Insurance?

[Don Jordan]

Just checking to see what's out there. Any pros or cons. I just got a quote from Hagerty for 2 Plymouths - $403 - Does that sound about right? I had my Chevy insured (long ago) by J C Taylor - I don't have any bad memories. I know there are several different companies out there - just checking.

thanks

[Norm's Coupe]

That sounds on the high side to me. However, it does depend on a lot of things including the amount of insurance carried, driving record, location, etc. I have my P15 coupe through JC Taylor and pay under $100 per year.

[greg g]

I am have mine covered through American Collectors out of NJ. My coverage is a limited mileage deal but it works out for my needs. Agreed Value and all that required stuff at higher than required levels fo 107 per year. Someone also mentioned American Hobbiest as a good value.

[Reg Evans]

I have 7 cars insured with J.C.Taylor. I just got the bill for the annual premium @ $459 for all 7. The cars are valued at between 6 to 10K with a 300K liability limit. Cheaper by the dozen !

Oh....just got a revised bill with 8 cars for a total of $515 per year. Forgot about the 64 Valiant I added recently.

[oldmopar]

I have 4 vehicles with Hagerty just paid $269. all are under 10K

[FMSPEED49]

I also have american collectors, pay 120 somthing, for 16k worth coverage

do a google search, they have an online quote deal that works instintaniously.

[Don Coatney]

I am with Taylor. I pay around two fifty per year for my Plymouth. Reason it is higher than the others is I told them about my engine modifications and this put me in a modified rating class. I am covered 366 days this year and only restriction is I cannot drive my car to work every day. I can drive it to work occasionally. I also must have another vehicle to use as a daily driver.

[Normspeed]

The obstacle I've run into with the specialty groups is that they all require the vehicle be kept in a locked garage, which I don't have.

[Norm's Coupe]

I am with Taylor. I pay around two fifty per year for my Plymouth. Reason it is higher than the others is I told them about my engine modifications and this put me in a modified rating class. I am covered 366 days this year and only restriction is I cannot drive my car to work every day. I can drive it to work occasionally. I also must have another vehicle to use as a daily driver.

While I'm not in the modified group at JC Taylor, like Don I can drive the car as much or whenever I want with the same exception as Don has.

I did ask them to define "Modified" a couple of years ago though since I do have a custom interior, disc brakes etc. Those things don't count towards changing their insurance class though, only the engine modifications is what ups the price. In fact, they liked the fact that I had upgraded to disc brakes because of the safety factor. So........I'm still in the "Original Car" class even with my changes.

[Don Jordan]

I went to JC Taylor and got another high quote. After looking at it I think I may have found the problem. Right now my Plymouth is being restored. It's not a body off job but close to it. So I put the car's worth at $20,000. It's not like anyone would pay that but that's what I have in it.

I don't know how this works. If I say it's worth $5000 and something happens does that mean it wouldn't be fixed? If someone backs into a fender how far would they go to fix it?

Right now Hagerty and Taylor both are in the same $400 ball park. Now I am perplexed. I'd gladly pay the money if I knew it would be worth it. Of course just the concept of 'insurance' is they are betting nothing will happen.

[bob_amos]

I use Hagerty and insure 3 cars. A1953 Plymouth, 1963 Belair and a 1967 Sunbeam Alpine. All for arounf $140 or so a year. Agreed value is realistic. Some times they price them high due to an inflated agreed value. But I am happy with them as I don't have any mileage restrictions.

[Norm's Coupe]

I went to JC Taylor and got another high quote. After looking at it I think I may have found the problem. Right now my Plymouth is being restored. It's not a body off job but close to it. So I put the car's worth at $20,000. It's not like anyone would pay that but that's what I have in it.

I don't know how this works. If I say it's worth $5000 and something happens does that mean it wouldn't be fixed? If someone backs into a fender how far would they go to fix it?

Right now Hagerty and Taylor both are in the same $400 ball park. Now I am perplexed. I'd gladly pay the money if I knew it would be worth it. Of course just the concept of 'insurance' is they are betting nothing will happen.

Old car insurance is usually based on an agreed value of the car between you and the insurance company. So.........if you only insure it for $5,000, thats all you'll get if the car is totaled out. In short you would have a $15,000 deductible. If someone just backs into a fender and the repair cost is under $5,000 they will pay to fix that fender. If it goes over the $5,000 you would have to pay the difference out of pocket.

