Insurance

[Capt Kirk]

I'm sorry if this topic is beating a dead horse. I'm fairly new here.
I have my 35 insured through my regular Alstate agent. It's on storage coverage at the moment and would only take an email to get it covered.
I have questioned my agent a couple times if my insurance would cover
an 80 year old car that's worth $xx,xxx. He's a good agent for my daily drivers but I'm not convinced by his "wishy-washy" answers on the 35. Of course I want liability coverage if I cause harm or damage to others and my current insurance has that taken care of. This car is both priceless and worthless to me. Priceless in sentimental value and worthless because I will never sell it. I don't drive it much...might get 100 miles a year now that I live in a place that has more than 3 months of summer. If I'm involved in an accident I have my doubts that Alstate is going to cover $xx.xxx but would probably do $x,xxx. They would never be able to replace the sentimental value and I don't believe they would cover whatever the actual value of the car is. With so few miles a year, do I keep my current coverage where I can turn it on and off at will? Is there an antique car insurer that works in MI and takes into account that the car isn't driven much and can flop back and forth between driving and storage modes?

[Tony, NY]

I would just go with a insurer like Hagerty for a stated value coverage and liability and leave it on all year. It's not going to cost you all that much.

[tubman]

NO NO NO. Not stated value. You want AGREED value insurance. Stated value sounds good when you buy it, but they can come back at you and make a case that the car is not worth the stated value, and you're screwed. Agreed value is super cheap if you do it right; I have my 2 Corvettes, my two antique Firetrucks, my '51 Ford, and a few other lesser vehicles insured for an Agreed Value of almost 200K total Agreed Value for $1100 per year with Condon and Skelly . It's the best deal out there. DO NOT skimp on insurance; make sure you are getting the best coverage you can!

[Tony, NY]

Yes, use the correct terminology. I was just trying to get the point across.

[1938 ford]

Captain Kirk: I am a retired Allstate agent. You are paying too much for too little coverage with a regular Allstate policy. The car will be insured under an "actual cash value policy, which means they determine the value of the loss at the time of loss. They will depreciate the hell out of it and offer you pennies on the dollar because collector cars are not their expertise. You need collector car insurance, it is much cheaper than insurance for your "civillian" cars and you set the value of the car, the insurance company agrees that is an accurate value and you are done! Liability, and physical damage for your baby with no deductibles. I had Hagerty, and now have Grundy because they have better rates for the same excellent coverage.

[1938 ford]

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Tubman is right on the money...............AGREED VALUE IS THE ONLY WAY TO GO.

If you car is not frequently driven, you still need to remember about losing the car to a fire, flood, theft, vandalism, or collapse of your structure due to a windstorm. You may not get your baby back if it is stolen and shipped overseas, but you will at least have an AGREED VALUE CHECK in your hands to soothe the wounds !

[34pickup]

Get a genuine antique car policy. I have Grundy and its much cheaper than a regular policy. They realize that an antique car owner takes better care of their car and drives it much less so its not placed in as much jeopardy as a regular car/truck so the premiums are much lower.

[supereal]

I have had Hagerty for years. It is an agreed value in the case theft or fire. It is a year round policy to be in force in the " off season", too. Premium, with the flatbed extra, runs about $ 220/year in Iowa for a "number 2" class '47 convertible.

[Capt Kirk]

Wow...thanks guys. I just did an online quote at Grundys. I chose a $100 deductible and put in $50k for the 35 Cabriolet and $10k for the 56 Chevy truck. Premium came out to $512 a year. Do those valuations look about right? Can I sign up for this insurance online...if so, do I get a certificate of coverage right away?

[34pickup]

Originally Posted by Capt Kirk

Wow...thanks guys. I just did an online quote at Grundys. I chose a $100 deductible and put in $50k for the 35 Cabriolet and $10k for the 56 Chevy truck. Premium came out to $512 a year. Do those valuations look about right? Can I sign up for this insurance online...if so, do I get a certificate of coverage right away?

You should be able to find out if you can do it online by accessing their web site. You will have to furnish them photos of your cars and I believe a copy of the proof of ownership. I don't remember if I did mine online or not but you can renew the policy online as I do every year.

[19Fordy]

Capt. Kirk, Your Grundy quote seems to be about right. I believe the going rate is about $10 per $1000 of coverage. To make sure you and Grundy are on the same page give them a call. I am sure they can easily email you an Insurance Binder and Proof of Insurance. Is there a local Grundy agent near you? I have my 40 insured with JC TAYLOR since 1988. They use Foremost Insurance Co. Look here: https://www.foremost.com/products/collectible-auto/

[BlueSunoco]

First off Capt Kirk------ beautiful car I love it

As the others have said, go w/ Haggerty, Grundy, or one of the other collector car carriers for the best insurance on this car for the money. AGREED VALUE can't state that enough. Actual Cash Value,,,,, Insurance Company will decide what they will pay you and you ain't gonna be happy. Agreed Value you will get a check for THAT amount in a total loss no games played.

