Insurance Question

Discussion in 'Tips 'n' Tricks Topic' started by Robert M Mrozek, Sep 1, 2019.

  1. Plant Engineer

    Plant Engineer Veteran Member

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    Im surprised your coverage through Hagerty is that high. Mine is $40K agreed coverage with pro street designation at $700 a year full coverage. They had no problem with 600+ HP as long as I dont have nitrous. I could have 5 blowers stacked on top of each other fed by 12 turbos but Nitrous? Slow it down fella.
     
    Robert M Mrozek likes this.
  2. G72Zed

    G72Zed Veteran Member

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    That does sound like it is on the high side for the vehicle value vs the annual premium your paying.

    Generally, and as a "quick hit" average guideline, your usually looking at a 1 to 1.4% of the cars "agreed" value as an annual premium, that being said, your 20k value with a yearly premium of $481 puts you at 2.4%, your on the high side for sure. Stock through Grundy your at 1%, custom your at 1.9%. I would chat to a live agent at Hagerty, I'm sure you could get the coverage you need for 20K and be in the 1.4% range ($280 per yr.).

    As the other's have shared their car's insured value and yearly premium cost of coverage amount, they are mostly in that bracket of 1-1.4%.

    FWIW, I have been with Hagerty for over 10 years, but only started driving the car in 2014. Got "builder" insurance coverage from about 2007 or so, and as the build/project progressed I raised the value accordingly, I also kept an updated and extensive excel spreadsheet with all parts/costs and details along with a full professional appraisal and sent in to Hagerty as it fell under the "custom-modified" criteria.

    The bad part of the excel spreadsheet is the shock of what it costs for parts and how quickly it adds up, (OMG, take a deep breath). The nice part is if something happens to the car, everything is documented, if it gets stolen and they blow the engine or trans, I'm not getting a GM "crate" or a Saginaw 4spd that's for sure!

    My annual renewal premiums followed accordingly, and it was in the 1.4% range in every increment,and still is to this day.

    Adding all the Hagerty "plus renewal" and other Fee's, I'm at 1.7% range all in, mind you I have full roadside service, liability, a 19A policy with full vehicle retention/ownership in case of a total loss.

    Hope this sheds a little light on your situation, good luck.
     
  3. Robert M Mrozek

    Robert M Mrozek Veteran Member

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    Excellent feedback as always from this forum. Thanks everyone. So I renewed my insurance with Hagerty as they lowered the price to $356 down from $481. The big factor is that they were classifying my Camaro as Modified vs Stock. A Modified vehicle classification is about $100 more than Stock. When talking with Hagerty they said their policy has gotten a bit more lenient recently and my racing stripe paint and fancy wheels are no longer a trigger for Modified classification and they changed my rating to Stock and it saved me $120/year. So it appears that the insurance rate is based on stated value AND some type of risk premium for certain classifications of vehicle. I am guessing that modified or hot rod means you're more likely to hot dog it and get in an accident. I also called Grundy and they were a bit nasty on the phone. Hagerty customer service is almost too nice when you call them. So Hagerty gets my business and recommendation. Cheers and thanks again for advice that saved me $120! Nasty28.com ROCKS!
     
  4. 80sz

    80sz Veteran Member

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    I just insured under Hagerty also. 504.00 for the year. 81 camaro, I’m good with it.
     
  5. G72Zed

    G72Zed Veteran Member

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    Glad to hear this news, and that's more like it, your at 1.78%, right in line, (@ 20k agreed value) and with a great company and coverage.

    The "modified" surcharge may be the fact of the cars "specialty" parts, that may fluctuate in costs and availability, and one off customized parts with special paint, and we all know how the "paint/materials" climb in price year after year!! that's my take on this.
     
  6. flht99b

    flht99b Veteran Member

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    Went with American Modern. $35k agreed value, 0 deductibles, free towing, trip interruption,etc is $353/year for my modified 71 Z. Off topic but worthy mentioning if you have a son or daughter that might want to drive the car. Unless they have at least 10 years driving experience and at least 25 years old, no classic car insurer will cover them driving the car. Went through this ordeal before my 24 year 11 month old son with 9 years driving experience and I headed out to do the HRPT Long Haul. Yet he could drive my 2010, 500hp SS/RS anytime including the 2018 HRPT Long Haul.
     
  7. BowHunter

    BowHunter Veteran Member Lifetime Gold Member

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    What mileage restrictions are on these policies??
     
  8. shanghai Kid

    shanghai Kid Veteran Member

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    I have read through my Hagerty policy pretty thoroughly and I don't find any driving restrictions--Been with em 9 yrs and renewed yesterday for $427/yr. agreed amount of 45k
     
  9. Plant Engineer

    Plant Engineer Veteran Member

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    Hagerty specified 3000 miles a year and I nod my head and say sure.
     
  10. flht99b

    flht99b Veteran Member

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    No mileage restriction with American Modern on my 71Z.
     

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