Insurance for collector Z car?

[Stickerman]

Hagerty does not have mileage restrictions, and they do allow you to drive it to work, just not every day.

I actually had a claim with Hagerty and had no issues, even though the car was 700 miles from my house.

My Dad drove one of my Datsun Roadsters to his house in Charlotte NC from my house in MD. He lives in a townhouse so it was parked outside. A Pizza guy backed into it hard enough to knock it up on the curb and did $8000 worth of damage. Hagerty told me to pick any shop in NC or MD and they would take the car there no charge. We found a local (NC) hot rod shop and had the car towed there. He gave them an estimate, the sent him a check. No hassles, no issues, no problem with the car being 700 miles from me. They understood that it was reasonable for Dad to decide to borrow the car for a week or so

[Carl Beck]

Hagerty does not have mileage restrictions, and they do allow you to drive it to work, just not every day.

I wouldn't put it quite that way. Some people might think that means you can drive your Classic Car to work every other day, or twice a week etc.

I believe that one has to take care with the words used, least they be misinterpreted, or the use of the vehicle is put in the wrong context.

Your Classic Car, insured on a Classic Car Policy, may not be "driven to work" a couple times a week. Driving to/from work is considered "daily transportation" and daily transportation vehicles must be covered by regular line insurance coverage. No can your Classic Car be used to get to/from work when your regular transportation vehicle is out of service, in for repairs etc.

If on the other hand, you are "taking" your Classic Car to your workplace - so that associates and co-workers can see it, or just to show it off for the day - - - that intent, with that specific use - is allowed on Classic Car Policies.

I would respectfully disagree that is reasonable for Dad to borrow a Classic Car car for a week or so. Classic Cars are not "loaners", to be used in place of daily transportation, by anyone. On the other hand, if Dad took the car for a "pleasure drive"... kept it at his home for a few days to show it to friends etc.... that would be fine.

You really want to avoid giving any underwriter, any impression that the Classic Car is ever being used for any purpose other than "pleasure".

Speciality Lines of Automotive Insurance, are chartered by the States to fill gaps in coverage that may exist within the Full Line Automotive Insurance industry. They are not allowed to compete for the same business, which means the intended use of the car must be very narrowly defined...usually something like "for pleasure use only"...

FWIW,

Carl B.

[Stickerman]

OK I will try again. When I was looking at collector car insurance, a few companies were limited to 3000 miles per year and you had to send in the odometer reading every 6 months. I drive the Roadsters from MD to the vintage car events in New York, Mid Ohio, even from MD to Road Atlanta and back 2 years ago, which means the 3000 limit would be done quickly for me. Hagerty has never asked for the odometer reading. Hagerty understands some of us want to drive the cars, not trailer them. Yes, you need another form of transportation for daily use, and yes you need them in a garage.

Next year I plan on a drive from MD to CA. If I had a company that limited me to 3000 miles per year, I would be stuck in CA

[Travel'n Man]

Excellent thread.......thanks for the post and the information!

[montanagrl]

I'm another Hagerty fan.... Just got it and the prices are reasonable for the coverage. $30,000 stated value with liability, collision, property damage, 125 mile towing, 5000 mile limit per year, uninsured motorist, earthquake coverage (free) and it's only $326/yr. Where in CA can you get free earthquake coverage??

[Oiluj]

Montanagrl,

You are in Santa Clara? Perhaps we could orgnaize a peninsula Z rendevous with other local 240/260/280 owners. (after my car's done this fall).

[Oiluj]

Just an FYI:

I looked at the Haggerty web site and find that while inexpensive, the policy is a bit too restrictive for my needs.

I called my insurance, (CSAA), and they told me that with reciepts showing what I have invested in the car, (or alternately a professional appraisal), I can insure my Z for a stated or actual $ value.

I plan to bring my purchase docs and big ticket reciepts to CSAA when the restoration is done and insure the car with a replacement value reflecting what I've invested. Did the same thing with my MG before I sold it.

While it will cost roughly 2x more than collector car insurance, there are no restrictions on how I use the car and no annual mileage limits. I'm guessing that most other insurance companies will do the same.

[Carl Beck]

Just an FYI:

I looked at the Haggerty web site and find that while inexpensive, the policy is a bit too restrictive for my needs.

I called my insurance, (CSAA), and they told me that with reciepts showing what I have invested in the car, (or alternately a professional appraisal), I can insure my Z for a stated or actual $ value.

