Hagerty Ins. query...

[wyshyvanuk]

I haven't signed the policy yet, but Hagerty is apparently happy to classify mine as a collector.

[Lucky1]

This whole thread boggles my mind. Maybe I don't understand your insurance system but here in Ontario, Canada they just want to know how many km's (ie miles) the car is driven to work and back WHEN it is driven, how many km's driven a year and is it used for commercial purposes.

If my insurance company told me I couldn't drive my Z4MR car to do errands, go to work or daily it I'd tell them to go -blank- themselves. I might as well put the car in glass like a die cast model and get trailer to parade it around. Is that what our BMW's are to us??

[David70]

Originally Posted by Lucky1

This whole thread boggles my mind. Maybe I don't understand your insurance system but here in Ontario, Canada they just want to know how many km's (ie miles) the car is driven to work and back WHEN it is driven, how many km's driven a year and is it used for commercial purposes.

If my insurance company told me I couldn't drive my Z4MR car to do errands, go to work or daily it I'd tell them to go -blank- themselves. I might as well put the car in glass like a die cast model and get trailer to parade it around. Is that what our BMW's are to us??

Standard car insurance works in the U.S. is very similar, difference is Haggerty, Grundy and a few others sell insurance for collector cars, rates are normally better than standard insurance but it comes with more requirements for these better rates.

Nobody is requiring them to do anything, you buy insurance with restrictions for a lower rate or standard insurance without the restrictions for a higher rate. Very simple and nothing for anyone to complain about.

[Lucky1]

Originally Posted by David70

Standard car insurance works in the U.S. is very similar, difference is Haggerty, Grundy and a few others sell insurance for collector cars, rates are normally better than standard insurance but it comes with more requirements for these better rates.

Nobody is requiring them to do anything, you buy insurance with restrictions for a lower rate or standard insurance without the restrictions for a higher rate. Very simple and nothing for anyone to complain about.

Perfect, then you get what you pay for. I'll pass on the lower rates because that experience is not what I signed up for when I gave my money over for this car after dreaming about the day I could for the past 15 years. But I guess if this is your fifth car and if many of us no longer have commutes due to the global situation it might be a good fit in that case. I don't mess with lowering coverages because insurance companies will look for every excuse to not cover you in an accident (what, you took it to work one day of the year? Not covered!)

[KevinC]

@Lucky1 - I'm not sure why you have such disdain for collector car coverage. My Grundy coverage is superior in every way to my State Farm policy that it replaced. Significantly less expensive, no mileage or usage restrictions, ZERO DEDUCTIBLES, and agreed-upon value of $35k. And it's not my "fifth car".

[David70]

Originally Posted by bwright657

I would look into Grundy. I just switched to them from Geico for my Z4M Coupe and my Miata. They were half the cost of Hagerty. Here's a direct quote from their website:

"Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use."

Originally Posted by KevinC

@Lucky1 - I'm not sure why you have such disdain for collector car coverage. My Grundy coverage is superior in every way to my State Farm policy that it replaced. Significantly less expensive, no mileage or usage restrictions, ZERO DEDUCTIBLES, and agreed-upon value of $35k. And it's not my "fifth car".

There is definitely a usage restriction in the above.

[wdb]

Originally Posted by KevinC

@Lucky1 - I'm not sure why you have such disdain for collector car coverage. My Grundy coverage is superior in every way to my State Farm policy that it replaced. Significantly less expensive, no mileage or usage restrictions, ZERO DEDUCTIBLES, and agreed-upon value of $35k. And it's not my "fifth car".

Have you filed a claim? For me that's where the rubber meets the road.

[KevinC]

Originally Posted by David70

There is definitely a usage restriction in the above.

No mileage restriction, very slight usage restrictions...

Restricted Mileage or Unlimited Mileage?
Some insurance companies restrict the amount of driving you can enjoy during a year’s time – some to as little as 2,500 miles per year. Grundy policies feature unlimited mileage for pleasure driving.

Restricted Usage or Flexible Usage?
Most insurers restrict the use of classic cars. This means you can’t take it to work or run errands and be covered if you have an accident. Some policies allow hobby-uses only such as touring, parades, and car shows. Grundy wants you to enjoy your car, and allows you to drive your car to work occasionally, as well as going out to dinner and weekend cruising. Contact us if you have questions about how you will be using your car.

https://www.grundy.com/insurance-101/

[KevinC]

Originally Posted by wdb

Have you filed a claim? For me that's where the rubber meets the road.

No, but I read reviews before taking the plunge, and of the reviews I read where people had had a claim experience, all I read was positive comments.

[Dbaliko]

The major difference is the agreed value part of the insurance. As regular insurance will pretty much cover book value only, you can get really screwed if you were to have a major accident with a collector/semi-collector car that trades for significantly over book value.
For example, If you just paid 40k for a ultra low mileage semi collectible E86Z4M coupe, and have regular insurance coverage, they may only pay out $15k-18k if it were totaled. Where if you had agreed value at 40k from Grundy or Hagerty, you would get the full 40k. And yes, they really do pay out.

[3798j]

^This.