Need Insurance Advice

[D-BOI]

Hello folks, good to be on back as i havent had much time to spend on here lately.

I have a very important question to ask from those of you whom know alot more on this subject than i do. I own 4 vehicles currentyl 3 daily drivers and then my 1997 Mustang GT Vert. With the Mustang i put it in the garage and on jackstand on October and dont bring it back down on the ground till April of the following year. However when i do bring it down all i do is call up AAA and just tell them the car is now off storage please give me back my full coverage(as i only have fire and theft while its being stored). Now i wanted to know if i can have this car insured as a collector car under Hagerty or another company maybe even AAA. I drive this car barely 1500-2000 miles a year and i pay daily driver premiums for it which is something lie 600 every 6 months and i barely even use the thing. Thats not even the best part, but if i get into an accident and total my mustang i would more than likely get bluebook for it which would probably be 4500 bucks since it has 88k miles on it. To me however this car is worth 3 times as much since its in mint condition and i have spent over 10k in upgrades and maintanance on the car.

Any advice would be more than greatly appreciated as i do not know much about this topic. By the way im currently 25 years old and a perfect driving record.

 

[Kornnut]

I have agreed value/collectors ins on my car. American Collectors is where mine is. You will have to take detailed photos of the car, and fill out the mods when doing the app.

 

[D-BOI]

What are their stipulations? All my other cars are under my parents policy but im the registered owner. I think you have to have your daily under your own policy dont you?

 

[Dark04GT]

Shop around at several of the major insurance companies and get detailed quotes by being very specific about how much you drive your cars / getting only the coverage you need. Sounds like you are spending too much on car insurance (I spend just a little more than 700 to insure 3 cars for 6 months).

How much is the insurance for the other 3 cars? I would evaluate the whole situation and see if different combinations of insurance with all 4 of the cars to see what makes sense to you.

Also the obvious question is if you have 4 cars..... is there one you could probably let go of to simplify things?

 

[Kornnut]

What are their stipulations? All my other cars are under my parents policy but im the registered owner. I think you have to have your daily under your own policy dont you?

You must have another daily, the car must meet a mileage restriction, and you have to pay it all up front.

 

[D-BOI]

Shop around at several of the major insurance companies and get detailed quotes by being very specific about how much you drive your cars / getting only the coverage you need. Sounds like you are spending too much on car insurance (I spend just a little more than 700 to insure 3 cars for 6 months).

How much is the insurance for the other 3 cars? I would evaluate the whole situation and see if different combinations of insurance with all 4 of the cars to see what makes sense to you.

Also the obvious question is if you have 4 cars..... is there one you could probably let go of to simplify things?

How on earth are you paying 700 for 3 cars. My 2000 lexus gs and 2000 lexus es are 1300 every 6 months for full coverage. The lexus es im currently trying to sell so i can downsize. Ive been getting robbed with insurance on the mustang because i never drove it as a daily from day one it was just a fun car.

 

[D-BOI]

You must have another daily, the car must meet a mileage restriction, and you have to pay it all up front.

I have a daily registered to me but insured under my parents policy. How many miles a year can you drive and is there a limit to where you can drive it? Does it only have to be car shows and such ?

 

[Kornnut]

I have a daily registered to me but insured under my parents policy. How many miles a year can you drive and is there a limit to where you can drive it? Does it only have to be car shows and such ?

If you insure it as a show car then it can only be driven to car shows. You have the option of which way you insure it. I think my cap of miles is 2500.

 

[D-BOI]

I called haggerty today and they told me they dont really have a cap on miles as log as you dont use it as your daily or as your backup vehicle. They told me it would be 850 bucks a year if i wanted to insure the car for $13,000. Sounds kind of pricey to me. My problem with this is how do they just take your word for how much you are driving it. Kinda makes me think they would start to pull some grimey sheet and blame you in case you had to fill out a claim. Im going to give a call to the insurance comp you have and see if they are any diff.