Collector Car Insurance

Did some reading on car insurance and am not finding what I thought I would find.
Looking to insure a 68' Plymouth resto-mod.
Stated value $35,000.
Getting quotes from 500 to 800 yearly.
See countless people on here and other sites " 68'Charger $75,000. policy---$193.00" with XYZ insurance. "

Any idea how they are getting such a lower rate?
And ... clean license , over 50, never an accident, same home 36 years.
Out in the country...no high risk area etc...

mostly that is for stock cars.
I got quotes from the major 3 but stuck with hagerty.
As you do more modifications, they start moving the rates up.
a stock car would be cheaper.
I am on the boarder I guess. I swapped my 318 for a 5.9 mag for the efi.
They said that was fine.
Tossing in a gen 3 hemi though would bump my rates to almost double.
and as not a charger likes to point out comparisons aren't really that great a way to tell between people.

how many quotes did you get?

I have entered the information in the quote as stock,modified even 6 cylinder STOCK.
Not much difference in price.
6 different times that I can remember .
Brothers car ,street/strip modified. 271 per year.
Friends Z28 street/strip.291 per year.
You would think I was a DUI fellon.

Give Grundy a call. Let them quote your daily drivers too along with this.

BTW, GREAT looking RR!

Give these guys a call (actually mostly gals, the agency is female owned), they specialize in collector car insurance and shop around for best rates for clients.
They got me a policy for my vintage cars that is around half what Hagerty was quoting when I checked their rates. Though it appears Hagerty recently bought out my insurance company's collector car business and have bought several others recently too, so I am worried they may soon completely own that market and I may be stuck with their high rates! Maybe they'll mail me their Hagerty magazine at least and save me having to pick up copies from agents who have booths at car shows...
https://www.rallyinsurance.com/

I just got new insurance for my 68 Road Runner. Malagise insurance (724)770-0101 ext. 19 (Chris) For a year at $20,000 was $195 yearly through American Modern insurance. Give them a call may be able to help you out. My policy allows for 3,000 miles a year of pleasure driving
See ya, Ken

Here's a copied & pasted reply from a similar topic on another site but it's still relevant. I may need to adjust the values this year but I haven't been driving them so there less risk involved. I'll admit that I've never had to file a claim so I don't know how well the company is when it comes to settling an issue. I'm in NY State, too.

I'll do my infomercial now.

I've had the same company since 1989, Condon & Skelly, & started out with just one car, my Satellite convertible on the policy for $55 per year for $2500 value. That price went down to $45 when the car turned 25 years old. I added more over the years, & adjusted the value of each one as the market changed. Right now I have 5 cars on the policy ranging in value from $2500 for the rough Coronet convertible project, up to $18,000 for my Road Runner.

The premium for all 5 cars for one year, with full coverage that includes liability, comprehensive, collision, fire, theft, vandalism, glass, spare parts, & some more, is $360. That's cheaper than one rust free fender at a swap meet. They have to be in a locked garage & you must have a daily driver that they want the VIN of as proof. It doesn't matter if it's stock, modified, a finished car, a project, disassembled, or whatever stage it's in, all they need to know is that you are restoring it & that you supply photos of it.

be careful.
many don't let you joy ride in your car.
ask them when they quote a policy.
hagerty was the only one that didn't prohibit just driving around.
most require you to be going to or from a show or something.

Ok,thanks for the leads and ideas....
I`ll check into it.

I would double that 35,000. Think about the replacement value. I used Berkeley classic ins.

I have my Cuda insured for $94,500 stated coverage with American Family and it's $241.50 a year. Only have to drive under 10,000 miles a year no other restrictions. Agent says they basically give you a year policy for the 6 mth price because they know they don't get driven that often or in bad weather.

