86gtvert

So, since picking up my 928 this weekend, I have been on the hunt for auto insurance. Obviously my first call was to my current insurance provider (State Farm) who quickly informed me that by simply carrying liability (including UM/UIM) it woud run me close to $400 per year. OUCH! So my next step was the same as most people in 2014....I googled "classic car insurance" and my screen quickly filled with a list as long as your arm. After sorting out the ones I had never heard of from the ones that rang a bell in my mind, I started the hunt. Now it is important to know that I already have (1) classic car (collision and comp) insured along with my other cars and houses thru my current provider, so I thought maybe I could find a company and switch my Mustang(other classic car) in addition to the 928 and get a "bundle" price. One thing I learned in this endeavor was most companies who specialize in classic or modified car insurance allow you to determine your insured value. For this excersize and to keep my comparisons alike, I valued the 928 at $15k and my other at $9k. So after surfing the Haggerty and Grundy site along with a few others, I found that Haggerty, using the supplied values BUT only giving me collision insurance with UM/UIM coverage was going to run about $475/year. Next was Grundy Worldwide. Again, same cars, same values BUT this time collision AND comp insurance 100/100/100, they came in at a much more paletable $270. Basically double the coverage and yet a $125/year savings. At this point I thought I found a winner. So the other day while driving home from work, I recalled a convesation I had one time with my FIL (who has many classic cars) about his insurance. I could not remember who he used but I knew it was neither of the companies that I received quotes from. I thought I should call and at least see who he uses. After a brief conversation, I found that he uses a smaller company based out of PA called JC Taylor. When I got home, I pulled out the trusty laptop and started the hunt for JC Taylor. After finding their website(very simple site I might ad, no frills) I started to fill out their online quote form. I plugged in all of the info per their requests and when it was all said and done I got the best price thus far. To have both cars insured, no driver's age restrictions(I have a 16 year old daughter who loves to drive the family toys) and still getting collision AND comp, their rate was less than $250/year.
Summarize:
Haggerty: $420/year, no one under 25 as a driver, basically Liability only, $o deductible
Grundy: $270/year, no one under 25 as a driver, basically Liability only, $500 deductible
JC Taylor: $241/year, no driver restriction, Comp and Collision, $0 deductible

dr bob

Good stuff!

In the great and socialist republik of kalyfawnia, insurers need to be registered here to sell their products. I can buy anything I want, but the state may not recognize them as a legitimate insurer if there's a question during registration or following an accident. Does Indiana have a similar requirement?

I buy business liability from an out-of-state underwriter, but we are effectively forced to use the well-regulated in-state marketers for auto coverage. Even my business umbrella liability policy has a specific disclaimer for auto coverage in California, meaning I have to buy an extra $5MM auto umbrella policy for projects at California sites. It costs a lot for business liability coverage these days, almost 10% of net revenues.

The Forgotten On

That's cheap! I have to pay $700 a year for liability with no comp and collision for my 81.

I have classic car insurance through AAA here in California. I am 17 which will play a large role in that along with the 928 being on the plan so anyone in my family can drive it.

If I had comp and collision it would be, wait for it $3000 per year.

It's nice to know that there are some less expensive alternatives out there, even if I can't get them yet.

You adults have it so good .

Fnic99

Checked with a number of companies when doing my search and although some were cheaper, the restrictions would have really prevented me from enjoying the car (traveling to events only, etc). Went with American.

docmirror

A word of warning on agreed value. If the valuation of your car is a fraction of it's agreed value, and you have a total loss, you may be in for some rough sledding. The claims adjuster will check your car, and they have excellent access to actuarial tables(of course) to determine true value at the time of loss. If your agreed value is a lot higher, they will dispute it and you may be less, or nothing.

As I recall, you didn't pay anywhere near $15k for the car, and it's valuation is also no where near that as it sits. Of course, at some future time, it could be worth something like that.

