[LissieStang]

Hi, I am almost ready to start driving my 66 again. My question is what is better. Insurance through allstate or one of the classic car insurance, I do plan to drive this more than garage it, its a straight 6. Appreciate any feedback

Lissiestang:wavey

 

[paul289]

Some classic car insurance companies will give you a better appraisal of your Mustang's value, while regular insurance will just give you a blue-book value. I know that Hagerty classic insurance charges a flat $450 rate. I forget if it's per month or every 6 months or what. The classic car insurance companies better understand your passion for your car than the regular insurance companies, so you'll get money for your repairs rather than getting into a minor fender-bender and having a "totaled" car.

 

[jay67fast]

Paul289,
I appreciate your feeling that classic car insurance companies "better understand your passion for your car", but I respectfully have to disagree!!!
ALL insurance companies are in the business to make money, and none will "help" you because of their love of classics! You'll get exactly (and most times less than) what you paid for. Every company has rules and regulations, a regular policy has fewer restrictions, but doesn't offer stated value policies, and is more expensive than classic car insurance, but the flip side to that is they don't tell you where you can go, how often you can use the car, how much you can use the car or what THEY consider to be reasonable use of your car. Classic car insurance has lower premiums, true, but they also have many, or all, of the restrictions I noted above.
I researched all the major classic car insurance companies when I bought my 67F/B, and they are not as "nice" as you would think! Reading their advertisements you would think you just call them, tell them what you want as stated value and they say "OK, when do we start?" IT AIN"T THAT SIMPLE!!!!! They sing a different song when you ask them SPECIFIC questions about their coverage! For example, Here are a couple of questions I asked---
1) What if I go with my wife to a car show and decide to stop for dinner on the way home. Am I covered if the car is stolen or damaged, or destroyed while parked outside the restaurant.
2) Is my car covered for theft or damaged while parked at a repair shop while waiting to be repaired.
3) If I decide on the way home from a show to stop and pick up a couple of things at the supermarket, or drug store, or hardware store, etc, etc, is the car covered.
The answers I got weren't to my liking---left too many decisions to them as to whether they were liable for coverage.
As I mentioned, NONE of these issues were in their advertisements, it was only after direct questions that they gave me their answers.
Yes, I'm well aware I'll have a hassle if my car is stolen, damaged or destroyed with regular insurance, but at least they won't be able to refuse ALL coverage by deciding that I haven't adhered to one of their restrictions on the use of the car!!! I also admit that if you are within their restrictions they will pay fully and quickly the stated value of the car, but from the questions I asked them, I'm not sure there aren't other restrictions that they just haven't revealed to me before I signed up with them. I just don't want to give them the opportunity to say "we don't believe you are within our insurance guidelines, so we're refusing to pay anything; if you don't like it, sue us!!~!!"
JUST BE CAREFUL before you sign on the dotted line!!!
Jay67fast

 

[Jay H 237]

^ Jay has some good points.

I have regular insurance on my 68 even though I rarely drive it (less than 1000 miles a year). I have no restrictions if I do chose to drive it but I know I won't get full value if it's totaled though.

The problem I ran into is that the collector insurance companies wouldn't cover it in a public parking lot like Jay mentioned above. That means if I go to one of the cruises at Advanced Auto, Walmart or McDonalds by me and something happened I would be at a loss. Not Hagerty but one of the others said the car could only be used for shows and parades. Even if I decided to go for a drive around on a weekend I would be against the policy. The heck with that!!! I have had my 68 on my regular insurance policy since I bought it in 1998. Yes, I'm paying a bit more doing that but I also don't have anyone telling me what I can do or not do with my car.

Keep in mind that all of the classic insurance companies that I know of also require you to have another car as an "everyday" driver at all times. They don't want you driving to work or shopping with your collector car. The other car has to be registered to you too, not a spouse or sibling. They may look at how many licensed drivers in your household and the number of vehicles at your residence too.