So.........if you want your $20,000 back in case of a total loss, you have to insure it for $20,000 and pay the higher premium for it.

[JohnS48plm]

Policy cost is important but how you are treated when you have an accident is also important to me. When my coupe was rearended a few years ago I had Hagerty Insurance. They had me send them pictures of the damage, a police report and estimate from the body shop of my choice. I had a check for the damage within a week. I was happy with Hagerty and still have their insurance on my car. JohnS

[bob_amos]

Norm's correct about the agreed value. If you have a vehicle that is worth big bucks then it'll cost you more to insure it or you will have to take the loss if you under insure. Me, well, to be truthful, there really isn't a 53 Cranbrook 4 door worth over the $5000 I chose as a value, and it probably really isn't worth that either. The 63 Belair isn't worth big bucks either so it's agreed value is somewhere in the $6500 range and the Sunbeam Alpine is insured for around $11,000. While it's a real beauty, I doubt it would be worth more. So, my choices of value were reasonable and real, kind of. As a result, my insurance costs are withing reason too. I'm not gullible enough to think any of my cars are worth the $20,000 plus range.

[martybose]

(snip) I'm not gullible enough to think any of my cars are worth the $20,000 plus range.

I know mine wouldn't sell for $20K, but over the years I've sure spent that much. If I was going agreed value, I would probably put $20K, so that if it was destroyed the insurance would pay for building its replacement. Who knows what Edmunds manifolds and heads would cost by then!

Marty

[bob_amos]

Good point. Parts will cost more in the future. I can say this about Hagerty, not sure about the other companies, Hagerty has allowed me to up the value from time to time with no increase in premiums. It's kind of an inflation fighter thing that costs me nothing. So, when they offer this I take advantage of it. Also, if I do increase the value due to adding and reworking something, I can adjust the agreed value and just pay the difference. Being as I am in the business of repairing and restoring vehicles I am fortunate to be able to track what my cars are worth. But then, I do drive them and really don't want a picture perfect vehicle for my use. I just did finish that 66 Mustang and she paid a bit over $18,000 for the work. Figuring that plus the base value of the car realitically doesn't put it in the sky high value arena. On the other hand, a 35 ford phaeton we are about to finish will be up in that neighborhood and he will have to pay that high price for coverage. So, while we work on our toys we will never be able to really recover the costs of our labour. Pricing our value and what we want to pay for insurance is a choice that only you the owner can make.

[Norm's Coupe]

When it comes to insurance, I think it's a personal thing.

Myself, I really don't like to pay any insurance premiums, so I try to get the most for my buck. Insurance is really like going to the casino and gambling away your money. The insurance company is gambling that you don't have an accident and they'll never have to pay out anything. On the other hand, the insurance buyer is gambling that he will have an accident and the insurance company will pay for it.

As for being able to up the agreed value for insurance on the car. JC Taylor also allows you to do that at anytime.

All that said, here's the way I feel about insuring my coupe when it comes to agreed value. I'm gambling that I don't have an accident. However, I do account for what I have into the car, plus a little more, but not the full value. In fact it's several thousand dollars less than what it would probably sell for. However, the way I look at it, I built it once and I can rebuild it again if necessary and if I want to with the money I do get from the insurance claim. If I don't want to rebuild it, I did get my money back that I put into it, plus a little extra. If I decide not to rebuild and buy back whats left of the car I can either sell that, or part it out and get more money back. As far as my labor cost, well.............I didn't charge myself the first time around (it's a hobby) and I won't charge myself the second time around.

In addition to that above, if I want to take whats remaining of the car and the money from the insurance claim, who says I have to rebuild it to original. I can always make a hot rod out of it with no fenders, etc.

When it comes to damage from an accident. How many cars have you seen where the engine, transmission and rearend are damaged? Not many, it's usually just body damage and steering gear, etc. So..........why insure that?

I know some won't agree with all this, especially if you didn't do the work yourself. But like I said starting out. Insurance is a personal thing.

ONE OTHER NOTE: If you buy a new car it's insured for the full value of the car. However, once you've put miles on it and owned it maybe a year or two that full value drops. So..........Instead of getting $20,000 (new price) you will only get maybe $10,000. Or.........you can opt for a replacement vehicle in the same condition. However, that vehicle wouldn't be new either, it would be a used one with miles on it, not worth the initial $20,000 you paid. So........why not use the same method for insuring the old cars?