Collector Car Insurance

24shofast

24shofast

HEAVYW8
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:
 
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?
 
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.
 
MarauderCyclone said:
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.
Click to expand...

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
 
JimmyXR7 said:
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
Click to expand...


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
 
Classic underwriters. Unless you qualify for grundy.

Now let's get back to what gears, what oil, and who's tune is better........ :D
 
lji372 said:
Classic underwriters. Unless you qualify for grundy.

Now let's get back to what gears, what oil, and who's tune is better........ :D
Click to expand...
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
 
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.
 
lji372 said:
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.
Click to expand...

Good info. I have AARP on the home and 3 other cars.
20k agreed value on Marauder 357.00
 
I have a few phone calls and emails to several more companies right now. I will let you guys know how it turns out!
 
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.
 
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.
 
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
 
Insurance

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
 
88CuttyClassic said:
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.
Click to expand...


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.
 
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)
 
88CuttyClassic said:
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)
Click to expand...

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.
 
"Stated Value"

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 - 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:
transquare.gif

1
transquare.gif


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.
 
You must log in or register to reply here.
Back
Top