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#1 |
Registered User
Join Date: Jun 2012
Location: Woodland, CA
Posts: 29
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classic car daily driver insurance?
We are finally restoring our 1970 suburban and when I went to see how much I could borrow to restore it I was surprised when our Credit Union said they would loan up to $12000, the NADA "average retail". We currently just carry liability but I knew we would need full coverage and that with regular insurance a total loss could leave us with a "totaled" payout of less than our loan amount.
When I contacted AAA, they had collector car insurance but not for daily drivers. Looking on the internet most other mainstream and at first all of the collector car insurance companies showed the same restriction. Then I checked out Grundy's. Their website looks like they have daily driver insurance for classics under their MVP )Motor Vehicle Program. Can anyone confirm that their daily driver program does cover classics and offers agreed value policies on daily driver classics? If so, are there any restrictions? What about cost, say for $16-$20,000 truck?
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1970 Custom 10 Suburban- 350/700R4 w/3.07 Gears 1961 Shasta trailer 2001 Tacoma Reg Cab (Mini Taco) Photobucket pictures- http://m1254.photobucket.com/albumlist/vintage6170 |
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#2 | |
Senior Member
![]() Join Date: Feb 2001
Location: New Madison, Ohio
Posts: 21,365
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Re: classic car daily driver insurance?
Well scratch Hagerty...this is what I have but see point #1 ...
Others... Quote:
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A husband can be right...or...A husband can be happy. ![]() 67-72 Chevy and GMC Trucks...The Classic Truck for the Classic Folk. ![]() 1970 CST Two tone green, 402BB, 400 Automatic, Tach, Buckets, AC, AM-FM, Tilt, GM CB, GM 8 Tract, LWB, etc ![]() ![]() JOHN 17:3...The better side of "LIFE" Remember: Everyday is a good day...Some are just gooder! Last edited by 70cst; 06-23-2012 at 05:39 PM. |
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#3 |
US Army Veteran
![]() Join Date: Nov 2008
Location: Central Texas
Posts: 1,049
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Re: classic car daily driver insurance?
We've been with State Farm for 25 years now. My '78 was a frame off restoration. We insured it for $30k as a daily driver, though it really doesn't see much road time at all. On this one, I did have to drive it up to my agent's office so they could take some photos of it, since it was insured at such a high price. I believe it's about $56 per month, full coverage and insured at $30k.
When I added my '72 a few months ago, I called up our agent and told him I wanted it insured as a daily driver at a value of $8,500. If I recall, it's around $51 a month for full coverage.
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1972 C10 Highlander - The making of a daily driver |
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#4 |
Registered User
Join Date: Jun 2012
Location: Woodland, CA
Posts: 29
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Re: classic car daily driver insurance?
BruthaMan, thanks for responding. in my research on insurance there seems to be a major distinction on how the vehicle would be valued in the event of a total loss. There are at least two methods of valuation. "Stated Value" is generally the valuation method used in major insurance company policies such as State Farm and AAA would write. Using the definitions of that valuation in policies means it is valued at the lower of the stated value, or market value. From what I have read that leaves room for the insurer to value the vehicle at less than the stated value of the policy if the actual selling prices are less than the stated value. Collector car policies from Hagerty's and Grundy's are written to value the vehicle at the "agreed value", which is the value agreed at the time the policy is written and in the event of a total loss, the agreed value is paid. True market value is irrelevant. But these policies generally have restrictions against the use of the vehicle as a daily driver, among some other restrictions. But on Grundy's website they specifically mention that agreed value policies are available on daily drivers. I just wanted to confirm if anyone had any first hand knowledge of the daily driver "agreed value" policies.
If you are not positive that your State Farm policy will pay the $30,000 in the event of a total loss, regardless of what the vehicle may be worth at the time of the accident, you may want to confirm with your agent. I know AAA does write "agreed value" collectors car insurance but they ask if it is a daily driver and refuse to issue the policy if the answer is yes. They only offer "stated value" policies for daily driver vehicles.
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1970 Custom 10 Suburban- 350/700R4 w/3.07 Gears 1961 Shasta trailer 2001 Tacoma Reg Cab (Mini Taco) Photobucket pictures- http://m1254.photobucket.com/albumlist/vintage6170 |
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#5 | |
US Army Veteran
![]() Join Date: Nov 2008
Location: Central Texas
Posts: 1,049
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Re: classic car daily driver insurance?
Quote:
Never had an accident (looks for large timber to knock on) and hope I make it through the final years without one.
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1972 C10 Highlander - The making of a daily driver |
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#6 |
Senior Member
![]() Join Date: Feb 2001
Location: New Madison, Ohio
Posts: 21,365
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Re: classic car daily driver insurance?
With Hagerty I can go to shows, fun drives, work once in a while...just not to be used as a DD.
