classic car insurance coverage

[fastNYsix]

Is their any insurance out there that will cover what my car is actually worth to replace it in the event of a total loss? I checked the nada on my car its not worth much more than my deductible. My insurance agent said I either need receipts to show why its worth more and/ or get an appraisal. I know we can't get back every cent, but at least a fair amount that I could actually get a similar car in similar condition if I ever total it. Does the insurance company take into consideration what a similar car is going for on the open market? Does anyone have experience with going through an insurance claim on a classic car?

 

[Gonzo1970]

I cant find one to cover mine because I daily drive it and don't store it in a garage like a trophy.

-Gonz

 

[Longroof79]

Most companies prefer that you garage your pride and joy. A friend of mine recently wrecked his BMW 540 and he has his insurance with Haggerty. They paid up what the agreed amount which was something like $15K. I have had my insurance with Condon & Skelly for like 30 yrs. Although I've never had to file a claim, another friend of mine (up north) lost one of his vehicles as a result of Hurricane Sandy. They covered his loss with no problem.
I think most classic special interest companies frown upon a car being used as a daily driver. According to my friend with the BMW, Haggerty actually expects you to drive your car frequently...so he claims.

 

[fastNYsix]

My insurance agent did say that they don't necessarily use nada value exclusively. They do some research to get you a fair price. I have state farm, there might be a better option out there idk.

 

[fastNYsix]

Most companies prefer that you garage your pride and joy. A friend of mine recently wrecked his BMW 540 and he has his insurance with Haggerty. They paid up what the agreed amount which was something like $15K. I have had my insurance with Condon & Skelly for like 30 yrs. Although I've never had to file a claim, another friend of mine (up north) lost one of his vehicles as a result of Hurricane Sandy. They covered his loss with no problem.

That's how I thought it would work. The insurance company and I agree on a value, but my insurance agent said otherwise.

 

[Gonzo1970]

Haggerty actually expects you to drive your car frequently.

They were one of the ones that turned me down.

-Gonz

 

[83StreetMachine]

I have Condon and Skelly as well!!!

No complaints

 

[Gonzo1970]

Condon and Skelly actually quoted me.. I just might go ahead and switch. I had never heard of them.

aaaaaaaaaaaaaaaaaaaaaand nevermind... they don't insure daily drivers either.

Thanks!

 

[69hurstolds]

Make sure it's something along the lines of covering a total loss as "stated/agreed value" without any disclaimer verbiage such as "up to" stated/agreed/whatever value and the like or anything that gives the insurance company wiggle room to get out of paying the value you're paying for. State Farm isn't the best place for covering classic cars. They do have a program, but it's more expensive than the other guys.

I have Grundy for the older cars and it's not too bad. If I have a total covered loss, they pay me agreed value. Simple as that. You still can't be a daily and it needs to be in a locked garage.

And make sure you can abide by the terms. Some places are super strict, others aren't quite so stringent.

 

[Longroof79]

Condon and Skelly actually quoted me.. I just might go ahead and switch. I had never heard of them.

aaaaaaaaaaaaaaaaaaaaaand nevermind... they don't insure daily drivers either.

Thanks!

I know it sucks, but like any typical insurance company they're not looking to payout any time soon if they can avoid it.. I hate insurance companies, but you gotta look at it in their point of view. The less liability the better. Same sh*t with homeowners insurance.
I kinda figured Condon & Skelly would turn you down as a daily driver. As for Haggerty, I don't know how he was able to get a policy with a daily driver. Unless of course, he handed them a line of bullshit. And his car wasn't even garage kept.