Classic Car Insurance HELP!

I dont know much about this, but have been hearing about a declared value policy, where you state your value, within reasonable market values. Most insurance will not payout nearly what we know these things are worth, and put a lot of provisions and restrictions on them, like a secondary driver, annual mileage, must be garaged etc...

I just have regular full coverage, and that is inadequate in the event of an incident. I drive very cautious

I have Heacock Classic insurance and have no complaints. But, I would shop around. Before I chose Heacock, I got quotes from several other providers, including my existing provider's classic coverage, JC Taylor, Hagerty, etc. Keep in mind that the rates will vary quite a bit particularly according to household vehicle use and storage.

Grundy

Never heard of Heacock so I cant say if they're good or bad.

I use Grundy for my Nova. I had a professional appraisal done back when I got the body redone, sent that in with tons of pictures and photos and they set a value on it and its increased quite a bit over the years. My premiums are very reasonable and I'm happy with their customer service.

We have two regular driver cars, one for me and one for my wife, and then the Nova. Not sure if Grundy ever even asked that though. I just told them it wasnt my daily driver and put less than 3,000 miles on it a year and that was it I think.

I have mine insured thru my regular insurance company and we have 3 daily drivers on that insurance. The Nova is insured for $20,000 and for 5000 miles a year. I drove it to work today. For the Nova I paid a little over $300 for the whole year.

Be careful of the wording on the 'stated value' policies from generic insurance co's. Usually they are written so that the payout limit is the LESSER of the stated value and the book value. So...stated value $20K, book value $1K, they pay $1k. Sounds crazy, but that's the way a lot of them are.

Yeah I go through Allstate and have our homeowners and regular cars on their policies. Had the Nova on there years back, and when I got the body redone I asked them what they'd give me if it was totaled or stolen. Just curious, etc. They said blue book value. Looked that up, it was like $2K. YIKES!

Thats when I switched to Grundy. Didnt want to get screwed if it was stolen or wrecked.

Maybe your regular insurance company has a separate classic car type insurance? I think Allstate has something for that now, but back then they didnt have anything, at least not that I was aware of.

Heacock

I just put a $15,000 agreed-upon policy on my 66 nova through Heacock this week. Cost me $250. I went through heather- she took good care of me and it was painless. I've heard good things about them that's why went with them but I've never had to place a claim.

Good luck

Steve

Sooner1 said:

I just put a $15,000 agreed-upon policy on my 66 nova through Heacock this week. Cost me $250. I went through heather- she took good care of me and it was painless. I've heard good things about them that's why went with them but I've never had to place a claim.

Good luck

Steve

Click to expand...

Looks like you need to add at least $10,000 to it.:yes:

Heacock is a damn good company as is J.C. Taylor and Hagerty. I'd stay away from Grundy, they have been having multitude issues and may not be around. Positively do not use a "common" carrier like State Farm, Allstate, Nationwide etc. These outfits don't have the experience dealing with collector cars and will only sell you a bill of goods.

Only deal with a company that specializes in collector cars, Heacock is one of them.

I use Modern Insurance.

I found American Modern to be the best deal for me, I have four cars with them and one is an 02 35th anniversary Camaro, and pay about $500 a year total. They are one of the few that will insure a newer car that is considered a classic. They will agree with your set value in most cases, 1000 miles a year
per vehicle for me and occasional personal usage.

I have chubb also come with 100 mile tow ...but I paid less than $200 for the year

I have American Collector Car Insurance

Click here: http://www.americancollectors.com/ and give them a call.

sbc1320 said:

I have mine insured thru my regular insurance company and we have 3 daily drivers on that insurance. The Nova is insured for $20,000 and for 5000 miles a year. I drove it to work today. For the Nova I paid a little over $300 for the whole year.

Click to expand...

I did the same thing. All you really need is coverage. Motor vehicles will give you the vintage or collectible sticker regardless. I have esurance in all my 4 vehicles and I only pay 440 on the Nova for the whole year. No mileage limitation.

Ok, I posted before, Modern Insurance.
I pay $269 a year for a 1991 ZR-1 Corvette valued at $25k and the 1972 Nova valued at $15k. Mileage limited to 3k a year on both but can easily be raised if needed. They are agreed value policies.

HammerZR1 said:

Ok, I posted before, Modern Insurance.
I pay $269 a year for a 1991 ZR-1 Corvette valued at $25k and the 1972 Nova valued at $15k. Mileage limited to 3k a year on both but can easily be raised if needed. They are agreed value policies.

Click to expand...

The only problem with this is that not all insurance carriers are available in states. We all need to search for each individual that will offer coverage in our states.

cdahl383 said:

Thats when I switched to Grundy. Didnt want to get screwed if it was stolen or wrecked.

Click to expand...

I have Grundy as well. No complaints nor issues on my part.

They have been going through some changes in the last couple years in terms of administration of their policies (Grundy Worldwide was a combined effort between Philadelphia Insurance [PHLY] and the original Grundy agency, but then PHLY took total control a year or two ago. As of this spring though, Grundy is back in the picture.)

Grundy here also. With no complaints!!

Centofanti said:

I need input on your classic car insurance. Heagerty turn me down because I only have 1 personal car for my wife and I. My 70 is NOT a daily driver and yes we only need 1 personal car.

So Heacock will write the insurance since the car is in restoration process. So has anyone had good or bad luck with Heacock Classic Insurance or recommend another company? Remember I need insurance while under restoration and some will not write it.

Click to expand...

Running into the same issue. Almost every 'classics specialty' provider requires every licensed driver in the home to have their own 'daily driver' to qualify for their insurance. Because of that I had to go through regular car insurance which costs a lot more and has a lot less coverage. Crazy as it sounds it's almost cheaper for me to buy a sub $500 crap car, insure it for the lowest possible, and park it in a field and then get insurance on the nova through haggerty/etc.