Collector Car Insurance

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Model T Ford Forum: Forum 2014: Collector Car Insurance
Top of pagePrevious messageNext messageBottom of page Link to this message  By Randy Stevens on Monday, April 28, 2014 - 12:30 pm:

Looking at insuring my collection. Thinking about just carrying liability and comprehensive. Cars remain in garage most of the time. More worried about fire and storm damage then hitting another car while driving. Thoughts anybody??


Top of pagePrevious messageNext messageBottom of page Link to this message  By Mark Strange on Monday, April 28, 2014 - 12:45 pm:

See:

http://www.mtfca.com/discus/messages/331880/411580.html


Top of pagePrevious messageNext messageBottom of page Link to this message  By mike_black on Monday, April 28, 2014 - 12:46 pm:

All the ones I've dealt with won't give you comp without collision. It's so cheap I'd go for full coverage on everything. I undervalue mine assuming that if wrecked, I'll buy it back and rebuild or use the parts and build something else. My worst worry was a hurricane blowing the building down with the cars in it--figured I could salvage something. If one is stolen, then I'll regret undervaluing. With JC Taylor, I pay less than $500 per year for full coverage, $300K liability, zero deductible on comp and collision, for 5 T's, a Harley, and a Corvette.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Randy Stevens on Monday, April 28, 2014 - 01:00 pm:

Actually JC Taylor will let you figure your premium without collision coverage. It surprised me as well but when I saw the difference in premiums(cut by half) it got me thinking. Comprehensive will cover fire, theft, and damage. Liability will pay for damages to other property that I cause. If someone hits me hopefully their liability will cover damages.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Bill Everett on Monday, April 28, 2014 - 01:06 pm:

Randy, be sure that you have Uninsured Motorist coverage.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Dave Dufault on Monday, April 28, 2014 - 01:54 pm:

Randy,

Although I have no idea as to the dollars involved, I'll bet that you'd wished that you had collision coverage if your auto is hit by an uninsured motorist. Yes, I realize Texas holds responsible those who caused the accident, but I believe that there are folks down there who drive without insurance....same as in my state!


Top of pagePrevious messageNext messageBottom of page Link to this message  By Mark Gregush Portland Oregon on Monday, April 28, 2014 - 03:49 pm:

In Oregon you have to have uninsured motorist coverage even with just collision or full coverage.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Mike Bender Tulsa Oklahoma on Monday, April 28, 2014 - 04:19 pm:

As i understand uninsured coverage in Oklahoma it will only cover personal medical cost and not loss or damage of the car. Each state differs.

Planning ahead is a good thing to do.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Mike Vaughn on Monday, April 28, 2014 - 05:06 pm:

Many states have complicated systems of determining fault, whereby a percentage of the blame can be assigned to each driver, resulting in different monetary obligations for each party. Ultimately, the drivers' insurance companies, which make claims for damages, decide each driver's liability. This is how it works in Nebraska, so if you are in an accident and the insurance companies decide that you are 30% at fault and the other driver is 70% at fault and you do not carry comprehensive insurance then you will only receive 70% of the damage to your vehicle.

The cost of collector car insurance is in my opinion very reasonable so I think it is smart to carry full coverage. I have my cars insured through J C Taylor and I just paid my premium for then next year on 5 collector cars. Premium was $555.00. That works out to $111.00 per year average per car. That also includes roadside assistance and towing. This is on 4 T's and a Mustang.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Aaron Griffey, Hayward Ca. on Monday, April 28, 2014 - 07:39 pm:

I disagree with Randy.
I have had JC Taylor since '86.
I have had liability alone on 3 cars since '97 but when I added my MGB about 5 years ago they said they will not add cars without insuring the added car with collision.
So I insured it for $3500 which was $24 but the liability was only $3 a year since it is the 4th car on the policy.
I do not know of any company that will let you by with new additions or a new policy without collision.
My '29 Nash was first insured in '86 with no collision, I have since added it but my '48 Nash and my T are liability only.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Kevin Holland, Utah on Monday, April 28, 2014 - 08:19 pm:

Randy, I had J.C. Taylor for years, but it always bothered me that in the policy, it would say: use for parades, car shows and special events and not for transportation. I got Hagerty, because I like to drive my T and A whenever I wanted to. I can drive it to the grocery store or dentist or whenever I want to just go. And I am covered by Hagerty with unlimited mileage in the policy. I have not had a claim with them. But people who have swear by them. Check them out before you buy


Top of pagePrevious messageNext messageBottom of page Link to this message  By Timothy Kelly on Monday, April 28, 2014 - 08:59 pm:

I don't think Hagerty's coverage with respect to vehicle use is much different than the other major carriers.