 

['65 Dream]

TOO TRUE!! I was told that I wasn't allowed to drive to church or to other family member houses!! No stops, period. They told me I had to have the car in a garage at ALL times, could only drive to/from shows (registered shows) and to/from club meetings (registered clubs). They wanted pics from all angles, in the garage that it would be in, and the odometer!! I bought the car to DRIVE not to stand back and LOOK at!! So I have full coverage through USAA along with my other cars. No restrictions, no pics, no requirment of garage kept. (I currently don't even have a garage, so I wouldn't be able to get classic without lying!)

Classic Ins is great only if you plan on showing your car, not enjoying your car!

 

[andrewmp6]

Both Jay's pretty much hit the nail on the head. Just before you buy insurance read the policy well if any of it you don't understand one of us will help you with it.

 

[Tominator]

I'll dig out my Hagerty policy this weekend and address some of the specifics.

If you do some reading there are some companys offering liberal driving policies.

Laws are state dependent.

For instance my other 5 vehicles are insured by State Farm and my agent could not find an underwriter to insure my Ranger for an agreed value.

It is the underwriter that insurances your car. Hagerty, Gundy and etc are store fronts.

 

[gcroix]

Tominator, what did you find out when you looked at your Hagerty policy? That's who I'm considering, though I am concerned about racking up too many miles/year. I want to drive the car when I want to, but I also want to be compensated if something happens.

65 Dream, I have USAA insurance also, I didn't think they offered classic car insurance. I believe when I asked them about insuring my 66, they directed me to Geico.

Jay H, jay67fast, so what companies did you go with?

Thanks....looking forward to driving and insuring my 66 coupe.

 

[Tominator]

That means if I go to one of the cruises at Advanced Auto, Walmart or McDonalds by me and something happened I would be at a loss.

I asked this question of Hagerty and the answer was 'of course you are covered!'

Most policy provisions allow for reasonable use. Going to a theater for two hours and parking your car in a public lot is a no no, but stopping at a restaurant to get something to eat would be covered. Two hours walking through Wal-Mart would not be reasonable, though stopping at a Quik Stop for ice and your favorite beverage would be reasonable use.

The insurance company wants you to be aware of where your insured vehicle is at all times and take responsibility. A few minutes in a Cracker Barrel to eat is reasonable, where an hour in a high end restaurant with valet parking is not. If your vehicle is out of your immediate control for more than a few minutes the probability of something happening to it go up drastically!

You CANNOT drive it to work or use it for hire. Racing, organized or not revokes your coverage for that period of time and even speeding could cause non-payment in the event of an accident.

As part of the agreement the vehicle must be parked in a locked garage. If at a shop it would be the shop's responsibility to inure the vehicle and not your insurance carrier.

If I recall J C Taylor had a more liberal policy when it comes to miles.

I read and reread my policy and other than the reasonable use provision there are no specifics.

Jay is right, ask questions!

If my State Farm agent had been able to get my Ranger underwritten for stated value State Farm would be the insurer. He could not and I was turned down by Gundy, J C Taylor and Hagerty insures it as an 'exotic.'

 

[Jay H 237]

I asked this question of Hagerty and the answer was 'of course you are covered!'

Interesting! I think this is where speaking to different agents can get you different questions. Possibly they have revised thier policy exclusions too.

 

[Jay H 237]

65 Dream, I have USAA insurance also, I didn't think they offered classic car insurance. I believe when I asked them about insuring my 66, they directed me to Geico.

Jay H, jay67fast, so what companies did you go with?

I am with Geico now. All 3 of my cars are with them now and on the same policy for the multi car discount. I was with Nationwide since I got my first car but switched to Gieco last summer. I did infact save a few hundred too. I didn't mean to sound like thier commercial there but it was infact true. All of the values and coverage amounts are the same I had with Nationwide.

 

[jay67fast]

I have both my cars, a 2006 Honda and my 67 F/B covered by Amica Mutual Insurance Co. They also insure my home. I've been with them for over 20 years, and over the years they have covered several different houses and cars. No complaints, actually I've been very pleased with their service and handling of the couple of claims over the years.
You just have to remember that insurance companies are a business, not a friend; they'll be there for you for just as long as it benefits them, not one second longer!!! As long as I feel I'm getting the service I deserve, I'll be their customer, not one minute longer!!!
Hope that helps,
Jay67fast

 

[Tominator]

Interesting! I think this is where speaking to different agents can get you different questions. Possibly they have revised thier policy exclusions too.