Grundy and Haggerty were only about 20 bucks apart for the same car, same coverage when I got quotes. The insurance is paid once for 365 days coverage, you don't have to call and put the car on winter storage in the fall, call again in the spring, that sort of thing.

They will want a couple pictures of the car and the engine compartment. Street Rods run higher I am told than stock cars. You can do it all online they will mail you your paperwork, ins. card, etc. Pay by check or credit card if you want. If I recall there are no mileage limitations with Haggerty or Grundy?? I may be wrong but I'm like you, don't drive over 400 miles or so total usually less than that per year so I never think about it. At 100 miles per year you are in fine shape Let us know what you do!

[B-O-B]

On line is not a problem with Grundy. I add cars ,remove cars, add new policies on line with them all the time. I presently have 5 vehicles insured with them & have had as many as 8 or so. I even did my claims for damage on line.I have never had a problem.
When I was headed to the L A Roadsters show one year I hit a racoon. I didn't think there was any real damage so I didn't file a claim. A few months later while in AZ I decided to file a claim as I previously found some hidden damage. I contacted Grundy & they wanted to send an adjuster over. I couldn't do it then as the car was in Or. so they said they would put the claim on hold until I got back to OR.
When I got to Or. I called them up & they reinstated the claim & sent an adjuster. The claim came to $10,000 & I had a check within a few weeks.
You can't beat that even with a club. Grundy for me.
The shock bracket was twisted & oil canned the the shock bracket out of the frame. This oil can damage occurred on the way home from having nitrogen shocks working at the wrong angle .My thoughts. I got rid of those as the ride was pretty stiff. That was just a small bit of the damage as the glass fenders had stress cracks as did the splash apron & the bumper was bent. Paint grille shell,fenders alignment. It didn't take long to add up. Grundy took care of it & no deductible & no fussing. The adjuster ask who was going to do the work & I said I was. He said "no problem".

[flatheadfan]

Kirk-

There are several different antique insurers and all are very competitive. I have been with Hagerty for about 15 years. There are several things I like about them and I especially like the fact they are Michigan based. Being local has allowed them to keep an eye on what the "clowns" in Lansing are up to. In the past they have been quick to notify their Michigan insured of pending legislation that may be of interest. The latest threat is the potential ending of the ten year antique licensing and going to an annual license (need more road money).

Tom

[Capt Kirk]

Fan....great. I was just getting ready to put my 56 Chevy on a MI antique plate. My 35 has a lifetime historic plate from Alaska (been moving to MI for about the last year) and I think I'm going to leave that on it. The 56 has just a regular AK plate and last week I printed off the paperwork to get the MI antique plate...just needed time to get to SOS to get the title switched to MI. I checked the price difference between Hagerty and that other one that was listed above and Hagerty was quite a bit lower. Need more road money...lol. I checked the state budget website. The "rainy day" fund is busting at the seams! The roads in AK are WAY better than down here which actually surprised me when I first got here. We don't use salt and I'm sure that plays a big part in it. I also think the "lowest bidder" asphalt mix design is a big part of the reason for the bad roads. AK roads fluctuate from 80 above to 50 below and most (the ones not going over permafrost and bad soils) survive pretty well. Looks like I'd better get to SOS and hope they allow grandfathering if the antique plate legislation changes.

[supereal]

The rate basis for vehicles is heavily dependent upon the laws of the state. Our daughter lives in Michigan, which is a "no fault" state, and her premiums are considerable higher than here in Iowa for the same make and model of car. It certainly pays to "shop" several companies to obtain the best rate. Insurance is a complex subject, and I use the agent that handles the rest of my coverage. Hagerty was the result here for my '47, but such factors as deductibles. average yearly mileage, etc, will impact the price.

[tomkc1]

I've been with Hagerty for a number of years for my original 1934 Ford Fordor first in MA now in FL. I also average around 100 miles per year and have never had a claim on any vehicle. When I moved the vehicle to Fl I was surprised that the premium took a bit of a jump. I thought sure that MA would be more expensive.

After reading the discussion here about Grundy I did an online estimate including upping the value by $5000, setting the deductible at $500 and increasing the liability to $300,000. The Grundy quote was $80 less than what I'm paying at Hagerty. I was very surprised. Percentage wise that's about 30%.

My policy with Hagerty is good until February so I won't do anything before then but if all things are equil I'm going to switch.

I love this site, I learn so much.

