Collector Car Insurance

[2,4shofast]

I am trying to get some information from anyone who has started a recent policy. I want to get guaranteed coverage on the Marauder but have hit nothing but road blocks. I know this has be covered several times but I have applied to 5 different companies and been turned down for coverage. Looking for a little help, thanks.
:beer:

[Mebot]

The usual stipulation suspects are either:

A) need to keep mileage under a certain cap per year
B) need to have another primary daily driver
C) need to have a garage
D) a mixture of A,B,C

I was looking into Classic Underwriters for my coverage because they mileage per year was unlimited, they just wanted to make sure there was another primary vehicle and it was garaged.

My dad just got an Agreed Value for his DPB through Hagerty (through Nationwide) and again, no mileage restrictions. Just needs to keep it garaged and have another primary vehicle. Cost per year for the DPB and his 1973 Ford Mustang is less than what he would have paid for one car in a quarter. He just started his policy so what kind of questions are you looking for?

[MarauderCyclone]

Hagerty will insure a 2003-2004 Mercury Marauder under the following conditions...and I'm sure other alike companies have similiar policies.

(1) Must have a Daily Driver other than the MM
(2) Daily Driver must be a 2008 or newer to qualify the 2003-2004 Marauder.
(3) The Marauder must be Garage kept.

Beyond that...you can assign any value you choose to on the Marauder for replacement/repair costs.

You can insure the car as a project in work too. This gradually ups the cars insured value every 6 months. This is a tricky one and one that you need to keep tabs on as you restore anything they insure. Example Car X is worth & $5000...You insure it for $6000 as a project in work. Before the next billing cycle you do $3000.00 worth of improvements. You'd be out of luck under the gradual increase policy....you yourself would have to UP the value with them as you make major improvements.

[JimmyXR7]

Hagerty will insure a 2003-2004 Mercury Marauder under the following conditions...and I'm sure other alike companies have similiar policies.

(1) Must have a Daily Driver other than the MM
(2) Daily Driver must be a 2008 or newer to qualify the 2003-2004 Marauder.
(3) The Marauder must be Garage kept.

Beyond that...you can assign any value you choose to on the Marauder for replacement/repair costs.

You can insure the car as a project in work too. This gradually ups the cars insured value every 6 months. This is a tricky one and one that you need to keep tabs on as you restore anything they insure. Example Car X is worth & $5000...You insure it for $6000 as a project in work. Before the next billing cycle you do $3000.00 worth of improvements. You'd be out of luck under the gradual increase policy....you yourself would have to UP the value with them as you make major improvements.

That 2008 or newer is a stickler for me as I have 4 cars. The newest is my wife's 2007 Navigator. The Marauder is not a daily driver as I drive a different car each day to keep them active. One day some of these old cars my be worth something. The Marauder is the nicest so I try to keep the mileage down.
Are you sure the mileage per year is not a requirement?
Jim

[MarauderCyclone]

That 2008 or newer is a stickler for me as I have 4 cars. The newest is my wife's 2007 Navigator. The Marauder is not a daily driver as I drive a different car each day to keep them active. One day some of these old cars my be worth something. The Marauder is the nicest so I try to keep the mileage down.
Are you sure the mileage per year is not a requirement?
Jim


I made my Inquiry with Hagerty in April 2014 regarding my 2003 Marauder....they did not mention any mileage limitations , but then again they operate under the understood policy that the said insured vehicle ( In this case your Marauder) is NOT being used in any manner as a daily commuter vehicle. Alternating usage or not.

I know it was made clear to me that my 4 cars that are registered with them are NOT for Daily use , Driving to work and Etc. The insurance they provide is for Classic and Limited edition cars/trucks destined to be Classics. They are clearly not a hedge against regular insurance providers prices or cost effective protection for people like you and I that own a car for everyday of the week. You have to accept what Hagerty Is and what it provides Vs. what it isn't and won't tolerate

I know in my particular case...the Marauder I bought was Low mileage and has always been garage kept...it's destined for classic status barring some unforeseen event taking place? I got it for it's future potential not so much as something to tinker with , I do have other cars that fit that bill.

