(Another) Lets talk Insurance thread (Detailed)


Comic Book Super Hero
Feb 18, 2014
This is only the first of what we intend to be several conversations with collector car insurance companies.

Baseline background - your mileage may vary based on location, vehicles, and coverage options/tiers. Ours will be consistent to allow a benchmark from one company to the next.

Backstory, for our DD stable we currently use USAA and Amica. Both partner with American Collectors Insurance, so, we've started there. 2 adult drivers, no accidents within the last 3 years for me. The other half had a gas station incident where the rear of her car was affected, and, has accident forgiveness anyways so who knows what the insurance ruling is aside from state law says no police report or assignments of fault.

So for our first contestant: Luck of the draw? But I had an extended conversation direct with an underwriter, so, no approvals or exceptions needed for anything I was told.

What cars are eligible? Didn't just have to be old iron, although the 20 year mark helps. They're willing to take The King (2002 Yukon XL 2500 8.1 4x4) as well as some 2014 s197 mustangs based on why we bought and how we use. So year isn't everything.

Let's talk trucks: adding another c10 and the gmt800. They don't want it used as an everyday driver, and they don't GENERALLY want you to tow. Why do I say generally? We've got a purpose built trailer made from a truck frame and bed to match the pickup. Because it's a matching package, we can tow it behind the matching truck to shows and events. They will also independently cover the trailer. They do not want off road mudding type equipment. They also will cover said custom trailers on the policy based on the value you have supporting it.

Let's talk Usage in general.

As stated, everyday drivers are out. But, you also don't have to limit it to car shows, repairs, events. Even once in a while driving to work is OK to keep things lubed up and in working order. They offer different mileage tiers, in our case we had it at 2500 per vehicle so we can drive it to, say, Carlisle. And yes, a 700 mile road trip is OK, it doesn't need to be trailered there. Had we dropped to 1000 miles it would've saved about $140/year over 5 vehicles covered.

Let's talk coverages:

They have prepackaged tiers. In our case we started off with "Titanium" which is their highest level, and is required in order to have buyback/owner retained rights. Speaking out of turn because I mentioned it, their particular buyback is fixed at 50% of the value you insured it at.

Coverages are based on 'agreed value' which means no depreciation off what you state and they underwrite. Actually, their policies are built in with a 2% per year escalation. So if you insured for $10k in yr one. They automatically increase it to $10,200 in year 2 at renewal.

Let's talk liability, deductibles, etc. Without higher documentation requirements and Dec pages from existing policy they threw out a 300k/500k limit on liability. If preferred, a lower 100k/300k was $140/yr cheaper. Yes, all rates are a 12 month policy, not a 6 month, and it requires paid-in-full when it starts.

Their valuations are largely NADA guide supported, but they will take receipts for invested work and other info into account to support higher values. Because the vehicles I'm looking at adding have warts, across 5 cars I only valued at $42.5k for now. You can update and add info/values whenever appropriate.

Parts coverage is standardized at $500 included, and they go up to $15k. For what it's worth, a bump to $5k only adds $50%yr to premium.

Glass coverage is included, and, the Titanium tier is a $0 deductible. Speaking of deductibles on collision and compulsory, that Titanium tier I was quoted was also $0 for both.

They offer medpay, but it's negligible in value.

Uninsured/Underinsured in our case was quoted as add-on type at listed 300k/500k limits.

Towing coverage
is reimbursement based (you pay then submit receipt) at $300 per incident, nondeductible, and up to 3 times per year.

Automobilia collectibles are available as add-on coverage.

Modifications: upgraded systems are allowed. This means engine/rear/rear swaps are OK. Talked to them about suspensions modifications and those are, generally, OK as well within reason. Switching to a custom built chassis requires additional underwriting. But putting say, tubular control arms and upgraded crossmember is OK as-is. Switching from drum to disc brakes are also OK. Idea with all that is that you value the car to include your investment. To quote the underwriter, "as long as your firebird or whatever still looks generally like a firebird or whatever, it's fine. But if your firebird now looks like an El Camino we need to evaluate." Rollcages may be touchy, but we didn't go into detail as I wouldn't have any in the cars being insured, but adding belts is ok.

Project/incomplete cars - OK. Unregistered cars - OK.

Non-title cars
: as long as you have proof in chain of ownership documents showing the car is yours you're OK. In our case we have a car that came from a non-title state which we brought to Georgia. Problem is. Georgia is title optional on 1985-down. Meaning, if it came from a non-title state and you didn't have a title when it came to you, they register it without one and no matter what you do and how you do it there's no way to ever get said title.

Other discounts: certain auto clubs, and as stated insurance companies like usaa and amica for your daily driver coverage gives you an extra discount. Cannot speak to other company relationships.

Policy size: up to 100 vehicles. We spoke about combining additional cars from a different state in the future and were told it wouldn't be an issue.

As time allows I expect to speak to other companies. And. If they will give me comparable data/answers I will post up a similar breakdown for them as well.
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