Collector's Insurance?
Thread Starter
Team Owner
Joined: Mar 2002
Posts: 24,160
Likes: 78
Collector's Insurance?
Who do you use, and do you like them?
I just got a quote from Hagerty which seems WAY too good to be true. (~1/6th of what Nationwide wanted :eek:) I'm also going to check out Grundy and American Collectors.
Any other suggestions/caveats/experiences? Once I'm done restoring this car, it's going to mostly be a garage/weekend queen, so I'm comfortable with all the restrictions.
[Modified by wcsinx, 5:36 PM 8/2/2002]
I just got a quote from Hagerty which seems WAY too good to be true. (~1/6th of what Nationwide wanted :eek:) I'm also going to check out Grundy and American Collectors.
Any other suggestions/caveats/experiences? Once I'm done restoring this car, it's going to mostly be a garage/weekend queen, so I'm comfortable with all the restrictions.
[Modified by wcsinx, 5:36 PM 8/2/2002]
Team Owner
Joined: Jul 1999
Posts: 26,545
Likes: 46
From: Huntersville NC
Re: Collector's Insurance? (wcsinx)
wcsinx, bargain priced collector car insurance is one of the neat little secrets of the hobby. Definitely take advantage of it (since you say you can live with the restrictions) and I have only heard good things about Haggerty (although I use "American Modern Home").
Collector car insurance companies specialize: Notice they do not insure regular cars for regular people. Unlike your regular insurance your premium is not subsidizing the deadbeat drunk with 12 tickets in 2 years who couldnt afford to pay the $25,000/year insurance premium he should be paying. They can be very selective about who they insure (your driving record, your age, etc), and the cars they insure are generally very well cared for (babied), stored in a locked garage, driven limited miles, not left unattended, etc - all these restrictions greatly reduce their underwriting risk. My understanding is this is a very profitable business, even tho premiums seem incredibly low! :) MJ
Collector car insurance companies specialize: Notice they do not insure regular cars for regular people. Unlike your regular insurance your premium is not subsidizing the deadbeat drunk with 12 tickets in 2 years who couldnt afford to pay the $25,000/year insurance premium he should be paying. They can be very selective about who they insure (your driving record, your age, etc), and the cars they insure are generally very well cared for (babied), stored in a locked garage, driven limited miles, not left unattended, etc - all these restrictions greatly reduce their underwriting risk. My understanding is this is a very profitable business, even tho premiums seem incredibly low! :) MJ
Thread Starter
Team Owner
Joined: Mar 2002
Posts: 24,160
Likes: 78
Re: Collector's Insurance? (MNJack)
:cheers:
awesome
I knew collector's insurance was cheaper, but I didn't realize it was THAT much better. I just got a quote from Grundy which was even less than Hagerty's, but I think I've heard a lot of Vette guys here saying happy things about Hagerty, so I'll probably go with them.
awesome
I knew collector's insurance was cheaper, but I didn't realize it was THAT much better. I just got a quote from Grundy which was even less than Hagerty's, but I think I've heard a lot of Vette guys here saying happy things about Hagerty, so I'll probably go with them.
Safety Car
Joined: Jan 2001
Posts: 4,660
Likes: 3
From: South Central Louisiana
St. Jude Contributor
Re: Collector's Insurance? (wcsinx)
The proof is in the poll. Here is a poll I did recently. http://forums.corvetteforum.com/zerothread?id=339550
Safety Car
Joined: May 1999
Posts: 4,445
Likes: 0
From: Mandeville, Louisiana
Re: Collector's Insurance? (wcsinx)
I had Hagerty when I had my '70. The rates where the best, and the one claim I had, they paid in a timely manner. I have ZERO complaints about Hagerty!!!
Melting Slicks
Joined: Feb 2001
Posts: 2,562
Likes: 1
From: (Temporarily) Colorado Springs Colorado
Re: Collector's Insurance? (wcsinx)
Hagerty ... one other thing not mentioned, they watch the market and offer to increase the value of your policy. I insured my 72 almost two years ago for $17,500. In March when my policy came due, they suggested that I increase to $19,500 due to appreciation. I increased as they suggested for about $20 more a year. After I did that, I started checking various Vette values, and they were right on the money as to what my 72 Roadster was worth in its present condition. Without their advanced notice, I would have been under insured if the "god-forbid" would have happened.