I know my views might not be popular on this website regarding my Marauder. I know many are Mod oriented and love stomping the guts out of thier cars. I say Bravo to them...they paid for it , it's yours to do with as you please. I have a bit more of a conservative outlook to things , I fear the 5% attrition rate on these cars in one manner , then revel in it in another manner. He whom dies with the most toys wins !!! Right? LOL

[lji372]

Classic underwriters. Unless you qualify for grundy.

Now let's get back to what gears, what oil, and who's tune is better........ :D

[VMARAUDER]

Classic underwriters. Unless you qualify for grundy.

Now let's get back to what gears, what oil, and who's tune is better........ :D
Jerry, what are your ratings on the likes of grundy, Hagerty etc...
I have Classic Underwriters because at the time I had no daily driver less than 6 years old

[lji372]

Haggerty has fine print. They say don't worry about it verbally. I say BS that's why I went classic underwriters. They were the best option for me, they had the least restrictions and a lower price. (They are somehow affiliated with Grundy).
When I bought a newer vehicle and qualifie for Grundy I was really surprised at their rates.
My agreed value cars went up but my daily driver price cut more than made up for that.
So they now insure all of my cars.
Let's not forget here in Michigan we have the highest rates in the country. So my experience may vary from yours.

[VMARAUDER]

Haggerty has fine print. They say don't worry about it verbally. I say BS that's why I went classic underwriters. They were the best option for me, they had the least restrictions and a lower price. (They are somehow affiliated with Grundy).
When I bought a newer vehicle and qualifie for Grundy I was really surprised at their rates.
My agreed value cars went up but my daily driver price cut more than made up for that.
So they now insure all of my cars.
Let's not forget here in Michigan we have the highest rates in the country. So my experience may vary from yours.

Good info. I have AARP on the home and 3 other cars.
20k agreed value on Marauder 357.00

[RubberCtyRauder]

Classic Underwriters was formed by a group of former grundy employees. I dont think they are connected

[lji372]

Classic Underwriters was formed by a group of former grundy employees. I dont think they are connected

Well they took my $1500 refund and applied it to my grundy policy. :confused:





True story :D

[2,4shofast]

I have a few phone calls and emails to several more companies right now. I will let you guys know how it turns out!

[Vortech347]

Please do. I need to get something on the fox bad. Its not show car by collector insurance standards but I have some massive coin tied up in it. I will gladly pay extra for a policy that will cover what the car would cost me to replace/rebuild.

[88CuttyClassic]

I swear by hagerty. They truly did for me what they promise in their commercials. I had 15k coverage on my 83 hurst and my accident resulted in 6k plus damage and they gave me no hassle, sent an appraiser out, let me find the hurst specific parts... just an all around great experience for a not so great situation. I think i pay $187 a year.

[johnnyrauder]

also try heacock ins, agreed value of $20k 3kmi a year and any year daily driver and a garage(not that they checked)..$350yr.















9

[pacammer]

Since almost new I have had a stated value insurance policy with Progressive. No limitations. I gave them a list of mod's and the value I wanted, they quoted a price. The price is reasonable and protects my investment in the event of an accident, theft, vandalism, ect. All the standard stuff.

I have classic car insurance on other cars at stated values but they are not daily drivers and are restricted from being daily drivers.

This is my daily driver but I have another vehicle I also drive.

regards,
Gary

[MarauderCyclone]

I swear by hagerty. They truly did for me what they promise in their commercials. I had 15k coverage on my 83 hurst and my accident resulted in 6k plus damage and they gave me no hassle, sent an appraiser out, let me find the hurst specific parts... just an all around great experience for a not so great situation. I think i pay $187 a year.


I'm glad to hear a story like this...but not about your accident of course.

I read a story recently on Yahoo News about a 1964 Malibu Convertible that was stolen from the Los Angeles County home of Movie Maker Quintin Tarantino. This was a car used and driven by John Travolta with Uma Thurman in the movie Pulp Fiction only weeks before it was stolen from his home.

