After 6 years my 23 Touring is nearly complete. The bodywork should be done in a few weeks. I called State Farm regarding insurance. They wanted to know an approximate value of the car.
I said roughly 15K. I am looking for real estimation what my car is worth. Its a full off body restoration, total engine rebuild, new wood, you name it its restored. I don't have a roof or upholstery done but will be finished by the end of summer. I figured I better get insurance on it before something happens.
My State Farm agent is going to run some numbers but roughly figured $85 for 6 months at 15K with $100 deductible for liability and collision.
Is this amount about average for other T owners?
It would be best to get quotes from a few companies. Hagerty seems to be the most often recommended for antique cars. At:
Based on my experience, you set the value and if they agree, you are able to insure it for that value.
Brian, It's difficult to make a comparison since everyone in Michigan is also hit with a Michigan Catastrophic Claims assessment which is higher than what you're quoting for insurance. The MCC is reduced for antique cars, but it still is a big part of the insurance.
Without the MCC, I believe I am paying less by going through Hagerty for my antique cars. They also include road service as part of their fee and they allowed my then teenagers to drive my car in shows. Other places did not allow teen drivers.
Jim Thode types faster than I do.
I have had very good luck with Condon & Skelly, they have insured my 1971 Plymouth GTX for the last 12 years. About 3 years ago I scraped the right rear quarter panel badly on one of those steel pipe guards at the end of a row of gas pumps. They sent an estimator to my house the next week. He recommended I take the car to what turned out to be the premier Mopar restoration shop in my area, and his estimate completely covered the cost of the repairs.
Definitely Hagerty. An actual human being answers the phone when you call. They know antique cars and are enthusiastic about promoting them. And every few months, they mail me the latest issue of their collector-car magazine. Nice folks.
I have AAA insurance for my TT. I think I paid $92 for a years policy. It has $100K-45K liability insurance. They asked me how much I had in it, and they put $15K collision on my own word.
I had Farmers for 40 Years or so. They would only give me what ever the minimum liability that's necessary in Calif. There was no collision, unless I had 3 certified appraisers look at it.
Might want to check out Grundy as well.
Even though my modern cars are with a different company I've always insured the TT with Hagerty for the reasons stated above. Just for further information, I first insured it in May 2006 for an $84 annual premium. The May 2013 renewal was $91, so I can't complain. It's licensed as a truck (CA commercial plate) so I can use it as a truck and I placed a $5,000 value on it (which is no doubt optimistic).
Brian, I'm paying around $65 for 6 months @ $20K with State Farm....better talk to your agent again, sounds like his commission is a bit high. I might have 250 deductible, but otherwise full coverage. Can't remember and I don't have my wallet with me right now.
I am with JC Taylor. Full coverage, no deductible, and less than 1% annually of agreed value as a premium. I would definitely suggest you insure your classic with a Classic and Collector Car insurance specialist.
You have not had your car insured for the past 6 years during restoration?
My insurance company ( and others I checked ) told me, if an engine is in the car it required its own car insurance. If the engine is out of the car it would be covered under my home insurance as contents
Is that a Canadian thing?
I've had J.C. Taylor for years (since my last unmarried driver under 25 in the household moved out.) I've even had a claim--went smoother than any I've ever had with St FM for modern cars. Check out the ones that do antiques and find the one that fits your particular circumstances before you make a commitment.
I use Hagerty's for five antique cars plus enclosed trailer. They have been excellent and no issues with licensed grand children driving the cars in parades, tours, etc.
I have Hagerty on 3 cars. The T's are incredibly cheap to insure, especially with the multiple car discount. I think I'm paying ~$32/year each for full coverage and valued at 12k and 7k for the Touring and TT. The Chevelle is quite a bit more, but "modified" cars are apparently higher risk than "stock"
I am insured with Hagerty.
I pay $158. a year $79/ 6mo. with State farm for $30,000 with 250 deductible and full coverage. That includes good driver and multi car discounts. I can drive it any time and anywhere as far as I know. I've heard some have restrictions about your driving habits.
I am paying a bit more, but I live in an area that has high motor vehicle insurance (4 of the top 10 accident sites within the state are within a couple miles of my house). I have state farm. I could get it a little cheaper from one of the specialty companies. However, then my umbrella policy would not cover the T, which I figured was more important.
I thought the same rules would apply in both countries because both hagerty.com and hagerty.ca specifically ask if the vehicle is currently under restoration.
I would suggest anyone with a vehicle being restored to check with their insurance provider
I never thought too much about the rolling chassis when it was in my garage. I took the chassis to the body shop a few days ago. That's when I started thinking if something happened and the car was on the trailer "is this covered under insurance"? I called my St Farm agent and the secretary told me that it was not covered under home owners. I told her that the car was not road legal yet. She said she did not think it mattered but was not sure.
Thanks for all the advice. I was call several of the companies listed you all mentioned.
I already did a computer work up of numbers for Hagerty. It quoted $206/yr, I changed the deductible from $0- $500 and the rate only changed by a few dollars. I also added $10,000 for medical (from $0) and again hardly a change.
It was explained to me...if it has an engine it is a motorized vehicle. Without an engine it is a piece of furniture
Brian - Take a look at my profile. I have the same car, sounds like the same type of restoration. I think valuing it between 15k-20k is reasonable. I would recommend JC Taylor or Hagerty; not your regular car insurance company. You will be glad you're dealing with Antique car people if you ever have to file a claim.
My brother had an incident in his 50's Chevy and JC Taylor's customer service was amazing.