure sentence someplace.

 

To me, AND THIS IS JUST MY OPINION, for a car like ours you are better off with a typical full coverage mainstream policy, a basic whenever and wherever plan, rather than try to save a few $$$ and maybe loose a lot later because of some policy restriction you were never aware of. I mean why do you think these policies are less expensive?!?! You think any of these guys have it over Geico? No. They write very specific policies meant for classic cars that aren't driven much.

 

In any case, what ever company, READ the fine print and understand it, then go with what works for you....AGAIN just my opinion and you know how those are! :dance:

 

Good luck!

 

 

I tend to agree w/ you on this Jeff - that's why I keep putting it off. It would just be my luck to get it and then have a 'fine print" incident!

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I have my SGT insured through Hagerty as an exotic - mileage restriction is 3,500 per year. It's kind of expensive, $1,000 per year, but the coverage is for actual stated cash value and that replacement parts are genuine Ford or Shelby parts. My wife is my insurance agent and if we added the car on our regular policy it is insured as a regular Mustang GT because of the VIN #, there is no "Shelby" designation. Because of this if you wreck or total the car you get Bluebook price as a Mustang GT and parts used in the repair don't have to be OEM Ford parts. Many policies write coverage for OEM or comparable replacement on parts. I have too much money invested into my ride to skimp a few hundred bucks a year on insurance. My .02.

Dave

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I know this has been talked about before but I could not find it in the search section, there are so many topics about anything with the word "insurance" that it was a maze to find any thing. Maybe some help on the topic issue or just my question below:

 

So my insurance is coming due for the Shelby GT and since I only drive the car about 6+K per year I was wondering if who has the best "classic car Insurance" rates? My current insurance company wants to pry me for $900 per year and I have no accidents or tickets! I'd appreciate any chiming in on where to go and who to talk to about best rates and coverages.

 

Thanks-

 

Go to Barrett Jackson web page and click on insurance

I pd $350 for the year with better coverage.

Sarge

post-26635-126996742161_thumb.jpg

post-26635-126996742161_thumb.jpg

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Go to Barrett Jackson web page and click on insurance

I pd $350 for the year with better coverage.

Sarge

 

 

I cover both my SGT and Cobra through Barrett Jackson (it wasn't called that when I started) for <900 per year for stated value property damage/loss of $190K total and 100/300 liability. It's by far the best deal I was able to find.

 

They do have restrictions. I believe my policy is 5000 miles per year (but it's an older policy). However, it's not allowed to commute or grocery getter. And they do and will check.

 

The policy is now underwritten by "Chartis" which is the old AIG Private Client Group. They split from AIG to avoid the baggage of the bad name. This group was and is profitable.

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Mileage restriction policies were not an option for me, I drive my car too much, although only on weekends and evenings.

Went with Grundy, not a DD or grocery getter wasnt a problem for me....mine isnt.

The stated value on my car, $45,000 and $668 cost per year were big reasons to go with it for me.

 

Regular insurance may have less restrictions, and cost twice or 3 times as much but you arent getting stated value and your vin says Mustang GT....

 

good luck getting your mainstream insurance company to recognize your car as a shelby when you file a claim regardless of what they tell you.

 

so the guys who went with collector car insurance arent the only ones taking risk.....IMO.

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+ 100 on what Wicked said.

 

Another bit of advice is to ask the company you're considering for a copy of their policy and look closely at limits and exclusions of coverage and what they use to repair ( aftermarket like kind & quality as opposed to OEM) . There is a reason why rates are low and it usually isn't in the consumers favor. I also deal with an outfit I'm familar with who has a good record of claims settlement. When it comes to writing me a check I don't want some adjuster try lowball me. Rates also vary widely by the state and city you live in.

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+1 with Wicked. I had a tree fall on the garage at the restoration shop my 69 Mach 1 was in. Classic Car Insurance did not question any of the prices of buying NOS/OEM replacement pieces for it. Just kept writing the checks.

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I have Hagerty no complaints have the towing option with them, get good rate but I have 6 collector cars with them and 4 limited use cars one of which is the 07 SGT, I even put my 98 BMW Z3 and 2002 BMW M 3 on this year as I only drive them about 1000 per year each saves me a ton from my every day USAA INs Bruce

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Mileage restriction policies were not an option for me, I drive my car too much, although only on weekends and evenings.

Went with Grundy, not a DD or grocery getter wasnt a problem for me....mine isnt.

The stated value on my car, $45,000 and $668 cost per year were big reasons to go with it for me.

 

Regular insurance may have less restrictions, and cost twice or 3 times as much but you arent getting stated value and your vin says Mustang GT....

 

good luck getting your mainstream insurance company to recognize your car as a shelby when you file a claim regardless of what they tell you.

 

so the guys who went with collector car insurance arent the only ones taking risk.....IMO.

