School me on Collector Insurance

[Vicinity]

Ok, so I need insurance on my car (which will be a secondary car). I'm not 25 yet, so I cannot qualify for Grundy or Hagerty, but my parents can.

Would it be possible to get insurance under their name, but still drive the car? I don't know how collector car insurance works, but I'm sure there's something possible.

I don't want to have to use Progressive on my car, because as I understand it, I will get screwed if anything happens.

[Vicinity]

I've been reading up on it and it looks like Grundy insures those under 25 but no one else under 25 can drive the car. It also looks like they do not force a mileage limit and have one of the best prices.

Any comments?

[Cvarney]

I use state farm for my lemans. Covered for a little more than it's worth. they say a 2k mile a year limit, but the broker told me it doesn't matter, that the insurence will follow me no matter what. and it's like 120 bucks or something every 6 months. only catch is i have to have another car insured with them, as "proof" that my lemans isn't my DD. no expierence with Hag. or Grun. though

[Vicinity]

I use state farm for my lemans. Covered for a little more than it's worth. they say a 2k mile a year limit, but the broker told me it doesn't matter, that the insurence will follow me no matter what. and it's like 120 bucks or something every 6 months. only catch is i have to have another car insured with them, as "proof" that my lemans isn't my DD. no expierence with Hag. or Grun. though

I looked into that, State Farm is usually really good about payment (I got more than my 2001 Z28 was paid for).

I really dislike a mileage limit, and if I had to have one, I could not live with one that low, it'd kill me. Sure like that price, though.

[Cvarney]

The insurence broker/salesman was my nieghbor growing up. So I dont believe he'd lie to me or try to BS me just to make a sale. He told him not to worry about the mile limit that the insurence would go with me and still provide coverage. I went a little over my first year with the car and it freaked me out some so I asked about it. Also I dont really know how they'd track it year to year. Like when i first insured the car the asked for an odometer reading but never have again.
Might be worth looking into at least. I diffenately give them my support lol. I shopped around for awhile too before I bought it and it was the best deal I could find with it.

[724tim]

I use state farm for my lemans. Covered for a little more than it's worth. they say a 2k mile a year limit, but the broker told me it doesn't matter, that the insurence will follow me no matter what. and it's like 120 bucks or something every 6 months. only catch is i have to have another car insured with them, as "proof" that my lemans isn't my DD. no expierence with Hag. or Grun. though
thats who I have also I pay around $180 a year but no one under 25 can drive the car.

[mpozzi]

Ok, so I need insurance on my car (which will be a secondary car). I'm not 25 yet, so I cannot qualify for Grundy or Hagerty, but my parents can.

Would it be possible to get insurance under their name, but still drive the car? I don't know how collector car insurance works, but I'm sure there's something possible.

I don't want to have to use Progressive on my car, because as I understand it, I will get screwed if anything happens.

Do you still live at home? If so, you should be able to drive your car if it is owned by your parents and insured under their policy. If you do not live at home and/or the car isn't registered to your parents, plan on getting your own policy.

Collector car insurance is specialty vehicle insurance as the vehicle cannot be your daily driver, used for work, getting to work, or used for things other than pleasure or show. It must be garaged, and there's usually a limit on how many miles it can be driven per year. The value placed on the vehicle is an agreed value (you and the insurance carrier agree what the car is worth and then you pay premiums on that agreed amount, less the deductible). Photographs showing the car and garage are a must for underwriting. You also must have another vehicle that is insured and owned by you that is your daily driver.

Normal vehicle insurance is ACV (Actual Cash Value) in the event of a total loss or when they figure out how much they can spend in the event of a claim. Normally the threshold is 70% (car worth is $1000, collision damage is $700 = total loss). Progressive, Allstate, AAA, Farmers ... pretty much all the same regarding ACV as their baseline.

Where you can save some coin is with the deductibles and also with the liability amounts. If you have no assets, you don't need a $1,000,000 liability policy with another $5 million umbrella over that. The hitch here is that eventually you will have assets and if you do something now that is really bonehead negligent and cause loss of life, plan on paying for the rest of yours if you don't have good insurance liability coverage. Regarding deductibles, you can increase those for comprehensive and collision and that will reduce your premiums.

What make, model, and year plus mods are you talking about here?

Cheers,
Mary Pozzi

[Vicinity]

Do you still live at home? If so, you should be able to drive your car if it is owned by your parents and insured under their policy. If you do not live at home and/or the car isn't registered to your parents, plan on getting your own policy.

Collector car insurance is specialty vehicle insurance as the vehicle cannot be your daily driver, used for work, getting to work, or used for things other than pleasure or show. It must be garaged, and there's usually a limit on how many miles it can be driven per year. The value placed on the vehicle is an agreed value (you and the insurance carrier agree what the car is worth and then you pay premiums on that agreed amount, less the deductible). Photographs showing the car and garage are a must for underwriting. You also must have another vehicle that is insured and owned by you that is your daily driver.

