Car insurance on Hemi swapped cars

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Red383

Red383

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Has anyone else had a situation where they restored and Hemi / 5-speed swapped a slant six automatic car, I mean rotisserie, no bolt untouched refurb, and you contact your insurance company to add it to the policy and they say the average value for the car is $9000, so we cannot insure it for much more than that?

Do you have to have these "restomod" cars appraised to get them insured for a more true value?

Thanks.
 
Look into 'agreed value' or 'guaranteed value' coverage from a collector car insurer.
 
I use American Modern. They asked what I paid for the car and what I did to it. I filled out a document showing all the mods made and the cost of each. I then sent in pictures to validate my position. They did not flinch at my estimated value.
 
I have Grundy collector car insurance. you tell them what you have done to it. tell them what you want it insured for send a picture of the front back and sides easy peasy it includes towing and no deductible .
 
I was on Hagerty getting a quote and my insurance agent just contacted me with a quote from Hagerty, has guaranteed value and they are getting a better price than I could. I even matched up all the options to their quote.
 
And the good thing about Hagerity is that you can drive it casually without going to a car show. I have a 71 Cuda with a gen2 hemi and 5 speed, 2010 challenger SRT and a 74 Duster with 318 and yearly is $1300. All 3 cars are garaged. Cost is also dependent where you live. No driving to work.
 
tonysrt said:
And the good thing about Hagerity is that you can drive it casually without going to a car show. I have a 71 Cuda with a gen2 hemi and 5 speed, 2010 challenger SRT and a 74 Duster with 318 and yearly is $1300. All 3 cars are garaged. Cost is also dependent where you live. No driving to work.
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No driving to work? What if I am heading to the cruise-in or parts store after work?
 
I've had Hagerty for years, I drove my car to the office today. You can drive it to work, here is the policy language - everybody should read their policy, it's not what you can and cannot do - do what you want - it's what they will cover based on the policy language.
"
"Your covered auto" means:
1. Any "antique vehicle" or "classic vehicle"
shown in the Declarations.
2. Any "antique vehicle" or "classic vehicle"
on the date you became owner during
the policy period, provided that it
replaces one shown in the Declarations
and you ask us to insure it within thirty
days after you become the owner. This
automatic coverage for replacement
vehicles does not apply to Part D -
Coverage For Damage To Your
Covered Auto. An endorsement must be
issued to fully cover any additional
vehicles you acquire.
J. "Antique vehicle" means a motor vehicle 25
years or more of age that:
1. Is maintained primarily for use in car
club activities, exhibitions, parades,
other functions of public interest or for a
private collection; and
2. Is used only infrequently for other
purposes.
K. "Classic vehicle" means a motor vehicle of
unique or rare design and of limited
production that is an object of curiosity and:
1. Is maintained primarily for use in car
club activities, exhibitions, parades,
other functions of public interest or for a
private collection; and
2. Is used only infrequently for other
purposes.
L. "Regular use vehicle" means a motor
vehicle which is used for regular driving to
work, school, shopping, errands or for
general transportation and is not an "antique
vehicle" or "classic vehicle."


REGULAR USE VEHICLE REQUIREMENT
This policy provides coverage for your "antique
vehicle" and/or "classic vehicle" shown in the
Declarations. You must own a "regular use
vehicle" which must be insured by a separate
insurance policy which must be in effect for the
entire time this policy is in effect. In no event will
this policy serve as your only auto coverage."

RACING
There is no coverage under this policy while
"your covered auto" is being prepared for or
being used in a race speed contest, including
but not limited to practicing or testing for such an
event."
 
Yup, I pretty much just do what I want! No insurance company is going to tell me otherwise!
 
Red383 said:
I was on Hagerty getting a quote and my insurance agent just contacted me with a quote from Hagerty, has guaranteed value and they are getting a better price than I could. I even matched up all the options to their quote.
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Agreed. When I went direct to Hagerty I got a quote for $x,***, but when my insurance Broker went to them, they came back with a quote that was about 10% cheaper. Don't know how that works, considering the Broker is a middle man with mark-up, but who cares? Saved a few bucks.
 
I called Hagerty before taking 66 on powertour. No problem, miles did not matter. But I had to pay more for a temp binder for auto cross event. Upped my value and only raised cost by 60 dollars a year. 30 grand coverage.
 