Hagety's website states "Flexible Usage - Our policy allows you occasional pleasure use, so you can go for a weekend cruise or attend unlimited events with no fixed mileage." Elsewhere the website states "While there are some restrictions in the policy, you're covered for pleasure use, ...."

I would be very surprised to learn that Hagerty believes that using a covered vehicle for general transportation constitutes pleasure use under their policy.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Mark Gregush Portland Oregon on Tuesday, April 29, 2014 - 12:26 am:

Re"In Oregon you have to have uninsured motorist coverage even with just collision or full coverage."
Collision should be liability.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Aaron Griffey, Hayward Ca. on Tuesday, April 29, 2014 - 01:49 am:

I have been meaning to switch to Hagerty's for several years for the reasons Kevin mentions.

When a close friend got rear ended and his car was a total loss Hagerty did more than could be expected. They even got him more than what the car was insured for. They were fighting for him all the way and took good care of him and his injured wife.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Royce in Georgetown TX on Tuesday, April 29, 2014 - 07:19 am:

Note to Kevin Holland:

Nowhere in JC Taylor's policy does it state what you said:

Quote from Kevin Holland " use for parades, car shows and special events and not for transportation" end quote from Kevin Holland

That is utterly ridiculous and untrue.


Top of pagePrevious messageNext messageBottom of page Link to this message  By William L Vanderburg on Tuesday, April 29, 2014 - 08:48 am:

I don't know how it is in other states, but I have American Collector's. Here in NJ, I am required to have on my antique ride exactly or more than what I have on my daily driver. Currently, it's less than 130 bucks a year.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Ed in California on Tuesday, April 29, 2014 - 09:23 am:

JC Taylor officially states that their definition of an exotic vehicle (I guess Model T Fords are now exotic?) is to be used and - quote- "maintained primarily for use in exhibitions, club activities, parades or other functions of public interest; it is not used for the transportation of persons or goods." Whether or not your specific vehicle falls into that category is a matter of how your policy was written.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Royce in Georgetown TX on Tuesday, April 29, 2014 - 12:55 pm:

I looked at JC Taylor's Antique car insurance FAQ page and found this:

http://www.jctaylor.com/antique/antique_FAQ.html

Frequently Asked Questions

Since you asked!

Q. What vehicles are eligible for the antique/classic program?
A. Check out our eligibility requirements right here.

Q. Where am I covered? Where can I take my vehicle?
A. Taking your vehicle to a series of shows in New England? Taking a club tour through the Rockies? No problem at all. Your vehicle is covered in the continental United States, its territories and possessions, and Canada. Special arrangements can even be made to protect your vehicle on an overseas tour.

Q. What's an "Attendance Clause" and does JC Taylor have one in its policies?
A. An "attendance clause" requires that you remain with your collectible vehicle whenever it's out and being used. So whether you're at a car show, cruise-in, town parade, or summer picnic, an attendance clause would require you to remain close to your vehicle at all times. JC Taylor finds this unreasonable and impractical. Consequently, we do NOT have an attendance clause in our policies, and never have.

Q. How can I use my vehicle?
A. The vehicle should be used primarily for hobby events such as shows, club functions, tours, and parades. An occasional nice day drive is also acceptable. The vehicle should not be used for errands or a commute to school or work.

Q. Lately I've heard a lot about the need for "Agreed Value" coverage on collectible vehicles. What does "Agreed Value" mean, and does the JC Taylor policy include this coverage?
A. Prior to issuing your policy, we will come to an agreement with you on the value of your vehicle, based on the market and condition of the vehicle in question. In the event there's a covered total loss to your vehicle, the "Agreed Value" is the amount you would receive.

Q. What happens if I have a loss to my collectible vehicle?
A. Just contact JC Taylor claims department at 1-800-345-8290 or Help Point Claims at 1-800-527-3907. Our customers have been consistently impressed with the overall speed, knowledge, fairness, and superior quality of our claims service. When you have a claim is when the insurance really matters, and excellence in customer service is our number one goal. We'll work with you to make sure that your claim is settled promptly and fairly.

