Insurance options

[LeoH]

I did a general forum search for Insurance, and didn't see as many threads as I expected, so I'm asking.

For regular drivers or semi-regular Stude drivers, what are the different insurance approaches you take?

How many of you go with a specialty car insurance, or just your regular insurance as an added on car? At what point do you try to get more than liability coverage? It's a complicated question, so I'll try to sift through what all pops up on the forum, rather than not ask a question I didn't know to ask.

[rockne10]

There have been a lot of threads addressing insurance options. What search terms did you use?

[Mark L]

The insurance company we use for our daily "modern" transportation would not insure my Commander. They recommended I contact a company that specializes in antique vehicles.

Mark L.

[LeoH]

Just the word insurance. I didn't know how to simply get more specific.

[Swifster]

You don't give a lot of information. What condition is the car in? How much is it worth...?

[Pat Dilling]

Leo, It depends mostly on how much you have invested in the car and what your tolerance for loss is. My personal opinion is that it is hard to beat coverage from a classic car insurance company like Grundy, JC Taylor or Hagerty. They truly understand car collectors and their cars. I recently saw the President of Grundy on a TV car show and he was stating they now have a program for all types of classic car usage from daily driver, to occasional use, to strictly collector use like car shows and displays.

[LeoH]

Well, I'm considering what, most likely a 60s Lark, in driveable to 20' nice condition. I guess my question needs to be, at what point do people bother with classic specific auto insurance companies, versus what your Allstate, State Farm or GEICO might charge you?

I'm not looking to insure a Barrett-Jackson piece, nor am I looking for prices on an R2 insurance.

[LeoH]

Thanks Pat. That's the kind of experience and comments I was vaguely asking for, it seems. But I guess now, I'm also curious, in general on the Forum, do many of you also have specialty insurances or go with your regular carriers. I'm also not asking from a CASO standpoint, not really, just a survey or poll in order to learn what is common and why.

[Swifster]

Classic car policies thru Hagerty or Grundy will be less than Allstate or State Farm. Geico sents out that coverage to another company. You want Agreed Value insurance, not Stated Value insurance. The policies usually start around $2500. You can insure them for what you want, but if you go too high, they'll request pictures and an evaluation.

The requirements are that you be over 25, that the car be securely stored (garage), you have another car for a daily driver and you don't drive the car to work (you can, but not on a regular basis, and say nothing while buying).

[LeoH]

Thank you.

[StudeDave57]

For regular drivers or semi-regular Stude drivers, what are the different insurance approaches you take?

I have been driving Studebakers as daily drivers almost exclusively since 1986.

GEICO dropped me when I wanted to add comp/collision.
So then I went to Allstate, and have never looked back.

My only (insured )Stude/Packard not covered by them is 'Nelly' the StudeBus.
She's covered by GMAC due to her being an RV conversion.

[Pat Dilling]

If you want to add collision and comprehensive coverage many regular insurers will balk at doing it for an old car. And worse, they tend to depreciate their value. With Specialty companies you can get Agreed Value as Swifter said. That way you and the insurer have agreed on what the value of the car is so there is no question what you will get if it is totalled or receives extensive damage.

[E. Davis]

I have full coverage and agreed value through Heacock. The actual insurance company is American Modern Home Insurance Co. Heacock is a classic car agent for them. They are more than reasonable in setting agreed value and the premium was the lowest I found for full coverage, The only stipulation you might find troubling is they limit you to 3000 miles a year. Give them a call at (800) 274-1804. They are helpful and easy to talk to AMERICAN girls.

[JRoberts]

The problem, if you use a specialty agency, is what you mention as a "semi-regular Stude drivers." Most specialty outfits do not like the car to be daily driven. If this is what you are looking for I would check with Allstate. I had them for a while when I was driving my pickup as a daily driver. I found Hagerty to be a much better buy when I moved to a place with a garage and stopped driving my Studebakers every day.

[LeoH]

Excellent. Thank you, these are the sorts of experiences I wanted to learn about.

I hope Allstate can come through for us. We have used them for much of our current insurance needs, and for many years, at that. We'll see.