Quick question, how do many of you insure your cars for street driving? Standard auto insurance like your daily drivers or with "classic car" type insurances?
State Farm “that the agent is a car guy” that offers classic car via a separate underwriter with agreed value. Must have daily driver (modern vehicle) first though.
Generally, 'collector car' insurance will be much cheaper than 'regular' insurance but it comes with limitations. It can't be your primary vehicle as noted above and you're usually limited in how much you can drive it by mileage although few companies seem to enforce this strictly. They usually also require secure storage. If you're planning on using it as your daily driver, you'll legally need a 'regular' policy and the above restrictions disappear, but you'll be limited on vehicle value amounts in most cases as well as paying more.
I put normal liability insurance on them. I use them like normal cars. They're just old Chevys, so they're not worth much, and I can afford the loss if they get wrecked etc. but I'm probably the only idiot who does this, so don't listen to me.
I just signed up with hagerty thru my State Farm guy. Same price as liability for full coverage/agreed value. First time ever to have more than liability for an old ride. I guess it depends on what you think something is worth. For years I drove old beater f100s. Make em run and stop. I’d grab one cheap and have $1500 bucks in it for a daily, sometimes less. But those things have got pricey. The last one like that was around $4500. That buys a $450 truck from 15 years ago now. Didn’t make a lot of sense to spend $800 a year to insure $1200-$1500. Now those same beaters are worth 10X that.
I looked into hagerty, and was turned off by something about the policy...maybe to do with doing Drag Week, or ??? But this "new" corvette is worth a lot of money, even though the license plate says "olchevy", maybe I should look again.
I looked again, this is what they say: "Qualifications for insurance through Hagerty Usage A policy through Hagerty allows you to use your collector vehicle for club functions, exhibitions, organized meets, tours and even occasional pleasure driving—it just can't be your daily driver." and: "Benefits of classic car insurance through Hagerty Guaranteed Value® coverage for your classic car Flexible usage Insuring a classic or collector car through Hagerty allows occasional pleasure use.** You can go for a weekend drive, take your vehicle up to the local ice cream shop or attend unlimited events and cruises." Sounds to me like they don't want me using a car they insure, as a car. So I don't qualify...
I drive my stuff daily, and I drive the truck year around. Liability insurance on both the old rides. Those specialty insurance guys get pretty nervous when you start talking "drive daily", and "drive year around." Especially when there are 2 licensed drivers in the household and only one modern car.
I don’t drive my bus daily anymore so the hagerty plan fits. cruise in, weekend events……no problem. I’ve gone from around 12-15k miles a year to around 4-5k. But one reason was a 67 f100 I was driving daily. That truck is gone. Hoping to drive my 51 regularly. I’ll figure out the best ins route when that happens.
I am another idiot like squirrel that runs liability only thru an insurance company that mainly do farmers insurance. I have so many cars but I can only drive one at a time so it is cheap having only liability for me. By not fully insuring all my cars I figure I can buy another nice old car every three years on what I save. my dad thought I was nuts but his old cars are over appraised and he has paid for them multiple times over just in insurance premium going thru collector insurance. so far I am ahead of the game. only way I see me losing if my toyboxes burn down and I lose them all at once. I am afraid of tornados and lightning and my shop is built on my highest part of my property where I bulldozed the top flat. Came close once when lightning went thru the one.
Yeah, I look at what I've saved on premiums by not getting full insurance on several cars every year, it adds up to a lot of dough over 3 or 4 decades.
According to that statement, they have really gotten more strict then they were about 3-4 years ago. Back then they more or less encouraged you to drive your classic vehicle, but couldn't drive it daily, and they wanted it locked in a secure garage when not in use. I suppose insuring all those classic cars and trucks has caught up with them. The car guys have been replaced with bean counters. Its too bad, it used to be a pretty good deal. Back in 2019 I insured my 39 Dodge hot rod pickup with them for an Agreed $20K value ( with only sending them pictures), and unlimited mileage as long as each household driver had a more modern vehicle to drive. The insurance also included a 250 mile free towing and road service coverage. I think the annual premium was around $600. Strictly liability insurance on that truck was around $100/year. I only insured the truck with them for that one year, sold the truck.
I currently have 5 collector cars insured. 3 with a high value 1 with a medium value and one with a lesser value. The 3 deuces don't see a lot of road miles, the 40 5-6K a year and my beater with a lesser value I drive to the coffee shop each morning, post office, grocery store, lunch and general cruising such as it is in a town of 2K. I guess it's a daily driver and if anything was said I'd just change to a regular insurance company like SF and take my lumps if something happened to it. I also have 3 late models insured so they know I have other driving options.
I’m also with Grundy I tried to switch to Hagerty this past year and was amazed at the difference with four cars
Don't know what it's like in the US but Hagerty in Canada seem to have really gone down hill. They refused to offer me an agreed value policy both directly and through my broker and were about double the price I finally ended up paying for agreed value that about $15,000 more than they were willing to insure for.
Hagerty seems to be the go-to for the 'regular' insurance companies these days. When I bought my avatar roughly ten years ago, my AARP insurance said 'no problem!' and just added it to my policy (with the usual 'classic cars' limitations they all have). But when I went to add the convertible, they informed me they no longer write those policies and referred me to Hagerty, although I can keep the policy on the '47 (grandfathered in). I've considered switching it too, but have held off so far... FWIW, my Hagerty 'vert policy just came due and my premium dropped from $450 to $250 per year. I've never made a claim, but I know people who have and all had good things to say about Hagerty.
I've got most of them and use them for different occasions/reasons. I would talk to Gieco, There is drive on IG that dailies his vintage Mercedes and seems to be doing OK. He told me he uses Gieco. Most collector like of Hagerty and the Grundy dont want you actually using your car for a daily. Then there is State Farm. ugh. good luck. maybe sure they is some sort of agreed value. I also was being sold on being able to recover the mess in the case of the wreck and still get a payout, it like an added cost. There are all type of levels of insurance, just make sure it what you need to to cover yourself and what you believe your car is valued to you. Then shop around.
I have cars with American Modern way less expensive than Allstate liability for agreed value . there are restrictions can not drive to work must have a daily 5000 miles a year limit kept in a locked garage .they would not cover an off topic truck I have it insured with American Heritage cheaper than Allstate liability for agreed value there limit is 6000 miles a year
There's the rub, it's not the comprehensive coverage I'm worried about as I'll fix my cars, it's the total loss (nature mishap or theft......mainly theft for me). My panel is my driver/parts hauler and I go to some shitty areas for parts . I have 1 car through Hagerty that meets all their rules, the rest are parked in my driveway or on the street. I have Farmers on the rest all full coverage, agreed value (nothing crazy), no limitations. If I could get liability and theft ONLY I would.
I’m another idiot like @squirrel who actually likes to use my old cars as cars. Just plain old liability for me.
The Key to your statement is " I can afford the loss " , I can't ( afford any loss) , I'm sure others can't either .
Just recently I hit a deer with my Fargo, not counting my time to repair there will be very little cash outlay, I guarantee I would pay more for an insurance deductible then to fix it.
Since I'm retired my cars are not used for daily driving to and from work. So no need to cover them as daily drivers, and my collector car coverage has no mileage limits. All my driving is for pleasure, and not work or errands, unless the errand is to get parts and I need the car with me.
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