Need help with insuring my Corvair.

[LBC TITAN]

Can anyone tell me how they insured their car? I have insurance on my daily driver through GEICO. GEICO classic car vendor wanted to charge me extra just because of the striped hood and that I had aftermarket seats, redicoulos to me. I then got a quote from Grundy in Pennsylvania, they said that I would to have at least a $ 100,000.00 liability on my daily driver to match the policy, what does my daily driver have to do with insuring my Corvair? I'm just trying to protect my
investment, any recommendations would help.

Thank you

[steve57]

I insured mine thru State Farm on a regular insurance policy. Of course my other two vehicles and my house are also insured with them. They probably consider your corvair as being customized with those stripes and seats thats why they want more money? I did not get classic car insurance because they usually restrict your mileage and where you can drive it to.

[bbodie52]

I also insured my 1966 Corsa convertible with State Farm. The policy was set up the same as my 2005 GMC and my 1991 Toyota Supra Turbo. The only unique thing with the Corvair was establishing its "stated value". In my case that was based on my documented purchase price. I had to take the car to the agent for a photo session, so that they could document its condition. There are no restrictions on its use (pleasure) or annual mileage.

Incidentally, the Corvair is exempt from annual safety inspections in North Carolina, due to its age! A brand new car is required to have a safety inspection when it is registered for the first time, but 49 year old car is exempt from a safety inspection!! It is still driven on public highways, carries people, etc. But it is apparently deemed perpetually safe since it has lasted this long.

Politicians! Bureaucrats!

[LBC TITAN]

Steve, thanks for the information. My buddy who just bought a 1969 Chevelle also added his car to his State
Farm Insurance, I think i will look into that and transfer all vehicles and motorcycle.

[terribleted]

Be sure to use State Farm's Stated value rider on your classic. They will insure it normally but you may not be fully covered under the standard policy.

[smitz]

Hagerty did my 1964 Spyder without any hassle.

[HoodsUp]

State Farm here also. Dropped my 2004 Pontiac Van and insured Corvair for same price, etc in place of it.. I threw out 4k as a value, they insured w/o photos. Agent said " If you need more we'll come out and take photos. "

[Nickshu]

Hagerty did my 1964 Spyder without any hassle.

Me too. They are great to work with, but I've never had to make a claim.

[SirThomas]

I have mine with State Farm as well. My '66 Corsa turbo convertible is in great shape and they charge me what feels like a very minimal rate for classic car coverage. They do expect the miles to be low, but that matches my driving habits with that car since it doesn't come out of the garage to see any bad weather and most shows/events I go to are within the Indiana state lines (CORSA convention being a prime exception). However, I recently bought a '65 Corsa coupe (Fitch Sprint - unfortunately that is undocumented) which I anticipated classic car coverage on as well, but they turned me down for that after receiving pictures of the car. It needs to be restored and they said they will not categorize it as a classic until the restoration is finished. So the rate they revised me to (after purchasing the car) is nearly three times higher than expected because it is now considered to be the third regular passenger car at my household.

Since I have to make the car nicer and shiny before they will give me low cost insurance, I have changed the policy to comprehensive only for storage while I get the engine worked up and soon attack the body. Once it's running well and at least ready for primer I'll get a policy that allows me back on the streets with it. So if you go with State Farm, which I recommend checking out, ask a lot of questions including whether or not the stripes affect anything just to be sure of what you are getting into.

[Corventure Dave]

The rates will differ from state to state. Vintage car insurance about always requires that you also have a modern car with full coverage,
insured with someone. The car usually always has to be garaged.
I am with Hagerty. Hagerty will give you a discount if you are a CORSA member.. in most states. However here in Kalyphornya they can't offer
the discount because of our stupid state regulations!
I tried AAA Vintage auto insurance. They would insure the Rampside. They would insure a Corvair 95 Panel Van. But they did not have any idea what my Greenbrier was. They said it did not exist!! Even tho I had their representative send in pictures!

Corventure Dave

[terribleted]

I have used Hagerty in the past as well. Good price for value, stated appraised value, reasonable cost. There are often limitations to collector car policies through specialty vendors. Be sure to check for things like annual mileage limits, whether car must be garaged, or any other limitation like no back and forth to work travel, etc., before making a final choice.