As long as you understand clearly that whatever the "Stated" or "Actual" value you give the insurance company - is what they will base, to an extent, the premiums on. Also it's very important to understand that the "stated" or "actual" value is what YOU believe it to be, supported only by your documentation and/or appraisal. It is NOT a VALUE they AGREE TO... just one you state.

When you have a loss, an accident or theft - You will still deal with an Insurance Company Claims Adjuster to settle the claim. In almost every case - the first thing he will tell you is that "they" and/or "the insurance company" do not agree with your stated value or your ideal of its actual value. They will then propose their own idea of what your car is "actually" worth - based on their own market research and whatever else they can deduct for use, wear, tear for your car etc.

An "Agreed Value" policy will state clearly, in writing, in the Policy - that in case of a total loss, the insurance company will pay the Agreed Value. There will be no "Claims Adjustors", nor Claim Adjustments - - - they just send you the check for the Agreed Value. or for whatever amount up to the Agreed Value that it takes to put the car back in the condition it was in before the accident.

In most cases I've heard from people - and that has been many over the past 20 years - the car they "thought" was covered for a Stated Value of $12K+...... their Claims Adjuster put a value of less than $2.5K on - then the arguments and letter writing and hassles started.... They also found out that nothing their insurance salesman told them, held one bit of weight with the Claims Adjuster...

I hasten to add - I have heard from one, maybe two people that did get their classic Z cars fixed, without major hassles rather than totalled... when insured on a Stated Value Policy - or when they had current appraisals that were close to the actual market value of their cars.. It does happen.

But in all two many cases, what their Insurance Salesman (agent?) told them - just wasn't the case when they had a loss and tried to have their insurance cover it....

If you have a higer value 240-Z - say something at or over $12K - then take your insurance policy to YOUR lawyer and have them clearly explain who is going to do what, in case of a loss. Don't believe a thing an insurance salesman tells you.

FWIW,

Carl B.

[Oiluj]

Carl,

There is much truth in what you say. I was VERY careful to ask just these types of questions when I insured my MGA with CSAA many years ago.

Also, not all insurance companies are created equal. I've been with CSAA since 1971, and while they are a bit more expensive, they have always taken care of me without hassle. (no, I don't work for CSAA...).

When I brought the MGA in to CSAA in late 1990, it had a stated value of $12K. CSAA inspected the car and took lots of photos to document condition. In 1995 it was side-swiped by a lady in a small truck w/ no insurance. While the body damage was minimal, to repaint required substantial disassembly with a $7,100 total cost to repair.

I met with the CSAA adjuster, showed him the car, my documentation and stated value policy agreement. I highlighted that this was not your "average" car. They paid with no questions asked. I think a lot has to do with how well you present your case, as well as the insurance adjuster you get.

Early S30's are now considered collector cars. You don't see them on the road everyday, especially in "like new" condition. I think that a restored 240Z with good documentation will be viewed by my insurer in a similar fashion as my MGA was back then. Time will tell...

Just my 2 cents... and maybe not worth that much!

[CNIXZGO]

Hagerty's was very inexpensve but it was just too restrictive. Before purchasing a policy, I even called them to ask if I could drive it to work for a ONE day a week and they said well if I did I wouldnt be covered. Plus they do have mileage restrictions so you better check the fine print on your policy.

I can understand their concern for keepng it in a locked garage that is ATTACHED to the house. Those were other requirements. I can just see me getting a Hagerty's insurance policy and then me having a fender bender going to work or running down to the 7-11 2 miles away and tryng to come wth a story for that one. It's just not the risk.

I finally found a broker named Pollman's Insurance Agency (562-493-4411) in Orange County. They have hooked me up with American Modern Home Ins. Co. $8000 agreed value, NO mileage limits, and I can drive as much as i want and whereever i want. I just need to keep it locked up in the garage at ALL tims when not driven. lFor this I think it was like $180 a year and that includes a broker fee. It's money well spent because they do all the legwork for me!

[westpak]

I am trying Grundy, mainly because I can also insure my 1990 300ZX with them also.

[charmer1956]

Hi, I just looked up to see if I had to have a license in your state, I don't. If you are comparison shopping for insurance, send me a email and I will provide you with a place that insures classic cars and accepts stated value. I have a 76 280z I drive it all the time, it has same exact coverage as my 03tundra. I gave a stated value a yr ago, and the company increased it after 6mo by 2% stating that knowing classic cars increase in value they adjusted mine. I did not pay anymore for that increase. I went with this company, because I was not restricted in driving and garaging it. They understand going to shows, and cruising. Good Luck