Collector car insurance

[lcoleman]

My fun/autocross car (a turbo '87 325is) is currently off the road and uninsured, and I'm considering going with collector car insurance when I get it going again. I am looking for more opinions. Here are my thoughts so far.

Pros:
Would be insured for an agreed-upon value (it's highly modified, yet has less than 90K miles and is in great cosmetic shape)
I have a DD, so a mileage cap isn't a big deal
Cheaper, from what I've seen

Cons/potential problems:
I'm 21
I don't have a garage (car is covered when not in use)
Hagerty's online quote had a meager amount for medical coverage. Are these policies geared towards cars that get driven only to shows and on sunny Sundays? This car sees the Gap, and I would prefer more coverage.

Is getting approved a pipe dream at my age anyway? TIA for your comments.

[Wheelman_13]

The coverage that matters (aside from the physical damage coverage for your car) is the bodily injury Liability and the property damage liability. Those are what pay the other person (instead of them suing you) if you cause an accident or it's deemed your fault. You want those at a level that exceeds at least your current net worth, although you can't have "too much" of this.

In TN, there is also a "medical payments" coverage that is optional. It is usually a lower amount like $1000 or so. It's a flexible coverage that could pay hospital deductibles for a passenger in your car, or it can pay for your own benefit if you did something like injure yourself falling out of your own car. It's nowhere near as important as the liability portion.

I haven't priced Hagerty or Grundy for my own part. I know some other mainstream companies will write agreed value, but the fact that you're still a "youthful" driver will work against getting good rates there.

[lcoleman]

Surprisingly enough, the quote from Hagerty was about $100 less a year than I was paying for liability-only through Progressive. Perhaps I should pursue that further.

Thanks for the clarification on the medical bit, that makes more sense. The coverage I've been seeing definitely seems adequate, in that case.

[MARKP]

What I have done with my rarely driven cars is go to the insurance company and tell them I hardly ever drive the car and they write a limited use policy for me. The only difference between my regular insurance and the limited use policy is I am limited on the number of miles I am supposed to put on the car in a year.

I don't know if all the companies do this. I have State Farm. They don't have a problem with autocrossers, either. Try that with most insurance companies.

[Oberstwill]

I have ony been writing insurance for quite a few years......Send me a pm if you want to get hooked up with some information ( I will not be writing it, just giving you a straight opinion on your options.)

I will say this, that car is not rare by any means which will effect any claim you have (agreed value or not), especially with modifications on the car.

[TennTechMan]

The limited use policies are the only way I can afford to keep all of my stuff legal. I'd guess a "secondary car policy" would be similar cost to collector car rates.

[lcoleman]

^Who are you insured through, if you don't mind me asking?

[TennTechMan]

Allstate, currently. I've had the same deal with State Farm a few years ago. Neither company offered it without my asking.

[01badz28]

What I have done with my rarely driven cars is go to the insurance company and tell them I hardly ever drive the car and they write a limited use policy for me. The only difference between my regular insurance and the limited use policy is I am limited on the number of miles I am supposed to put on the car in a year.

I don't know if all the companies do this. I have State Farm. They don't have a problem with autocrossers, either. Try that with most insurance companies.

+1, that is exactly the insurance I have on the Camaro.

[sentrase]

Are all those limited use policies liability only or would they cover you when you hit a deer for example?

[01badz28]

Are all those limited use policies liability only or would they cover you when you hit a deer for example?

The only limit on mine is no more than 2,000 miles on the car a year. Not hard on an autocross / garage queen. Last time State Farm called to get mileage my response was "the car doesn't have an engine in it currently, so I have no way to power the odometer."

[awdbandito]

I have full coverage of 100k/300k plus $10k medical on a 2004 F250, 2007 Subaru Outback, and a 1985 911 plus just liability on a 2000 Subaru Outback.
Towing and Rental on all 4
Through AllState I pay about $900 every 6 months.

I've found that by changing insurance companies every few years you get the best rates. I stayed with NationWide for several years but after I started shopping around more frequently I discovered rates change often from company to company.

[gbwrx]

I do the same. I jump around from company to company. I hate doing it but if someone is going to give me a better deal...it's a no brainer.

[Wheelman_13]

I do the same. I jump around from company to company. I hate doing it but if someone is going to give me a better deal...it's a no brainer.

Yeah, Really unless you initiated your current policy in like the 1950s, you probably do not have anything like a "longevity" discount. Most companies actually design modest increases into their pricing and count on laziness.

Not necessary every single year perhaps, but if you've been with a company more than a couple/three years, it's probably worth a few bucks/month to call around or at least do a few online quotes.

[01badz28]

I've stuck with State Farm due to the fact that 1) Autocrossing doesn't cause you to be dropped or otherwise raise your rates, 2) Having spent most of my career dealing with insurance companies, they seem to have best customer service of any of the "major companies," and have had extremely quick turn around on my claims.