Engine insurance ?

[junkyardwarrior]

I've got a '92 GT that I've had for about 10 years; project has not been driven-until now. It's mostly finished up. 427w T56, it has become a pretty nice car with all the stuff I've done. Now it's time to insure it. Have called State Farm (who my truck is insured through) and they can do a "classic car" policy, agreed value 15k, cost $762/yr. I also called Hagerty. Basically same policy, $784/yr.

Who are y'all using?

I may end up switching all 3 cars (03 F250, 92 GT, 93 LX coupe 4 cyl) if I can get any decent rates with good coverage. Currently with state farm for the other two. One claim in 2015, someone backed into the truck in a parking lot and run off; had to claim it as "uninsured". 45 yr old no citations, etc since I was I think 20 or 21 (can't remember).

 

[Mustang5L5]

Haggerty.

$15k modified policy. $424/year. 2k mile max.

EDIT: I also have roadside threw them and 15 miles of free towing

 

[junkyardwarrior]

Same coverage, they quoted me 638/year. Interesting.

 

[Olivethefet]

You might shop around to see if there are other insurance companies available to you locally that might be able to give you better rates. I used Farm Bureau for years as they were significantly cheaper than the big box insurance companies like State Farm. I'm currently using Country Financial. I totaled my truck last year and they didn't blink an eye. Took excellent care of me.

I have NOT tried getting classic car insurance through them though, so that might be a limiting factor.

 

[junkyardwarrior]

yeah I checked the one independent place that I had time to; and they're undrewritten by Hagerty for their classic car stuff. All I had time for; but you bet I'm going to check around some more.

State Farm had a policy for classic cars, 500mi/yr max, $35 every 6 months. Attractive but I am not one to have to worry about a mileage limit. Similar to a data cap on the phone; yeah I know why it's done but it's one more thing in the back of my mind.

 

[junkyardwarrior]

anyone use Grundy? They're quite a bit less expensive at 240/yr. 0 deductible. 100k injury. agreed value 15k.

 

[96pushrod]

anyone use Grundy? They're quite a bit less expensive at 240/yr. 0 deductible. 100k injury. agreed value 15k.

I use Grundy. $28K agreed upon value for $374/year and $0 deductible, along with free towing and reimbursement for hotels and what not if you’re stranded far from home while driving to an event. I’d never go with hagerty after learning Grundy pricing

 

[RekeHavoc]

anyone use Grundy? They're quite a bit less expensive at 240/yr. 0 deductible. 100k injury. agreed value 15k.

I have carried Grundy on my 03 Lightning for years. That price you mentioned is in line with what I have paid from day one. Thankfully, I have never had to file a claim so I can't speak to that, but I have no complaints with them so far.

 

[Shakerhood]

I have American Collectors, think the value is around $17K and a little over $400 per year.

 

[Gs1987GT]

I had classic collectors until they stopped writing in my state. They rolled over to Hagerty and I stayed with Hagerty

$10k agreed value, full coverage, comp and collision. $0 comp/$500 collision deductibles, $100/year premium.

I don't understand the Hagerty complaints. And yes, before anyone asks I'm sure about my coverages. I've been in insurance for 16 yrs now.

 

[Deleted member 215073]

I have Hagerty and I'm in the middle of a claim with them right now. $12k agreed value, $0 deductible, $30 per month I think. So far so good.

 

[7991LXnSHO]

I did not want to switch to the classic car coverage with the mileage limitation and no shopping/errands while pleasure driving clauses. So the three oldest are listed as “excess” cars (or a similar term for the herd), with agreed values for a reasonable rate, even with a 16 year old in the house. I have Nationwide/Allied and garages.

 

[junkyardwarrior]

had to go with state farm, regular insurance. About the same cost as hagerty and grundy but no mileage limitation. That mileage thing chaps me to no end. I mean 500 miles a year. So if I were to drive the car to Tennessee or Missouri or whatever, I'd go over the mileage. I don't know how they handle that if there were an issue, but I don't like having it stuck in the back of my mind. I own a trailer (enclosed) but a car is to be driven and 250 miles one way is nothing. I just returned from a 370 mile (one way) trip to Texas, and that was the last week of February; and car show season isn't even here yet.

 

[Deleted member 215073]

To my knowledge, Hagerry doesn't have a mileage restriction.

 

[7991LXnSHO]

They had a mileage limit on my quote. And State Farm wanted to know a projected number of miles. A good rep or agent could probably get a quote without the limit, but be sure to ask about that and usage restrictions on any classic car policy. I have a feeling few people really study and understand the full policy they receive.

To my knowledge, Hagerry doesn't have a mileage restriction.

 

[General karthief]

They had a mileage limit on my quote. And State Farm wanted to know a projected number of miles. A good rep or agent could probably get a quote without the limit, but be sure to ask about that and usage restrictions on any classic car policy. I have a feeling few people really study and understand the full policy they receive.

And many policy holders don't pay any attention to the restrictions, a guy I know jammed himself up because he didn't see any harm in taking his 69 stang to the store and work once in a while, he got t boned.
They paid nothing!

 

[junkyardwarrior]

with hagerty you have a couple options as I understand it from the lady I spoke with. If you are going to stay under 3500 mi/year, they have a cheaper rate; or if you plan on going between 3500 and 7500 mi, it gets more expensive. I drive my stuff, so I chose to look at the 7500 mi rate, which ended up almost identical to state farm's policy which is mostly the same exact coverage limits.

 

[junkyardwarrior]

also you have to look at modifications. 90% of fox body cars are modified in some way; and insurance companies might or might not insure it based on what mods are done to it. I could get state farms classic car coverage based on engine modifications. Many get away with lying to the insurers but I won't do that. Grundy said modifications are ok as long as they're within reason such as OE part no longer available, etc. I forgot to ask hagerty.

 

[Deleted member 215073]

I just got off the phone about coverage with Hagerty. According to them every policy is written based on vehicle use.

They want you to drive your car, but not as a daily driver or main transportation. I'm covered if I want to drive my car to Denver to see a Rockies game, and I'm covered if I want to take it to the grocery store or run a few errands.

Mileage limitations are on a policy by policy basis, and they do ask for your mileage every year to see if your policy needs any changes.

If I wanted to drive to a Musrang rally on the east coast, and this is a one time event I'm also covered. Or if it is a yearly event they want to know that so they can modify or write a policy accordingly.

By the way I just raised my agreed value from $12k to $15k over the phone.

 

[Mustang5L5]

To my knowledge, Hagerry doesn't have a mileage restriction.

You can put one on. You state the miles. On my policy, I stated 2k miles as my limit. It drops your premium a little.

Each policy can be customized a bit. It just tweaks the premium s little.

Mine is a modified car policy, so they asked for a list of modifications along with a spread of photos.



Also, I forge which company does this, but one of them required you to own a daily driver within 5 years old. Prevents people from buying a $500 pos, registering it, and parking in the backyard while they daily their collector car.