[64powerglide]

In Michigan I have 4 vehicles & my house with Auto-Owners, same coverage quote from State Farm was almost $500.00 more for 6 months for the vehicle part & the house was a few dollars less for a year.

[LBC TITAN]

Thank you all for your valuable input. Tomorrow I will give State Farm a call for a quote, and maybe if I add my daily driver they will give me a discount.

Did anybody tell you guys today, "You're Wonderful"?

[MonzaDave]

Do your research and understand the difference between "stated value" and "agreed value".

[bbodie52]

What is the difference between Agreed Value and Stated Value Insurance coverage?

An Agreed Value policy (which is the same as Hagerty’s Guaranteed Value policy) guarantees the policy will pay the full insured amount of the vehicle – with no depreciation – in case of a covered total loss. A stated value policy (sometimes called stated amount or maximum limit of liability) does not promise upfront to pay this stated amount. In the event of a covered total loss, it may pay less than the stated amount, as the insurer has the right to pay the lesser of your collector car’s depreciated actual cash value (ACV) or its replacement cost. Also, many insurers that offer stated value policies require periodic appraisals to substantiate the insured amount, adding cost and inconvenience to the client.

https://www.hagerty.com/articles-videos ... e-coverage

Agreed Value Insurance

The Difference between Agreed Value, Actual Cash Value and Stated Amount Insurance

Since 1947, Grundy has insured antique autos with Agreed Value policies; and with our new products like the Motor Vehicle Program (MVP), Grundy extends Agreed Value coverage to protect all your vehicles including daily drivers.

AGREED VALUE policies set the limit that a policyholder will receive and an insurance company will pay in the event of total loss or theft of a vehicle. Obtaining an Agreed Value policy is a fairly simple process. The applicant submits an application, indicating the values that they would like to have insured. Both the vehicles and values are then reviewed by Grundy underwriters, who are knowledgeable both in insurance and a variety of automobiles- from antiques, classics and exotics, to daily driver autos, motorcycles and motor homes. When working with a new application, underwriters examine photos and any other supporting documentation the applicants submits; and, the vehicle’s value is compared to the agency’s guidelines on similar vehicles in similar condition.

Occasionally, a Grundy underwriter will request additional information, such as restoration receipts or additional photos to substantiate a requested value. Underwriters will also tell applicants if their requested value is too low or too high. Insurance companies do not like to underinsure or over-insure, and the goal of all parties is to insure your car for its market value and the owners investment. Once this simple process is complete, the Agreed Value policy is issued.

Although the specialty car hobby (from which Agreed Value developed) has grown dramatically over the last decade, it is still too small for big insurance companies to invest the money it would cost them to train their personnel (agents, underwriters and adjusters) to understand specialty vehicles and their values so they do not offer Agreed Value. Instead, they may offer Actual Cash Value or Stated Value policies.

ACTUAL CASH VALUE does NOT establish the amount a policyholder will receive in advance. It is the most commonly used form by the majority of the big automobile insurance companies. This is because big companies primarily insure newer vehicles that are produced in the hundreds of thousands and the value at the time of loss is determined by make, model, options, age and condition. This involves starting with the Cost New and deducting a certain percentage for each year the vehicle is old, plus deductions for observed or expected “wear and tear.” In rare cases additions or increases in value are granted to owners of vehicles who can “prove” that their car was maintained better than the expected average.

STATED VALUE does NOT establish the amount a policyholder will receive in advance. The term Stated Value is very misleading because a Stated Value policy is nothing more than an Actual Cash Value policy with an upward limit on how much an insurance company will pay.

As previously mentioned, there are certain instances where an Actual Cash Value policy will pay additions or increases to policyholders who can “prove” their investment. Stated Value was developed 50 years ago (when collectors started investing large sums in great vehicles) by insurance companies to protect them from paying “more than they bargained for.” Stated Value is the worst option for any vehicle, because it will depreciate and deduct on the downside , but limit to the Stated Value the upside of your settlement.

http://www.grundy.com/agreed-value-insurance.aspx

[TonyPa]

I used American Collectors Car insurance on my ole 450SL benz I had. No complaints. Mine wasn't exactly stock.
Now my cousin though, who is a Minny Jay Leno, has 12 cars. All through Hagerty. He was never married with no kids.