Tom

[VeryTangled]

Hi Everyone,

Please make sure you have taken care of the liability up to what you have on your passenger car. My state required it. I think five hundred k. I don't think I want less anyway.

The replacement value is a whole different thing than the liability.

On topic. My Grundy 51k value for one car is up for renew in August for between 325 and 350 for a year.

For my car, which is a C or D, I still think I may up it by ten K this year. I want to be able to buy one for what I'm covered for.

[Capt Kirk]

Tangled...what do you mean that your car is a C or D? I have never paid much attention to what my car is worth because it's been irrelevant. The car is priceless in sentimental value and don't have a good handle on what it would be worth if it were for sale or what C or D means...I'm assuming it's a grade similar to grading coins?

[Cecil/WV]

My nephew just totaled some kind of special edition of a Toyota that he was racing and was insured with Grundy. They were willing to settle with him satisfactorily, money wise and let him keep the car that he wants to rebuild. The problem came when they said they wouldn't give him a salvage title, but would only allow him to destroy that VIN # and sell it for parts. It is still in dispute and he switched to Hagerty and got a better rate. He is in WV. They blame state law, but DMV and the State Police said it was up to the insurance Co to make that kind of decision.

[VeryTangled]

Originally Posted by Capt Kirk

Tangled...what do you mean that your car is a C or D?

I mean my car is not what a collector would rate as in A or B condition.

It would take a lot of work to make it a show car, but it's a fantastic driver.

Edit: Kirk, You can choose to not pay attention to what your car is worth. But ask yourself what would it take to put an acceptable replacement in the driveway? That is what I would need for a total loss, knock wood!

[Capt Kirk]

Tangled...I had no idea these cars were rated A, B ,C, D...etc. Makes me curious what my car would rate.
If I got into a wreck with the car and it was a total loss...I wouldn't be thinking about money, I'd be thinking that I let my dad down. I'd be thinking that he managed to keep car intact for 80 years and it ends right now with me at the wheel. I spent about $12K to restore the car and when I got it, it was fairly complete. I'm jealous of everybody that can jump into these cars and drive the hell out of them...I've got a burden. I wouldn't have it any other way but none the less...it's a burden. I have a 56 Chevy truck that I put $10k in to restore...no family...no emotion. It could go over a cliff tomorrow and I'd move on. If the 35 was in a total loss accident...there's no amount of money that would make me feel better and, no...I wouldn't buy another cabriolet to replace it. When I get this insurance, I'm gong to throw a number at it just because I have to. No idea what it's worth but have seen a couple on ebay over the years and $50k seems to be the number.

[tubman]

An interesting thing is if you have been with one on the major insurers (Hagerty, Grundy, Condon-Skelly) for a while, they give you a lot of breaks. I had my '67 Corvette (matching numbers BS) insured with them for $25K. I thought it was a little light, so I called them to see what I should insure it for. Their rep said I should check their website valuation app. I did, and it gave me a low of $65K and a high of 122.5K. I will tell you that if anybody would show up on my doorstep with 65K in 100 dollar bills, that car would be gone. I think that if they know you are a serious "collector", they will let you insure a car for up to 2 times it's actual value for the increase in their revenue; they know that you will take care of it and nothing will go wrong.

[LBs 37V8]

I agree with Tubman and others. I have a similar situation to Capt Kirk. I have Hagerty ins for other cars, and when the '37 was done Hagerty wanted to insure it as valued from their app/value resources. They had no problem when I wanted a much higher "agreed upon" insured value. I suspect the other collector insurance companies would do the same thing. The shop that restored my truck had good experiences with Grundy as well, but I was already using Hagerty anyway, and haven't seen a need to change.
Bryan

[BlueSunoco]

I can fully understand Capn Kirk's feelings. That car has a tremendous amount of personal attachment that money can't replace. It is more than an antique car it is an honor to his father and his memory.

If it were me, and the car had that kind of family history, I'd probably leave it home tucked in the garage and get another old car of your choosing to drive.

And yes, $50K for a '35 Cabriolet in the condition your's is in, is not out of line I sure wouldn't insure it for any less

[VeryTangled]

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Originally Posted by Capt Kirk

Tangled...I had no idea these cars were rated A, B ,C, D...etc. Makes me curious what my car would rate.

Hi Everyone, Cap'n, there is no formal rating system, it's all opinion.

Ever watch 'What's My Car Worth?" Those guys have a scale from 1 to 6 for both condition and collectability. With condition, 1 is perfect in every way, and 6 being a parts car. Many of the cars they select for the show are 2's because of small imperfections.

On that kind of a scale my car is a 4, in my opinion. Plenty of stone chips, dingy chrome, dull to awful paint in places, vinyl instead of leather interior.

The way I fix that is to look at it from at least 30 feet away, then she's a beauty!