Insurance Companies

[ukchris]

No car yet, a few more days but I have plates... so it's time to get insurance quotes.

 

My regular insurance is with Geico so I'll probably at least get a quote there, do you folks typically just add to your regular policy or go to one of the specialized insurers (Haggerty etc)?

[MightyMike]

I was originally insured by Grundy with my Birkin, but ended up going with American Modern, www.amig.com (Geico Affiliate) for my Storker. Knock on wood, I haven't had any claims, but am otherwise happy with American Modern. IMO - with cars like ours, agreed value policies are the best way to go.

[ukchris]

Thanks Mike, so far... Haggerty $700, Geico and amig around $300 but with all sorts of exclusions (removing Comprehensive, Collision) which worries me to say the least!

[ukchris]

Grundy $450

 

Insurance perplexes me!

[Croc]

Forget GEICO - they are just giving you the basic state minimum insurance pack - no protection for your car or any personal liability. They will depreciate the insured value over time.

 

You want agreed value insurance - so Hagerty, AMIG, Grundy, etc. Check the fine print - insurance needs to cover the value of the car if it is stolen, written off or otherwise lost. You need to make sure the liability limit is at least equal to whatever personal excess liability cover kicks in at. The exclusions should be minimal. You need to re-quote AMIG as they have not quoted you comprehensive agreed value insurance.

 

Hagerty's price surprises me especially in NH - I would double check that. You should ask who the insurance company is that is issuing the policy. Hagerty (like Grundy) is a managing general agent - not an insurance company. So they rely on insurance companies to support their ability to sell policies.

 

Also try American Collectors

https://americancollectors.com/

 

 

Insurance is just a legal form of gambling. The price quotes reflect which insurance company got hit with a lot of losses recently on a collector car market in New Hampshire.

Edited March 26, 2018 by Croc

[xcarguy]

Per the conversation consensus: go with agreed value. I use Grundy. Very happy with theses guys.

[ukchris]

I'm with you, a "big name" would make me nervous although I'd be happier if Grundy/Hagerty web sites recognized Caterham as a manufacturer!

 

I'm expecting $500-$700 just need to compare the details on limits/deductibles and so on.

[John B]

I have all my "Collector" cars with AMIG on an agreed value policy. I update the values periodically when there has been a significant change in value. I've had no problems at all with them (but in fairness I've only been paying them).

[panamericano]

Very happy with Hagerty. I got a package that includes 50 miles free towing. The first year I had the Birkin, I had to use that feature. (car is 30 years old, run down, etc.) Good service. Croc referred to "excess liability" If you go through an agent with most of your insurance, you may get an umbrella policy that will actually kick in at a low level. I was able to drop the liability on cars to the state minimum, which saved money toward the umbrella. You cannot have to much liability. You can't have much of accident, with injury, under $50K. The average fatality is now $2-3M.

[Croc]

I'd be happier if Grundy/Hagerty web sites recognized Caterham as a manufacturer!

 

This is one time you don't want to use the website. Give them a call. They both know what a Caterham is but websites do not even begin to understand the complexity of premium rate tables that are approved for use by that insurer. A conversation with all the facts should 80% of the time get you a better price quote than a website with the same company.

[ukchris]

It's looking like Grundy, I will call both Grundy and Haggerty to verify all details but based on the web quotes Grundy are currently cheaper and I think qualify as a company that understands the car and what I need.

[speedwagon]

My quest is a little different-- The quest for me is finding the best for the price liability source. Have not carried collision since 1966 nor have I not paid cash. But my current provider charges twice as much for my "lola/rotus" (at 1k miles per year) as it does for my 1 ton f350 4x4 dualy (at 10k per year) underwriter doesn't want to explain. I am 76 and in AZ It is not so much about money as it is about being screwed. Would love to find an "umbrella" that would cover everything over a high deductible.

[JohnCh]

I looked into Hagerty several years ago and decided the policy was a little too restrictive for me. Not sure if it's changed, but at the time you couldn't use the car for commuting and there was some type of parking location restriction that effectively meant some shopping trips would put the policy at risk. Given I occasionally take the car to the office on nice days when I can avoid commute traffic, and use the car on weekends to run errands, this was a concern, so I spoke with Hagerty to clarify. Their response was that if I only did those things occasionally it wasn't a problem; however, since the policy wasn't written to reflect that sentiment, it seemed that having a claim on the one day of the year I take the car into the office meant I was at their mercy to honor that verbal statement. I decided to stick with my insurer for the past 20+ years who covers my house and 6 cars. At least with them I feel I have some leverage.

 

-John

[Dave W]

Do not get me started on insurance. Every 6 months, AAA would increase the premium on the Seven. The price more then doubled in 8 yrs. I had 4 cars with AAA, and when we drop an under 25 driver they raised the premium on the other three car!!! After that, I switched the Seven to American Collectors Insurance. Very little restrictions and only a 1/3 of the cost. If you are looking for insurance check these guys out. Dave W

[Kitcat]

State Farm added my Caterham and Birkin for a very reasonable annual fee, around $350. It never went up. I think I had a limit of 5,000 miles a year before cost increased. I never went over that.

[ptrxly]

Haggerty will not insure my Deman Motorsport SR7 because it has a roll bar! and my current insurer, Travelers, raised my rates when I took my 23 year old son off of the policy! I do not understand this logic.

[ukchris]

I decided on Hagerty in the end, I was going to go with Grundy but the application process was painful, it said I could apply online then they tell me that's wrong and you can't, also Hagerty seem much more understanding of things such as occasionally taking the car to work or the store. Fair chance that the price with Grundy may have gone up, they were apparently cheaper but the process was so painful I never truly got to a final, firm price.