19psi

Please elaborate more on the Hagerty policy. I wasn't aware they offered liability only policies.

Being from the same state, I'm surprised your rate was so high. I'm also paying about $450 a year but that's for the 928 and two turbo charged motorcycles with about $30K in agreed value plus MUCH higher liability limits.

dr bob

Be aware that virtually all comprehensive value plans have you state the current value of the car, but that's used as a cap on what might be paid, and is not a no-questions settlement value. Some collectpr-car policies do have full-payment clauses, but they are rarae and not cheap. Be sure you do your research and that you read and fully understand the limits on the coverage you are buying. If you have any doubts, contact the selling agent and get clarification in writing, including references to the policy language, so there's no misunderstanding if you do end up needing the coverage.

hb253

Check Leland-West, I found them to be the least restrictive. A lot of the other companies don't cover much beyond driving the car to shows.

Both my 928 and 911 are covered for about $400/year with $15,000 and $23,000 values, respectively. That includes a rider that allows me to commute to work 2 days per week. PCA members get a discount.

Hugo

86gtvert

wow! didn't expect quite so much feed back. To be clear, the only reason I called JCT was due to my FIL and as it turns out my wife's grandparents have had their coverage for over 30 years. While none of the cars in the family collection are considered "sports cars" they do range from a '29 Packard to a '53 Bel-Air and thru the years they have had a couple of claims between them and JCT has been quite accommodating with respect to the adjusters and pay outs for repairs. To the point about my "agreed value" of my cars, the total loss versus what I have invested in them will more than account for me re-couping my investments. Fortunately for me, I have been able to acquire both of my cars at a great price which affords me some equity in the event of a loss. Truthfully, I have had my Mustang for over 5 years and only put 1200 miles on her(mostly shows and some pleasure cruises with the family) so don't anticipate more than 500-700 miles a year being added to the (non-working) odometer on the 928. My biggest concern was actually finding a company that would allow my daughter(and my son in a couple of years) to also be able to enjoy the cars without fear of denial of any potential claims. Based on the conversation with my FIL, the low purchase prices of the cars and the minimal amount of time we will actually have to drive the cars, I feel pretty safe with JCT.
I would like to, however, like to get continued feedback from others about their policies/insurance carriers for future insurance shoppers to be able to review. Like I have mentioned in some of my other threads, aside from the fact that I relied on the members of this site to help me in the decision making processabout buying the car, I have already asked several questions (with great responses) about many other current and possible future projects with my 928. I am so glad I found this site and feel like I have joined a fraternity of sorts.

dr bob

The word you are searching for is "cult", trust me.


There are a couple events that will test your low-miles theory. In a few months, the 'cult' members will gather in mountains of western North Carolina for an annual Ryte of Spring, the Sharks in the Mountains celebration. Sub-cults will come from right where you are, other will pass through right where you are on their way to this event. Like rats following the haunting notes of the pied piper, you will join your fellow cult members for some spirited driving, fellowship and mutual enjoyment of things 928. Your journey will include sections of the Blue Ridge Parkway, and perhaps a tire-testing tour through the Tail of the Dragon. Amazingly, you'll be headed back to where your car called to you, give or take part of a state.

Check out the Sharks in the Mountains thread for links and details.

86gtvert

dr. bob, you sound like a "victim" yourself. I have heard a lot about SITM, in fact my NOW car had made a few appearances there already. I, on the other hand, will be unable to attend such meetings due to my recent decision to branch out and start my own business. Due to my current "employment" situation, it leaves me very little time to venture about the country. This will change in the future! MARK MY WORDS! I do, however, look forward to trying to find a way to meet up with some local shark lovers to build some new friendships and make plans to attend some other (larger) meetings. If anyone happens to know anyone (members) who would like to get together in Indiana, I would be quite receptive. We could call it SHARKS IN THE CORN.

dr bob

Somebody's gotta mix the Kool-Aid, might as well be me. Have a sip. Black cherry OK?