The car vanished. A potential car collector years later buys a 1964 Malibu Convertible that was pretty much a basket case. Over the years (17 years if I recall) he invests over 40K into making this exactly like the car in the movie , he insures it with Hagerty.

All these years later the CHP/DMV is zoning in on a theft wring and chop shop scenario and discover a beat up 64 Malibu Convertible that has obviously had it VIN number removed but still showed hidden ID information of the actual car. The CHP/DMV did some research and discovered a 64 Malibu Convertible registered in the Oakland Ca. area...it turned out to be the previously stolen Tarantino car from 20 years before. They take the car from the owner and return it to Quintin Tarantino in perfect order. The owner is out $40k in restoration work and all those years worth of insuring the car with Hagerty. The out of luck and unaware owner didn't get as much as a thank you from Tarantino...and when he approached Hagerty about his loss , their reply was "We Don't Insure Stolen Cars".

This was the weakest most Broke-D*ck thing I have ever heard....The car made it through Ca.Registration process when he titled and tagged the car , yet they can snatch it away without any compensation at all. I wasn't thrilled at all with Hagerty's position on this either. I'm glad the Theft Prevention program for classic cars in my state is far more thurough and legally binding. The only thing is buying something out of state then bringing it to N.C. to title and tag , if they discover it's stolen at that point , the car and most certainly your invested cash is gone.

[88CuttyClassic]

Im sure hagerty has some language in the agreement with the customer. The burden is always on the owner, as it should be. Its not personal, its business. My story was personal because it happened to me but as far as the business they did what they promised. I dont know what they could have done for that guy. The law ties their hands. He needs to go after who sold him the car. I would also look into any state agencies that may have certified the car in anyway(title , inspection, etc)

[MarauderCyclone]

Im sure hagerty has some language in the agreement with the customer. The burden is always on the owner, as it should be. Its not personal, its business. My story was personal because it happened to me but as far as the business they did what they promised. I dont know what they could have done for that guy. The law ties their hands. He needs to go after who sold him the car. I would also look into any state agencies that may have certified the car in anyway(title , inspection, etc)

Oh...I'm in complete agreement with you about Hagerty's position on the subject , maybe it was the delivery that didn't sit very well with me. I do believe I took into question the way the California DMV Registration process failed this man from the beginning. There lies the entire problem.

I agree that burden is on the Customer between the time of purchase ( From In or Out of State) up until any given State legitimizes the sale by issuing a Tag and a New Registration/Title for the purchase.

I see you are from Pa. I've spent my share of time working there in the last ten years , but have never ventured as far as purchasing a vehicle there. Upon my last return to N.C. from Pa. I went on a car buying spree of sorts. 2 Classics purchased from within state and two purchased out of state. The In-State purchases were seamless as the cars were already titled in the State of N.C....The two out of State purchases were a bit more nerve racking.

The out of state purchases were from S.C. and Ga. about a year apart. The S.C. purchase was easy as S.C. issues a Title and a Registration that somewhat mirrors N.C's way of doing business. The catch is being sent a notice form the DMV after you tag and register the car. You have a 30 day window to present the car to the N.C. DMV Theft Prevention Bureau , where they run the VIN's , insure all the VIN Plates match up , photograph them , then if it comes up clean , they tell the DMV in Raliegh,N.C. it's OK to issue the title to the owner. You will know on the spot if your car passed muster in this process. You either drive it home or they confinscate on the spot.

Until Cars are registered nationally , with each state sharing information , there will always be a period of doubt and concern for anyone buying an older car from an unfamiliar out of state party.

I'm happy to hear that Hagerty treated you well. My cars , My Tools and my so-called Automobilia in my garage are all Insured by Hagerty , your story gives me extreme confidence that I chose the right folks to do business with.

[Loco1234]

Many insurance company's do "Stated Value"... Its what I use because of all the $ spent to aftermarket the car into a 700rwHP daily driver...

