Full Coverage Insurance on Classic?

[TxFrog1999]

I've been searching for a classic for the better part of the last 6 months and I think I've narrowed down my search, but I have one question I seem to have forgotten to get an answer to.

Is it possible to get full coverage insurance on a classic? If not what type of coverage is possible on a daily driver (I work from my house and only drive at most 8-10K a year)?

Let me clarify that I'm not looking for prices, just options for insurance.

 

[2nd Mustang]

I have full coverage on my 67 coupe, with mileage estimate at about 6-7 thousand miles per year through my regular car insurance.

 

[TxFrog1999]

Is that about the average milage a company will fully insure a classic for each year? 6-7K?

 

[Ozsum2]

No. I have full coverage on my 67 with an agreed upon value of 10 large that has no restrictions what so ever. St Farm

 

[TxFrog1999]

Thats encouraging, so if I shop around I shouldn't have a problem finding a company that will offer full coverage on a classic without saddling me with weekend only miles. Thats one hurdle down, thanks guys.

 

[Ozsum2]

Thats encouraging, so if I shop around I shouldn't have a problem finding a company that will offer full coverage on a classic without saddling me with weekend only miles. Thats one hurdle down, thanks guys.

Not so fast Tex. Some companies won't insure your old car at what it may be truely worth. They insure it as a 35+ year old car and that makes the value at about a buck twenty five. You need to check to make sure it is an agreed upon value. Get it in writing. Expect to have the thing appraised and provide pics of the current condition. Other companies will fully insure it for next to nothing, but you can only drive it to and from car shows and parades and the like. Guys on here go that way and do daily drive it, but just you wait and see where the insurance companies tell them to stick it, if they are involved in an accident.

 

[Max Power]

If you have another vehicle that has full coverage as your main ride, you can get a classic car insurance company like Hagerty to cover you for cheap.

I have Hagerty, my agreed value is 7k(I get to choose, within reason) and my agreed mileage is 10k(I get to choose). The value and miles you choose will effect your rates, but with the above parameters, I pay $95 a year.

Anybody with a classic car should really look into classic car insurance. You are probably wasting a lot of money of you don't.

 

[TxFrog1999]

Well my wife's 2000 is fully insured with USAA so I don't think that would be a problem, and thanks for the heads up on the issue of value.

Max do you have Hagerty for both vehicles or do they only provide classic insurance? And that brings up another question, who is a reputable classic car insurer?

Just to let y'all know the car I'm looking to get is a 1969 Grande, good condition, but of course like any classic stang couldn't hurt from a lot of TLC.

 

[Max Power]

Hagerty is classic only. There are others too, but Hagerty is good enough that I haven't shopped elsewhere.

 

[Ozsum2]

It really depends on your budget, what condition your car is in, and how much peace of mind you want. I don't want to be told what I can or can't do with my car, so I opt for the agreeed upon value with St. Farm ( the best) just like I do with my other vehicles. You pay for what amount of coverage you want or can afford. If you plan on admiring your car while parked in the garage, or just don't plan on driving it much, other options may be better for you.

 

[TxFrog1999]

I checked Hagerty but it appears they really only want to cover show cars, not daily drivers... but the quote of $94 a year blew my mind! I think I'll call State Farm and USAA when I'm ready and see if I can't come to an agreement on value and milage.

 

[2nd Mustang]

I tried an online quote with Hagerty yesterday, stating the truth that I do drive my Stang during the week and sometimes to work and other things. Their response was that they only cover vehicles for "pleasure" driving and not to work, school or errands. Guess I'll stick to my present insurance as I do get pleasure out of driving my Stang a lot during the week.

 

[Ares67Coupe]

I have 21st Century, I have $10k agreed value and 10k miles a year on my 68 Mustang. Full Coverage!

 

[Ozsum2]

I tried an online quote with Hagerty yesterday, stating the truth that I do drive my Stang during the week and sometimes to work and other things. Their response was that they only cover vehicles for "pleasure" driving and not to work, school or errands. Guess I'll stick to my present insurance as I do get pleasure out of driving my Stang a lot during the week.

Yea. That little detail is often unmentioned when folks talk about how great they are. They have their place, just not with daily drivers. Most folks that have the specialty insurances would be SOL if they were involved in an accident.

 

[jerry S]

I have great insurance

but being in Euroland, it won't be of any use to you. I have full coverage on my car (up to replacement value of $35,000) with a deductable of about $400. The annual cost of this policy is $350.

 

[Ozsum2]

but being in Euroland, it won't be of any use to you. I have full coverage on my car (up to replacement value of $35,000) with a deductable of about $400. The annual cost of this policy is $350.

$35,000???

 

[jerry S]

Replacement value = what I spent

$35,000???

It was easy. Way too easy, in fact. Just do everything you could ever want to do, all at once within one month of buying your new car and then ship to Euroland, the home of 52% income tax brackets, 20% sales tax, and $5 a gallon gas.

$13.500 for the car
$6850 for the Global West Stage 5 package
$700 for the tires
$620 pistons
$305 rods
$300 new 4 bbl carb
$200 electric fan
$250 alum radiator
$170 trans cooler
$1300 cyl heads
$350 headers
$400 new stainless steel exhaust
$200 new mufflers
hot tank the block, degrease, regrind crankshaft, bore cyls to .060 over, etc
$1300 TCP Rack and pinion
$400 for 4 halogen lights
new cam, new timing belt, new water pump, new oil pump, etc
maybe another thousand on odds and ends (TCP pedal covers, Grant steering wheel, shoulder belts, etc)
about $3 large in labor to install all the above all at once
$1200 shipping to Europe
duty on the car
costs to transport the car internally
costs to prepare the car for govt inspection (this just sucked. It turns out that the rear brake lines were not up to Euro spec. I had to send to the US for new brake hoses. I spent $98 on new hoses and another $120 in DHL, duty, and VAT. the shipping costs exceded the cost of the part. This was also true for the Lokar parking brake cable. Shipping was in excess of 100% the cost of the part)
cost of govt inspection

My receipts tell me that if the car were stolen or destroyed, I would need $35k to get one exactly like it.

 

[Ozsum2]

Too rich for my blood. I think I'll stay in the US.

 

[2nd Mustang]

$35,000???

Sorry for the hijack.

Actually, that's the price range of my next "toy". Hopefully a 32 Highboy roadster. Maybe I'll be lucky and find one at a lower cost, wouldn't even mind a rat rod, they look cool!

 

[Ozsum2]

Sorry for the hijack.

Actually, that's the price range of my next "toy". Hopefully a 32 Highboy roadster. Maybe I'll be lucky and find one at a lower cost, wouldn't even mind a rat rod, they look cool!

Yea, that is the price for some "S" cars here. Course, his is a Mach by name only with those mods.