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insuring a daily driver classic
I'm considering buying a classic car - 1969 Charger. While I have other newer cars, I'd still like to take this one out sometimes to regular places or to work. My insurance company will only insure the depreciated value - in other words - not nearly what it's worth. Classic car insurers won't cover it if you drive it to the store or to work, even if you only do that occasionally.
How are other folks covering their rides? Do you just take the risk?
How are other folks covering their rides? Do you just take the risk?
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Now I insure it through Hagerty, I assume their 'pleasure use' type of driving includes stopping by the store etc.
If your insurance company is REALLY saying they don't want any classic car business ever, then I'd switch to a mainline company that will accommodate your new AND old cars.
As for the classic car insurers, yes, you must have a garage, you must have another car to drive, and you must limit your miles to under 2,500 a year, for club events, tours and "exercise" (perhaps that's a loop hole?).
One thing that Hagerty does that's cool is they only hit you up with liability once, no matter how many cars you own. Whereas with most companies, you pay liability on each car you own, and then collision/comprehensive on top of that, I guess Hagerty figures you can only drive (and wreck) one at a time!
Hagerty is also pretty generous with their usage. Basically, as long as it's not your main source of transportation that you're driving back and forth to work/school all the time, you'll be fine. And driving your car to work every once in awhile on a nice sunny day, they're not going to care about that. Heck, maybe you have a friend at work that wants to see your car, or something! They also don't have a mileage limit.
Most of the big insurance companies, like Allstate, Nationwide, etc, aren't really set up for classic car policies. They'll let you insure it as a regular vehicle, but you'll pay through the nose and their coverage would be pretty bad.
I used to be insured with Allstate, and they actually did have some kind of limited use policy you could get, which saved you a little money. I had a 1969 Bonneville that rarely ran, and I had it on that policy. I think it was like $100 per year, but was liability-only.
Anyway, check out Hagerty, and see what they can do for you.
"Usage. Hagerty provides coverage for vehicles that are used on an occasional basis -- e.g. club functions, exhibitions, organized meets, tours and limited pleasure driving."
I think the key word is "occasional"--so daily use or regular use for the same function would probably violate the policy.
While I don't want to drive it all the time, I do want to drive it other than on sunday drives -- isn't that part of the fun?
State Farm said they might be able to do coverage with an appraisal, so I'm waiting to hear back from them. I'll post back what my results were with them.
It was insured for it's market value with an appraisal and was covered for "limited" mileage. Seems to me, it was up to 3000 miles a year.
Is there a way they can prove it at all...
well not any that restricts how many miles I can drive. What insurance companies are good?
The classic car insurers, while they do have restrictions (must be garaged, limits on mileage, must not be your only car), offer an AGREED UPON value policy, which means that you'll get a check for whatever value has been agreed upon, no questions.
(presuming you follow their rules).
Some mainline insurance companies might ask you for an appraisal, and this is probably a very good idea for you to agree to do that.
Here's a JD Power study of insurance companies. As you can see, there are very few standouts.
Insurance Company Ratings by JD Power
The classic insurers are much easier to work with, from what I understand - but you have restrictions as was stated. I have a policy with Hagerty, which requires the car to be garaged and not to be the primary vehicle...I think they give me 2500 miles a year, and an annual premium of $100 with an agreed value of $5000. It seems pretty fair to me.
Here's a list...maybe one of these doesn't have a mileage restriction:
Insurance Providers
• American Collectors Insurance Inc.
498 Kings Highway N, P.O. Box 8343
Cherry Hill, NJ 08034
800-360-2277, 856-779-7212
www.AmericanCollectors.com
• American Hobbyist Ins. Agency
2501 SE Aviation Way
Stuart, FL 34996
800-395-4835, 772-287-9363
www.AmericanHobbyist.com
• Condon & Skelly
121 E. Kings Highway, Suite 203
Maple Shade, NJ 08052
800-257-9496
www.condonskelly.com
• Great American Insurance
Classic Collectors Program
P.O. Box 429569
Cincinnati, OH 45242-9569
800-252-5233
www.classiccollectors.com
• Grundy Worldwide
P.O. Box 1957
Horsham, PA 19044
800-338-4005
www.grundy.com
• Hagerty Classic Insurance
P.O. Box 87
Traverse City, MI 49685
800-922-405
www.hagerty.com
• J.C. Taylor Antique Automobile Ins. Agency
320 South 69th St.
Upper Darby, PA 19082
800-345-8290, 610-853-1300
www.jctaylor.com
• Sneed Insurance
PO Box 34698
Memphis, TN 38184-0698
800-619-7827
www.sneedinsurance.com
Will the Stang be for go or show? If show, Hagerty. If go, Any domestice carrier will take it for the reasonable applicant, but with photos if not an appraisal.
In both cases driver's license history is very critical.