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Resident Whippersnapper
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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.
 

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Hagerty
 

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Vendor
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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.
 

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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.
 

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Opeler
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I use Hagerty as well. With some of the issues my car has had, it’s been great to get free towing to and from shops, since it’s all included in the coverage.
 

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Living in the past
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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.
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.
 

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I use MK insurance. Like, Ron, never had a claim, but know of several folks who have and all had positive experience.

They write coverage through American Modern, which is affiliated with USAA.

Many options available depending on how many miles you plan to drive per year. On my 69 Z/28, I started out with coverage for 6k miles per year, but soon realized there was no way I would ever reach that, so the second year, adjusted it down to 1,000 per year. I THINK (but don't quote me, those are the upper and lower limits for their classic car policies). The less you are going to drive, the cheaper the coverage. You pick the amount of coverage you want. You will need to send them pics or your car from all four sides, plus one pic of the interior.

The car MUST stay the night in a locked garage. IIRC, the cost was considerably less than Hagerty or Grundy. One reason it is so cheap, is that they know how these old cars are babied.

I know when I added my Studebaker truck at 1000 miles per year and an agreed value of $10k (have since upped the coverage a bit because of improvements I made to the car) it cost like an extra $25 every 6 months. I have my GT insured through them as well.

You will get excellent customer service from either Tami or Jackie. 866-695-2774
Have an email you can use if you prefer.
 

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I use Hagerty for my three "toys" (1964 Triumph Spitfire; 1971 Opel GT; Factory Five Type 65 Coupe -- replica of Shelby's Cobra Daytona Coupe that is registered as a 1965 Ford Custom). I just paid the renewal for all three cars -- $350 total.

Neither Hagerty nor Grundy are insurance underwriters (that is, they do not bear the risk). They are what is known in the trade as an "underwriting manager" that does the underwriting and the claims settlement on behalf of the underwriter actually taking the risk. The underwriter is relying on the manager's skills and expertise. Currently, my policy is with Essentia Insurance, a unit of the Markel Corporation, itself a well respected specialty underwriter. I do not know whose paper Grundy is writing on.
 

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Pedal Smasher
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Another one for Hagerty. I have Geico for my DD and house. Hagerty covers what I want, which is agreed upon value, at a good price. You also get roadside in the policy and they will provide a flatbed and an Uber if you get stranded. I like the Hagerty Driver's Club emails too. Lots of interesting content and Jay Leno is one of their contributors for the Hagerty magazine they send you. One time there was an article on the Opel GT. I think the company understands their customer base really well and they definitely try to make you want to keep them. If so inclined, you can join Ride Share and rent out your classic through Hagerty. Could be cool to do that if you have a nice car and live in a movie production hot spot. If my GT was done, I'd probably do it since I live in Albuquerque and normally lots of movies are filmed here.
 

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I have three classic cars with Hagery and I highly recommend them. As mentioned, they want you to have another dd and to keep the car in a garage. I had one claim on my Coronet and they were more than fair. And their towing range is around 50 -60 miles. Good point about the magazine - its a good read. And Hagerty members get a free membership to MotorTrend streaming - a whopping $12 a year savings!
 

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Can Opeler
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I have full coverage up to $16k on my red GT through State Farm. It is $19 a month which isn’t bad for a 24 year old guy. My deductible is $250 and I get free roadside assistance/towing. State Farm ended up being about $150 a year cheaper than Hagerty for me.
The price will drop by a lot (over 60% I think) when I turn 26.

Liability only on my Orange GT is $13 a month.
 

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How much is your annual coverage.....
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.
 

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I tried getting a quote using their online tool, said I didn't qualify for some reason.
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 anyway
 

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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.
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.

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.

Just as an aside, for a number of reasons including one cited in a previous post (the extreme care of the owner), the "Agreed Value" business is horrendously profitable for the insurance industry. The primary reason is that owners of classic cars generally over-value the vehicle when they insure it, allowing for a vastly inflated "probable accident cost" value to be inserted into the equation. The industry demonstrates by its profitability that comparatively few claims go all of the way to the "agreed value".
 

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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.
That's one of the things I didn't get when I got a second vehicle.

I went to insure it, and my insurance cost almost doubled. I was like "I think you misunderstand, I have two vehicles, and I'm only ensuring me to drive them." And they said no, the amount is correct for that situation. I got a "multiple vehicle discount" of like 10% of the price of the second vehicle.

I still don't get this.

My second vehicle didn't come with a clone of me to drive it simultaneously. I am going to drive the same miles in a year regardless of whether it's in 1 vehicle or 10, I'm only driving one at a time. So there should be a slight cost for administrative expenses, and a slight increase in my comprehensive portion (because a second vehicle can still get hit with hail or theft at 2x the rate as a single vehicle)... but why the hell is the liability portion almost double?

A friend of mine then mentioned to me that her adding a second vehicle only cost her $25/month extra. When mine cost me $150/month extra. Her first vehicle costs her nearly the same as my second vehicle. There's probably some difference there because though accident-free I haven't been driving 7 years yet (where your discounts max out), but I would expect the proportions to stay the same.

I still think I must be explaining things wrong to my broker. My premium for 2 vehicles is nowhere near proportional to their respective risk.
 

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Alexandre Dumas wrote "All generalizations are dangerous, even this one." My simplistic offering assumed that all eight cars were pretty much identical, which of course is rarely the case. You left out some details that could have affected the pricing.

Let's take an extreme example. You currently drive a Yugo that is worth a laugh but not much more. And it does not go very fast (Yugo Slow) to the point that anything or anybody you are about to hit stands a good chance of getting out of the way in time. Your insurance costs for liability coverage and physical damage will be rather low. But now you add a second car, a new Ferrari that can go from zero to sixty in negative time. Your insurance costs will increase exponentially.

Another factor may not be so extreme as I just described. I see you are showing the Maple Leaf on your profile and, while I have a number of Canadian friends and very much admire your country, I have little knowledge of what the regulatory scheme is up there, and that can play a big part. Feel fortunate -- down here each of the fifty states plus D.C. has its own regulator that administers its own unique set of insurance laws. In point of fact, in some states it is the driver that is insured while in others it is the car that is insured. My suspicion is that in your specific instance, it is the car that is insured. Thus there is the possibility that, at any given time, both of your cars could be on the road, laying waste to the landscape and destroying people and property. Your insurance company's exposure has doubled. In the former case, where the driver is insured, the car owner has less liability risk when a second (insured) driver is operating "the other" vehicle.
 

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Opeler
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Age plays a huge role too. If you’ve been driving for ~7 years, assuming you get your license at 16, that’s 22/23 range. Under 25 in the US is rough. You have a hard, if not impossible time of renting a car. Insurance is about risk. The less you have driven, the higher the rate.
 
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