Classic Car Insurance

[Paul Mossberg]

Since the insurance question came up today, I’m adding a comment to bump this thread to the “new posts” list.

John Barry asked a slightly different version of this question…noting that his car lives in a car port. Some of the antique & classic car insurers require your car be in a locked garage. John is wondering if anyone is in a similar situation and has recommendations for insurers.

John different version of that. While I was married and living in New Providence NJ, my TD lived in one of those “instant” garages (essentially rip-stop nylon over a conduit type frame). I’m revealing the next info because only you and I are reading this ;);).

I told my insurer the car was in a locked garage. They never asked for any more details.

Just sayin’….

PMOSSBERG2013-06-08 18:32:59

Paul Mossberg
Former Owner of a 1981 Classic Roadsters Ltd. Duchess (VW)
2005 Intermeccanica Roadster

If you own a TDr and are not in the Registry, please go to https://tdreplica.com/forums/topic/mg-td-replica-registry/ and register (you need to copy and paste the link)

[john barry]

thanks Paul good advise ..
I appreciate it

[Paul Mossberg]

Don’t tell ’em I recommended it. 

👿

Paul Mossberg
Former Owner of a 1981 Classic Roadsters Ltd. Duchess (VW)
2005 Intermeccanica Roadster

If you own a TDr and are not in the Registry, please go to https://tdreplica.com/forums/topic/mg-td-replica-registry/ and register (you need to copy and paste the link)

[john barry]

thx Paul   no problemm    🙂

[Jeff]

So, if you have been following my other post, I am making preparation for the purchase of my first Replica Car and I am currently looking into insurance. I would like to have it insured for the trip home.

I read all of the preceding post and tried to get a Quote from Hagerty, but I found it difficult in answering the questions.

#1 is a Duchess a Replica or a Kit?

So I called my local long time insurance provider and they too use Hagerty! I gave her the following:

Titled as 1981 Classic Roadster
Replica of 1952 MG TD
Powered by 1971 VW
Stored in locked garage and used for Holiday / weekend and such.

She asked me two key questions?!?!? Will it be used in parades? And will it have historic plates? Of which I said “Of Course!” According to her these play a key for Hagerty. I am purchasing this vehicle for $3,000 so I asked for an agreed value of $8,000. I told her that once I complete some restoration that I may bump it up to $12,000 based on some prices I have seen on the web.

She called me back and with $0 deductible, some roadside assistance, stored for extended periods (winter months) and is insured year round for $250 a year!!!! She said that we need to send pictures to Hagerty for them to see it before they will insure it. I asked about the value part because I am only paying $3,000 and she said not an issue, it’s that Hagerty currently has the same replica/kit vehicles insured and one even has an agreed insured value of $42,000!!! Hagerty would be concerned that we are UNDER valuing the vehicle.

Wow!! $42,000   OK, who are you!!!

So, who else is willing to tell me what they have theirs insured for?? Am I too low?

Jeff

[Royal]

Jeff, I am currently insured with Hagerty @ 10k.  

I do not have historic/antique plates.  I have had them previously on other cars but decided to come clean and not cheat about the parade, holiday only etc etc usage.  

There are so many variables from state to state re cost of insurance, it would be no benefit to compare costs.  As for the $42k insured TDr, I think that you would find that the $42k is an agreed maximum, not an agreed value.  I could be wrong.  Lotsa difference. 

 

I’d be curious as to how many of our members have antique plates.  

[Jeff]

Thanks Royal!

I just looked into Michigan’s historic plates and “Used only for events such as historical club activities, parades and car show” Is a bit too restrictive for me. No fun runs with the wife!!

Thanks also, when they told me they had one at $42K I was wondering if I was way off base thinking 8K with a high of 12k?!?! Reading previous post, along with yours I think I am being realistic. I agree you can’t compare cost, I was more concerned on value.

Jeff

[edward ericson]

They want you to insure for higher value because it allows them to charge a higher premium. I think the first couple companies I called (Hagerty may have been one of them) did not want to touch anything under $10k. I bought my car for $3500. I’ve got it insured for like $5k-$6k and the premium is about $110. 