Normal vehicle insurance is ACV (Actual Cash Value) in the event of a total loss or when they figure out how much they can spend in the event of a claim. Normally the threshold is 70% (car worth is $1000, collision damage is $700 = total loss). Progressive, Allstate, AAA, Farmers ... pretty much all the same regarding ACV as their baseline.

Where you can save some coin is with the deductibles and also with the liability amounts. If you have no assets, you don't need a $1,000,000 liability policy with another $5 million umbrella over that. The hitch here is that eventually you will have assets and if you do something now that is really bonehead negligent and cause loss of life, plan on paying for the rest of yours if you don't have good insurance liability coverage. Regarding deductibles, you can increase those for comprehensive and collision and that will reduce your premiums.

What make, model, and year plus mods are you talking about here?

Cheers,
Mary Pozzi

Hi Mary,

Again, to come to the rescue of my thread :)

I'm buying a 1968 Camaro with a 400/4 Speed, possible mods (I'll be adding them a month or more after the purchase) of C5 brakes and ATS powersteering, and C5 wheels. Those are just to get it started, eventually it will have more done to it.

Right now, I have a daily driver (in sig). Originally, I planned to sell it and use my Camaro as my daily driver, but some recommended against it, as if I ever wrecked it, I would never get anywhere near even the initial cost ($11k). I'm curious to hear your opinion on this as well.

The car will not be garaged what-so-ever, I live with my parents, and we have a 2 car garage, one bay with a 2010 Camaro, and the other with my Mom's 350z, so I doubt I'll be talking my way into the garage.

This really puts me at a dilemma.

[stealth71]

Garaged is a must or no collectors policy.

[Vicinity]

Garaged is a must or no collectors policy.

What about the State Farm policy?

[mpozzi]

The garage requirement is mandatory for any collector car type of insurance as they want to ensure that what they're insuring will be secured and safe when you're not driving it.

The car sounds very cool and one that you can build up and develop. If the value is around $11-15K or so, the State Farm policy with the standard ACV may be the way to go and check with that carrier for their requirements.

I would keep another vehicle for your daily driver as if you do have to have your own insurance policy, you'll get a multi-car discount and not have to put a lot of miles on your Camaro.

And yes ... I do see why you're not getting garage space. Hard to compete with the new SS and that 350Z. Can your parents adopt me??

Mary Pozzi

[JerseyNova]

The insurance company will want a picture of the garage but they cant baby sit you to make sure the car is in the garage all the time. My friend has a 66 gto and they seen one picture of the garage 8 years ago so i dont know how strict or intrusive some insurance companys can be. vehicle theft insurance is best served with a lo jack.

Chris

[Cvarney]

state farm never requested pictures of my garage. A good idea to keep it in one, but the best i have is a car port. Nothing was ever mentioned about it when i purchased the policy so i can't really answer your question. But this is a very low crime area, I can't remember ever hearing about a stolen car. So I dunno.
C

[wmhjr]

In the event of theft or vandalism at home you may not get your coverage if the vehicle is not garaged. If something happens when the car is out, not an issue - other than the obvious. There's a reason why they require collector vehicles to be garaged for collector policies. The rates are lower because of all the other factors - including being carefully stored in a garage. Too many people take advantage of it and it'll have an effect on collector policies overall.

Kind of a tough position. If there's only 10k or so in the car, maybe not so much risk with a "normal" policy.

[Vicinity]

In the event of theft or vandalism at home you may not get your coverage if the vehicle is not garaged. If something happens when the car is out, not an issue - other than the obvious. There's a reason why they require collector vehicles to be garaged for collector policies. The rates are lower because of all the other factors - including being carefully stored in a garage. Too many people take advantage of it and it'll have an effect on collector policies overall.

Kind of a tough position. If there's only 10k or so in the car, maybe not so much risk with a "normal" policy.

Yeah, I'm starting to just think it'll be fine for a while.

Plus, my Dad and I are going to build a garage for it eventually. So I can pick it up then.

[tiznodd]

The insurance company will want a picture of the garage but they cant baby sit you to make sure the car is in the garage all the time. My friend has a 66 gto and they seen one picture of the garage 8 years ago so i dont know how strict or intrusive some insurance companys can be. vehicle theft insurance is best served with a lo jack.

Chris

Please don't take this the wrong way, as it's not meant to be a jab, but most would refer to this as fraud. Obviously everyone has their own tolerance for what they're willing to risk, but one thing most policies have written into them is that if any of the information provided to them is found to have been knowingly misrepresented, they can deny the entire claim. Some companies are more strict than others in terms of enforcing the above clause, but I have heard of cases where this was done.