classic car daily driver insurance?

[BruthaMan]

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.

[70GreenBurb]

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.

[BruthaMan]

Originally Posted by 70GreenBurb

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'll double check with my agent. The '78 may be listed as a "pleasure" vehicle, but the '72 was added a few months ago and I remember noting it would be my primary vehicle. Definitely worth checking into, don't want to be caught short.

Never had an accident (looks for large timber to knock on) and hope I make it through the final years without one.

[70cst]

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.

[Bill72]

Originally Posted by 70cst

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.

This is what I was told also. I have Hagerty and am well pleased. They said I could drive it across the country, take vacations in it etc. I was told no towing and asked them about towing a car hauler with another classic on the trailer to shows. In about 10 minutes they came back on the phone and wished me good luck in finding the 72 C30 said that it would be allowed and notated my account accordingly. I had to point out that I owned other tow vehicles for my other towing needs. They are reasonable, understand car/truck guys and make exceptions when it makes sense. I still would always get it in writing though.

As far as a DD classic being valued correctly in case of loss, I don't think it is possible or at least affordable. I would love to be proved wrong on this.

Also, anyone who trusts Safeco is way braver than me. The truth is not in them. And that's a fact.

[E.Furgal]

Originally Posted by saa

Most people don't get to do this - but if you can, here's how to create a DD from a classic.

Work backwards. Start with the Classics section on NADA's value guide and research trucks that you like. The years, models, etc. Find a year and model that you want to drive, and that values well in the condition of the DD.

This means that you're NOT going to spend money on it like it's the Queen of Sheba (Sheba... is that spelled right?) Anyway, buy a solid truck that you've choosen, with comparable values that make sense, and spend in the range of the values given.

It's not that tough. I can buy a '72 Chevy to drive in more than fine shape, and likely drop in a crate engine, if need be, for what they have in values.

Then insure and drive. Save your classic truck for after work, and yes, you can still drive it everyday! AFTER work. It's covered at agreed value, yet you drive a classic truck as your DD.

Now, before you crucify me with the "not everyone can afford two trucks"; I understand. I didn't say this was everyone's solution, however, in defense of the strategy: Look at 10 signatures on this website. If you can find two out of ten, on average, that only yell out one truck's model and spec's - I'd be surprised. So most of us can swing it. If you can't today, save a bit and you will.

Just one solution to the DD issues, and there are lots more given some thought and research. I guess that marks my $.02.
saa.

will not work...
hagardy going to insure my truck.. and my 1984 fiero is my (fair weather daily) I can not insure my 86 SS because my daily is 20 years old..
one daily per lic driver and must be newer than 20 years old..
I have the paperwork to insure my truck again on counter.. as I'm taking it off liberty mutual..

[70cst]

Great info all