rockpicker

I have owned an RS America from back when they were $25k cars. I've never had more than basic liability coverage on it, but need to change the policy to full coverage with a correct replacement value. It has been a challenging process to get my current provider to understand what I want to, but they finally got in touch with Hagerty who has some pretty strict requirements to insure the car. I don't race it, it sits in a concrete 1600sf heated, secured private facility, and I'm scratching my head at quotes of $3-4k/yr to insure it. I've had new cars that cost in the $100k range and these were added to the policy without question for far less than the quotes I'm receiving for this car.

I am not an expert in the insurance business, and don't mind paying if what I'm being told is correct and will be the right policy should I ever need to use it. Can anyone comment on the right questions to be asking and where else to look for the right coverage for an old track car?

misterbeverlyhills

I just pulled my coverage from Hagerty and added my 911 to my AAA policy. From what you write, it sounds like your 1600 sq ft facility is not your own garage on your property, a major no o for Hagerty. That plus the $125k approx replacement value will get you a quote from them that matches closely your carrier's charge for your other (modern/daily driver) cars. But with your carrier you would benefit from a multi car discount too.

Given that the gap has closed between collector and regular car pricing, the convenience and customer service I get with AAA made the switch a no brainer.

aceking4u

A couple of things Hagerty will require:

A. (2) Additional Cars with other Carriers. *This can not be your primary vehicle

B. The replacement cost you are asking for. If this cost is $150K, then $3K annually sounds about right. Keep in mind, insurance rates are almost ALWAYS higher the first year.

C. Have you had any claims (at fault or not) in the past. Your insurance score is a lot like your credit score. What is the likelihood you'll file a claim.

D. Have you adjusted your deductible? My Hagerty deductible is high at approximately $1,500 to bring the cost of the premium down. I figured, the higher deductible, the less likely I'll file a claim, because I could just pay out of pocket and hope nothing catastrophic happens.

E. Mileage - make sure you apply for 2400 miles or less.

***
I got about $50K in coverage and pay about $1K a year. I'm hoping the rate will drop to ~700-750 next year. I will shop around. Safeco was a little more strict with their requirement, but it was cheaper. If you want, my brother in law can look up a quote for you. Send me a PM for phone number.

dhc905

Check out metromile. I got 2k quotes for my 964 cabrio, no agreed to value just standard insurance. I now pay something like $24/month + $0.02/mile.

Worth a gander if cost of insurance for a car that is rarely driven is a factor (they cover theft, which is my biggest concern).

speedbagger

although i wasn't insuring for $100k+, state farm was very reasonable (read cheap) for my agreed value policy.

part of that was registering with the state as an antique.

i'd give them a call. it also helps to have multiple policies with them...other cars, houses, etc.

911Jetta

+1
I switched to a State Farm agreed policy last year.

I started by researching the typical specialty carriers: Grundy, Hagerty, etc. but there were complexities involved with each (whether available in my state, mileage, type of use, etc.).

I was totally surprised at how receptive a local State Farm agent was when I called asking about an agreed value policy. We talked about the coverage I wanted, they looked at comps, we went out to the parking lot and took lots of pictures and signed the deal. No mileage limit! That fact that it's kept in a locked-parking garage is what they seemed most concerned about. Free towing too...

I told them to expect a call back from me next year to increase the value of the policy.

myflat6

Try American Modern collector policy

pirahna

I have AM for my turbo. $1400/year for $200k agreed replacement value. Less restrictive than hagerty and they automatically increase the value 2% per quarter.

Jjm4life

Not much to add here. Both Haggerty and Grundy didn't want to insure my 964 for reasonable amounts. It was especially annoying because Grundy made some fairly large exceptions in order to insure my triumph ( my only bike).
My 964 is ensured by safeco, but not an agreed value policy. That being said they have been really great with minor things for the Porsche and my daily/winter beater jeep

newsboy

My 964 is insured with Grundy. $398.00 for 35K of agreed value insurance.

oldgoat

I am shopping for my newly acquired 993. Prices for essentially the same coverage from a high of $1038, Hagerty, to a far more reasonable $580 from Leland West.
Classic Collector - $663
Hagerty - $1038
Grundy - $553 (reduced liability limits)
JC Taylor - $670
American Modern - $644
Heacock - $644
Leland West - $580
State Farm - $940
Metro Mile is only available on the west coast currently.

I was paying $255 per year for my Pro Tour GTO ragtop, so this is a bit of a culture shock.

jellonailer

Try Chubb.

Streetdaddy

Dont use the free tow in. It's a scam. My insurance will drop your no claim discount if you use it which costs you much more than the tow cost! Check into it. ( also the "free" glass breakage...same thing)

18T_BT

That's pretty much what mine is with Erie Insurance and they are great for many years for us.
Erie reimburses for your tow as long as you dont do it all the time your rates wont change.

jellonailer

I had Haggerty before. Their free tow in service was really good. No repercussions when used. That was about 3 years ago. Chubb is just cheaper for me.