Got a car-now can't find insurance

[usbuilt]

I just purchased a 67 Coronet and every classic car insurance company I have found requires that the car be stored in a garage. I have an open carport, but no garage. I called the company that I have my other cars insured through and they told me that they would insure the car for the depreciated value. The agent also told me that it would probably not be valued for much since it was so old. When I asked how the value was determined so I could look it up he told me that they could not determine the value until they had to pay the claim. WOW! Kind of takes the fun of the experience. Any help would be greatly appreciated. It doesn't necessarily have to be classic car insurance. Just a reasonable rate that covers the value of the car.

 

[Seventy]

Get a better insurance company, you should be able to call your "normal" insurance company and they email/fax you a binder with in an hour or so.

I know its dishonest but tell them the things in a garage, tell them you store it in your sisters garage or what ever, who gives a sh!t, if something ever happens say at the time you did store it there.
I never had them ask me in what style building my cars were stored, they want to know where it is parked, but to make garage storage mandatory for coverage is stupid..

Now if you are just trying to save money with a "classi" policy, they will make you jump through hoops and when something happens, screw you anyway. They will limit how you drive the car (some dont let you drive it to work), where you park it, how many miles per year, etc... and sure the policies are cheap but there is a reason for that. When you add an extra car to an exisiting policy as an additional vehicle, it doesnt cost much any way because they know you cant drive 2 at once.
For instance, my 39 ford is worth about $90K, its all custom and they have pictures of it, classic car insurance is $280 a year for it, as an add on on my policy I pay $550ish, either way if something happens I am covered BUT, no one can tell me how much to drive it where to park it etc...

Now for value, its simple, they have to repair or replace it with a policy like this, so asking them how much its insured for is hard to answer, if you buy a new car off the lot (minus gap coverage and any 100% promotions) you are going to get paid how much the car is worth at the time of the loss, for instance, you pay $39K for it and 8 months later you total it, well an 8 month old car with 14K miles is worth X amount so that is what you get...

Your classic car has a value thats what it will be covered for. I had a custom motorcycle that was backed into, it was not in blue book or anything like that so the insurance company had a third party bike dealer come and give them a value... thats what they paid..

 

[D575]

Haggerty

 

[usbuilt]

I actually did try Hagerty and they would not insure it because I live within 100 miles of the Gulf. I thought about mentioning that in the original post, but didn't want to make it too long. I am not necessarily looking for cheap insurance, I just don't want to lose my butt if I have a total loss. NADA lists the car, as optioned, at average retail 12,825 and high retail 18,630. The car cost in the middle of those two. I would even be willing to accept the average retail it that is what the payout would be based on.

 

[Coronet 14]

I live 2 miles from the Gulf I have Hagerty. Here are the underwriters for Hagerty insurance Try calling them

Essentia Insurance Company (NAIC 37915)
Nationwide Mutual Insurance Company (NAIC 23787)
Nationwide Insurance Company of America (NAIC 25453)

 

[D575]

Haggerty was so simple for me, they asked for a picture and what I wanted to insure it for.. If it went up in smoke , I would be money ahead.

 

[usbuilt]

Coronet 14
Do you have a carport or garage? They would issue garage with no problem. They would not issue me a policy for a carport because I live within 100 miles of the gulf.

 

[Coronet 14]

Try these people
http://www.amig.com/customer/

 

[bobtile]

Just tell them it's in a garage.

 

[ILLDuster74]

Just rent a storage unit for a month and have them fax over the payed bill on business letter head, that should work.

 

[Endangered Species]

Put sides on the carport. There it's a garage.

 

[Dennis H]

Did you try J C Taylor in Upper Darby, Pa? Agreed value.

 

[GetX'd]

None of these classic car insurance companies are going to insure a car for agreed value unless it's garaged. Why would they? Car sits outside unprotected they're insuring unprotected property that's attractive to thieves and vandals etc. you can't blame them. You can lie about it but if they find out in a claims investigation they'll rightfully deny the claim. Find a place to store it and tell the truth on your application for coverage. The other option is to insure it like a normal vehicle for its depreciated value and liability.

