Insurance questions

[BubbaBear]

It won't be long before we will need to decide how to and how much insurance to place on our '53. The personal liability is easy. The same as we do on our modern vehicles. It's not a full restoration in perfect condition. It's a nice original that we brought back to roadworthy condition and did some cosmetic work and new paint to make it a nice driver. And drive we will during the warm months. Up thru fall before we put it away for the winter. I plan to call the agent Monday and inquire but thought I would get some input here first. We have very inexpensive rates now due to an excellent driving record and living in a lower crime area. So what do you think?

[Swifster]

quote:Originally posted by BubbaBear


It won't be long before we will need to decide how to and how much insurance to place on our '53. The personal liability is easy. The same as we do on our modern vehicles. It's not a full restoration in perfect condition. It's a nice original that we brought back to roadworthy condition and did some cosmetic work and new paint to make it a nice driver. And drive we will during the warm months. Up thru fall before we put it away for the winter. I plan to call the agent Monday and inquire but thought I would get some input here first. We have very inexpensive rates now due to an excellent driving record and living in a lower crime area. So what do you think?

Is the flat black paint new or has it been painted another color? What engine is in it? Modified? Lockable storage (garage)? Are you planning on driving this as a daily driver? What do you think it's worth?

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Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2125.60)

[53k]

quote:Originally posted by BubbaBear


It won't be long before we will need to decide how to and how much insurance to place on our '53. The personal liability is easy. The same as we do on our modern vehicles. It's not a full restoration in perfect condition. It's a nice original that we brought back to roadworthy condition and did some cosmetic work and new paint to make it a nice driver. And drive we will during the warm months. Up thru fall before we put it away for the winter. I plan to call the agent Monday and inquire but thought I would get some input here first. We have very inexpensive rates now due to an excellent driving record and living in a lower crime area. So what do you think?

If you're driving it only for hobby use, you probably could save money by using one of the collector car insurance companies. They would not be happy about daily use however. With them you can insure the car for a stated value. I have used J.C. Taylor for many years and, while I don't have any claim experience to judge them by, they have always been responsive and easy to work with.




Paul Johnson, Wild and Wonderful West Virginia. '64 Daytona Wagonaire, '64 Daytona convertible, '53 Commander Starliner, Museum R-4 engine, '62 Gravely Model L, '72 Gravely Model 430

[BubbaBear]

It will be painted. Lockable garage. But will likely be pulled in driveway with lockable gate. Original Studebaker V8 engine. Will drive modern vehicle for daily driver but will drive Studebaker on weekends and occasionally during week for fun. I really don't know the value.

[Swifster]

quote:Originally posted by 53k

If you're driving it only for hobby use, you probably could save money by using one of the collector car insurance companies. They would not be happy about daily use however. With them you can insure the car for a stated value. I have used J.C. Taylor for many years and, while I don't have any claim experience to judge them by, they have always been responsive and easy to work with.

Sorry Paul,

But you NEVER want a stated value policy. You want an Agreed Value policy. Stated Value is just a limited of what will be paid. It's not a guarantee like Agreed Value is.

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Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2125.60)

[okc63avanti]

I use American National. A great company with great rates. They have a "CHROME" policy specifically for antique, classic, hot rods or exotic cars. The policy for my unrestored Avanti is a stated value policy. I have it set at $10,000 now but after restoration will have it raised higher. My policy is $458 per year for liability 250k/500k/250k; uninsured motorist 250k/500k; comp & collision with $500 deduct. Includes towing,windshield replacement & rental car. I have my other family cars and home insured with them also.

The information on the chrome policy is at this link: http://test.anpac.info/products/p_c/chrome/default.aspx

They also have a car show in Springfield, Missouri (their HQ) every year. When my Avanti is finished with is restoration I plan on taking it to the show and also submitting pictures for their annual CHROME car calender.



<div align="left">John</div id="left">

<div align="left">'63 Avanti, R1, Auto, AC, PW (unrestored)</div id="left">

[Swifster]

quote:Originally posted by BubbaBear

It will be painted. Lockable garage. But will likely be pulled in driveway with lockable gate. Original Studebaker V8 engine. Will drive modern vehicle for daily driver but will drive Studebaker on weekends and occasionally during week for fun. I really don't know the value.

Collector car insurance companies want the car secured, and I don't know of any that will accept them being parked outside. Weather from hail, wind, falling trees, etc, can still damage the car. Most collector car policies have no deductible. I would suggest getting an appraisl done to set the value of the car, and I'd look at getting it updated every two years. Get an Agreed Value policy.

The four largest companies are Hagerty, Grundy, Infinity and American Modern. Some come with mileage limitations and others do not. Watch because some companies are starting to use a 'within sight' clause stating that they won't cover claims if you leave the car unattended (like eating luch at a resturant during a car show).

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Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2125.60)

[Swifster]

quote:Originally posted by okc63avanti

Includes towing,windshield replacement & rental car.

John, why would you have rental car for a collectable policy? Why would you have a deductible? Are you sure this is a collector car policy?

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Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2125.60)

[Dick Steinkamp]

quote:Originally posted by okc63avanti

I use American National. A great company with great rates. They have a "CHROME" policy specifically for antique, classic, hot rods or exotic cars. The policy for my unrestored Avanti is a stated value policy. I have it set at $10,000 now but after restoration will have it raised higher. My policy is $458 per year for liability 250k/500k/250k; uninsured motorist 250k/500k; comp & collision with $500 deduct. Includes towing,windshield replacement & rental car. I have my other family cars and home insured with them also.