Here's the deal. You can make your car cars value whatever you want & willing to pay for coverage... (20K, 30K, 50K, 100k whatever you feel its worth to replace it in full)

---------------------------------

ACV translated means "What its worth in cash (you decide amount), today (just before you crashed it etc...)."
-----

If ACV is the problem, Agreed Value is the solution. If you have a classic insurance policy - from a dedicated company that only issues this sort of policy - this should be the kind of coverage you have. Instead of the above scenario with ACV, what happens instead is you and the insurance company agree on the vehicle value when you sign up (http://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm#) - before the policy is issued and any money changes hands. In the event of a disaster, the insurance company guarantees to pay the value that the two of you agree upon before shaking hands. No ifs, ands or buts.
We said this "should" be the kind of coverage you have. You might not. To find out for sure, look in the physical damage section of your policy. Somewhere in there it will say what is going to happen if your classic car is a total loss. The exact statement should be very close to this:
http://www.lelandwest.com/parts/transquare.gif
1http://www.lelandwest.com/parts/transquare.gif

http://www.lelandwest.com/parts/transquare.gif
In the event of theft or a total loss we will pay the Agreed Value. Thats it. Short and sweet. No wiggle room. No more words. Agreed Value is a simple idea and if the coverage is what it claims to be it should be written up simply in the policy. So thats the good news. An Agreed Value guarantees you will get the protection you paid for.

[Vortech347]

I can tell you State Farm does not do agreed value. I bombed my agent with a million questions today. The answer was "No" to almost every one.

[2,4shofast]

I can tell you State Farm does not do agreed value. I bombed my agent with a million questions today. The answer was "No" to almost every one.

I have my process 95% complete, once I get the docs I will send em over to ya incase you want to do the same!
:beer:

[Spectragod]

I can tell you State Farm does not do agreed value. I bombed my agent with a million questions today. The answer was "No" to almost every one.

That is incorrect, the car has to be 10 years or older, can't be a DD, and they will do stated value.

[Vortech347]

That is incorrect, the car has to be 10 years or older, can't be a DD, and they will do stated value.

Well, you can call my agent if you want. They told me no.

Its a 24 year old fox body that see's 2-4k a year is not a daily and always garage parked. Even with appraisal they said no.

Value of aftermarket parts not counting the car itself is north of 30k

[88CuttyClassic]

My buddy has his GN insured for 30k through state farm.

[Vortech347]

My agent sucks ass then.

[Spectragod]

My agent sucks ass then.


Yep, $194.91, 6 month premium, $100 deductible's, 45k stated value.....

Find another agent.....

[MarauderCyclone]

These issues might not just be "The Agents" fault?

Some companies elect to pick and choose what they are willing to insure.

I remember well the early days of the Buick Grand National. When the GN hit the scene it made more power than any other American Made car at that time , Some...I stress Some Insurance Companies flatly refused to insure them. Some refused to insure them for certain drivers based on thier previous driving record or whatever metrics they tend to use.

The Key here being....Shop Around , Get a Policy that fits your long range needs...not just something to get the deal concluded , then let the chips fall where they may.<------This is not advisable.

[Vortech347]

These issues might not just be "The Agents" fault?

Some companies elect to pick and choose what they are willing to insure.

I remember well the early days of the Buick Grand National. When the GN hit the scene it made more power than any other American Made car at that time , Some...I stress Some Insurance Companies flatly refused to insure them. Some refused to insure them for certain drivers based on thier previous driving record or whatever metrics they tend to use.

The Key here being....Shop Around , Get a Policy that fits your long range needs...not just something to get the deal concluded , then let the chips fall where they may.<------This is not advisable.

Without even asking information about my car I was told no unless I had an antique and drove less than 1k a year.

[2,4shofast]

Well here is how it all turned out; I contacted several different companies for coverage. Steven (stevengerard) had given me a lead to contact Rally Insurance based out of Chicago and from the first phone call in I knew it was a company I wanted to deal with. The quality and professionalism of their staff is incredible!

