Hot Rod Insurance Question

Went to an insurance agency that handles Hagerty ins. to get an agreed-value policy for my roadster. They took my application and quoted me $369/yr(45k policy) for everything including "roll-back" road service. Agent calls me back after submitting application ,and says " ...due to the motor, its gotta be listed differently" and the premium jumped to $525/year !!!! Its a 2.3 Ford Turbo 4 cyl. ,165 HP stock from an '83 TurboCoupe!!
That seems like a high premium for a small motored car.. I'll bet some of these ZZ4,LS,big-block motored billetmobiles get by with a lot less premium..
Anybody got any experience with a situation like this....
Or does this seem like a reasonable charge...
And any recommendations for another insurance company ( Has to be able to write a policy in NC)

Stan

 

I've been with Haggerty for 14 years, and didn't even know they had agents. I have always dealt directly with the company.

 

Sorry if I worded it wrong . It was an insurance agency that handles Hagerty insurance. They had been a Grundy rep, but there's some sort of hold on Grundy issuing new policies ,etc

 

There are a lot of companies that handle insurance for Hot Rods. I use JC Taylor. Shop around. HMN usually has a list of specialty companies.
Good luck.

 

I deal directly with Grundy. ?? 27T, 400HP, 400 CI SBC - 248.00 / year, but I only have it valued at $15000.00 just about what I have in it.

 

and you shouldn't need an agent. I also have JCTaylor and go directly to them.

frank

 

I have Hagerty , dealt direct with company coverage for my Porsche 944 is $119 a year.

 

Turbo, As I remember, when I filled out the application for Hagerty they seemed to be very interested in "power adders"-superchargers, turbochargers, nitrous. I speculate you got bumped up because of the turbo. Premiums aside, I had a friend who was involved in a deer/roadster crash. He has Hagerty. They covered it all- Hospital, car, all of it. The adjuster who inspected the wreck was a "car guy". I was very impressed with how they handled my friend's claim.

 

I just moved all of my cars over to Gundy last month. They didn't even ask me what kind of engine any of the cars had in them. They are all insured at a stated value.

 

Start over, call the company directly and be sure you tell them it's not for racing.

CRUISER

 

Forget the "agent" or agency (they're prolly getting a % to write it)...go directly to the website of any of those companies and get your quote...I just got quoted 404.00 a year, from Hagerty, for my 1940 Studebaker Commander coop with the 125 mile flatbed towing included...and they didn't even ask what engine I had (400 CI SBC)...all they were interested in was my annual mileage (10,000) and the value of the car($25,000).

R-

 

That might help....

 

Hagerty would not insure me because one of the five vehicles was a 74 Bronco, took my business to American Collector. Never asked me about the engines, just a couple of pics. Heard good things about Hagerty though.

 

I went through every insurance agency you could think of. They would not insure me because I am under 25 years old. I've never had an accident, speeding ticket, or an insurance claim. (knock on wood) As soon as they saw my age they said "NO". Turns out state farm would do it for me on an agreed value. You might try them. pretty crappy that I cant get the same cool insurance everyone else in the hobby gets but I pay about the same as a grundy policy. This might help I hope.

 

Thanks to all for the replies
Found out JC Taylor doesn't write the type policy I need in NC

 

Last month I moved all of my cars to Grundy. The cars that I insured with them 2005 Chev Silverado PU, 2001 Jaguar S-Type, 1989 Ford Escort, 1936 Chev PU and a 1931 Ford Coupe. The 36 Chev is $183 and the 31 Ford is $135; which is per year. There are no mileage restrictions and shouldn't be a daily driver. They must be garaged though.

 

Right on topic w/ son's OT 73 Nova street/strip ; JC Taylor declined to insure it even though it is licensed because it is still under construction - we went with Met Life on a seldom driven policy - no fuss no muss compared to all the pictures etc... JC Taylor wanted sent to them.

 

A little off topic, but thats a nice car, any info on it, build thread anything?

 

I haven't studied it much, but when I was with Hagerty, they told me I could only drive it to/from car shows, parades,club meetings,etc. I canceled them cause I don't wanna be told when to drive my rides nor do I want to have to worry about lying about it if I crash and burn. Are all the classic car insurance companys the same?

 

Grundy insurance will be much less money and much less aggrevation..make sure you get a quote from them

 

Haggerty does add premiums for superchargers, turbos, NOS, etc. When I renewed my Austin they also add premiums for custom changes to the car's body. My $12,000 policy with no deductable was $237 a year through my agent.

 

You mean "Agreed Value"
Stated value is what your daily driver coverage is called.

 

state farm doesn't tell me when and where to drive it. its full coverage on an agreed value. In Texas I have it registered as an antique so I cant drive it much more than what they are telling you to drive it though. Hope that helps out.

 

Okay, I give up. Actually, the policy does read "Agreed Value" for all of my cars. I promise not to do that again today.

 

Hagerty insurance direct to company, $20,000.00 value, 10,000 miles annual driving, not used as a primary vehicle, garaged at primary address. No drivers under 25 years old, all others covered. $251.00/year. If you want breakdown/towing (50 miles) that is an additional $45.00. You will pay a premium for nitrous, and racing, and something garaged at a different location. I have been very pleased.

 

Grundy will now only insure multiple cars of one owner. They will not insure just one or two cars. I called them to find out.

 

That's true, but they will insure your daily drivers and your hot rod/classic.

My previous insurance company (Farmers), wouldn't insure my old cars anymore. They wanted to put them on a classic policy on their own; which includes pictures from every angle, a write up on the engine, any other modifications to the car. Grundy didn't need any of this for their policy. I'm happy, I have better coverage for less money than what I was paying before.

 

Hopefully my 41 Chevrolet that they have insured for 9 years is grandfathered in. It's the only car I insure with them. Guess I'll find out in April.

 

Haggerty is an agent!

Most, if not all, of the companies that write collector car insurance are agents. The policies they write are underwritten by an insurance company. For instance, J.C.Taylor is underwritten by either Zurich or Maryland Casuality. Look at your insurance card and on it will either be the name of the company underwriting the policy or at least the company code which will be 3 numbers. You can take these 3 numbers and Google "insurance company codes" and see what company underwrites your car.

Now as for the OP's situation, try Heacock http://www.heacockclassic.com/

They'll insure just about anything from originals to race cars.

B.T.W.: Heacock is an agent too.

 

Heacock was the classic insurance policy that my Farmers agent tried to sign me up with. They wanted photos of all four sides of the vehicle and one of the engine. They also wanted to know what modifications had been done to the vehicle.

Their price was a little higher than Grundy's too.