People say Hagerty a lot when it comes to insurance, do they sell liability insurance for my Model T? If not, who does?
Liability is typically the base-line for starting to put insurance on a car, followed by things like collision, theft, vandalism, comprehensive, uninsured driver.
Insurance should not be an issue - I have full coverage for less than $150 a year. I have heard there are even cheaper rates.
I have Hagerty on my '21 Touring.
It's pretty easy. -Liability coverage is the foundational consideration of any automotive insurance policy. -Oh, maybe that's not true of museum cars that are never driven, but for regular guys like you and I, liability insurance comes first (and most states require it).
After liability, it's sort of up to you. -Where additional coverage is concerned, you and, for instance, Hagerty, come to an agreement as to what your collector-car is worth and you enter into what is known as an "agreed value" policy. -That basically means, unlike the kind of ordinary car insurance that devalues itself as your modern car depreciates, there is no depreciation on your collector-car. -If your car gets stolen, destroyed, burnt to a crisp or time-traveled to another dimension, Hagerty will pay the amount upon which you and they agreed. -Period.
So why don't we get that kind of insurance for our regular modern cars? -Because it would be too expensive to get that kind of absolute replacement-value coverage on a car that is used every single day and exposed to the hazards of traffic-jamming every single day. -Collector-car insurance companies know that your Model T will spend 99.9999% of its life sitting motionless in your garage—in fact, enclosed garage-storage is a requirement of such collector-car insurance agreements. -It is also specifically agreed that your collector-car will be used only for pleasure driving and not for things like commuting to work.
The extremely limited utility of a collector-car which, generally speaking, gets driven only on beautiful, sunny weekends during the warm months of the year, by the kind of grown-up drivers who have a very protective attitude toward their vehicles and, by tradition, have established a darned good record for diligence and safety, is what makes it possible to insure it at its non-depreciating, total value for a ridiculously low price.
Among the specialty insurance companies that cover collector-cars, Hagerty is generally recognized as being just about the best among some rather good companies. -I've never, ever heard anyone say a bad word against Hagerty.
I use J.C. Taylor. I have 3 Model T's insured for liability, collision, theft, comprehensive, and medical. It costs less than $150 for all three together. On one tour, I dropped the trunk lid on my hand and required surgery on my finger. The hospital ER contacted my medical insurance co which would not cover it because it happened on my car. I contacted Formost, the carrier for J.C. Taylor and they covered almost all the cost, and then my medical insurance covered the balance. So I got back many years of payments for the T insurance.
Our local club here in Sacramento built a model T from members donated parts as a teaching project with the intent on selling the completed car and donating the proceeds to a charity. When we went to insure it, Haggerty would not since the title was in the name of the club, not a person. JC Taylor gladly insured it with no hassle.
The older the car the cheaper it is per $1000. My 68 Camaro cost more per $1000. than my 14 T. They assume the newer the car the more you will drive it so Model T's are cheap Ins. I have Condon and Skelly Ins.
Bob Coiro - Thank you for pointing out something that always kind of surprises me,.... that almost nobody ever mentions what is by far, the most important reason we have automobile insurance at all,..... "LIABILITY"!!! Without liability protection, one incident involving injury, or, God forbid, death, could ruin a person financially for life! And again, almost nobody ever even mentions liability coverage! All they ever talk about it the cost of the insurance, and how wonderfully the insurance company settled with them for a "fender-bender" type accident. It's like talking on, and on, and on, about the wonderful frosting, and never even considering the cake itself! Anyway, a fantastic piece you just wrote about insurance Bob,..... thank you,..... harold
Check your insurance policy, generally liability only cover the other guys damages not your car if your at fault. I would have to pull out my statement to see if I or my passengers had any coverage in the same situation. All I have ever had is liability on my cars, never had one that was worth the extra cost of full coverage.
I check with the ins companies some insurance companies do not insure younger drivers under 25