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Random Question: Insuring Classic Vehicles

MikeL

MikeL

Active member
Joined
Aug 16, 2010
Location
Peninsula
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None.
Name
Mike
This is random but does it cost more or less to insure classic vehicles compared to newer ones? I'm not talking historic but your typical muscle cars, old 50's trucks etc?

No real reason for the question but I've never had to do it and it just crossed my mind.
 
A lot of factors go into play. If it's a really rare truck in great condition with a high market value then your best bet is going with a collector car insurance like hagerty. If it's just an old vehicle that isn't viewed as an expensive collector car than any other insurance should cover it for relatively cheap.
 
You have to jump through a lot of hoops to get reduced ins on a "classic" vehicle. Most often you have to also insure a DD with them that is "X" years old or less. You'll also have to provide odometer readings every 6 months to prove that its only a weekend toy. The only real advantage Hagerty has over your regular ins company is that sometimes you can have a stated value policy. If your vehicle gets totaled there is no haggling about how much they're going to give you, its simply "what's the policy say?"

You can often get a better deal bundling your ins needs under on company and possibly an umbrella policy. It all depends on the value and quantity of stuff you have to insure.

Shop around and don't just buy the cheapest policy. Read everything.
 
I put my 70 ElCamino on my regular policy, low miles per year, about $50/month maybe less. $500 deductible.
 
MikeL said:
This is random but does it cost more or less to insure classic vehicles compared to newer ones? I'm not talking historic but your typical muscle cars, old 50's trucks etc?

No real reason for the question but I've never had to do it and it just crossed my mind.
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My '62 Falcon costs $200/year to insure. It's fully insured.

Registration is dirt cheap and no smog.
 
Ins is cheap but I would recommend saving all your receipts in parts just incase.
 
KWeezyXB12 said:
Ins is cheap but I would recommend saving all your receipts in parts just incase.
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Receipts sometimes don't help. My son had a '73 VW that he completely restored - we had receipts for over $8000 worth of parts and stuff when it caught fire and burned to the frame. Our insurance company (AAA) looked at the aqge of the car, and the mileage and offered a settlement of $500 bcause it was so old. We eventually got them up to $1500 but they were adamant that the age of the car is the deciding factor in any payout. We dropped AAA of ALL our vehicles because of their attitude.
 
Alan_Hepburn said:
Receipts sometimes don't help. My son had a '73 VW that he completely restored - we had receipts for over $8000 worth of parts and stuff when it caught fire and burned to the frame. Our insurance company (AAA) looked at the aqge of the car, and the mileage and offered a settlement of $500 bcause it was so old. We eventually got them up to $1500 but they were adamant that the age of the car is the deciding factor in any payout. We dropped AAA of ALL our vehicles because of their attitude.
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this is why you get a stated value policy or a collectors car policy and not a standard policy
 
I use Hagerty for my '68 Mustang. It's in the process of being restored, but is still a driver. I have an agreed value of $7k and it costs me $146/year. I have no restrictions on mileage. I think the only restriction is that it must be kept in a garage (but I'm not 100% on that).
 
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