Basically, Haggerty doesn't want you to use your car as your MAIN transportation. I drive my car every weekend. Joy rides, not just to car shows or cruises.
 
I pay $300 a year for my Ragtop. 1- I have a primary vehicle. 2- I don't put many miles per year.
 
I had Hagerty for years but after the Hagerty family sold the business to another insurance company my rates started going up. No claims, no changes to the policy or anything. My rates ended up 50% higher. Someone said in another forum that they had classic car insurance with State Farm and since all my other vehicles are insured with State Farm I checked with them. Sure enough, they insure classic cars. I got basically the same policy with the same stipulations as Hagerty for almost 1/2 what I was paying Hagerty. The only real difference between the two policies was the lower price and I have a $500 deductable on collision and comprehensive that I didn't have with Hagerty. Looking at all the money I've spent on my car, a $500 deductable is a drop in the bucket! I'll easily make that up on savings in two years. Also, I've never experienced any problems with State Farm on claims in the past.
 
I wonder how they feel about drag n drive events....
 
I just had an agreed value policy with my regular insurance (State Farm). Didn't treat it as a classic car or anything in particular to my knowledge, just a regular car with an agreed upon value. Granted mine isn't anything like a show car, it's a pretty straightforward modern drivetrain swap in an otherwise "normal" car. I've also got several other vehicles under policies with them, and our agent at the time was really easy to work with since she knew we were a car family.
 
392heminut said:
I had Hagerty for years but after the Hagerty family sold the business to another insurance company my rates started going up. No claims, no changes to the policy or anything. My rates ended up 50% higher. Someone said in another forum that they had classic car insurance with State Farm and since all my other vehicles are insured with State Farm I checked with them. Sure enough, they insure classic cars. I got basically the same policy with the same stipulations as Hagerty for almost 1/2 what I was paying Hagerty. The only real difference between the two policies was the lower price and I have a $500 deductable on collision and comprehensive that I didn't have with Hagerty. Looking at all the money I've spent on my car, a $500 deductable is a drop in the bucket! I'll easily make that up on savings in two years. Also, I've never experienced any problems with State Farm on claims in the past.
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Until they drop your home owners insurance, like they just did in Cali. And this… State Farm accused of funneling excess profits to parent as it seeks rate hike
 
Here in Ma. Car insurers cry for a 6% increase and get granted say 4% when in reality they need 2 %. That's how the play the game. (My numbers are made up as an example.)
 
Red383 said:
Has anyone else had a situation where they restored and Hemi / 5-speed swapped a slant six automatic car, I mean rotisserie, no bolt untouched refurb, and you contact your insurance company to add it to the policy and they say the average value for the car is $9000, so we cannot insure it for much more than that?

Do you have to have these "restomod" cars appraised to get them insured for a more true value?

Thanks.
Click to expand...

what insurance co is this? condon & skelly has our dart insured for 30+k. infact they raised the value a coupe of years ago on their own. its an original unrestored slant car. maybe you need a new company and an official appraisal? the days of nice 9k abodies are long gone..

i use american collectors on my mustang.. they have been great to deal with so far, haven't had to make a claim on either car yet though. thankfully..
 
Red383 said:
Has anyone else had a situation where they restored and Hemi / 5-speed swapped a slant six automatic car, I mean rotisserie, no bolt untouched refurb, and you contact your insurance company to add it to the policy and they say the average value for the car is $9000, so we cannot insure it for much more than that?

Do you have to have these "restomod" cars appraised to get them insured for a more true value?

Thanks.
Click to expand...
You need a different insurance company. (collector car insurance) Agreed value is where you need to be. Have it appraised.
 
Right now I have Haggerty for Comprehensive only. I just got a real nice 64 Valiant that needs to be finished. I put it in a storage facility, which requires insurance on owners contents. I insured the vehicle for $10,000 no deductible. Cost was less than $10/mo. I had another 64 Valiant that I needed to remove the front and back windows, so I put that in storage, also. Haggerty covered that car also ($4,000) at no additional premium.
PS: The storage company has their own insurance you can buy, but actually fairly expensive. $12/mo with a $500 deductible, and $4,000 max coverage per storage unit.
 
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