[Montie Henderson]

I’ve still got my insurance with State Farm along with my house and other cars. Set Agreed value from their appraiser 18,500. About $230 a year full coverage with 12,000 mile limit per year. I had to take to one of their approved appraisers and get a written appraisal when I first bought it.

[dggrant]

I also have hagerty at $250, valued at $12k with 0 deductible. Annie is kept at ‘my house’ during the summer and locked up during the winter.
Made a claim for a crack in my windshield recently and Hagerty have been brilliant!!!

[William J Collins]

While I owned Angelica it also lived in a Portable Garage .(from ShelterLogic.Com).And  i also told the insurer that it was in a locked garage.  funny coince Huh:D

[Montie Henderson]

With all this talk about insurance I thought I would get a price from Hagerty to compare, they were about 120.00 more than State farm per year.

[Jeff]

Michigan has no fault laws. My quote for the same as dggrant was twice the price.

[Paul Mossberg]

Montie wrote in an earlier post “About $300 a year for full coverage 18,500 replacement value.”

Right after that post, I added a summary of the actual language to look for in your insurance policy.

This is not directed solely to Montie, I’m just using his post as my example.

I really doubt State Farm sells an agreed value policy, that is, one in which the amount the car is insured for IS the amount they would pay in the event of a total loss.

I spent the first five years of my career as a contract analyst for personal auto insurance for a firm that provides legal and actuarial services to insurance companies. And spent another ten years managing the personal auto group. I kinda know what I’m talking about here.

You can’t tell what your insurance covers just by looking at the declarations page. You absolutely have to read the insurance policy itself to see what you really bought.

So…please go back and reread my August 5 2011 post (on the first page of this thread).

Then pull your policies out and make sure you know what you are paying for.

Paul Mossberg
Former Owner of a 1981 Classic Roadsters Ltd. Duchess (VW)
2005 Intermeccanica Roadster

If you own a TDr and are not in the Registry, please go to https://tdreplica.com/forums/topic/mg-td-replica-registry/ and register (you need to copy and paste the link)

[Jeff]

I hear ya Pmossberg. I live in an area that has a lot of retirees with lots of toys.

When I called my local independant agent they only quoted Haggerty. For a lot of the reasons you stated.

I just wonder if I can do any better going straight to Haggerty?

[Paul Mossberg]

Jeff…

Maybe.

Remember “Haggerty” is NOT an insurance company. They are an insurance agent that specializes in classic cars, boats etc.

I would shop around. Go back and check out the other classic car specialists in previous posts in this thread.

Paul Mossberg
Former Owner of a 1981 Classic Roadsters Ltd. Duchess (VW)
2005 Intermeccanica Roadster

If you own a TDr and are not in the Registry, please go to https://tdreplica.com/forums/topic/mg-td-replica-registry/ and register (you need to copy and paste the link)

[Jeff]

Really!!! I didn’t know that!

So, I wonder why my insurance agent was calling another agent than the company themselves.

I will look around, I would rather cut out the middle man. Tends to be cheaper doing that.

Thanks!

[Paul Mossberg]

Jeff,

 

No knock on your agent. It is very likely he/she does not have any direct agreements with insurers that specialize in antique and classic car insurance.

 

For what it’s worth, I bought my insurance through American Collectors

 

The insurance policy is written by American Bankers Ins. Co. of Florida

 

My most recent annual premium was $196, for:

 

$300,000 Liabilty

$250,000 No-fault

$35,000 UM/UIM

Comprehensive and Collision with $250 deductibles for two cars:

1965 Plymouth Satellite Convertible, agreed value $18,500

1982 Reconstructed (my Duchess), agreed value $13,500

Basic towing at $25 per occurence and $500 spare parts coverage are included at no charge. Don’t really need the towing as I have AAA, but it’s free.

 

It is a true agreed value policy, in the event were either car is stolen or declared a total loss, those amounts are what will be paid out.

 

I’m pretty confident I would not find a better deal anywhere.

