Classic car insurance vs regular auto insurance

[ZCarLife]

I'm looking to get a z car (probably 76-79 280z) and wanted to know any information people have on car insurance options. I have heard of "classic car insurance" and don't know much about it. I also am interested in what the most suggested thing to do as far as insurance is concerned. I am trying to get an idea as to how much to expect in cost for insurance and what the wisest thing to do for it should be. This will be a car in good to very good condition, a 2nd car to be driven just some of the time (not the main car I'm driving). I live in a big city in Texas, and it would be garage kept (possibly with a cover as well).

Thanks,

C

[Travel'n Man]

Courtney-

The best thing to do is do a "search" for Hagerty or the word "insurance" with the search tool. I could type all kinds of stuff but there are questions you need to ask yourself and complete some research. This topic has been discussed in detail and the search feature will give you a lot of information.

If you have further questions Hagerty Insurance number is:

1-800-922-4050

My personal insuracne carrier on my antique collectables is "Hagerty Insurance" with the agreed value that both you and Hagerty will set for your replacement value.

[george71z]

Most classic car or collectable policies have mileage limits, use restrictions, and garaging codicils. If the car is not a daily driver, you don't plan on cross-country trips, and you have a reasonably secure garage, it's probably the way to go. There are some policies with benefits, like covering your spare parts that are stored in the garage that might not be covered under a homeowners policy.

[beandip]

I looked at other Insurance Companies and found that Hagerty was the vary best fit for me. True that there are some restrictions. Kept in a secure garage is one and not daily driver or grocery getter. I drive my Z from 3 to 4k miles a year. I am a member of a active Z club and I drive my car to events and cruises, mostly monthly . My car is pleasure driven and not used ever to commute to work. I did add 150 mile towing to my coverage. Guarantied to be flat bed towing. My Z is covered with a agreed upon value policy for $15,000. Insurance only $120.00 a year. + towing that incidently the towing covers my other cars even though they are not insured by Hagerty.

Give them a call. I don't know if there differences in where you live that effect premium costs.

Gary

[Arne]

On the other hand, many of us can't qualify for Hagerty or other specialty insurance. It has been mentioned above that you can't use the car for commuting and such, but it is a bit more restrictive than that. The covered collectible car must be an extra car. You must have more cars/trucks than licensed drivers in the household.

In my case, I have three drivers, but only three cars and a motorcycle (which doesn't count for this). Doesn't matter that my wife commutes by bicycle year-round and that I virtually always have another car available. Since the number of cars is the same as the number of drivers, I don't qualify.

[ZCarLife]

I only have myself as a driver in my household (only me and my 5 year old boy) and this is a second (not primary) car... will look into it, thanks!

-C

[GregP]

Another point to keep in mind is the stated value vs the agreed value on the collision & comprehensive portions of the policy. Most regular insurance carriers have a stated value policy where the "classic " insurance companies have an agreed value policy. Here is a quick, very simplified explanation/example; You give the your company an appraisal for $15k and they write the policy for that amount. The physical damage portion (collision & comprehensive) is rated and charged based on that. But surprise, that doesn't mean they will give you that amount. They can use a number of factors to determine what they consider the current value at the time of loss. The agreed value policy means just that. If stolen or totaled, here's your $15k, less deductible.

I have sold and dealt with a large number of these companies over the past 25 years. My favorite, for a number of reasons, is Haggerty ( I have 3 of my cars with them now). Research the companies for prices and talk to the agents that represent them for specifics on how the car can be used. No one answer is correct here on the forum since each state has its own particular regulations and the companies can adapt differently state by state as well as individual personal factors. But do a search on the forum since having knowledge on the subject will help you make good decisions.

Greg