You may want to shop around. I have a Stude insured with Haggerty for triple the $$ coverage on your Avanti, zero deductible, agreed value (see Swifter's caution on stated value policies), higher liability limits for about half of what you are paying. Unlimited mileage, no "in sight" clause.

Dick Steinkamp
Bellingham, WA

[53k]

quote:Originally posted by Swifster
Sorry Paul,
But you NEVER want a stated value policy. You want an Agreed Value policy. Stated Value is just a limited of what will be paid. It's not a guarantee like Agreed Value is.

Thanks. I stand corrected. I never cease to be amazed at how I can screw up nomenclature.




Paul Johnson, Wild and Wonderful West Virginia. '64 Daytona Wagonaire, '64 Daytona convertible, '53 Commander Starliner, Museum R-4 engine, '62 Gravely Model L, '72 Gravely Model 430

[53k]

quote:Originally posted by Swifster
Collector car insurance companies want the car secured, and I don't know of any that will accept them being parked outside. Weather from hail, wind, falling trees, etc, can still damage the car. Most collector car policies have no deductible. I would suggest getting an appraisl done to set the value of the car, and I'd look at getting it updated every two years. Get an Agreed Value policy.
The four largest companies are Hagerty, Grundy, Infinity and American Modern. Some come with mileage limitations and others do not. Watch because some companies are starting to use a 'within sight' clause stating that they won't cover claims if you leave the car unattended (like eating luch at a resturant during a car show).

Where does J.C. Taylor stack up size wise? I never even heard of Infinity or American Modern.
I had a very bad experience with Grundy years ago (too long a story for now) so I would never consider them.
I know Taylor has a miles limitation. When we made our 6,000-mile Route 66 trip, I wrote them to see of there was a problem with coverage on this sort of trip and their response was "have a great trip".




Paul Johnson, Wild and Wonderful West Virginia. '64 Daytona Wagonaire, '64 Daytona convertible, '53 Commander Starliner, Museum R-4 engine, '62 Gravely Model L, '72 Gravely Model 430

[JRoberts]

I have two Studebakers insured through Hagerty's. I have not, thank goodness, had to file a claim, but the rates are very reasonable and there is agreed value. There is a mileage limitation, but for the life of me I cannot remember what it is. I asked the folks at Hagerty over the phone about this. I explained that although I did not use either as a daily driver, I could easily exceed the maximum allowable mileage by going to a couple of meets out of state (Such as international meets, etc.) The woman was very careful with her words, but said that they did not check the mileage on the vehicles. I keep mine in a locked garage, as they require.

Joe Roberts
'61 R1 Champ
'65 Cruiser
Editor of "The Down Easterner"
Eastern North Carolina Chapter

[S2DSteve]

There's no reason your car shouldn't qualify for collector car insurance with any one of several companies.
Just a few relevant points though:
1. You do want "agreed value". A little harder to get up front, but saves a lot of hassle at claim time. If the value you're asking for is within the parameters of one of the popular price guides, you probably won't need an appraisal. Do ask for the highest amount you dare, as the difference in premium is surprisingly small.
2. Start with the company that insures your daily driver(s). Most majors have competitive collector car coverage now, and there's some coverage advantages to having all your vehicles with the same co.
3. Comparing rates on a national forum is pointless. They vary too much depending on where you live and who is driving. They should, however, be dramatically lower than you pay for your "regular" car.
4. The "usage" and storage restrictions are the areas where careful comparison is in order. Some are very liberal and some are very restrictive. Just emphasize this is a "hobby" vehicle and ask what the requirements and limitations are.



Steve Hudson
The Dalles, Oregon
1949 "GMOBaker" 1-T Dually (workhorse)
1953 Commander Convertible (show & go)
1953 Champion Starliner (custom/rod project)
1954 Champion Coupe (daily driver)
1960 Hawk (future project?)

[Skip Lackie]

Many years ago, one of the car clubs I belonged to had Robert Wallace (the president of JC Taylor) as a guest for a Q&A session. He admitted that the mileage limit was there primarily to prevent the vehicles they insured from being used as daily drivers. It gave them a reason to disallow a claim if the circumstances seemed suspicious (like an accident at 8 am on a rainy Monday morning). At the time, they did ask that you let them know in advance if you planned on using your collector vehicle for a long trip to attend a meet. As Paul noted, they probably never deny coverage for such trips.

Skip Lackie
Washington DC

[candbstudebakers]

Since I started getting nice Studebakers on the road I use JC Taylor have had as many as 10 on at one time for about $500.00 a year total that is with full coverage on all of them but some of them at about $6000.00 and nothing over $20,000.00 go over $20,000.00 and they other things appraisal ect. they did not ask where I was putting 10 cars but I know they want them inside, once a tree fell on a 64 Daytona and the damage was not to bad about $2500.00 and they sent a check with out question a body shop looked at the car and came up with the $2500.00. I have State Farm on my other Cars and truck and they have a policy also for cars that are a collector type they come out take a picture check the miles and where it will be kept and it ran me about $150.00 a year for one car with value of $10,000.00 . one thing to keep in mind if you have cars out side just setting with out insurance and a tree falls your home insurance will not cover the car only the tree and fence or things like that if damaged, I had that happen once also three cars under an oak tree...Bob

Bob Peterson / C & B Studebakers

Castro Valley, CA