 

PMOSSBERG2013-08-05 09:57:27

Paul Mossberg
Former Owner of a 1981 Classic Roadsters Ltd. Duchess (VW)
2005 Intermeccanica Roadster

If you own a TDr and are not in the Registry, please go to https://tdreplica.com/forums/topic/mg-td-replica-registry/ and register (you need to copy and paste the link)

[edward ericson]

dang! that is pretty mega.

[Paul Mossberg]

I agree Ed. 😉

 

Like just about EVERY collector car policy out there, there are annual mileage limits, in my case 5,000 miles per year (applies separately to each car).

 

They also have a 2,500 option with an addtional discount, or a 7,500 policy at slightly higher prices.

 

Paul Mossberg
Former Owner of a 1981 Classic Roadsters Ltd. Duchess (VW)
2005 Intermeccanica Roadster

If you own a TDr and are not in the Registry, please go to https://tdreplica.com/forums/topic/mg-td-replica-registry/ and register (you need to copy and paste the link)

[edward ericson]

Just got an online quote from them. Very close to $600 for the car, with a $500 deductible and 3500-mile annual limit. So, again, hat’s off to you, Mr. Mossberg. Screaming deal.

Too bad they’re not doing it anymore.

[Paul Mossberg]

Ouch!

No clue why I have such a deal….but I’m not asking any questions!

Paul Mossberg
Former Owner of a 1981 Classic Roadsters Ltd. Duchess (VW)
2005 Intermeccanica Roadster

If you own a TDr and are not in the Registry, please go to https://tdreplica.com/forums/topic/mg-td-replica-registry/ and register (you need to copy and paste the link)

[Royal]

Could Ed’s rates reflect the fact that he “won” the 2013 Carlisle TDr autocross and Paul didn’t even enter?  Hmmm…;)

You guys got me wondering now.  Gonna go check my policy as soon as the house wakes up.  

[edward ericson]

I actually tried the online quote two ways–one in which I admitted occasional drives to work and to get errands, but no “timed events.” Then I tried again with “timed events” included. Same price. Upping the deductible from $250 to $500 took me from like $635 down to like $580 or so.

I put in $10k for the “agreed value.” 

Looks like my input got bumped. I put in 5000 miles–much more than I’ve actually driven the car in any year since I’ve owned it. But they bumped me to 7500–apparently as a matter of policy. Here’s the quote (emphasis mine):

Collector Vehicles

Type

Year

Make

Model

Requested Value

Mileage Tier*

1. Replica

1982

MG

TD

$10,000

7500

Selected Coverages

Coverage (Limit) [Deductible]

1982 MG

Bodily Injury/Property Damage (100,000)

$140.00

UM/UIM Bodily Injury (100,000)

$58.80

Basic PIP (2,500)

$22.40

Liability Total

$221.20

Comprehensive

[$250 Ded]  $240.00

Collision

[$250 Ded]  $140.00

Towing and Labor for Collectors (TLC) Plan – Platinum

$34.95

Spare Parts ($500)

Included

Vehicle Total

$636.15

Annual Premium:

$636.15

Total:

$636.15

*The mileage tier above is the maximum amount of miles that the collector vehicle may be driven based on the annual mileage that you have indicated. Other mileage options are available. Please also note that the 7,500 mile Tier is our “Freedom” tier option which not only allows up to 7,500 miles per year but also allows for occasional general use.

Presumably, Mr. Mossberg, a longtime customer with (I suspect) few or no claims, has benefitted from the company’s practice of, over time, substituting actual experience with a particular customer for the actuarial sketch that governs the initial quote. 

Either that or they grandfathered him in under an old actuarial table…

edsnova2013-08-06 08:28:40

[Paul Mossberg]

Ed…

 

Yes…claim free.

 

But my premium has been pretty much the same since day one.

I never had a quote or premium in the range you have.

Paul Mossberg
Former Owner of a 1981 Classic Roadsters Ltd. Duchess (VW)
2005 Intermeccanica Roadster

If you own a TDr and are not in the Registry, please go to https://tdreplica.com/forums/topic/mg-td-replica-registry/ and register (you need to copy and paste the link)

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