Collector car Insurance advise.....

I'm looking forward to having the pleasure of driving my 56 chevy truck in the near future and would like some advise or comments to how the Different insurance companies out there have treated everyone on either claims or service, I currently have Hagerty insurance with just storage at the moment, as the book value goes up I just call them to raise it to that level, I will be getting a regular Michigan plate because I can drive the car at any time, if I use a 56 plate or historical plate I can only drive it to shows, which I don't want....I would like insure the vehicle for what I have in it which is around $60,000, the high NADA book value as of today is at $48,000, If in case something should happen to the truck and I have to have it fixed to the condition to which the truck is now, that leads to my question.....(Which Insurance company should I trust and deal with)....Rooney3100

You're going to need to discuss an "agreed value" policy - this could be a problem with wanting to insure well above market value. Hve you spoken to Hagerty about it?

You're going to need to discuss an "agreed value" policy - this could be a problem with wanting to insure well above market value. Hve you spoken to Hagerty about it?

Yes, I have spoken to Hagerty about an agreed value, I have to send them more pics of the truck, I did talk with grundy and they said no problem on the agreed value of $60,000, I just have to fill out forms and send pics, they were supposed to e-mail me the forms but I haven't recieved them, it's been about 2 weeks, I will have to call back, I really want to find out from all you folks about the service and reliability of the insurance company's that everyone has at the moment....or has had....Thanks....Rooney3100 (STEVE)

They may well ask for receipts and they will not include your labor. To ensure above museum quality is rare and it is usually reserved for only trailered and not driven vehicles. It is reserved for vehicles without a single flaw and not driven since a complete professional restoration. Wayne

I have 4 brass-era cars insured with Hagerty at agreed value. Two were after professional restorations that became senior award winners. All were insured for reasonable, but upper end amounts, which in one case was MUCH less than the cost of restoration. These are not trailer queens; I drive them hundreds of miles a year, mostly on HCCA tours, though I did have one on this year's Reliability Tour. I also drive them extensively in the local area, just for fun, and give rides to almost anyone who's interested (but never for pay).

If you can get them to write a "stated value" policy of "X" amount, then it is pretty cut and dry, in the event of a "total loss". The difficulty is trying to arrive at a repair cost agreement to return the car to it's pre-accident condition, in the event of such. I would suggest contacting a reputable repair facility or two, and ask for their input based on which insurers have been co-operative to deal with. It's always better to know that, beforehand, and not when the repairer rolls his eyes at the mention of your insurer.

My wife's aunt works for American Collector insurance, Based in Cherry Hill, NJ. Recently she told me it was taken over by NSB. Also taken over by NSB was Condon and Skelly, another antique car insurer from Maple Shade, NJ. I don't know how it will affect service but they axed a massive number of workers in both companies. Condon and Skelly cancelled their yearly show and Collectors moved theirs to Hershey weekend against my advice.

I have Grundy on my cars and can drive them when I want to. The value is higher then books show, but the car is a concours show car and they understand that. Had one claim years ago when a guy broke a door handle trying to get in the car without permission. They paid for the handle with no problem. Then they called to ask why there wasn't an installation charge, I told them I replaced the handle and they insisted that I send them a bill for my labor! They said that is why you have insurance.

Keep in mind that "agreed value" insurance is just another form of legalized gambling. They're betting you're not going to have a claim and you're betting you will.

Your bet seems rather large and they might make you get an appraisal to justify your bet. As we've heard recently, people over insure their cars for nefarious reasons, making insurance companies wary of high-value claims.

If you want to use it as a daily I don't believe you'll get anywhere near the rate you would insuring it as a collectible car.

The reason collector car insurance is dirt cheap is that they won't penalize us for allowing a daily driver, with much higher exposure, to join our ranks. That really skews the statistics and make everyone pay more.

I have Michigan Historical plates on my cars, but use them for auto-related events and the occasional dinner or night out. No one, including the police, care about that. However, if you drive a regular route it's easy to get caught for misuse of the plate. Cops aren't stupid.

It is hard to get insurance for above what the insurance company feels is reasonable market value. A long relationship with the insurance company and no claims will make it easier. But if you are coming off the street they are going to be cautious.

I plan on heading over to the Hagerty Headquarters in Traverse city next wednesday and sign a paper to exclusively go thru Hagerty and not thru my farm bureau insurance co.

I also plan on taking updated pics of my truck and get at least a $50,000 Agreed Value on the truck, so far it's insured for $48,000 for what the NADA states, I only plan on driving the truck on very nice day's and alway's being with it, not for everyday use, if I put the Michigan Historical plate on it the insurance would be less but I'm taking a chance with the Police, If I go to shows I can put my 56 truck plate on for looks.....Since we only have a small amount of time left before the weather turns for the worst, I will probrably wait till next spring to venture out, next week the drive way gets black topped also, having a gravel driveway is not good for getting out with the truck, it should be driven a small amount each year, when I get closer to retirement ( 6 1/2 years) I may consider an enclosed trailer to go to the AACA shows when I have more time and not having to work.....Rooney3100

In about forty years of driving cars with YOM plates I have never been questioned.

I have my stock excuses in mind like I am on the way home from the parts store, or I am testing some brake work. But have NEVER been questioned.

If I understand Michigan law correctly there's a provision for "automotive testing" with the YOM and Historical plates. I've put 25,000 miles on collector cars in Michigan and have never been questioned about their use.