Insurance......again

I was talking to my friendly Hagerty Agent, my intention being to cancel my policy on Algebra. While I had her on the phone, I asked what the rates might be on my new Cabrio. It seems that the rate would be similar, but not if I registered as a 2004; that would be almost a 300 increase over a car registered as a '56 or '57. Also, I asked about driving to Carlisle, about 500+ miles for me. She said if it was for a car meet, that was OK. Then I asked about driving to Knotts. That would be a problem under any circumstances since it would exceed the suggested 2,500 mile yearly total mileage.

I think that it may be time to shop around for insurance again. Steve of SAW suggests that his cars are registered as current year, since the chassis is new and the car can be registered under provisions of limited production specialty built cars. Evidently, this is what is done with the street rods and exotics he builds. I know about title services, but have some misgivings about doing this, registering as '56 or '57 car. It seems dodgey to me. I guess this stuff all resurfaces when considering buying one of these cars or, in my case, replacing one.
Comments please.
John H.

John,

My premium is due with Hagertys & so I have shopped some. Here's one you might like; Grundy's Worldwide.

They quoted me within $25 of what I pay now, no deducts, full, C&C, $500,000 liability, all the usual caveats, EXCEPT unlimited mileage! They "realize the folly of trying to track odometer readings on classics." They gave me a quote on an agreed value of $25,000 on my two year old VS... no depreciation, no bs.

www.grundy.com/ they do an on line quote which they follow-up the next biz day. phone is (800) 338 4005 and mail is info@grundy.com

Jim Bob

Jim Bob,
Thanks for the reply. I will definately look into Grundy, among others. Is your car registered as a chassis year VW?
John Festus

What are the usual caveats?

I use American Collectors Insurance in Cherry Hill, NJ. I have used them for over 10 years. They do not have a mileage limit. The premium is based on a agreed value of your car, and there is NO DEDUCTIBLE. Good luck!

Joe

John.

Yes, it is registered per the VIN. But, as a turnkey with an invoice (23,200) they went with an "agreed" appraised value based on that and improvements. Nice thing about Grundys is NO depreciation, no mileage caps.

Usual caveats for classic car insurance are that it is not the primary household car, no work commute, no errands (except hobby/car related), kept in fully enclosed locked garage (except while at meets etc. I think there are others.... many have mileage caps and are priced accordingly.

Basically they insure us because they gamble (great odds) that we will be paranoid drivers, and not place our cars at risk. The driving to whereever caveat is one that is hard to define unless there is blatant abuse..... such as upon investigation they find you drove your car to work 5 days a week.... but errands? Define getting parts, ttest drives, traveling to a shop, etc.... hard to do! I'm pleased that Grundys recognizes the joke of trying to track and limit mileage on odometers that can be spun back....

Jim

Has anyone ever got a quote without the driving restrictions? I would want to drive my car to work on nice days and leave it in the garage on bad weather days.....in Iowa that means I will be driving the car about 35% of the time for about 4500 miles a year.

Steven: I have a policy with Hagerty with no restrictions at all. Their questionaire had a section that asked for intended annual mileage, but it never showed up in the policy or attachments. They insured the car for full value(no depreciation)and it includes $250k/500k liability insurance with no deductible.(I also carry a $2MM umbrella policy with USAA.) The entire process with Hagerty took about 24 hours.

They require a near-perfect driving record, however. My wife rear-ended someone last year and caused no damage to the other car. But the driver claimed a neck injury, etc. that cost USAA about $10k to settle. Hagerty would not include my wife as an approved driver on the Speedster... things do have a way of working out for the best!

Paul,
The "usual caveats" Jim Bob is referring to, if I understood him correctly, refer to the types of driving which increase your, and hence, the insurance company's exposure to having to process a claim. Since many of the cars owned by board members are fair weather and, in some cases, partial year drivers, this reduces the exposure. Mileage restrictions are another way of reducing the liklihood of an accident, as well as keeping the car in a locked garage and not driving the car to work. When I originally approached Hagerty, they would not write a policy for me since my spouse and I did not each have a car registered in our names. I explained that I commuted to work via public transportation, which was the truth, but the agent wouldn't go for it. After I moved, I bought a second vehicle and applied again to Hagerty. They were happy to write a policy for me at that point.

Prior to getting the nod from Hagerty, I used the same company which currently underwrites my home and other two vehicles, AMICA. It was a lousy deal, since the car was registered as a '68 VW, so I suspect if the car had been stolen or totaled, the ACV (actual cash value) would have been what a typical car of that year and make was worth. In other words, I would have been out most of the value of the car.

Needless to say, I am going to do some shopping around early this year and will look at Grundy and other specialty companies, as well as State Farm. My new car is being registered as a 2004, so I will see how this will affect premiums and coverages with a new 30ish priced car.
John H.

State Farm. Im 23. Insurance is only a couple hundred a year, 7500 mile limitation. Omaha, NE

Driving record will not be a problem as I haven't had a ticket in 7 years....I currenty have IMT insurance so I may have to start shopping around.....maybe in the spring!!

I've got American Modern Insurance, purchased from Northeast Classic Auto Insurance (insuru@mags.net)- I did a web search for "replica car insurance" last spring, and got various quotes from all over the country. I got 300K,/300K w/ no deductable, with an agreed value of $25K for $196@ year. I'm 40, I live in central IL, and I had to exclude all drivers under 25 and my kids by name. There is a 5K mi limit and you have to show them pictures of your car in the garage. I haven't had a claim yet, but I'll let you know here shortly (nice scratch under the passenger side deco from an errant air compressor).

BTW John, I got the car re-titled as a 1958 Porsche before switching insurance companies last spring using the pan VIN. I used Dan Medwin at US Title in Rochester NY (585-342-5769). Dan recommended using the engine s/n, so that there would not be competing paperwork in two states, but I haven't been wild about the 1776, so I elected to go with the VIN. I've got two titles- a 1973 VW title for CA, and the Porsche title for IL. If I ahd it to do again, I'd get the engine I wanted, and do it like Dan recommended. If I ever sell the car- if the buyer is in IL, he would use the IL title, if he is in CA, he would use the VW title, and any other state could just choose or do the "special construction" thing. I would avoid the last because emission inspections are coming everywhere eventually, and unless you have a SAW suba-speedster, you'll never make it as a 2002,3,or4 car.

What did it cost to get the "replica" title?

$300, plus $16 for "expedited service (i.e. next day air)".

thank you