Classic Car Insurance

Willybill32 · Feb 24, 2026

OK, guys, I need some help...

I have a 1986 Mustang GT. Recently got it back from @95steedamustang and it looks great! Now I need insurance.

My State Farm agent told me they offered classic car insurance, but when I pursued that with them, the most they would cover was $23,000. I asked for $40,000 agreed value insurance, and even that won't recover my costs. I've gotten initial quotes from Hagerty, American Classic and Grundy for the $40,000 coverage:

Hagerty - $876.47
American Classic - $682.53
Grundy - $298.00

Grundy's quote is so much lower that I'm suspicious. Anyone have any insight to these companies?

Bill

Mustang5L5 · Feb 24, 2026

How Grundy can underwrite for half of the others is a long-standing mystery to those outside of the insurance industry.

I have mine insured for $25K with Haggerty. Just under $600 or so with the towing included. I got a quote from Grundy and it was less than half. Makes me suspicious about the coverage but everything is the same in terms of coverages.

gkomo · Feb 24, 2026

Interesting. So with classic car insurance you set the price and pay the premium per year?

My mustang is just on normal AAA car insurance, $215/year but i'm sure they would give me like $2,500 for it if it got totalled/stolen.

Willybill32 · Feb 24, 2026

gkomo said:
Interesting. So with classic car insurance you set the price and pay the premium per year?

My mustang is just on normal AAA car insurance, $215/year but i'm sure they would give me like $2,500 for it if it got totalled/stolen.

Yeah, @gkomo, I currently have a standard policy from State Farm for $276/year, but in the event of a collision, they’d be perfectly happy to declare it a total loss and send me a check for $2,500 or whatever low-ball value they could justify. Agreed coverage is where you declare the value and provide car info, they set the price, and in the event of a collision, they’re on the hook for anything up to that agreed value.

Bill

Willybill32 · Feb 24, 2026

Mustang5L5 said:
How Grundy can underwrite for half of the others is a long-standing mystery to those outside of the insurance industry.

I have mine insured for $25K with Haggerty. Just under $600 or so with the towing included. I got a quote from Grundy and it was less than half. Makes me suspicious about the coverage but everything is the same in terms of coverages.

I’ve followed your car, Mike, and I would value it at more than that.

Bill

91AOD5.0LX · Feb 24, 2026

For reference, I am with Haggerty with 27k coverage for 673.00 a year in NY for a 1991 LX.

ctandc · Feb 24, 2026

Erie (if you are in one of the states they cover) will do stated value at a reasonable amount without having to carry two policies.

2000xp8 · Feb 24, 2026

I've had Grundy probably for 10 years.
Never made a claim, so i have no idea how getting a payout works.
Funny thing, i had it at 25k for like $300 a year and decided i wanted to switch to 30k, 30k actually costs less than 25k to insure.
I asked how that is possible and they told me the more people value a car, the less the average person drives it.
They have no mileage restrictions, they told me it's too hard to track. Though if i remember correctly i can't drive it to school or work which made it sound like they don't want you loop holing it into a daily driver.

I also believe Grundy is backed by another bigger insurance company (I think Philadelphia).

85GT4V · Feb 24, 2026

Willybill32 said:
OK, guys, I need some help...

I have a 1986 Mustang GT. Recently got it back from @95steedamustang and it looks great! Now I need insurance.

Bill

Hey Bill, pardon me if I missed it but, I don’t remember seeing a pic of the ‘86 all finished!!

Willybill32 · Feb 24, 2026

85GT4V said:
Hey Bill, pardon me if I missed it but, I don’t remember seeing a pic of the ‘86 all finished!!

@85GT4V, I haven’t posted any pictures yet, because my selection is limited. But here’s a few:

85GT4V · Feb 24, 2026

Willybill32 said:
@85GT4V, I haven’t posted any pictures yet, because my selection is limited. But here’s a few:

Man Bill, that looks G O O D !

LILCBRA · Feb 25, 2026

I've had Hagerty for probably 15 years now for both my Cobra II and the vert. The Cobra is valued at around 10k, the vert at 3500, my yearly premium is around $540. Of course, the vert is a project and the Cobra is an older "restoration" so I don't have them valued very high.

