Thread: Insurance

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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.

My cars have always been registered as what they are, in one case a 27 model T and another a 23 model t. I've had the same insurance agent for 25 years, and one day I ran into him when I was driving my 27 and he said "THIS is the model T we registered?" He was thinking nice little stock T all those years. But I still have them registered the same way.........never had a claim though, so who knows.

Don

i have haggerty. great price. they work off stated value and i am fully covered. the rate depends on the value of the car. you can also add tools and extra parts to the policy. i value my car at $6,000 as it is still a work in progress and only pay $124.00 a year.

i done the nows not the time to brag about what you have under the hood .to the insurance guy .i would not do it now less there not alot of flash on the engine .at one time they wanted to add to the price when i told them the chevy had a 283 v8not well no but i was not telling them it had a blown 548 in it and if the car was aloss they could of not paid out if it was not the car you told them. OH it just a nice old stock car . there not dumb.. i have haggerty they know what i have for engines and car s and if something happens they will pay ..they know what i have .. i have hagerty as well

Too Bad your not in Texas.

I am an insurance agent and could write it with no problem.


Hey Barb,
How you doing? Long time no talk to..

Steve doing great. enjoying the weather. How have you been.

Great, I am glad someone is enjoying the weather, its hot here.

106* yesterday

Not trying to hijack the thread, but had to say hello.


I would be happy to look at anyone's insurance needs that are in Texas

Hagerty is not an everyday driver policy. In fact you have to have another policy in force as your daily driver to get them to insure a stated value auto. I call these policies the ice cream getter policy. Just have your auto insured as your regular driver if you only have the one car.

I am sure there are some classic car insurance companies in your neck of the woods. Check them out and see which one gives you the best deal. You want an "agreed on value" so the company won't try to depreciate your vehicle in case of loss. I don't use a national company like Grundy or Haggerty, but an Illinois-based company which has better rates. It is best to insure exactly what you have have in case of a claim. There could be a cancellation clause if you are deceptive about the vehicle. No one came out to examine my car but they wanted photos from all four sides and the interior and trunk as well as a detailed description of the major components.

Wow - Hagerty will do my modified 69 Nova for $147/year! Im a 1954 model!
Good reference JyardGirl!!!!

Just to add emphasis to Lynn's comment, every time we have one of these insurance threads it's useful to point out the importance of terminology. While in most cases being sloppy about the definition of terms is a no harm, no foul situation in general conversation, an insurance policy is a contract. Understanding the definition of terms in a contract is MUCH more critical..........being sloppy can cost you; money, time, aggravation, so on.

Well-meaning folk will inadvertently interchange "stated value" and "agreed value" as if they mean the same thing. In insurance parlance they DO NOT. As Lynn said "stated value" means the value of your car can be depreciated at the time of a claim, whereas "agreed value" remains constant throughout the term of the policy. For example, if you value your car at $10,000, with stated value the value of the car will be $10k on day one of the policy, but will be valued less over time, just like your "normal" car usually is. With agreed value, if you have a total loss you'd get the full $10k at any point during the policy term.

I have an agreed value policy with Grundy on my two, 57 Olds and 34 Plymouth for amounts between $20K and $30K each and my cost is just over $300/year.

Initially I had Hagerty which was a great policy with side perks, but they were a little pricey (approx. twice the price). Can't say anything negative about them and they were quick to settle claims.

Was also with Midwest Classic Ins for a short period, they had good rates but at the time they also had mileage restrictions. Something I could live with then, but I knew that one day I would have to change.

If your 18 you probably can not get a policy through any of the collecter car insurance companys. I have Three and because my 20 year old has the same address they will not insure my cars. But you might through State Farm

18 years old and a 455???? It's going to cost you!!!! If your agent asks about the engine, don't embelish it, but don't lie and tell him it's something other then what it is.....in the event of an accident and you have a 455 and told the dude it was the original engine.....your insurance will be void---As Uncle Bob mentioned, an insurance policy is a contract and as such dishonesty by either party will make the "contract" null and void....and you could also face some legal wrangles for making a false statement on a contract.....

Most of the collector car policies require you to have another duly insured "daily driver" car....Collector and special interest insurance (as '53 Willy's and Scooter mentioned) is not for a daily driver type of car.....

At your age, even with a clean driving record, you're going to have to do some real careful shopping to come up with an affordable policy that offers decent coverage.... Not anything derogatory about you, just a fact.;.......

There are a few companies that insure people 18 and older with classic cars, but those policy's have pretty heavy mialiage 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