Thread: Insurance

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Originally Posted by Matt167

There are a few companies that insure people 18 and older with classic cars, but those policy's have pretty heavy mileage restrictions.. most under 4,000 miles for there 'best' policy..


also, with regular insurance companies. engine size is not listed on a policy, only # of cylinders.. '49 Olds could have came with a rocket V8.. if they ask, just tell them V8, that should be good enough for them.. if not, go ahead and tell them 455, it shouldn't hurt you as they can only program "V8" into the policy listing, but possibly, they could make a special note in the policy

That is not exactly correct information:

As an insurance agent myself.....
Our policy has a 7,000 mile year limit. It requires you to have a separate daily driver.

PLEASE do not conceal ANYTHING about your car to the insurance company, whoever you decide to go with. As mentioned twice above, if you do and you have a accident or a claim, I assure you someone will come look at your car. If is ANYTHING is other than what you stated as YOUR WARRANTY the claim will be void and the policy will immediately be canceled.

You will not be able to find any coverage anywhere, (read that twice) once you have been canceled for misrepresentation of the vehicle.

OK,
Those are the facts of what will happen if you don't tell everything exactly like it should be. Here are the benefits:

If you do have a claim, someone will come and see the car, period, That is a given. The claims adjuster will look at the car and the damage. Look at what you told them the car was, ITEM BY ITEM.

If the car is as stated, the claims adjuster will proceed with the adjustment and settlement of the claim. There will be no "Oh Chit" moments.

The more and better information you provide, the better the insurance company will be able to rate the car. The better the car is rated the less problems there will be if there is a claim.

If you tell the insurance company you have a slant six, and you actually have a Blown 454 and you have a claim, you should EXPECT problems. (maybe legally as well)

There was a similar discussion about insurance for a person under 21 who owned a collector car (streetrod, hotrod, custom, etc) over on the HAMB a few months back. It was determined that most insurance companies won't insure a car if the owner is under 21, and many won't if the owner is under 25.

However one of the HAMB members works for Grundy Insurance and stated that they would look at each case on a case by case basis. She said that they would take a number of factors into consideration such as owners age, driving record, number of cars owned, etc. Of course, the vehicle could not be their daily driver, and they had to have seperate insurance on any daily driver cars.

There is no guarantee that you would be able to qualify but you could check with the company about your particular case.

Just insured the 69 442 with American Collectors Insurance,$25,000 stated value and 5000 miles per year.Was qouted $92 per year for me and the wife but they cringed when I said I needed my 19 year old to be covered also. First they said he could not be covered, but then they said state of Missouri laws will allow it,cost another $300 bills per year to include him. All of the Big name collector car insurers said absoluteley not. American also required that we have other daily driver vehicles and insurance on them.

Originally Posted by 4RE KLR

That is not exactly correct information:

As an insurance agent myself.....
Our policy has a 7,000 mile year limit. It requires you to have a separate daily driver.

PLEASE do not conceal ANYTHING about your car to the insurance company, whoever you decide to go with. As mentioned twice above, if you do and you have a accident or a claim, I assure you someone will come look at your car. If is ANYTHING is other than what you stated as YOUR WARRANTY the claim will be void and the policy will immediately be canceled.

You will not be able to find any coverage anywhere, (read that twice) once you have been canceled for misrepresentation of the vehicle.

OK,
Those are the facts of what will happen if you don't tell everything exactly like it should be. Here are the benefits:

If you do have a claim, someone will come and see the car, period, That is a given. The claims adjuster will look at the car and the damage. Look at what you told them the car was, ITEM BY ITEM.

If the car is as stated, the claims adjuster will proceed with the adjustment and settlement of the claim. There will be no "Oh Chit" moments.

The more and better information you provide, the better the insurance company will be able to rate the car. The better the car is rated the less problems there will be if there is a claim.

If you tell the insurance company you have a slant six, and you actually have a Blown 454 and you have a claim, you should EXPECT problems. (maybe legally as well)

I understand about not concealing.. but if they just ask if it's a 6cyl or 8cyl.. you don't have to say " 455 V8 ".. just 8cyl, but obviously if they ask engine size, then that would need to be disclosed... and as for the mialage statement.. I was searching for insurance and the companies that would take me ( I'm 21 ) all had there best policies were 4,000 miles.. really for my '51 Chevy being completly stock other than custom paint and interior. won't be an issue... and I know 99.9% of the collecter car/ street rod insurance companies require proof of a daily driver

Matt,
No offense man, I was not trying to stir up trouble.

Well as mentioned above we take many things into consideration. The type of car has a lot to do with it as well.

For example, if you are 18 years old and the car is a blown, chopped and channeled 1,400 lb rocket, and you have a DWI, fourteen speeding tickets and three wrecks and you just dropped out of school because you were failing all classes, you can bet finding an underwriter that will even talk to you will be tough.

