Insurance

[INDSKYS]

Hi all been a year or so since i been here. anyway. i restored a 68 mustang fully drove it 2700 miles then was rear ended. my car was in paint again for nearly a year,so we dropped the insurance. now it is finally done and in storage and covered again but i cant remeber what the issues were regarding proper coverage for actual value of car. i have about 50k into car and have all receipts and pictures to document restore thru whole process.soooo my question again lol how do i make sure my car is covered for 50k and not bluebook. which i remeber hearing horror stories of when i did this the first time. people thinking their car was covered for their investment only to be offered blue book value=nada when a claim came up?and yes i have switched companies due to keeping it all in line with other policies with home etc. i did have haggerty and they did repair car unquestioned at 6700$. i am now using travllers insurnce.help please:SNSign: TIA.

 

[INDSKYS]

CHRISTINE

Here she is hope picture went thru?

 

[skywalker]

Hagerty wouldn't insure me because i had a car stolen.

 

[zookeeper]

I have Hagerty on my '68 and my wife's '69 Corvette. So far no complaints, but no claims, either.

 

[RedGTvert]

I have Haggerty, and I had a $48000 claim with them about 2 years ago, and it did not stop them from renewing my policy.

There are many companies you can investigate. Haggerty, Grundy and Heacock to name a few. Request agreed value of $50K and see what happens. The underwriters will decide if they are willing to insure it for that amount. In worse case scenario, you may have to get it appraised by a licensed appraiser. Having $50K into the car does not mean they will insure it for that. I have more than the $55K my car is insured for, and I know I have to live with that considering I would never get back what it cost to purchase and restore my car to where it is right now.

 

[chromedog]

haggerty ticked me off, because they wanted to limit my miles...5000 miles per year? my car has been done 6 months, and ive already went over my miles! grundy seems to be the way im going when weather breaks, as the car is locked away for the winter.

 

[INDSKYS]

Yes was same for me 5k thats how they keep the costs down lower miles lower risk. they assume you are weekend cruising and shows etc.they have to do it that way to make any money. if you have a daily driver your better off finding a regular policy.

 

[RedGTvert]

haggerty ticked me off, because they wanted to limit my miles...5000 miles per year? my car has been done 6 months, and ive already went over my miles! grundy seems to be the way im going when weather breaks, as the car is locked away for the winter.

Grundy has way more limitations on driving than Haggerty does. I was going to change my policy over to them, until they sent me a laundry list of no-no's that I had to sign before policy would have been accepted.

If you are driving that kind of mileage, then you are most likely daily driving the car, and you can bet most collector car companies will not accept you.

PS, I have absolutely no mileage restrictions listed on my Haggerty policy.

 

[68FBJJZ109]

State Farm has a special vehicle policy, where they have some one come out appraise and look over it and you agree upon a value of the car. I talked to my local office about it because I almost cant get my car insured when i finish it. I am 22, and nothing beside the body is stock on my Shelby Clone. I wanted to be able to drive it as if it where a new mustang and with out stupid restrictions. Almost no insurance company would insure because of my age, or the limitations where so ridiculous i couldn't enjoy my car. Chepsk8 told me he heard state farm had a special vehicle plan and to look into it. Which in fact they do, it can't be done through a local office ( at least quotes), its done through there main office. If i remember correctly besides having another vehicle to drive and keeping the car in question in a lockable garage that was about it. There could be others but the woman who works there is pretty acknowledgeable and didn't mention any thing else when i asked...


I have not applied for it yet. My car isnt finished, registered, or inspected so i can't get it yet. Though I was pleased to hear that i could actually enjoy my car once it is done. Also the price was very fair, she looked up people in my area who have large policies on there muscle cars, and i was surprised how much they where paying.

Hopefully this helps, and nothing has changed since...

 

[zookeeper]

haggerty ticked me off, because they wanted to limit my miles...5000 miles per year? my car has been done 6 months, and ive already went over my miles! grundy seems to be the way im going when weather breaks, as the car is locked away for the winter.

While I can understand you feeling like the insurance nazis are on your case, did they actually ASK for your odometer reading? They didn't ask for mine. I suspect you could drive it whenever you feel like it, but using it as a daily driver is a no-no. Leaving it at the Wal-Mart parking lot, or in bad neighborhoods at night or loaning it to your 16 year old cousin is alos something that most insurance companies would rather you didn't do. BUt I don't think they're going to send an inspector over to your house to verify the odometer reading or install a hidden GPS on your car so they know when and where you're driving and how far. It's just their way of letting you know they aren't insuring a beater that's driven in the same way you would any other car. Think of it as a "don't ask, don't tell" thing. At least that's the way I do it.

 

[MrBobMarley]

**sorry for the hijack**


I just bought my 67 fb and I want it insured for a stated value with Hagerty's. I'll be ready to call them once my garage is complete, cause I'm pretty sure they require that it's under lock and key.

My big Q is do they care how much I tell them to insure it for??

Also should I expect to have an appraisal? I dont know if they require that too


EDIT....just re-read RedGTvert's post above....I got it now.

 

[zookeeper]

The way they did it for me was fairly simple. They asked for a few pics of various parts of the car, had me fill out a little Q&A on where the car was stored and asked me what I thought it was worth. At the time, anything under (I think) $30K value didn't need an appraisal. I'm not sure how they value your car in a total loss, but I seriously doubt they'd simply cut me a check for what I said it was worth. I have all my reciepts an a ton of pics backing up my side, just in case.

 

[MrBobMarley]

Cool, thank you for the help. I'll post how it went down when I call to get my policy.