Insurance for collector Z car?

[Carl Beck]

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.

Hi Nick:

That is correct - if you use your car for daily transportation - it would not be covered under any Classic Car Policy. No matter who you purchase "specialty insurance" from, its coverage can not overlap that offered by the Full Line Automobile insurance policies.

If you plan to use your 240-Z to drive to/from work one day a week - you are in effect using it as daily transportation.

I CAN drive any of my Classic Cars to work to show them off whenever the mood strikes me. The coverage is based on your intended use of the car - not were you are going.

So if you ask the question: "Can I drive my car to work?" The answer the person at Hagerty should have given was - "that depends on why you are driving it there.". If your intended use is to replace the use of your daily driver 20% of the time (one out of five days per week) - then NO it would not be covered for that use. If you intend to take it to your workplace to show your fellow workers, participate in one of the many company sponsored "bring your Classic Car To Work Days" for display - then yes it would be covered.

Plus they do have mileage restrictions so you better check the fine print on your policy.

Again I'm sorry that whoever you talked to - provides such misinformation. I have had policies from the Hagerty for going on 20 years now - none have any mention of mileage restrictions. I assure you that I can make one lap of America and be fully covered.

I can understand their concern for keepng it in a locked garage that is ATTACHED to the house. Those were other requirements.

Again - misinformation. One person many of us know has about 30 cars in a very large detached garage - and he is an Insurance Agent for the Hagerty. Again nothing in the Policy requires an attached garage.

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.

That is true - if you are using your Classic Car for daily transportation purposes such as going to work or going shopping - you should have it covered on a Full Line Auto Policy.

If you are driving your Classic Car on a Sunday Drive - no one has to be afraid to stop at the 7/11 for a cold drink or coffee. Your covered.

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!

Here again I'm afraid the person you talked to - doesn't really understand the differences in "use" between the Full Line or Regular Auto Insurance Policies - and those issued by the Speciality Insurance carriers that will issue Agreed Value policies on Classic Cars.

The Speciality Insurance Carriers are authorized by the State's they operate in - to offer coverage that IS NOT offered by the Regular Auto. Insurance Policies being sold in that State. If you read carefully the actual Insurance Policy you receive - if it has an Agreed Value (not Stated Value), it will clearly define what a "Classic Car" is vs. what a "Regular Transportation" car is. It will also state clearly that a Classic Car CAN NOT be used to replace the use of your regular transportation vehicle.

One thing that is common to all Classic Car Insurance Policies that I have seen - is the requirement to have a different vehicle insured as your daily transportation, covered by a Full Line or Regular Automobile Policy. If you don't have a requirement to have a different car insured for daily use - chance are very great that you don't have an Agreed Value policy.

FWIW,

Carl B.

[Carl Beck]

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

If you use your Datsun 240-Z for regular transportation rather than "for pleasure use only"... then a "Stated Value" policy is most likely better than not.

It's possible to compare a regular auto policy that gives Actual Cash Value as it's limits of liability to that of one that uses a "Stated Value". In both cases however the final settlement in case of a total loss is subject to agreement by the Insurance Companies Claims Adjustor. The insurance company has NO Obligation to pay the Stated Value in full.

With a Classic Car policy - that has an "Agreed Value", there is no claims adjusting to be done in case of a total loss. The Classic Car insurance company has an obligation to pay the Agreed Value in full.

Huge difference in process and legal obligation. Normally a huge difference in the premium being charged as well. Classic Car's don't suffer anything near the loss rate that transportation cars do, so the premiums are far lower.

If you have a collector quality Classic Car - with a real value two to five times that of a daily driver - and you use it for pleasure use only - don't accept anything less than an Agreed Value policy. If you do have to use the car for transportation purposes - then don't have it on a Classic Car policy.

FWIW,

Carl B.

[Poindexter]

I just signed with Hagerty. They were amazing. When they send me the electronic policy documents, they had some lines already filled in with suggested responses. The most interesting one was in the lines for mileage to be driven. They *started* with 4,000 miles as the amount of driving I was intending to drive over the next year. I informed them that I drive to many, many Cruise-In nights, as well as other car shows in neighboring states, and I might even exceed this. I told them I tend to document everything, including taking tons of photos, and keeping all flyers and other publications from these shows, and they told me it's no big thing, and they hope we enjoy our cars. I also told them that since I perform a great deal of the work on this car myself, of course it's crucial that I take regular test drives to make sure the shifter bushings are installed right, or that the brakes are properly bedded, etc., and that I go to many different parts suppliers all over the state. All true, true, true...

Awesome. $170 a year for $10k agreed coverage- to be extended incrementally upon completion of each phase of my restoration. It's probably worth even more than that.

How much would it cost to replace a 99% rust-free, early Series 2, original paint, etc., 240Z anyway? It's a very tough thing to track, so any ideas?

[xray]

How much would it cost to replace a 99% rust-free, early Series 2, original paint, etc., 240Z anyway? It's a very tough thing to track, so any ideas?

$29,000 based on some recent EBay auctions, although that car is one of the best preserved ones I've seen...To restore one would cost more based on labor rates and lack of some critical parts. Hagerty has a template for "Show" "Excellent" etc categories. When I renewed recently, the Show category was at $31,000 and Excellent was around $24k.

