Hi folks! Getting my GT back on the road, was wondering what you guys are using for insurance. I have a daily driver other than the GT, if that helps.
I also use Hagerty, way cheaper than a regular provider. The last time they called about renewal they said for an additional 15.00 dollars more per year, that upon a total loss of my vehicle, I would receive the agreed upon value and my totaled car would remain mine, which seems like a really good deal considering the value of parts. For example a front end collision would not have to be all that bad to be considered a complete loss - and you retain the rights for everything else that is salvageable. Compared to my regular provider they were around 40% less expensive.Hi folks! Getting my GT back on the road, was wondering what you guys are using for insurance. I have a daily driver other than the GT, if that helps.
Grundy is the other old car provider, they are along the same lines as Hagerty, however I think Grundy's rates are a little less expensive. I have had them both over the years and had very good service from both but I think Grundy is not as big a company as Hagerty and therefore has slighty more of a personal service.I've also been with Hagerty sine 2004. Fortunately, I've never had any claims, but they seem very responsive, and are real advocates for the old car hobby. They sell "agreed value" policies, so you can designate how much coverage you want for your vehicle (within acceptable ranges) I think they also require that you have another car as a daily driver, and that your hobby car is stored in a locked garage (at least when I got my policy) There are no mileage limits or other blackouts. Give them a call and see if they can get you covered. I think I was paying ~ $120/year for a $14K policy for my GT in Indiana.
I have 8 cars, so i am certain I get a considerable discount. I also get a discount because I am a paid member at the yenko.net web site (the absolutely best web site on earth for 60's muscle cars). The cars range in value from $75k to $10k. The Opel (insured for $10k) with a 1000 mile per year maximum (you can choose different levels) is only $33 per year.How much is your annual coverage.....
the online deal did the same to me. You have to call them to get an accurate response. Also it must be titled to you personally. I found out the hard way after titling it to my business for advertising. Thought I was doing a smart thing running it through my business. They won't provide me ins. for that reason. when I did find a provider willing to offer ins. it was going to cost more to insure it than any of my service vans. They classed it as a sports car even funnier it was classed as a Ferrari LOL go figure. Haven't bothered switching the title yet to me personally between covid and being to darn hot to drive it anywayI tried getting a quote using their online tool, said I didn't qualify for some reason.
It's all rather simple. Insurance pricing is nothing more than the practical application of statistics. Over a large population there is a given probability that you will have an accident. The statistician (the insurance company's actuary) can narrow this further by the use of additional information such as your age. There are other salient factors that used to contribute to this calculation but the insurance companies are no longer permitted to. You can guess what some of these factors are. But once we have nailed down the probability that you will have an accident, the statistician then calculates the probable cost of that accident. This involves the probable value of the damage both to other people as well as the equipment involved. You are covered for your liability (the damage you do to other people and their cars) and you are covered for the damage you do your own vehicle (or damage that is done but not covered by other insurance). Simplistically, multiplying the probability of an accident times the probable cost of that accident tells the insurance company how much it needs to collect from you to cover its risk exposure. Then you add on an amount to cover the agent's commission and an amount to cover the costs of administering your policy, including the CEO's salary. The total is the amount of the check that you write to the insurance company.I have 8 cars, so i am certain I get a considerable discount. I also get a discount because I am a paid member at the yenko.net web site (the absolutely best web site on earth for 60's muscle cars). The cars range in value from $75k to $10k. The Opel (insured for $10k) with a 1000 mile per year maximum (you can choose different levels) is only $33 per year.
That's one of the things I didn't get when I got a second vehicle.You can only drive one car at a time. Thus, the probability of having an accident in any one of your cars decreases as the number of cars increases. Therefore, as you add cars, your insurance costs per car will decline.