The coverage and exclusions are driven by the underwriter and state law.

Connecticut will be different than Illinois.

 

[gcroix]

Thanks for telling me your insurance companies, Geico and Amica. Do either of them offer a certain dollar amount if your car is totalled? I'm assuming that you have no restrictions on milegage/usage. In other words, when I asked USAA, they turned me to Geico. I thought Geico's price was too high, over $450 per year IIRC. Hagerty's price was great, $230 per year, 11.5K agreed value, no mileage limit, but the 'policy is not intended for vehicles regularly driven to work or school or for running errands.' Heathcock Classic gave me a nice quote, $250/year, but I was limited to 5000 miles per year, or 416 per month. I'm beginning to wonder if it is possible to find a policy that will let me drive my Mustang when I want/no mileage limits, and treat it like a newer car, meaning if it was wrecked/stolen, I'd get some money in return. Do any of you have a policy like this?

 

[jay67fast]

Here's what I suggest----Call any regular insurance company you want to get a quote from (geico, allstate, nationwide, etc.) and ask them the cost of insuring your mustang as a regular car. This will ensure there will be no limitations or restrictions on usage. Then ask them SPECIFICALLY how they will compute the loss(in dollars) if your car is damaged or destroyed. Also ask what they need to verify the condition of your car (appraisal, photos,etc) BEFORE anything happens, and what you will ahve to do to keep this proof of condition valid.
Some will value the car as they do with older regular cars (40 years old?--junk!! We pay junk value, or, We take the average of X number of cars in like condition available now--that's the price we'll pay, or, we don't want your business, you ask too many questions, and we don't want to have to pay if there's a problem, etc.
Also, if they require proof of condition, ask them to send you the requirements in writing , so you can conform to them.
This will very quickly weed out the companies you do or don't want to deal with!!! The answers aren't going to be pretty!!! You'll probably have to accept the company that'll cover your car as close to what you want as possible. Just be aware, the best insurance is the kind you don't have to file a claim on!!! Once you have a claim and they rule on compensation, you'll have a helluva time getting them to change their ruling, without you spending more on legal fees than you will get back from them, not even counting the months and sometimes years it will take to straighten the mess out!!!
DRIVE CAREFULLY AND DEFENSIVELY!!!! It's bad enough when trouble finds you, don't go looking for trouble by driving crazy!!!
GOOD LUCK.
Jay67fast

 

[Jay H 237]

$450 a year doesn't sound bad for an everyday driver. There's a reason why the collector insurance companies offer the $200 plans, for the cruise or show car that isn't an everyday car, the cars aren't getting the use or mileage so the possibility of something happening is very low. You aren't going to get a cheap plan for a high use vehicle.


If something does happen to my 68 then Geico will only give me market value, not stated or appraised value. That's the chance I take with insuring the car like that. I know I'll be out money if the car does get heavily damaged or totaled. I also know that I won't let them take the car either, I'll keep it no matter what. I would make every effort to "bring the car back" which some would have to come out of my pocket or if the car is buckled or twisted bad (anywhere at the point where a classic Mustang with all the parts available can't fix it) I would part it out to recover my loss. That's the choice I have made so I could have the freedom with the car.

 

[droptop73]

Been down thar road!!!
I will NEVER underinsure a vehicle again. The car was down for 6 yrs while piecing it back together.

IMO Hagerty is the way to go, can't drive the car much in Michigan anyways. LOL

My policy allows for "occasional pleasure use"... define occasional

 

[jay67fast]

EXACTLY, droptop73,

"Define occasional"---The problem is the insurance company gets to define "occasional", NOT YOU, and the insurance company writes (or doesn't write )the check!!!!!!If they don't agree with you, you're the one that gets the shaft!!!! And, there isn't ONE COMPANY that's going to write a check unless thay ABSOLUTELY, POSITIVELY have to!!!!!!! When it comes to writing a check in the thousands, you can be sure they're going to twist, turn, and squirm to find a reason not to be responsible to pay your damages.
JMHO
Jay67fast