They'll agree to significant values of the Z, especially if you have photo documentation of the work done.

[Poindexter]

Wow, thanks for that info xray. I have a fair bit of work to go before I'd consider my car as excellent. I have one 3-inch circle of panel rust behind the front wheel- but it's not spread, my seats are currently trashed and need to be rebuilt & recovered, and my dash is capped, but it's such a great cap that not one person has noticed it- and some other car collectors at the Cruise-Ins I visit have even commented on how clean it was too ( ) Beyond that I have 10 small (dime-sized) dents that have to be pressed out, a cracked FRP sugar scoop, and a few small scattered chips that I must get paint-matched and patched, still but beyond that....she's really cool.

Maybe I better have another talk with Hagerty after this round of work? $10k is sounding too low. I'm pretty sure that I couldn't sell it for $18 or $20k now- especially in this economy, but to replace it- especially in original paint- appears to be getting much harder.

Can these older single-stage finishes even be patched unnoticeably?

Luckily I have hundreds of photos, as well as thousands in repair and parts receipts to bolster my case for an increase in agreed value. They certainly seemed open to this- under the right circumstances. I'm very impressed by how responsive they've been, and how well I've been treated so far.

[mel marabante]

Thanks Carl Beck for your response to Bre-240 z's rather rude comment regarding a comment that was reponded many times before.It's common sense. I for one do not keep track of all the topics here. I learn from "pros" like you. Some people here are so condescending that I am discouraged to ask for anything, however mundane, for fear of getting ridiculed. I once put a bully straight to the pavement in highschool. It's amazing how they find their way back through the internet. My apologies everyone. Just telling every single mouth to shut unless they can say it in a a good way. Back to the topic.

[Massimo]

I found this a rather interesting topic since i am a insurance agent w/ nationwide insurance. I have my 260z insured on an agreed value of $8,000 but it is on a standered insurance policy w/ no mileage restrictions i have extremly good coverage on my car as of liability coverage and low deductables it costs me $127 every 6 months and in the winter it is $30 for the other 6 months that i cant drive it. The coverage in the winter is just comp w/ a 50 ded. Also taken into account that ohio is one of the cheapest states for auto insurance.

[trforfun]

I use Country Mutual Insurance Co. I have 5 cars and my 2 Triumphs and my recently acquired 280ZX are covered under "antique" policies. I am limited to 2500 miles a year and have an agreed upon replacement value on each. I had to provide photos to show the condition of each car. Technically I'm only supposed to drive to shows, etc. but they don't seem to concerned if I drive one of them to work on occasion or around town. I pay around $120 per year per vehicle. Overall for all 5 cars (I also have an 85 MR2 and an 84 318i) I pay about $125 per month.

[Carl Beck]

..... I have my 260z insured on an agreed value of $8,000 but it is on a standered insurance policy w/ no mileage restrictions

Hi ohio260Z

That is very interesting - for the benefit of us all - could you show us the page in your regular insurance policy, where it states " Agreed Replacement Value $8,000.00". I would guess it's on your Declarations Page or within the Comp/Collision section...

I'd just like to see it in the Policy, to see exactly were it is, and exactly what is written. So we all know where to look and what to look for...

thanks,

Carl B.

BTW - I lived in Ashland, and when in Columbus I worked for Nationwide for a while... small world...

[yetterben]

I hate to drag a thread back from the dead, but this is always a important topic. I am thinking of going with american collector insurance fro a greed value of 10,000. but am limited to 2,500 miles a year. While this is not a huge issue i am a little worried if i want to drive it more. I mean i always drive my z for pleasure . But what happens if i want to drive it 500 miles is that still for pleasure you bet. Will they see it that way who knows.

[Carl Beck]

I used to have American Collector many many years ago - so I don't know what they do today. First let me say that in all too many cases the Agent selling the insurance - misinforms the potential customer by saying things like "you are limited to 2500 miles per year" or "you can't drive the car more than 2500 miles per year" - just to weed out real Collectors with Classic Cars, from Enthusiasts that plan to drive their cars "almost" every day. Some Agents say these things - but when you read your Policy you will normally find that there is no specific mileage limit placed on the car. Always Always keep in mind that what the Agent says is meaningless - what is written in the Policy is what defines the coverage provided and the limits on the cars purpose/use.

All that said - I have used the Hagerty for many many years now. They will tell you that most of the time the cars they insure are rarely driven over 2,500 miles per year - but that mileage alone is not a limit. If you drive it over 2500 miles one year - no problem. The restriction is that the car must be used for pleasure use only, NOT FOR DAILY TRANSPORTATION, nor to use as a temporary substitute for daily transportation...

Classic Car Insurance is relatively inexpensive - and really IMPORTANT for our old Z's - as they provide excellent coverage with an Agreed Value at very reasonable prices. Get your Policy and go over it with your attorney if possible - see what it says... If your not happy with the Policy, switch to another carrier.. Personally I always recommend the Hagerty and they love our old Z's...

FWIW,

Carl B.

[yetterben]

The agent told me also that if i think i am gonna go over to call and let them know. I just want a fixed value on my z. Crazy i paid 3grand for a really nice z only to find nada values it at a minimum of 6