iceman4357

iTrader: (2)

So I am currently with Hagerty, paying roughly $80/month for a $40k valuation. Hagerty is now projecting the value around $60k for my condition. To up my coverage, price will go up to $125/month. My friend has State Farm Antique Insurance(can only drive 1000 miles a year) and its really cheap, roughly $20/month. In looking at the policies they are relatively similar $300k/100k/300k, $500 deductible, etc. With Hagerty I see a specific stipulation for aftermarket parts up to a certain $ amount.

When I was speaking with State Farm, they were able to value the car at $60k for $22/month. I started asking the specifically how they would cover certain parts and they were not able to answer. I kept getting "We cant guarantee the OEM part and you would pay the difference." Well, or those of us that have 99 Spec front ends, RE Hood, ETC. Would it be the 99 OEM knock off or would they try o buy the 1993 front bumper? I am not able to get a clear answer. They asked that I call their claims team to ask them the questions. lol. I told them that I didnt want to do their job and I find it very difficult to believe that I am the ONLY potential Antique State farm client that would have an antique car with high end custom parts.


So my questions to everyone...As the value of our cars continues to rise and with most of us having 99 spec or high end aftermarket parts, what it everyone doing to cover their custom investments and with which insurance company? What are their costs.

Appreciate the insight.

Eric

Akomix

iTrader: (5)

in for details

Ziggy

iTrader: (1)

Insurance is one of those "you get what you pay for things". If you go lowest rate you will have to do more fighting to get things covered and enjoy the cheapest paintjob possible. A total loss is the only way you would get value out, partial damage you will probably have to shell out extra to repair it the way you want. Luckily oem parts are actually pretty expensive or NLA so might be ok.

I'm currently paying $62 a month but im fighting with insurance company to up valuation which isnt going well (only $25k as of now), but am probably going to switch TO Hagerty which I was just quoted $150 per month for $60k valuation AND track usage plus the other Hagerty perks. I'd rather have piece of mind at this point in my life.

All comes down to how much risk you can accept and how much and how you drive

Ziggy

iTrader: (1)

Also I think State Farm does accept an itemized list of costs of any parts, just needs to be done ahead of time before an accident.

swif

iTrader: (4)

Following

Looking to have my car valued once I have it completed. Will have list of parts with labor cost as well

Sgtblue

iTrader: (16)

I think you’re asking good questions and you might get some idea for trends, but having other owners post up their carrier, coverages and prices…which seems like what these threads end up with, is still probably not comparing apples to apples.
Age, credit rating, claim history, driving history of owner, the age, claim history and driving history of others living in the household, annual mileage, means of storage, other registered vehicles owned, the zip code you live in and probably other variables I missed can all impact premiums, coverages and exclusions.
I slow down and start re-reading when I see terms like “like kind and quality”. Pretty vague, and in my experience allows the carrier to pay, for example, a re-manned bumper cover, even though a new OEM cover is available. The quality of such re-manned parts can vary ALOT. The carrier essentially just puts the shop between themselves and your satisfaction in those situations.
If you have a trusted collision shop you might want to speak with them for their experience and hopefully some candid input.

iceman4357

iTrader: (2)

@Ziggy- I specifically asked State Farm if I can itemize with costs by part and they seemed awkward about it. Told me I had to call their Claims department prior and ask this question before going into underwriting.

@sgtblue-- I hope everyone understands that prior accidents and other factors can influence pricing. My intent is to understand what others are doing in terms of insurance to make sure high ends parts or money spent is covered. A few people I have spoken with moved forward with State Farm and I looked into them, but ran into a wall when I started asking specific questions. More than anything, if this thread brings to light the fact that certain insurance companies may not cover added parts I think it was somewhat successful. For the cheaper State Farm antique insurance, it's very cheap but it makes me feel like you would literally have to total your car to get the valuation out of it.