If I took it to buy groceries and it gets hit or its stolen...I am covered. If I get into a fender bender...covered etc. I am not to pull anything and that's not an issue. Can I haul stuff...sure but rocks and dirt are out. I had to email pics of the truck and they said I was good to go. These are good questions and it's a good thing to ask the questions up front.
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A husband can be right...or...A husband can be happy. ![]() 67-72 Chevy and GMC Trucks...The Classic Truck for the Classic Folk. ![]() 1970 CST Two tone green, 402BB, 400 Automatic, Tach, Buckets, AC, AM-FM, Tilt, GM CB, GM 8 Tract, LWB, etc ![]() ![]() JOHN 17:3...The better side of "LIFE" Remember: Everyday is a good day...Some are just gooder! |
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#7 |
On the path to financial ruin!
![]() Join Date: Jan 2009
Location: Dallas, TX
Posts: 722
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Re: classic car daily driver insurance?
X2!! Plus Hagerty is very expensive. I am with Grundy. I have $60k of coverage for my Chevelle for $350 a year. So, I would assume $30k of coverage would be nearly half of that. The only thing I can't comment on is the daily driver option as my Chevelle is not a daily driver. But, if I remember correctly, Grundy does offer a daily driver clause. My truck isn't up and runnng yet. Neither is it finished or restored. So, it isn't covered yet.
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'72 Chevelle SS--4.0 Whipple LS7, T56 Magnum, 20X9/20X13 HRE 791R, 6-piston Baer brakes, IRS '68 SWB C10--LS3, TKO-600, 22x10/22x12 HRE 948R, C5 suspension, shockwaves, custom frame Ooh Wee's Makeover...http://67-72chevytrucks.com/vboard/s...d.php?t=376280 |
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#8 |
Registered User
Join Date: Jun 2010
Location: Upland Ca
Posts: 4,143
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Re: classic car daily driver insurance?
I'll be watching this. I have not been able to find an insurance company that would cover a classic as a daily driver at an "agreed to value" in the event of a total loss. When questioning State Farm, AAA, Mercury, to name a few, the bottom line was, in the event of a total loss, market value would be paid. Maybe some states have different insurance regulations? I currently use American Collector Insurance for my vettes. Some of the restriction are, cap on miles per year (I have to declare my mileage each year with renewal), locked garage, DD car for each licensed driver in the house, if wrecked or stolen at a place like the grocery store, mall, place of work, etc, no coverage.
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1972 C10 SWB, Air, PS, PB, 350/350THM. Second owner. 1965 Corvette roadster, 44K miles, 327/365 SHP, 4 speed, side exhaust, knockoffs, teak, second owner (bought in 1970), Have ALL numbers matching components. My frame off restoration thread: http://67-72chevytrucks.com/vboard/s...d.php?t=556703 |
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#9 | |
BlahBlahBlah
Join Date: Feb 2002
Location: Wa.
Posts: 19,863
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Re: classic car daily driver insurance?
Quote:
Im not trying to be smart, just really curious as to when you are covered.
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#10 | |
Account Suspended
Join Date: Mar 2012
Location: Abington,Ma.
Posts: 87
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Re: classic car daily driver insurance?
Quote:
I was told I can drive to work.. but not everyday.. like if I was going to a cruise after work that be fine.. on sat. but mondays rust hour traffic is o u t out.. if it gets jacked while having dinner.. you'd be fine.. if you drove to the mall to shop.. nope.. |
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#11 | |
BlahBlahBlah
Join Date: Feb 2002
Location: Wa.
Posts: 19,863
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Re: classic car daily driver insurance?
Quote:
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#12 | |
Newbee
Join Date: Jan 2010
Location: Phoenix, Arizona
Posts: 1,406
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Re: classic car daily driver insurance?
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#13 |
Newbee
Join Date: Jan 2010
Location: Phoenix, Arizona
Posts: 1,406
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Re: classic car daily driver insurance?
I have Grundy, and I can't drive it to work/ leave it in a parking lot. It has to be garaged too. There is no mileage limits, and it is more than reasonably priced. Call them, very nice people.
My findings with Hagerty is, they don't like trucks. NOTHING shall be hauled in the bed, not chairs, EZ up, cooler, NOTHING! |
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#14 |
Registered User
Join Date: Apr 2004
Location: Las Vegas, NV
Posts: 2,188
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Re: classic car daily driver insurance?
Im following this thread as well
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#15 | |
Senior Member
![]() Join Date: Feb 2001
Location: New Madison, Ohio
Posts: 21,365
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Re: classic car daily driver insurance?