I have my 1969 Barrcuda insured for $15K thru Hagerty for $188 a year. It was a /6 swapped in a 360, basically did a 340 clone. I checked with several places and they were the 2nd cheapest. I opted out of roadside assistant, etc since I really only drive the car local and if something were to happen I could call family/buddy to come help. American Modern was the cheapest, but I had requested a quote thru one of their sister companies and they wouldn't allow me to sign up since it was a conflict of interest? I tried to tell them I wasn't interested in that company and wanted to go thru them, but they gave me a run around so I ended up going with Hagerty.

great timing on a post.

I will be shopping for insurance here soon for a classic car .

And wanting agreed value.
not sure I trust the stated value part

Im thinking 65K on the car . But haven't had classic car insurance in nearly 10 years . So Ive been out of the loop for a while now


EDIT,,,,
Just got this via the Hagerty website

$661 doesn't sound bad and its more than I feel the car is worth ,,,slightly

I switched from Hagerty to J.C. Taylor a couple of years back. The policy is on three cars with agreed values ranging from 15K to 30K . $662 a year.

Dennis I have my Wagon thru Hagerty. Right now its for 25k but will up it to 30k on renewal. You are way low on your evaluation for your car. My policy is around $400 per yr. No deductible. I have no problem with that amount.

I do hope you fare better then my son did with American Family classic car insurance. He had a 57 Dodge wagon with a 5.7 Hemi insured with them. The car wasn't finished, and had an agreed value of $10,000. The car was at a shop getting exhaust fixed and got caught in a flash flood. The car was covered by the shops insurance, but the adjuster told my son he would probably get his money faster through his company, then the shop insurance would reimburse my son's company.
My son filed a claim with American Family and it took 3 weeks for their adjuster to show up, after the car was out of the water. Then they tried to tell my son the car wasn't worth the $10,000 agreed price and all they would give him was $5,000 for it. We ended up calling the IL State Insurance Commissioner to get the agreed value amount paid! We had to call the Commissioner a second time to be able to buy the car back. All told, it took nearly 3 months to get his money, and that was only because of another threatened call to the Insurance Commissioner. The sad part was American Family was going to get back what ever they paid out.

Good luck with American Family Classic Car Insurance! If you ever have a claim, your going to need it. Gene

I have mine through State Farm and most people know what happened to my Dart. In the end I was pleased with what they offered, though the initial offer was not good, all I had to do was get current sales and they adjusted their offer to those comps. I have had other damage done to other vehicles with no issues either.

I should have added I had to have a certified appraisal with pictures accepted and then agreed on to get the $94,400 added endorsement. I also have letter confirming they will pay the full amount if it's a loss.

My son's policy was an Agreed Value coverage. They agreed with the value and took his money for more then 3 years. When the time to pay came up, they tried to change the value. I simply told them it didn't matter what they thought the car was worth, it was an agreed value and the premiums were paid for that value and we expected nothing less. The Insurance commissioner agreed with us. The simple fact that they even tried to reduce the value on an Agreed Value insurance Policy is enough for me to advertise the way they do business. Your car, you take your chances. I'm not giving them an opportunity to try to screw me, and my son no longer has them either. Gene

For years i have hard no insurance on my 68 Dart race car, my wife for good reason had always been after me to get it insured. A few years ago Heacock had a booth at Carlisle , I talked to them and now have my Dart and my 92 D150 insured with them for a little less than $400 a year. The Dart being a race car it is covered everywhere except on the track , my D150 which I rarely drive was $900 a year on my regular N.J. car insurance policy. I just renewed a few weeks ago and the actual insurance company is American Modern.

My insurance for the A12 RR and 74 Challenger Rallye 360 is through M&K Agency who uses American Modern. RR has an appraised value policy at $116k and the Challenger is agreed policy at $28k. Combined they are $582 per year.

That's the only collector policy I've ever had. Been 6 years now. Rates are far better than Haggerty for me. Others could complete on price, but had restrictions that C&S did not.

No one here can answer that. What you are quoted has nothing to do with what anyone else is quoted or is paying. There are far too many underwriting variables involved. Some companies are better than others at underwriting, too. The only accurate way for you to know who will give you the best rates is to shop around and get quotes for the exact same coverages from multiple companies.