Very long story short, I am now covered by American Family Insurance. I requested $20K in coverage but after I sent in my list of modifications they suggested that I carry a minimum of $25K at a $0 deductible for an annual premium increase of $1. I wasn’t going to argue :beer: Thanks again for all of the replies with this, I have been trying to get this done for three years now and never could get it accomplished.:burnout:


Thanks again Steven, you nailed it when you found them!:bows:

[Vortech347]

AmFam is also who we are likely going through after making some calls.

[sailsmen]

I'm glad to hear a story like this...but not about your accident of course.

I read a story recently on Yahoo News about a 1964 Malibu Convertible that was stolen from the Los Angeles County home of Movie Maker Quintin Tarantino. This was a car used and driven by John Travolta with Uma Thurman in the movie Pulp Fiction only weeks before it was stolen from his home.

The car vanished. A potential car collector years later buys a 1964 Malibu Convertible that was pretty much a basket case. Over the years (17 years if I recall) he invests over 40K into making this exactly like the car in the movie , he insures it with Hagerty.

All these years later the CHP/DMV is zoning in on a theft wring and chop shop scenario and discover a beat up 64 Malibu Convertible that has obviously had it VIN number removed but still showed hidden ID information of the actual car. The CHP/DMV did some research and discovered a 64 Malibu Convertible registered in the Oakland Ca. area...it turned out to be the previously stolen Tarantino car from 20 years before. They take the car from the owner and return it to Quintin Tarantino in perfect order. The owner is out $40k in restoration work and all those years worth of insuring the car with Hagerty. The out of luck and unaware owner didn't get as much as a thank you from Tarantino...and when he approached Hagerty about his loss , their reply was "We Don't Insure Stolen Cars".

This was the weakest most Broke-D*ck thing I have ever heard....The car made it through Ca.Registration process when he titled and tagged the car , yet they can snatch it away without any compensation at all. I wasn't thrilled at all with Hagerty's position on this either. I'm glad the Theft Prevention program for classic cars in my state is far more thurough and legally binding. The only thing is buying something out of state then bringing it to N.C. to title and tag , if they discover it's stolen at that point , the car and most certainly your invested cash is gone.
I am not aware of any trick and deceit coverage in an Auto Policy. Wonder if Tarantino paid back his insurance company. The potential car collector owns all the items he put on the car and can sue Tarantino for the value of them.
I know someone who got a "good deal" on a car and ran the VIN thru the State. It came up clean because it was stolen in another state. They took the car from him and he got zip.
He asked me if I wanted one, you paid cash to an individual. I said no.

I had a wrecked car and a friend agreed to part out the body parts at his body shop. One day I went there to retrieve some trim parts. All that was left was a hulk for the scrap yard.
A man asked if the VIN tag was still affixed and if I had clear title. I said yes and he began to offer me money. I said no it's not worth anything. I smelled a rat. He kept offering me more so I left.
I latter found out he was a Sgt in the police dept. He was buying tags and titles. He would then pay the City tow truck drivers to tow cars that matched his paper work and then pick them up at the City pound.
I wonder how many cars he "acquired"???

[bugsyc]

Hagerty and a couple of others that specialize in collector cars have very low rates...I was surprised how low and they include collision with a very low deductible..They want pictures..Lots of pictures of all sides and front and back and inside....They also want pictures of the garage where they will be locked up...That's what I was unable to produce....I guess I could have photoed someone elses garage and submitted it but,I won't go like that...They would have saved me about $1500 a year on 2 cars plus I would have better coverage...Oh well....I'll try again if I ever get a house with a 3 or 4 car garage.....

[2,4shofast]

Hagerty and a couple of others that specialize in collector cars have very low rates...I was surprised how low and they include collision with a very low deductible..They want pictures..Lots of pictures of all sides and front and back and inside....They also want pictures of the garage where they will be locked up...That's what I was unable to produce....I guess I could have photoed someone elses garage and submitted it but,I won't go like that...They would have saved me about $1500 a year on 2 cars plus I would have better coverage...Oh well....I'll try again if I ever get a house with a 3 or 4 car garage.....

Hagerty offered me a policy this year actually but they had many more restrictions and $240 more annually than American Family. It's nice to finally get coverage that doesnt make me scared to drive!