However, if your 18, have a great GPA in school, have a "JOB" no tickets and you have a different daily driver that you will also insure at the same time, the car is , OH (for example) a bone stock classic 57 Chevy that is absolutely virgin as the day is was born, I'd bet you could get it insured.

As for the mileage, some (not all) classic car policies have higher mileage restrictions. The "KEY" is you have a different car to drive everyday (and your wiling to move it at the same time.

I understand.... my liscense is clean and my '98 Ranger is daily transportation... with my '51 Chevy being bone stock except for paint and interior.. and it may get a set of headders at some point

Then getting you insured should not be a problem.

Did you get my email?

I havn't had my correct E-mail on here for a few years.. I just changed it to my current E- mail, if you want to resend it... sorry about that

OK I will go do it right now. maybe I can save you some money

Done
Let me know if you get it now.

not sure if the focus of this is still on my insurance issue but no worries, i wen't in and told them what I thought it was worth and they accepted it and said they would still have "their people" search around to see what its worth.

12 dollars a month is what I pay.


But theres bad news, i was pulling it out of where i was storing it and rubbed against a wooden fence because IM AN IDIOT and forgot that the real wheel wells stick out about an inch more than everything else.

It popped off a foot long chrome piece with no body damage what so ever which was good.

Ill start a new thread on it in another section of the forum. Pics and questions will for sure be there. I want to get that chrome piece back on!

You should always have an appraisal performed on your car when you insure it.

Here is why:

Even when we build our cars we are not really sure of what they are actually worth. Sometimes, we enjoy building them (I did) and forget to add the value of our own work into the picture.

The value of the car needs to be based on what it would cost to Replace OR Repair to pre-accident condition, if you had someone else (qualified shop) perform the repairs.

Now we know that you built the car and if possible, you will repair it. However that is not what insurance is for. It is to bring the car back to pre-loss condition, by a qualified shop.

In case there is a loss, do you want to be standing there talking to the adjuster, saying something,
"Well, I am not really sure what it's worth" ???

Heck no!!!

You want to be there and showing him/her your copy of the appraisal while asking if he has the companies copy of the same report.

BTW:
As mentioned above, there is a HUGE difference in the way our cars are insured.

Actual Cash Value, or ACV

Stated Amount

Agreed Value

Please get in touch with your agent, (OR me if your in Texas) and find out the difference. It will open your eyes to what you may or may NOT have as far as coverage.

Originally Posted by 49olds

Im quite frankly tired of looking at my olds under the car cover, and I haven't had any time away from work to go down to state farm and talk to them about insurance on it. So I figure I could ask the guys (and girls) who have insurance on there rods and what it runs.

I've two figures, high and low. Low because its old, high because im 18 and its a 455. But i've also heard motor size is a dont ask dont tell policy? ive also heard they can take a vin number and simply gain the motor specs from that. which would be nice since my olds didn't come stock with the rocket 455. and ive also heard that insurance companies have someone come appraise the car on value? is that true?

Also, I dont want that antique insurance, I want the freedom to drive it whenever I want.

So please, I dont need an exact number, maybe just a figure or anything. Chances are you know more than I do.


ANY HELP IS GREATLY APPRECIATED.

thanks guys.

Check with Sneed Robinson. They don't have mileage limits on street rods, competitive prices. I think if the stated value is below a certain figure, they do not require an appraisal. Check with them and find out the provisions. It does'nt hurt to talk with them - this goes for the other cos, Hagerty, Grundy, etc. The age thing (18) may be a problem.

Originally Posted by 49olds

It popped off a foot long chrome piece with no body damage what so ever which was good.

Ill start a new thread on it in another section of the forum. Pics and questions will for sure be there. I want to get that chrome piece back on!

Figure out how to put the piece back on, or search swap meets for the part, DO NOT CLAIM IT ON YOUR INSURANCE!!!! If you want cheap insurance forever, do not make the claim, they will drop you in a second as you are a bad risk, and this type of behavior verifies it to them. They will pay the claim, but this type of insurance is not for you, and I want my collectors insurance cheap. Fix it and press on.

The truth of the matter is when you make an insurance claim, on anything, it shows up on a record that is kept. The record can go back for decades if needed.

The insurance companies look at this record to rate "you" according to risk. If you file a claim and do not accept payment for it, the claim still shows on the record. Yes, it is a zero payout claim, but it still shows as a claim.

Unfortunately, this can and sometimes does make your premiums increase.


I still recommend an appraisal, even if the insurance company does not require one. Doesn't it stand to reason that you would want to KNOW the vehicle was insured properly rather than GUESS it is insured properly.

When you have a loss, it is too late then to "check out your options".