Q. Does JC Taylor have a mileage limitation on the policy?
A. There in NO mileage limitation in the JC Taylor policy (i.e. contract). We use a limit of 2500 miles per vehicle per year for underwriting (i.e reviewing) our potential business. We believe this limit is reasonable; however, customers who exceed this limit will never be denied coverage as a result.

Q. Can I occasionally race my collectible vehicle?
A. Unfortunately, no. Racing and other timed events are specifically excluded under the policy.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Chris Brancaccio - Calgary Alberta on Tuesday, April 29, 2014 - 01:41 pm:

Royce, you could have worded this post differently

Your Post
By Royce in Georgetown TX on Tuesday, April 29, 2014 - 07:19 am:
Note to Kevin Holland:
Nowhere in JC Taylor's policy does it state what you said:

Quote from Kevin Holland " use for parades, car shows and special events and not for transportation" end quote from Kevin Holland

That is utterly ridiculous and untrue.

Suggested Post
Note to Kevin Holland:
Quote from Kevin Holland " use for parades, car shows and special events and not for transportation" end quote from Kevin Holland

I don’t think that’s what their policy states, I am going to check with them.

This is what you found
Q. How can I use my vehicle?
A. The vehicle should be used primarily for hobby events such as shows, club functions, tours, and parades. An occasional nice day drive is also acceptable. The vehicle should not be used for errands or a commute to school or work.

Basically what Kevin said.

I think you should apologize to Kevin

Chris
Webmaster


Top of pagePrevious messageNext messageBottom of page Link to this message  By Royce in Georgetown TX on Tuesday, April 29, 2014 - 04:18 pm:

Kevin and Chris,

I think JC Taylor's use policy is as their website states. Nowhere in their description of terms of use does it state that the vehicle should be "not for transportation".

JC Taylor's policy also states "An occasional nice day drive is also acceptable. The vehicle should not be used for errands or a commute to school or work."

I do apologize profusely if you do feel that I am being offensive by defending the outstanding service JC Taylor has given me and my family over the past 50 years. Their policy covers my use of my 7 collector vehicles perfectly. Many times I have filed claims and they have always paid within a week.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Aaron Griffey, Hayward Ca. on Tuesday, April 29, 2014 - 08:32 pm:

I think I'm gonna stay with JC Taylor.
I'll probably drive my '48 Nash 5 miles to the dance tomorrow.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Eric Hylen- Central Minnesota on Tuesday, April 29, 2014 - 08:56 pm:

I used to have J.C. Taylor insurance. When I began to wonder if I'd be covered for an occasional trip to and from work to show the car off to my coworkers, I asked my agent to look into it. About a week later, I got an affidavit form in the mail from J.C. Taylor asking me to verify that I understood that my Model T would not be covered if I were in an accident while driving to or from work. I promptly switched to Hagerty and have been happy with their service.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Timothy Kelly on Tuesday, April 29, 2014 - 10:21 pm:

Eric

Does your Hagerty policy cover you if you drive your Model T to and from work?

Timothy


Top of pagePrevious messageNext messageBottom of page Link to this message  By Royce in Georgetown TX on Wednesday, April 30, 2014 - 06:48 am:

Hagerty has identical use restrictions to JC Taylor. Just like JC Taylor, Hagerty has no annual mileage restrictions. They are more expensive though.


Here is the Hagerty FAQ page for collector car insurance:

Do You Qualify for Our Classic Car Insurance?

In order to qualify for our Guaranteed Value collector car insurance you must meet the following requirements:

Usage

Our policy allows you to use your collector vehicle for club functions, exhibitions, organized meets, tours and even occasional pleasure driving — it just can't be your daily driver.

Storage

Collector vehicles generally must be stored in a private, enclosed, secure structure when not in use. Appropriate storage examples include:
•private residential garages
•private pole building or barns
•rental storage units

Driver Eligibility

In most states, we can't offer coverage to drivers with a serious infraction within the last five years. Serious infractions include:
•alcohol-related offenses
•reckless driving
•excessive speed violations

All household driving records are subject to underwriter review. Generally one or two minor violations or accidents are acceptable.

Regular-Use Vehicles
•All household members with a valid drivers license must have a regular-use vehicle for daily driving.
•Motorcycles and public transportation are not considered viable regular use vehicles by our program in most cases (contact us for details).
•Applicants must also maintain regular-use insurance in their own names.

