Insurance question

[03BlkZ]

No that my 70 is headed to paint I am wanting to get some insurance on it. Do most people just add it to their standard policy or get a classic insurance? It will not be a daily driver so probably less than 3k miles per year. Just trying to figure out my best option before I start making calls.

[cgster]

I use hagerty insurance, full coverage and its pretty cheap for a years worth of coverage.

[mikeshome]

My regular insurance company will not insure anything over 25 years.Some others do i know.

[ga-stepside]

Most classic insurance companies are cheaper with better coverage than adding it to your standard insurance.

[lux]

Hagerty has treated me very well. I had a 72 that was totaled 4 years ago. I had it towed to my house, they sent out an appraiser who told me it was totaled. Hagerty then sent me 14,000 to repair the truck. I said no I believe its totaled. They paid to have it towed to the shop of my choice. They paid for the shop to tear it down and sent out a new appraiser. Without delay they sent me the remaining 16,000 agreed value. I negotiated to buy the truck back for a very reasonable price.

[jocko]

Generally speaking, a classic vehicle insurance is about the only option to insure it at a value near what it is worth. “agreed value” is what you are looking for, and the prices are reasonable, however, note that there are stipulations - usually low miles per year limitations and some require locked garage storage etc. I like Hagerty, good service and support, but fortunately I’ve never put their coverage to the test. Great review above - that would give me confidence. When i have a truck that is still in “jalopy” phase, i generally just add it to my normal policy - then switch to agreed value as its worth increases. Note that SOME trucks, even in jalopy phase are worth significantly more than what a standard policy would cover, so you have to do your homework (ask your agent what you’d receive if the truck were totaled or stolen) and also be honest about what the truck is actually worth. While the classic insurance folks are reasonable with their pricing, they won’t insure my 72 K20 (not quite a jalopy, but also not shiny and restored yet) at some ridiculous over-inflated Barrett Jackson price either.

[jayoldschool]

I use Hagerty for my four classics. Wouldn't be reasonable to use regular insurance for them.

[Rich72C10]

I have used American National Insurance for nearly 20 years for Home and Cars. https://www.americannational.com/

I have my 72 under their classic plan, up to 25,000 with no appraisal over that and you need one. Under the classic plan it has to be kept in a covered space, like in your garage and limited driving. Which I also have antique Texas plates (72 Tx plates too!) which the insurance more or less follows the same rules for Texas antique plates (least 25 years old, and can only be used on a limited basis such as car shows, exhibitions, parades, and travel to and from repair and maintenance facilities).

[03BlkZ]

I am expecting to have about 25k in my restoration when complete so I would estimate a value around the 30 to 35k range. Sounds like I will take a look at Hagerty. Thanks!

[kaycee]

I have just contacted Haggerty and State Farm on this this week for my 2 classics.State Farm is my home and other car ins. agent has been for 20+ yrs and they beat Haggerty by $70. Just like everything else everybody has there own good and bad about each 1.State Farm wants an appraisel done for the value and I don't think Haggerty does,I used there on line appraisel. I'm still researching this so may get a better deal. Good luck

[03BlkZ]

Originally Posted by kaycee

I have just contacted Haggerty and State Farm on this this week for my 2 classics.State Farm is my home and other car ins. agent has been for 20+ yrs and they beat Haggerty by $70. Just like everything else everybody has there own good and bad about each 1.State Farm wants an appraisel done for the value and I don't think Haggerty does,I used there on line appraisel. I'm still researching this so may get a better deal. Good luck

Thanks! My home, auto and life are all thru Farm Bureau so I may check. They can be a little weird with insurance. They gave me a hard time about insuring my Z06 Corvette but I the end they did. My main problem is that the truck isn't complete. Its all torn down at this point but will be going to gether soon but since I have invested a fairly sizable amount in this truck I feel I need some type of insurance. The truck has not been registered in 20 years and its in no shape currently to get the registration up to date.

[geezer#99]

You should seek out an appraiser in your area. Some of them will do an in-progress appraisal for you. That way you’ll be covered for all your work and parts up to date.
And you might need a 3rd party voice if you run into any claims before your project is complete.
Buddy of mine did (still does) appraisals. He’s been to court a couple times to help his clients out in insurance disputes.
Appraisals and the right insurance will let you sleep good knowing you’re covered.

[03BlkZ]

Originally Posted by geezer#99

You should seek out an appraiser in your area. Some of them will do an in-progress appraisal for you. That way you’ll be covered for all your work and parts up to date.
And you might need a 3rd party voice if you run into any claims before your project is complete.
Buddy of mine did (still does) appraisals. He’s been to court a couple times to help his clients out in insurance disputes.
Appraisals and the right insurance will let you sleep good knowing you’re covered.

Thanks

[flashed]

Hagerty on all mine and one under construction they have good coverage on . I have had 2 claims with Hagerty and they were wonderful to deal with .

[03BlkZ]

Originally Posted by flashed

Hagerty on all mine and one under construction they have good coverage on . I have had 2 claims with Hagerty and they were wonderful to deal with .

Thanks

[too much stuff]

I ran into an issue with one that was being worked on and wouldn't be insured because it wasn't technically a vehicle at the moment. It was just parts. (not running, driving and getting ready for the body shop) Make sure you read the fine print.

[72c20customcamper]

Originally Posted by too much stuff

I ran into an issue with one that was being worked on and wouldn't be insured because it wasn't technically a vehicle at the moment. It was just parts. (not running, driving and getting ready for the body shop) Make sure you read the fine print.

Haggerty covers a vehicle during restoration . But you need to send progress pictures so that the ins goes up as the vehicle is being put back together

[LS short box]

I have my 68 insured thru State Farm agreed value of $35,000. It's a bit under what I can sell it for but would cover all my material cost. It's limited drive type policy. It has to be stored indoors. I think it's a bit cheaper in MN because we can't drive them in the winter.

[57taskforce]

I’ve got my K20 insured thru Hagerty at $10K in very much a jalopy state. My Camaro is insured at $25K and combined they are $400 a year cheaper than they were with Geico. I couldn’t even get full coverage on the K20 thru geico. I haven’t had to use my policy yet and hope I don’t have to, but they are very easy to work with so far.

[03BlkZ]

Originally Posted by 72c20customcamper

Haggerty covers a vehicle during restoration . But you need to send progress pictures so that the ins goes up as the vehicle is being put back together

Great information to know and not a problem to send pics. Thanks!

[old51sedan]

I have my insurance thru Hagerty for my two cars, plus my 69 C/10. Last year I decided to restore the truck, when my ins came due I told them it was torn apart and out for paint. They cancelled the collision on it while it's being done. They also wanted more pictures of progress, we agreed to up the value and probably will again when completed. They also offered me a rider on my policy for it that if when done I get into an accident and they total it, they will pay me the agreed value and also give me back the truck. Something to think about.