What did I do wrong?-Insurance

Peter Coomaraswamy

Peter Coomaraswamy

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I went on-line for a quote at Hagerty.com and I got a classic quote for 1,600.00 per year. No accidents-no violations. I did value the car at 60,000 which is a bit high, but that seems a little high to insure my little angel.

Thoughts?
 
Do yourself a favor and don't list the changes / upgrades that you have done to the vehicle. Otherwise they will put you in the modified classification and the rate will be 2- 3x. Your driving record and age may also impact rate. 16 yr old drivers are not cheap anymore! Good luck and keep in mind they are not the only game in town for classic car insurance

Gary
 
I think its best to talk to someone on the phone. Most of the questions are the same but you can clarify right there and I've found that the agents usually work to get you the best possible rate. I use American Collectors myself. The mileage tier makes a huge difference as the potential liability increases. Standard is usually 2500 miles. Shopping around, I noticed Hagerty was quite a bit higher than others. I went with American Collectors since my dad had been with them for about 20 years at the time and hadn't had a problem. I currently have 5 cars insured with them.
 
I'm in the process of renewing our collector car coverage. This consist of ten cars and I've been with the same company and agent for a number of years.

I received a notice that my policy would not be renewed which concerned me. I phoned my agent to discuss this and he said nothing had changed except the current company is changing to one of it's other names. At that time I asked him about rate changes and she said some have gone up and some down.

Well, Friday morning I received a call from him and he had the new figures. I almost fell over as the rate was up about 12%. He also reps for Hagerty and Grundy and they were both much higher. At this time I'm staying with him and the company as I've had excellent service and one claim that was taken care of with no issues.

For any of you in SoCal you might want to check out this link as Barlow is my rep. He is a good guy and ONLY deals in collector car insurance.
http://www.barlowinsurance.net/index.php
 
I have mercury for my 3 drivers, a 67 mustang project and my 2800cs. When I got the BMW I just called, said insure it for 25K, and let it go at that. I have 100k/300k on liabilities/comp/collision/uninsured motor and such but it only raised my entire bill (6 month) about 125.00.

Is this not agood way to insure these? I figured I was covered and it was cheap.


Rob
 
Hagerty

Peter Coomaraswamy said:
I went on-line for a quote at Hagerty.com and I got a classic quote for 1,600.00 per year. No accidents-no violations. I did value the car at 60,000 which is a bit high, but that seems a little high to insure my little angel.

Thoughts?
Click to expand...

Pete, for an unmodified classic car the rate should be around $0.75 per $100 of value. So a $100k car will insure for around $750.

As stated in another post, if your vehicle is performance modified then it goes up 2x to 3x. Of course, if the modifications were in-period correct (ala Duane's Alpina), they aren't considered modifications. My previous E9 (still regret selling it) had triple webers, CR dog-leg, yadda yadda but was covered under the lower "unmodified" rate because I explained these were the correct in-period options were you to buy the car from Alpina etal.

I think they're worried about guys with tub'd rears and big blowers or custom hot-rods or old E-types with LS-1's.

John
 
As stated in another post, if your vehicle is performance modified then it goes up 2x to 3x. Of course, if the modifications were in-period correct (ala Duane's Alpina), they aren't considered modifications. My previous E9 (still regret selling it) had triple webers, CR dog-leg, yadda yadda but was covered under the lower "unmodified" rate because I explained these were the correct in-period options were you to buy the car from Alpina etal.



John[/QUOTE]

If it is any consolation, the new owner is really enjoying it! ;)
 
I clicked "modified" when I checked Haggerty. Even though I have period correct mostly - a hot cam and 3.2 liters rather than 3.0 for my coupe. Everything looks completely original. Haggerty came back with $736.
I have been bundled with State Farm for years. 5,000 miles, driver's SCHOOLS permitted, overnight parking in front of the Motel 6, etc etc. Premium $235. a year. Great service from State Farm with all our claims, no rate increases. Never a claim on the coupe --yet!
 
oneills said:
I clicked "modified" when I checked Haggerty. Even though I have period correct mostly - a hot cam and 3.2 liters rather than 3.0 for my coupe. Everything looks completely original. Haggerty came back with $736.
I have been bundled with State Farm for years. 5,000 miles, driver's SCHOOLS permitted, overnight parking in front of the Motel 6, etc etc. Premium $235. a year. Great service from State Farm with all our claims, no rate increases. Never a claim on the coupe --yet!
Click to expand...

Your rate should have been more like $300 a year. Clicking the modified button is dangerous! They don't forget the fact that you clicked it - even years later. Ask me how I know that...
 
I talked to Hagerty earlier this week, and on the modifications question they asked me if the car was original. I replied "well the head is not original, its got a 1979 date on it probably because it was overheated along the way, and it has wheels from another BMW, maybe an e23, they are functional but not particularly valuable..." and she jumps in and says something to the effect "so its not modified?" I was going to say "not yet", but instead I said no, its stock.

My quote was actually quite reasonable.
 
I just insured my coupe with Hagerty's. Annual premium of $257 for a car value of $30,000. I believe that's a pretty good deal. And the CS Dept at Hagerty's was really easy to work with...
 
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