insurance for hobby cars

[scarborough]

any suggestion on a good insurance company for a car registered as hobby car vs classic car. or they the same.

 

[Ribbedroof]

Is going to depend on how "stock" it looks and how much it gets driven yearly

Several threads in the archives about it

 

[airboatgreg]

I went to my homeowners insurance company and got a "Stated Value" policy. Very reasonable. State Farm

 

[69hurstolds]

I went to my homeowners insurance company and got a "Stated Value" policy. Very reasonable. State Farm

Be careful with the "stated value" policies. Read them over carefully and understand exactly what the coverage is.

I did what you did with my 84 H/O with State Farm many moons before and while the rates were similar to regular car insurance, there was this little blurb in the policy that kept nagging at me upon a loss claim...."will pay up to the stated value" (bolded color is my doing). When I asked about that, they told me that even though you got stated value policy, it didn't necessarily mean you were going to get paid that stated value if the car was deemed a total loss. It just meant you'd be paying premiums based on that because they could pay UP TO the stated value. So I rephrased the question to something like "so if I had a total loss and my stated value was 10K, I might only see, maybe something like a 6K check plus lose my car to you guys?" The answer was "well, yes, it could be a range, but not over the stated value in that instance". WTF?

This was years ago, so I'm not sure what their policies say now, but just making sure you're aware. So I went with Grundy. Better rates and in a total loss, and when I was insurance shopping, they answered that question that they WOULD pay me the agreed value of the car. Apparently, there is a difference between "stated" and "agreed" values. Obviously there are some stipulations with the insurance like I can't use the car as my primary transportation, stored in a locked garage, etc., but I can at least expect a full value check should the car burn to the ground (as all restored G-bodies apparently do nowadays).

 

[oldsofb]

but I can at least expect a full value check should the car burn to the ground (as all restored G-bodies apparently do nowadays)

The system won't let me Like, Agree, and Laugh all on the same post.


Hutch

 

[airboatgreg]

Be careful with the "stated value" policies. Read them over carefully and understand exactly what the coverage is.

I did what you did with my 84 H/O with State Farm many moons before and while the rates were similar to regular car insurance, there was this little blurb in the policy that kept nagging at me upon a loss claim...."will pay up to the stated value" (bolded color is my doing). When I asked about that, they told me that even though you got stated value policy, it didn't necessarily mean you were going to get paid that stated value if the car was deemed a total loss. It just meant you'd be paying premiums based on that because they could pay UP TO the stated value. So I rephrased the question to something like "so if I had a total loss and my stated value was 10K, I might only see, maybe something like a 6K check plus lose my car to you guys?" The answer was "well, yes, it could be a range, but not over the stated value in that instance". WTF?

This was years ago, so I'm not sure what their policies say now, but just making sure you're aware. So I went with Grundy. Better rates and in a total loss, and when I was insurance shopping, they answered that question that they WOULD pay me the agreed value of the car. Apparently, there is a difference between "stated" and "agreed" values. Obviously there are some stipulations with the insurance like I can't use the car as my primary transportation, stored in a locked garage, etc., but I can at least expect a full value check should the car burn to the ground (as all restored G-bodies apparently do nowadays).

Good info for sure. I will look into
Thanks,

 

[motorheadmike]

Hagerty is our go to. Stock or modified they are happy to support.

 

[64nailhead]

Hagerty is our go to. Stock or modified they are happy to support.

No coverage for NY State residents from these folks if the car is modified.

 

[SS_Malibu]

I have AAA for my regular auto insurance and theft go thru Hagerty for collector car insurance. The "Agreed Value" is what you want. Hagerty does state you have to have a primary daily driver vehicle other than the car they are insuring.

 

[DR HURST 84]

any suggestion on a good insurance company for a car registered as hobby car vs classic car. or they the same.

I have been with Hagerty since 2019.

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