Speaking of all of this, I don't think I've updated my policy with them since I've moved from Georgia, I probably should! They're both in a garage now, not a car port or driveway. If you go with Hagerty, they'll want pics of where you store your car, I remember having to do that when I moved to Georgia....

Willybill32 · Feb 25, 2026

85GT4V said:
Man Bill, that looks G O O D !

@85GT4V, thank you1

Bill

Willybill32 · Feb 25, 2026

LILCBRA said:
I've had Hagerty for probably 15 years now for both my Cobra II and the vert. The Cobra is valued at around 10k, the vert at 3500, my yearly premium is around $540. Of course, the vert is a project and the Cobra is an older "restoration" so I don't have them valued very high.

Speaking of all of this, I don't think I've updated my policy with them since I've moved from Georgia, I probably should! They're both in a garage now, not a car port or driveway. If you go with Hagerty, they'll want pics of where you store your car, I remember having to do that when I moved to Georgia....

@LILCBRA, thanks for your input. My '86 sat in my garage starting in 2011 as a project with no insurance, but since @95steedamustang did all the body and paint work, it's time to get a real policy.

Bill

Blackhawkxx · Feb 25, 2026

I have had Grundy for over 30 years but fortunately have never had a claim with them which I guess don't help you much. If they were really bad, the word would be out.
You could read all the reviews and other places that rate insurance company's.

Kid wita 5oh · Feb 25, 2026

Hagerty for $31,500 and it's $628/year

My buddy has his 67 Camaro through Grundy for $35000 and it's under $400/yea

JD1964 · Feb 25, 2026

Ive got my 92 lx plus a 96 vette both on Hagerty and each valued at 15k. Just under $700 for both. I pay an extra $95 voluntarily for the drivers club which includes towing coverage. Ive always had Hagerty and no other insurer for these two cars.

All Stock93 · Feb 25, 2026

I have Hagerty for my 2017 Shelby GT350
$55,000 agreed value, $760 per year

Will be getting a quote from them soon for my 1970 Boss 302
I will be looking for an agreed value of $85,000

Mustang5L5 · Feb 25, 2026

Willybill32 said:
I’ve followed your car, Mike, and I would value it at more than that.

Bill

I know. Been meaning to up the value on it. Need to put it on the top of my list when i finish my tune this spring and start driving the car more.

2000xp8 · Feb 25, 2026

Blackhawkxx said:
I have had Grundy for over 30 years but fortunately have never had a claim with them which I guess don't help you much. If they were really bad, the word would be out.
You could read all the reviews and other places that rate insurance company's.

I'll agree, they would be exposed by now.
I think Grundy's business model is that they insure cars most people don't really drive.
I've had runs where the car saw less than 100 miles in 3 years, so i paid them roughly $900 to drive 100 miles (and i'm probably high balling that number, it could be as low as 25 miles). Now that i take rides with the kids, it gets more miles, but that still is probably 250 or less per year.
I'm guessing i'm not the only one that pays and doesn't drive anywhere.

Classic Car Insurance

Willybill32

But at least it's tight!

Mustang5L5

That is…until I whipped out my Bissell

gkomo

now i can hopefully expect to receive the shaft

Willybill32

But at least it's tight!

Willybill32

But at least it's tight!

91AOD5.0LX

I have a slight sag in my rear

ctandc

2000xp8

85GT4V

Active Member

Willybill32

But at least it's tight!

Attachments

85GT4V

Active Member

LILCBRA

I wish I didn't have all of these balls in the air

Willybill32

But at least it's tight!

Willybill32

But at least it's tight!

Blackhawkxx

Advanced Member

Kid wita 5oh

I'm definitely not in the original hole

JD1964

there is enough sticking out to grab on to

All Stock93

Mustang5L5

That is…until I whipped out my Bissell

2000xp8

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Classic Car Insurance

But at least it's tight!

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now i can hopefully expect to receive the shaft

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But at least it's tight!

I have a slight sag in my rear

Active Member

But at least it's tight!

Attachments

Active Member

I wish I didn't have all of these balls in the air

But at least it's tight!

But at least it's tight!

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I'm definitely not in the original hole

there is enough sticking out to grab on to

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