 

 

 

I TOTALLY understand, but it seems then, TO ME, that you can gamble either way. On the one hand, you may not get what you think you should as value in the event of t a total loss, and $45k is WAY WAY more than the car is worth, or not get any money because of some clause in the policy fender bender or total. In my case, my insurance company "American Family" only asked for a copy of the Sales Contract, and pictures, and found the car "Shelby GT" in their computer and designated it as such so the car is covered as an SGT and will be paid as such, what ever that is. Your insurance company may not offer that but you have to ask. Now I won't get $45,000 like you in the even of a total but I feel safer and don't give insurance a second thought. But AGAIN this is my choice and hopefully neither of us ever have to compare notes after a loss! :shift:

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I think the only risk with "normal" insurance, is if the car is totalled... otherwise, repair costs will be the same for a sgt as a mgt, hell, i would almost bet that the shelby/frpp stuff is even cheaper than the oem ford stuff to replace. I think odds are in my favor that a total loss will be the other drivers fault, and at that point, the other company will pay what my car is worth including mods, not just mgt nada/kbb value. I may add a few K's of additional equipment coverage on my normal policy though to be safe!

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I TOTALLY understand, but it seems then, TO ME, that you can gamble either way. On the one hand, you may not get what you think you should as value in the event of t a total loss, and $45k is WAY WAY more than the car is worth, or not get any money because of some clause in the policy fender bender or total. In my case, my insurance company "American Family" only asked for a copy of the Sales Contract, and pictures, and found the car "Shelby GT" in their computer and designated it as such so the car is covered as an SGT and will be paid as such, what ever that is. Your insurance company may not offer that but you have to ask. Now I won't get $45,000 like you in the even of a total but I feel safer and don't give insurance a second thought. But AGAIN this is my choice and hopefully neither of us ever have to compare notes after a loss! :shift:

 

Jeff, I disagree some with your statement about what the car is worth. If your referring to worth on the open market then I'd agree with you, it's not worth $45K, if you want to talk about what some of us have invested in our cars and protection from that loss then insuring for the higher $$ is a good thing. It's all what your willing to risk and pay out of pocket in the event of a loss.

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Jeff, I disagree some with your statement about what the car is worth. If your referring to worth on the open market then I'd agree with you, it's not worth $45K, if you want to talk about what some of us have invested in our cars and protection from that loss then insuring for the higher $$ is a good thing. It's all what your willing to risk and pay out of pocket in the event of a loss.

 

 

Don't misuderstand I am speaking of a pretty much stock SGT, as I know Micheal's is, other than things like wheels etc.

 

But that said, you are correct that if you have added a SC etc., then the car will be worth more, but you can still have that covered by your "normal" insurance. We can go back and forth but the reality is it's something each person has to work through with their insurance company and make a decision based upon the level of risk, the cost, and how they use the car. My only in intent was to say that a person needs to be VERY careful with these classic car policies and REALLY understand what they are and the trade-offs involved that's all, it's not a simple decision.

 

Here's to no wrecks for anyone!

 

:-)

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I think the only risk with "normal" insurance, is if the car is totalled... otherwise, repair costs will be the same for a sgt as a mgt, hell, i would almost bet that the shelby/frpp stuff is even cheaper than the oem ford stuff to replace. I think odds are in my favor that a total loss will be the other drivers fault, and at that point, the other company will pay what my car is worth including mods, not just mgt nada/kbb value. I may add a few K's of additional equipment coverage on my normal policy though to be safe!

 

 

We've already seen owners that have had SIGNIFICANT damage to their car and have had no problem getting everything fixed under a typical policy, Shelby letters, stripes, hood scoop etc., so I'm not concerned with that.

 

Hopefully I'll never have to verify that personallly!

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  • 2 weeks later...

We've already seen owners that have had SIGNIFICANT damage to their car and have had no problem getting everything fixed under a typical policy, Shelby letters, stripes, hood scoop etc., so I'm not concerned with that.

 

Hopefully I'll never have to verify that personallly!

 

 

Jeff - You forgot one thing. Once your car is wrecked it goes under the CARFAX report and it is never worth the same $$ ever again. I learned the hard way with another car. If I ever get hit again I will argue to have the car either totaled or get some very big deminished value because once that car is fixed you'll see the CARFAX and no one will pay you close to what the car is worth sitting next to one that has never been hit! Mark Swede's word's on this one!!!!!

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  • 1 month later...

I highly suggest Grundy. You can get a free quote in just a couple of minutes online.

 

I also highly suggest AGREED VALUE. If you are just telling the insurance company what you have, it is subjective to arguing later. You are likely covered for repairs of damage, etc, but if you suffer a total loss, you are NOT going to get what you want out of the car without agreed coverage.

 

I do not have Grundy currently on my car because it is a daily at present (though I do have it on a garage kept collector car that I own). But, I do have Gap coverage on my standard insurance that at least covers the loan value write off in a total loss. At some point, the SGT will join the other one in the garage and we will add Grundy on it as well.

 

I also agree that there is lost value due to carfax investigations by future owners, even if your damaged car is properly repaired. Unfortunate, but true.

 

Anyway, you asked for opinions. There ya go!

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SO, I've been thinking about the future use of my cars by my kids... prompted by Andrew's misfortune... they are 6, 9 and 10, so I've got some time, but my new BIG question, is which of these policies have age limits for household drivers? I'm thinking a 25 year old requirement isn't so bad now....

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