Affordable Insurance

[RMoeslein]

I go with Haggerty, the only reason is "agreed upon value" policy. My regular insurance company wont cover the 30k in performance upgrades i have on my car. Haggerty will, but my premium went up 40% this year. Im going to shop around in july when this policy gets close to expiring.

Sponsored

 

[bobdes368]

I'm 66 and drive my 2023 GT about 2500 miles a year. No claims, no tickets, and my insurance with NJM went up 30%. I called and asked why, and I was told inflation.

 

[5.0_Lojos]

My insurance went up 30%. I called my broker and was told this is across the board.

Don't deal with a "broker" they are the middle man and make money on the policy. Go direct with the ins company (that's probably where the spike is at, the broker)

 

[shogun32]

My Geico TRIPLED. I'm in NOVA unlike fly-over country where the sheep out number the people.
I had 2 tows for same broken down car, and 1 not-fault for which State Farm paid the ENTIRE bill. But even though I cost them not even $500 G decided to give a 30 year customer a giant FU.

Progressive quoted me a 30% bump from what I had been paying thru G. AAA was a little cheaper (500/yr) but I don't know who their underwriter is.

Insurance co are regulated entities, and if their profit margins are artificially constrained, the only way to 'grow' is to raise rates, and be very lazy about policing the expenditure side of the ledger. That's also why they write off cars that are completely repairable. Yes, there are increasing perversions in the market CAUSED by the auto industry making these stupid multi-thousand assemblies instead of individual parts, but the ins co is incentivized to cry "woe me" and hike to the moon. Same exact deal in "medical" so-called insurance.

 

[MAGS1]

Insurance co are regulated entities, and if their profit margins are artificially constrained, the only way to 'grow' is to raise rates, and be very lazy about policing the expenditure side of the ledger

Agree with the expense side. If said insurer has a lot of exposure to wildfire, hurricane, tornado prone areas, they typically raise more because their payouts are exponentially higher than those that have minimal exposure. Look for insurance companies that are exiting areas such as CA, FL, Carolina’s, etc.

Rate raises are also regulated and have to be approved by the state insurance regulators as an FYI.

 

[88workcar]

Mine went up also. I dropped the rental car option, that dropped it $130, raised deductible, that dropped it a good bit. I am really considering selling and going to a coyote swapped Fox body.

 

[Mels21GT]

State Farm raised my insurance $100. When I called they said all California mustang rates had gone up. I'll be looking elsewhere or adding the wife to the insurance plan to save a couple buckaroos.

 

[Cobra Jet]

What some people are missing with the difference between a regular policy and a Collector Car policy are these bullet points:

Standard Ins:
- You “invest” $$$ into your ride modifying it and making it “yours”. On a regular policy IF there is a total loss claim, you will only get a check for what the Ins. Co. believes is current market value for that vehicle EXCLUDING any $$$ spent for any upgrades/mods. You will have to battle the Ins. Co. to prove value of said upgrades and to get what you feel is a fair payout. Some standard auto insurance policies have riders where you can add on the value of your mods - HOWEVER, some of those policies also cap the allowable rider $$$ AND in some instances a rider does increase the premium.

- Unlimited drive time and no stipulations of where the car has to be stored.

- No coverage for in-op project vehicles.
- No coverage on stored parts.

——————————————

Collector Car Ins.:
- Some Collector Car Policies do cover in-op project vehicles or those undergoing restoration. The provisions and stipulations are laid out in the policy.

- Some offer annual value appreciation (up to 8% annually or 2% per quarter). What that means is the value of your ride is automatically increased each year.

- AGREED VALUE. This is THE most important word for ANY Auto Insurance Policy be it a Collector Car policy or not. AGREED value means if the car is insured for $50k, you will see that agreed value on the Policy Declaration page. That is the value that you and the Ins. Co. have agreed to insure the vehicle. In the event of a total loss claim you will be paid the Agreed Value, no more and no less. This is THE BEST type of coverage to have if you value what you have and the money you have tied up in the vehicle.

- Some offer additional collector type insurance on other collectible things than just vehicles too.

- Some offer parts coverage up to x-value. This is a good benefit because as many of us know, parts can be costly if you’re doing a restoration and the parts can’t be installed immediately, or if you’re doing performance updates, etc. this is outlined in the Collector Car Co.’s FAQ’s and Policy offerings IF available

- Many of the Collector Car policies give generous annual mileage limitations. I’ve seen some up to and in excess of 5k allowed per year. Thats a lot of miles for a vehicle that isn’t driven daily. The thing to watch out for with this is, even if the Insurance Co. allows X-annual miles, your Home State may have its own limitations for a vehicle insured as a Collector or one registered/tagged as a Collector Car. So the State may have 3k annual miles allowed while the Ins. Co. has say 5k… you’re essentially capped to the State limitation of 3k miles IF the car meets the State’s required criteria. This varies by State.

- Cannot drive the car as a daily. Must have another insured vehicle used for daily use. They do check on this via DMV records.

- The insured vehicle must be in a locked garage at the registered Owner’s address at all times when not in use. Cannot be parked outside overnight, can’t be in any parking garages or lots, can’t be parked at your besties house or other location. These Ins. Co.’s do follow up on their insured.

