Exotic or Collector auto insurance

[DocHorton]

You guys with high-end cars....who do you use for auto insurance? Opinions?

Thanks in advance!

[BraveBold]

Hagerty.

They cater to the collector crowd and understand market valuations. Rates are reasonable. Service is good. Never had a claim (knock on wood) but I understand from reputation they are good.

[Curated]

Previously had Hagerty, never any claims, then one year their rates basically doubled. Now have Grundy for 3 older classics, very reasonable rates.

[DocHorton]

Thanks for recommendations. I checked Hagerty and Grundy....Grundy was about 1/2 the price of Hagerty!

Appreciate it!

[Carguy87]

Had Hagerty for a stated value policy on a ‘16 Mustang (insured it for $50k because it had $20k+ under the hood and in the bodywork. Wanted to be able to replace it if I stacked it up ). Experience was great overall but to be fair I never had any claims thankfully. The customer service folks were nice and it was easy enough to start my policy.

[BraveBold]

Originally Posted by DocHorton

Thanks for recommendations. I checked Hagerty and Grundy....Grundy was about 1/2 the price of Hagerty!

Appreciate it!

I suggest reading the policies closely. In the world of insurance you will sometimes see big gaps in premium cost because of who the insurers want as clients (not a personal thing but rather the mix of liabilities they want to cover, region, etc). For big price differences it often has to do with coverage. When I was quoting I looked at Hagerty, American Collectors and Grundy. In my particular case I wanted flexible use policy - I want to be able to use the cars for the odd errand, and not worry about coverage gaps due to this. If I recall correctly Grundy disallowed this…


Sent from my iPhone using Tapatalk

[BraveBold]

Originally Posted by Carguy87

Had Hagerty for a stated value policy on a ‘16 Mustang (insured it for $50k because it had $20k+ under the hood and in the bodywork. Wanted to be able to replace it if I stacked it up ). Experience was great overall but to be fair I never had any claims thankfully. The customer service folks were nice and it was easy enough to start my policy.

Just a small (but major) point on this… you say “stated value” but did you mean “agreed value” instead? My Hagerty policies are all agreed value. This means the $ amount is agreed to by the insurer and will be paid out in case of a total loss. Stated value sounds similar but the payout by the insurer will be the lesser of the amount stated and the actual “cash value”… so in many cases there will be subsequent decisions made post-claim that result in the policy holder receiving less than stated value. IIRC Hagerty only offers agreed value and this is why I mentioned their understanding of market value is key… especially for lower volume / rare cars that have fewer sales transactions and are thinly traded…


Sent from my iPhone using Tapatalk

[Robison347]

We are in the auto restoration business and deal with insurers all the time on claims our clients have. Hagerty is the best.

[Carguy87]

Originally Posted by BraveBold

Just a small (but major) point on this… you say “stated value” but did you mean “agreed value” instead? My Hagerty policies are all agreed value. This means the $ amount is agreed to by the insurer and will be paid out in case of a total loss. Stated value sounds similar but the payout by the insurer will be the lesser of the amount stated and the actual “cash value”… so in many cases there will be subsequent decisions made post-claim that result in the policy holder receiving less than stated value. IIRC Hagerty only offers agreed value and this is why I mentioned their understanding of market value is key… especially for lower volume / rare cars that have fewer sales transactions and are thinly traded…


Sent from my iPhone using Tapatalk

Yes absolutely right “agreed value” is the correct terminology. Sorry it was a few years ago so I didn’t recall the correct term . And you’re right there’s a big difference in the meaning of the two! Thanks for the correction

[kgmayer]

I spent 25 years in the insurance industry, and have my classic insured with Hagerty. No claims with them yet, but they seem to be well run and offer good coverage.

[East Bay Rider]

When I had my '46 and '67, I had American Collectors agreed value insurance.

[SDGT3]

Hagerty

[rmlovett1]

All through State Farm, but they outsource or use a different segment of their company, for my one vintage. Normal coverage for the exotics, but much more expensive (to be expected) than the “normal” cars.

[returntorolex]

Hagerty - no claims but easy to work with.

[0nly5iv3Digits]

Lloyd's of London

[7sins]

I've had them all for various dollar amounts of high end cars. The best are SafeCo (all my classics are insured here) and United Financial Insurance from a cost perspective. The latter, quoted me 6k for a recent car when everyone else was closer to 18k. From a claim perspective, Hagerty is your best bet. You have to weigh the benefit to cost of what you are looking for, your location will play a significant role too.

[dk65]

Chubb here. I asked the local high end body shop, they said Chubb has never rejected any process and is great to work with, by far the best. I deal w/ Chubb through a broker, so not a direct experience, but so far it's been great. I was able to get agreed value coverage, valued at roughly market value, for a car that trades over MSRP by quite a bit. IE, if the car gets totaled, I am covered for 2x MSRP.

They also had positive things to say about Hagerty, but I found the Hagerty pricing to be stupid expensive. Perhaps Chubb cuts me a break on auto/umbrella because I have my homes and cars all through them now.

[dk65]

Have no experience w/ Grundy but I think they had a 2,000 mile per year limit?

[BraveBold]

Word of advice (reiterating one of my posts above). Read the terms closely if you’re comfortable reading a technical document. Or have a pro do it - dependent on how important this insurance is to you…

Then compare quotes from the reputable companies. You can see from replies some consistent views on quality of service and reputation for some of these insurers. I chose Hagerty after comparing three quotes - but my location, how I use my cars, number of cars, type and value of cars, all drive the quotes and the decision. There is no perfect one-size-fits-all answer.

I happen to know some of the most significant collectors in the US (think Jay Leno, 9 figure value collections) and the treatment and approach/pricing is light years different vs my modest <$1M collection… so take the input above but the outcome will be tailored to your circumstances and needs.


Sent from my iPhone using Tapatalk

[BraveBold]

Originally Posted by dk65

Have no experience w/ Grundy but I think they had a 2,000 mile per year limit?

If I recall correctly, at least for when I was getting a quote, their use limitations were very strict. I have cars with around 2k miles total and no collector car that I drive more than 500 miles per year … but Grundy’s use restrictions at the time gave me pause. I want to be able to do a grocery run, or stop at my AD with any car… Grundy IIRC disallowed that. Hagerty was far more accommodating and for me the extra $ premium was worth it for that alone.


Sent from my iPhone using Tapatalk

[Curated]

Just read through my Grundy policy and the initial application that was signed when I first got coverage. The policy states nothing about use at all.

The application states the following:

1. My vehicle(s) will be used on a limited basis consistent with the operation of a collectible vehicle such as occasional pleasure drives and club/hobby activities.
2. My vehicles(s) will not be used frequently for regular driving such as driving to and from work or school, shopping, errands, general transportation, or back-up use.

Note the word frequently above. If you take your car to a restaurant or pick up something from a store on a nice day or run to your AD to pick up a watch etc or take your car to work occasionally I can't see them denying a claim. Seems to me they would need to prove that you are using the vehicle as your primary means of transportation.

Further this is what they state on their website:

Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.When you have your car at home, it must be kept in an enclosed, secure garage when not in use.