Quote:
![]() My coverage is $35K and my premium is $340 per year. I can haul miscellaneous stuff but not rocks and trees ![]()
__________________
A husband can be right...or...A husband can be happy. ![]() 67-72 Chevy and GMC Trucks...The Classic Truck for the Classic Folk. ![]() 1970 CST Two tone green, 402BB, 400 Automatic, Tach, Buckets, AC, AM-FM, Tilt, GM CB, GM 8 Tract, LWB, etc ![]() ![]() JOHN 17:3...The better side of "LIFE" Remember: Everyday is a good day...Some are just gooder! |
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#16 |
Registered User
Join Date: Jun 2008
Location: pensacola fl
Posts: 3,072
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Re: classic car daily driver insurance?
I've been a 220 insurance agent for 11 years. I have mine insured with safeco insurance under agreed value. I had to inspect my own vehicle since I'm my agent and a few pics. Ut not a lot of restrictions. But every state is diff. I did have to have antique plates on them.
Posted via Mobile Device
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68 BB burb build thread Scott's super slam front/rear http://67-72chevytrucks.com/vboard/s...d.php?t=378084 |
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#17 |
Registered User
![]() Join Date: Jul 2006
Location: Ozark, MO
Posts: 4,887
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Re: classic car daily driver insurance?
You can't get an agreed value policy that allows daily drivers. My neighbor is in charge of a major collector car insurance program...the best they could do is add a rider for a few weeks of daily driving given several provisions. State Farm's stated value policy will still depreciate your ride to some magic value that will be less than you want. I went through all of this in detail recently with American Collectors (my current policy), the neighbor and State Farm because I want to DD my '71. NO GO.
I ended up double-covering with agreed value and stated value, that way if I have an accident and my collector's denies the claim at least my liability coverages are intact.
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'20 Silverado Trail Boss ~ '17 Tahoe ~ '79 K15 Sierra Grande ~ '76 Blazer 2wd ~ '71 Cheyenne swb ~ '55 Pontiac Safari ~'50 3100 bagged ~ '80 Wife ~ Late model kids
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#18 |
Newbee
Join Date: Jan 2010
Location: Phoenix, Arizona
Posts: 1,406
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Re: classic car daily driver insurance?
saa, I understood everything you said above when i talked to Hagerty. I told them that I have no desire to "haul" anything with it. I asked if I could put some chairs, and a cooler back there to go to car shows, and was told "nothing". That simply did not work out for me.
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#19 | |
Account Suspended
Join Date: Mar 2012
Location: Abington,Ma.
Posts: 87
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Re: classic car daily driver insurance?
Quote:
they are not going to intrust you to tie it down correctly,, that why they said no.. |
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#20 | |
Account Suspended
Join Date: Mar 2012
Location: Abington,Ma.
Posts: 87
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Re: classic car daily driver insurance?
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#21 | |
Senior Member
![]() Join Date: Feb 2001
Location: New Madison, Ohio
Posts: 21,365
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Re: classic car daily driver insurance?
Quote:
My "Hagerty" agent said small things in the bed is not a big deal and nothing about a bed cover although I do have a Tonneau. I'm thinking it may be the agent or state which is the reason for these differences but its good to know and be sure of the guidelines. Thanks for the info.
__________________
A husband can be right...or...A husband can be happy. ![]() 67-72 Chevy and GMC Trucks...The Classic Truck for the Classic Folk. ![]() 1970 CST Two tone green, 402BB, 400 Automatic, Tach, Buckets, AC, AM-FM, Tilt, GM CB, GM 8 Tract, LWB, etc ![]() ![]() JOHN 17:3...The better side of "LIFE" Remember: Everyday is a good day...Some are just gooder! |
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#22 | |
Account Suspended
Join Date: Mar 2012
Location: Abington,Ma.
Posts: 87
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Re: classic car daily driver insurance?
Quote:
love me a gaylord lid. but pricy |
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#23 |
Newbee
Join Date: Jan 2010
Location: Phoenix, Arizona
Posts: 1,406
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Re: classic car daily driver insurance?
They may allow the restored honda.
I asked Grundy about pulling a vintage trailer, like a teardrop. They said they could take a look at it, and should not have an issue with it. I just have to find a vintage teardrop now ![]() |
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#24 |
Account Suspended
Join Date: Mar 2012
Location: Abington,Ma.
Posts: 87
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Re: classic car daily driver insurance?
grundy's underwriters where last I checked (may'12) where not writing new polices
grundy was outsourcing them.. making them ? also agreed value and statefarms "stated value" are two totally different animals.. one deprecation is used in a loss ,one does not, one writes a check for the agreed value. and well.. hard $$ lesson , never again |
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#25 |
Registered User
![]() Join Date: Oct 2010
Location: Portland, or
Posts: 387
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Re: classic car daily driver insurance?
i have also been told i need to have my truck professionaly appraised in the event of total loss you have an actual value to give the insurance company. second i was told i should have mine appraised every year or two in order to maintain a good record of current value.
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