 

[usbuilt]

Coronet 14, I just got off the phone with AGIM. They would not write a policy unless it is kept in a locked garage. I really don't want to enclose the carport, the way the lot is set up would not work very well aesthetically.

Dennis H, I looked at J C Taylor's website and it states that vehicles must be kept in a fully enclosed, locked garage.

I am not going to lie about the storage conditions only to possibly have the claim denied later. That would be horrible.

I guess what strikes me most about this is that I am not concerned about the car while it is at my house. I am concerned about someone not paying attention on the road and smashing into me (well, not so much me as the car. I will heal, the car won't).

I did contact my regular insurance company to try to ask them how they would determine the value of a totaled vehicle. They gave my contact information to a local claims adjuster that works for them. Hopefully I will get a call back today.

 

[black64]

I use state farm with an agreed on value. Had to send pictures of the exterior, interior and engine compartment. I do not have to have full coverage year round because of the winter months and simply have storage insurance from them. This is less expensive and works for me because I don't drive the car in the winter.

 

[Bigal75]

I use AllState - had an adjuster go over the car - gave me a value - car insurred. No BS

 

[patrick66]

Guys, always remember the BIG difference between "stated value" and "agreed value" on the insurance!!!

 

[WileERobby]

Guys, always remember the BIG difference between "stated value" and "agreed value" on the insurance!!!

Exactly... and, in addition to that, don't confuse either with the usual "actual cash value" type policy on your everyday autos.

 

[patrick66]

If you are desiring classic car insurance from a classic insurer (NOT a daily driver insurance company!), you will NEED to provide the car enclosed storage inside a garage, warehouse, or other storage unit. Put it this way - you file a claim and they find out you lied about the storage of your car, guess what??? Your claim will be denied, you will be cancelled on the spot, and they are well within their rights to sue YOU for obtaining services under false pretenses! It's gonna cost you a LOT more by lying, versus simply providing the storage that the insurance company requires in order to cover your vehicle. This is NOT rocket science, gang!

And if you go with a standard insurance company (Allstate, USAA, State Farm, et al), you are going to get what is called "actual cash value" or ACV. This means you will get essentially scrap value for your car or truck. Believe that!

- - - Updated - - -

I never had them ask me in what style building my cars were stored, they want to know where it is parked, but to make garage storage mandatory for coverage is stupid..

Now if you are just trying to save money with a "classic" policy, they will make you jump through hoops and when something happens, screw you anyway. They will limit how you drive the car (some dont let you drive it to work), where you park it, how many miles per year, etc... and sure the policies are cheap but there is a reason for that. When you add an extra car to an exisiting policy as an additional vehicle, it doesnt cost much any way because they know you cant drive 2 at once.

Your classic car has a value that's what it will be covered for. I had a custom motorcycle that was backed into, it was not in blue book or anything like that so the insurance company had a third party bike dealer come and give them a value... that's what they paid..

First statement - Why is this stupid??? They are accepting the risk of insuring you and your vehicle. That gives them the right to dictate the terms of the policy. You don't like that, don't do business with them!

Second statement - Classic auto insurance is inexpensive for a reason: The classic car is NOT daily transportation and therefore does NOT incur the risks of it being driven daily. You are telling the insurance company that you want insurance for "X" amount, based on an agreed/stated value, with the understanding it is not being used as an everyday driver and stored according to the terms of the policy. They are accepting the risk of insuring your car based on that information. You lie, you lose.

Third statement - Yes, it does have a value. How your vehicle is valued is very crucial! The difference between "actual cash value", "stated value" and "agreed value" follow; read carefully, because words have meaning:

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.

 

[Speedbird]

How does anything other than Agreed Value even work? Please explain.
If the Stated Value policy is X and it is a total loss, it sure looks like the insurance company won't pay the stated value. Why would they if they can argue a lesser amount?
We are talking insurance companies after all.
Do antique cars depreciate?
I know the value can go up or down. But they generally go up just with inflation.
I know all mine have over the years.
But depreciate as they get older like normal cars?
I don't understand the concept.
So that leaves replacement cost. Who determines that when the loss happens?
The insurance company? That doesn't seem right.
The supply is limited. And picking one to replace your car would be hard.