- Cannot have X-number of moving violations or accidents within so many years. Varies by Collector Car Co. and they won’t grant coverage if your DMV record has violations meeting their criteria. If you had a clean record when signed but have an incident with your DAILY driver, these Companies DO periodic DMV extracts. If they find there’s new violations/accidents with your daily since signing, again this could impact your Collector Car eligibility, policy costs can go up (and possible drop of coverage).

- If there are other drivers in the household this must be revealed at time of coverage signing. Accrued violations and or accidents on other household drivers DMV history *might* impact YOUR coverage - this varies by Collector Car Co.’s.

- Many Collector Car Ins. Co.’s offer other great benefits too. This varies by Company so be sure to either ask or read up what other benefits are offered.

- Collector Car polices do not allow for the vehicle to be used in ANY timed events, racing, speed exhibitions, etc.; this is clearly defined in all policy documents. Again these Companies do monitor social media, forums, tracks etc…

—————

That’s just the skinny of it. If you’re shopping for Collector Car coverage make sure without ANY doubt that you get one that is an AGREED Value policy - do not be talked into any other type of policy….

Read each Company’s offerings. When getting quotes make sure you’re getting a quote for the same exact coverage options, value, and deductibles so you’re getting a fair comparison when shopping between Collector Car companies.

My 94 Cobra has been insured under American Collectors Ins. for almost 17 years now. Great Co. with great benefits, pricing, and customer service. When I priced out years ago, they had the best policy coverage, options, benefits and price point than other ABC Collector Car Ins. companies of the time.

 

[K4fxd]

Don't deal with a "broker" they are the middle man and make money on the policy.

I use All State through an All State agent. I called a broker to shop more companies without having to spend all day doing it. All State was still the cheapest with the best coverage.

Still went from 800 to 1000. Bastages.

 

[5.0_Lojos]

I use All State through an All State agent. I called a broker to shop more companies without having to spend all day doing it. All State was still the cheapest with the best coverage.

Still went from 800 to 1000. Bastages.

Crazy! Between home ins and car ins it's getting ridiculous.

 

[IPOGT]

All 6 of our mustangs are insured through Grundy. They didn't raise any premiums this year for me. I like having an agreed value as well. In saying that though, I've never made a claim yet, but have been with them since 2014.

Like others have said, insurance rates have gone up not only on automobiles, but also house insurance. We have been dealing with this with American Family, who I've had insurance with since I was 17.

Believe me, In 2024, they don’t care if you’ve been with them since the day you were conceived. They care about profit. And if the current ceo supports an algorithm that concludes you warrant a higher rate, that’s what you’ll get. Take it or leave it.
It used to be like you said. Loyalty meant something.

 

[Bdubbs]

Believe me, In 2024, they don’t care if you’ve been with them since the day you were conceived. They care about profit. And if the current ceo supports an algorithm that concludes you warrant a higher rate, that’s what you’ll get. Take it or leave it.
It used to be like you said. Loyalty meant something.

Yeah I found that out. I basically had to go from 100.00 deductible to 500.00 just to keep my monthly payment about the same. Insurance is a scam.

 

[Miked81]

If you daily drive your S550 this post probably isn't for you.

Having said that, recent increases applied to my insurance premiums have pissed me off. I love my S550 and have no intentions of selling it but I only drive it a few thousand miles a year. It spends it life indoors and I take it out and rip on it when the weather is nice and I have time.

I contacted Hagerty, widely known for providing policies for collector cars and similar. I input my information and received an instant quote that was half price as compared to my previous carrier. I submitted my request to purchase the policy and it was approved in less than an hour. The annual premium for a full coverage policy having $1000 deductible was $1500.

I've never had a policy with Hagerty prior to this one. I've no clue how efficiently they handle other aspects of their business but the ease of purchase, price and efficiency was very impressive. I was paying just over 3K annually with my previous carrier.

I'm just sharing my recent experience. If you aren't completely satisfied with your current insurance or think you might be able to do better, I recommend getting a quote from Hagerty. Hope this helps.

www.hagerty.com

I'm a body man I've seen Hagerty screw a few customers over pretty bad. They are very very good at getting out of paying for claims. I pay $85 per month full coverage zero deductible for my 17 GT Through state farm. But I have 4 cars and a house with them. So I'm sure I get discounts for multiple policies. I wouldn't use Hagerty for free.

 

[Coosawjack]

ALL insurance is a RIPOFF but I was able to get Agreed Value for my 2022 GT Vert for $535.00 a year with Grundy.....best rate I've ever found and SC is a HIGH RISK State with REAL CRAPPY drivers!!

 

[Strokerswild]

I insure my '15 and another car through Hagerty, and I pay less than $600 per year. Zero deductible, agreed value, etc. My normal carrier for the rest of the fleet wasn't even in the same universe. I've used them for years.

As everyone has said, insurance has really jumped. My home insurance jumped 28% this year, which was very noticeable compared to the vehicles. In fact, if rates continue to increase in that fashion I wonder if I'll be able to live where I do once I retire in 10-15 years. I'll probably work until I drop simply to keep employer health insurance and be able to pay insurance on the cars and property I own (don't get me started on property taxes)....

Sponsored