Link:
http://www.hagerty.com/Insurance/Classic-Car-Insurance/Does-My-Vehicle-Qualify


Top of pagePrevious messageNext messageBottom of page Link to this message  By Will Copeland - Trenton, New Jersey on Wednesday, April 30, 2014 - 07:20 am:

When my last two kids got married they were both out of town weddings. I just called Hagerty and told them that they would be parked in a hotel parking lot and what and where the cars was going to be doing and they said the cars would be covered for both events. I know Hagerty are a little more money but I also have the Hagerty Plus. Two years ago my Model T touring car crapped out it carb float and Hagerty towed me home.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Royce in Georgetown TX on Wednesday, April 30, 2014 - 07:23 am:

Grundy also has all the same restrictions:

Eligibility Requirements for Program
1. All vehicles must be used and maintained for hobby purposes and exhibition,
and not for racing, rallying, general transportation, or backup
transportation.
2. All household operators must have a different vehicle insured for daily use.
3. All vehicles must be garaged when not in use.
4. Youthful drivers, under the age of 25 are excluded.
5. No DUI within the last 3 years
6. No more than two moving violations.
7. Cobras, Porsches, and Ferraris require the potential insured to provide an
explanation of past driving experience with super high performance sports
vehicles and their state MVR submitted with the application.
8. All pick up trucks manufactured after 1964 must have a value of $10,000 or
more.
9. Corvettes, Porsches, Ferraris and other Exotics 1974 or newer are not
considered unless part of a “collection” of collector vehicles or are legitimate
collectable show cars (not show off cars).
10. Cobra replicas/kits and new (1967 or newer assembly date) must have a value
of $50,000 or more to insure.

Link:

http://grundy-phly.com/pdf/EligibilityReqs.pdf


Top of pagePrevious messageNext messageBottom of page Link to this message  By Craig Anderson, central Wisconsin on Thursday, May 01, 2014 - 09:55 pm:

I've read and re-read the Hagerty Policy where it states "Our policy allows you to use your collector vehicle for club functions, exhibitions, organized meets, tours and even occasional pleasure driving — it just can't be your daily driver."
Every time I have called to remove and/or add a car they always ask how many miles a year I will put on it.
The last one was my '59 Chev and I told her 1000 miles which is probably pretty close to the fact if not a bit over stated.
At any rate nobody would assume I'd put on a 1000 miles JUST going to shows and such so it's implied I'm doing a fair amount of pleasure driving which didn't provoke any questions.
Of course having 5 cars I can drive a different car every day without it being considered "daily driver" and since I'm the only insured driver they must realize that.
Just for the heck of it I checked out J C Taylor and they came in @ $369 vs Hagerty Plus @ $339 so they are quite competitive except I just checked the declarations page of my Hagerty policy and found out I AM insured for 100/300/100 liability whereas I checked only the 100 box @ Taylor which would raise their premium somewhat.
An agent at Hagerty told me straight out it doesn't cost them much to insure "our" kinds of cars.
I'm sure all of us are VERY careful and attentive when we are out and about with our cars....... :-)

Even the state of Wisconsin states "Your collector car shouldn't be used as daily driver".......it doesn't state you can't........ ;)


Top of pagePrevious messageNext messageBottom of page Link to this message  By Eric Hylen- Central Minnesota on Thursday, May 01, 2014 - 10:06 pm:

Tim,
Yes, according to the info that they sent me when I signed on with them, they consider an occasional drive to work to be pleasure driving. If I recall correctly, they are recommended by the MTFCA for their liberal interpretation of pleasure driving.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Eric Hylen- Central Minnesota on Thursday, May 01, 2014 - 10:17 pm:

Check out this thread from a time six years ago when we hashed this out:

http://www.mtfca.com/discus/messages/50893/70128.html


Top of pagePrevious messageNext messageBottom of page Link to this message  By Timothy Kelly on Thursday, May 01, 2014 - 10:49 pm:

Eric

Thanks for the response.

Timothy


Top of pagePrevious messageNext messageBottom of page Link to this message  By Harold Schwendeman - Sumner,WA on Thursday, May 01, 2014 - 11:36 pm:

I believe all of the most commonly used antique auto insurance companies have no problem for sure, with use of the cars for parades and car shows. For that reason, I have adopted the attitude of a long-time forum user ( I think it was Ralph Ricks) who always said that any time he drives his "T's, it's a parade, and any time he parks it, it's a car show! Works for me,......harold


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