Insuring my Classic

Scudly · Dec 15, 2009

My car will be road ready in the next couple of weeks and I want to get a classic insurance policy on it. I live in Southern California, I'm 24 (25 in March) and want to ask what you guys think. I have a 1992 Camry as my daily driver.

My Mustang is a 1965 Coupe:
Mustang 2 front end
All wheel disc brakes
5.0 EFI swap
AOD transmission
Recaro seats
Shoulder harness seatbelts
2 amps, 2 subs, etc

I just looked at Hagerty and got quoted for $452 a year, and I said the value of my car is $20,000 (should I value my car higher?)

iskwezm mentioned Barlow in another thread, and I too am in So-Cal. Anyone got any ideas or suggestions?

rrbrucea · Dec 15, 2009

I know many guys who speak very well of Hagerty when it comes to making a claim with them--typically the guys will say they pay out with no great problems. I have Hagerty on my '71 Road Runner and can't complain either. But thankfully I've never had to put that to the ultimate test.

As for what your car is worth, what would it take to replace it if it was a total loss? I can say that's one thing I LIKE about Hagerty--come up with an "agreed value" price and they come up with a number it will take to insure the car. They don't argue with what you claim it's worth... at least they didn't with me.

Finally, don't most classic car insurance companies want you to be 25 before they'll cover you?

Scudly · Dec 15, 2009

rrbrucea said:
Finally, don't most classic car insurance companies want you to be 25 before they'll cover you?

I've been hearing that... and it worries me. I turn 25 in March... I don't want to wait 3 months to finally drive the car again. I may call them this week to find out. I have a clean driving record.

Wouldn't that kind of be a form of discrimination?

Scudly · Dec 15, 2009

I may be SOL on storage too... my apartment only has a private lot. I'm not sure how I'm going to do this :-/

I wonder if they'll put any special considering to the Lo-Jack system I'll be putting in

coolblue65 · Dec 15, 2009

I have Hagerty, I started with them when I was 24, and it when I turned 25 the cost went down like 30-40%. Its pretty easy to increase the value of the down the road, when I first started I insured my 65 coupe for 15k, then over the years I have gradually increased my coverage based on the mods I have done.

I believe you will be out of luck with out having a garage though. Do you know anyone that has a garage that would be willing to say you park the car there? I think thats about the only way around it

Scudly · Dec 15, 2009

coolblue65 said:
I believe you will be out of luck with out having a garage though. Do you know anyone that has a garage that would be willing to say you park the car there? I think thats about the only way around it

Well the only problem is if the car does in fact get stolen from my place they'll wonder why I lied to them and deny coverage....

May have to look for a new apartment with a parking garage...

tx65coupe · Dec 16, 2009

A parking garage won't be good enough either. It will have to be a real garage.

I have my 65 insured through my regular insurance company with an agreed value. The problem with alot of the collector car insurance companies is that they really limit how much you can drive it.

rrbrucea · Dec 16, 2009

tx65coupe said:
A parking garage won't be good enough either. It will have to be a real garage.

I have my 65 insured through my regular insurance company with an agreed value. The problem with alot of the collector car insurance companies is that they really limit how much you can drive it.

Yeah, it has to be in a LOCKED garage, that's their stipulation... Hagerty won't want it to be a daily driver or driven to work. But they don't limit how many miles I can drive my Runner.

blown65 · Dec 16, 2009

I have anpac on my stang and other cars. I believe the stang was 240 a year

Scudly · Dec 16, 2009

tx65coupe said:
A parking garage won't be good enough either. It will have to be a real garage.

I have my 65 insured through my regular insurance company with an agreed value. The problem with alot of the collector car insurance companies is that they really limit how much you can drive it.

Well no way I'll have a real garage anytime soon... especially in Southern California.

Guess I need to call my insurance agency and start getting that hashed out.

Scudly · Dec 16, 2009

blown65 said:
I have anpac on my stang and other cars. I believe the stang was 240 a year

Do they have special restrictions on how its stored or if the car is modified?

Scudly · Dec 17, 2009

A guy from Barlow just sent me this, because I'm too young to be insured by them

"Add it to the same policy as your primary car full coverage. Get an appraisal and give it to that company."

rrbrucea · Dec 17, 2009

Your regular insurance won't cover it for what it's really worth in the collector market, regardless of an appraisal. That means if it got totaled or stolen (and not recovered) you'd come out on the short end...

Scudly · Dec 17, 2009

rrbrucea said:
Your regular insurance won't cover it for what it's really worth in the collector market, regardless of an appraisal. That means if it got totaled or stolen (and not recovered) you'd come out on the short end...

Unfortunately I don't think I have much of a choice until I turn 25/Get a lockable garage.

rrbrucea · Dec 17, 2009

Understood! That's probably the best you can do for now... FWIW, I've driven old cars with just "regular" insurance on them too. You do what you have to do to get by... good luck with it!

blown65 · Dec 17, 2009

Scudly said:
Do they have special restrictions on how its stored or if the car is modified?

Well, mine is heavily modified so no, thats not an issue.
No restriction as for mileage just cant be a daily driver.
Not sure on the garage part. Best bet is to call them.

I have all my stuff with them, and they take good care of ya. My 2010 GT500 is going on a new program they started that is for modern classics. 280 bucks every 6 months.

88gt · Dec 18, 2009

Scudly said:
Wouldn't that kind of be a form of discrimination?

Really??? You had to ask that? It's policy, you don't like it...too bad.
Sorry to sound like an a$$, but good grief. Everything is discrimination or racisit these days..what a joke.

mustangman1974 · Dec 19, 2009

I have safeco and I have had them since I was 22 both my cars are older mustangs. The only pain in the ass was getting them appraised. After that they increase the appraisals every 6 months by 8%. Kind of wipes out he continual coverage discount, but never had a problem with them, and my daily driver has been smacked a few times by unlic. un insur;d a$$ holes.

Scudly · Dec 20, 2009

88gt said:
Really??? You had to ask that? It's policy, you don't like it...too bad.
Sorry to sound like an a$$, but good grief. Everything is discrimination or racisit these days..what a joke.

What do I know about the insurance industry? Call me naive I guess

88gt · Dec 21, 2009

Scudly said:
What do I know about the insurance industry? Call me naive I guess

I think the insurance agents keep everyone guessing on purpose, or they truly have no clue themselves...
Again, didn't mean to sound like an a$$, ask your agent questions..lots of them. Make them tell you everything you want to know. If they dont answer reasonably, go find another that will. It's what I've done..
.
I was with the same company for 18 years, I get my '65 and they won't insure it on an agreed value..took my business elsewhere (houses/truck/car/boat/bikes)..nothing personal..just business. And remember..unless you are related to your agent..they are not your friend and will do everything possible to protect their money, not your car. Get everything in writing.

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