Hopefully others will chime in with different insurance experience and examples of itemized parts covered. I think that would make the thread most fruitful
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Nemo128

iTrader: (7)

What I did with NJM was ask if the valuation ($50k is what I got for mine) would be paid if the car was a total loss. The answer was yes at the time. I do need to contact them again to reconfirm and get something in writing though. My total is ~$2k a year for that coverage. I should check on that itemization for a non-total loss situation.

gulward

I agree with this, its not about money every time, you have to go with a company with good reviews to be on the safe side to get covered later on whenever you want, it's basically an extra safety as well

jorts17

I insured with Grundy @ an agreed value of $70k. They were significantly less than Hagerty for me.

moconnor

iTrader: (14)

Do these insurance companies require that you own a newish car as a daily driver? My daily driver is a 2007, which definitely does not qualify as newish.

SwappedNA

iTrader: (1)

It depends on the carrier, and these things can change from one minute to the next, but my experience with Grundy was that you have to have a separate daily driver car registered 'only' to you (can be insured by whoever) in addition to the car you would put on the policy.

Sgtblue

iTrader: (16)

Pretty sure Hagerty is the same. Been some years but I think remember having to show them that I had other cars traditionally registered and insured.
It’s a collectible car policy. They want to be confident you’re not DD’ing it. That’s how they keep premiums down.
I don’t think it necessarily has to be “newish”.

Mardanov

iTrader: (1)

This cannot be understated.

I shop insurance once a year but generally avoid the traditional insurance carriers for my FD because they're not going to cover the car or any damage in the same way specialty insurance carriers have.

I've had great experiences with National Corvette Museum and Grundy, haven't tried Hagerty yet.

jorts17

This was also my experience with Grundy. They also wanted to make sure my wife had a car registered for her and wanted to know if she would every drive the FD.

quichedem

iTrader: (4)

Unfortunately, Grundy does not write any more policies in my area (greater New Orleans). I currently have Hagerty, with a $50k valuation, and it is very expensive for me. I'm paying around $120/mo, but I pay all at once. It's an aggravating check to write, especially since I barely drive it, and Hagerty does not cover HPDE track days. I have to buy separate insurance for that. I'm at my tipping point, honestly. I'm really starting to understand why people prefer street cars.

SwappedNA

iTrader: (1)

I've actually read about Grundy not offering coverage in some areas now. I went to get a quote from Grundy today, and they said that for NC I need to call them. Which is weird, because last year I didn't need to do that when I got a quote. I'm curious as to if they don't offer policies in the NC market anymore. Hagerty for me was about $260/month, which seemed weirdly high, but every time I've done a quote back and forth between the two, Grundy was always cheaper, I think for Grundy it was about $325 per year when I was quoted.

Does anyone have experience with a regular carrier? I'm going to try going the Grundy route, as I have a separate daily, but it just seems like a frustrating process.

Sgtblue

iTrader: (16)

No one that I’m aware of covers track events as a part of their standard collectible car, or standard DD policy. Maybe there are riders, but I think individual event policies are needed. If anyone thinks they’re covered they should probably double-check.
There was a young guy that was a member of a local club I belong to who totaled a near-new Nismo Z on the track a few years ago. I think he’s still paying that off.

iceman4357

iTrader: (2)

I have yet to switch yet. State farm will not itemize parts. Hagerty will account for the extra parts.

Hagerty also does have track day insurance, but like you said it's an added coverage.

2GSLSE

iTrader: (6)

I have Hagerty on both my rx7's and my new challenger scat pack and would like to make sure you are aware of the cherished auto rider for the policy so you retain ownership of your car if it is totalled and not lose all your special parts and can possibly build another car similar to the one you lost.

Veilside Bunny

iTrader: (6)

I was just talking to my State Farm again about this a couple days ago. I’ve had antique insurance through them since I bought my FD a couple years ago. It’s cost me $65 a month for full coverage up to $50k.

For the last 6 months I’ve been paying for liability insurance because my car is undergoing body work. That has cost $25 a month(w/military discount btw).

Now that my car is getting ready for paint, I’ll have to increase my coverage to a policy worth over $100k. I had planned on dropping State Farm and going with Hagerty. My agent said that the 2 companies are now working together to offer coverage for classics. Once my car is done I’ll be getting an appraisal for everything done to the car and it’s current full value.

Sgtblue

iTrader: (16)

Why were you carrying Liability for 6 months on a car that was in the shop and wasn’t being driven?

Veilside Bunny

iTrader: (6)

Just to keep it on the policy and continue the automatic payments without setting it up again. Really didn’t expect to be without it this long lol.