I am about to purchase a 1968 Camaro RS for 22k. Since I want to use the car as a daily driver I am having trouble with the classic car insurance companies. They have mileage restrictions or use restrictions. My regular Gieco insruance will not cover the stated value of the car. How do I get insurance that will cover the stated/actual purchase value of the car and allow me to drive regularly?

im guessing an appraisal

That is a very good question,but first i must ask....

Are you looking to get a good deal and trying to go through the specialised classic car insurance which does involve a limited amount of miles.

Or you just want to have full coverage protection of up to your estimated value of lets say 22K?.

I would think you can get a hybrid of these two with a specialized classic car company.Simply tell them you are going to drive the Hell of of your camaro.Then see what quote they give you.

I told Hagarty I was going to "Drive the hell" out of the car and what can they provide. They said, sorry, see ya later. I am just looking for full coverage of the book value of the car. 22k is average book right now on a 68 RS. Can you reccomend insurance provider?

I told Hagarty I was going to "Drive the hell" out of the car and what can they provide. They said, sorry, see ya later. I am just looking for full coverage of the book value of the car. 22k is average book right now on a 68 RS. Can you reccomend insurance provider?

I have freinds that have:

American Auto Collectors

Grundy

Jc Taylor

Give each a call..............

Let us know what you find!!!

I have a daily Driver 1963 Nova.I insured it with my everyday ins company.They basically told me i will not be compensated for the value of the car under their collision and comprehensive side.So i just cover Liability.Kind of a shame now that i think about it....

We have a couple classic car insurance co in NZ...
But they restrict my milage and expensive
So I have been with the company we have our household, home, and other cars with
They require a valuation every few year by a regist clasic car valuer

Last time was about 2/3 yrs ago $NZ65,000
$200 no claim, full cover for named drivers...wife etc or if Im in the car its ok
Also covers the trailer when towing, no milage restiction..fire theift etc, and Im covered if driving someone elses car
If it is to be towed or transported I have to let them know by phone or email.
It is not covered for anyone under 25yrs, unless I name them and pay extra...I dont know how much that is.

Premium $NZ625

Then we have annual gov registation...that is usually $285...BUT since the car is older than 40yrs, it is $45.

plus 6 monthly warrent of Fitness check (all cars in NZ) $35.

Our insurance company is AMI.

As stated by John & Steps, most classic car insurers have mileage/use limits.
You might find a company with full coverage unlimited mileage but read the conditons carefully.

Most all regular insurance companies will insure for liability only, no collision nor comprehensive, and you might be able to get car rental for a year for the price of a pizza, and towing for another pizza.

Once you have an appraisal, your car ins. Co. Has to insure the car for the stated value..

i have ALFA insurance on 3 cars..stated value on the 67 camaro conv. 72 camaro rs, and a 72 chevelle...
so far no problems...cost was high on the two 72's cause my teenage boys....
other than that they handled the cars fine...

I had the same problem finding a "driver" coverage. I did get a policy thru ANPAC.COM, its called "CHROME POLICY". It has an up to 10,000 mile limit restriction, Full coverage 25000 for my 68 RS, cost 640 for 6 months.

67 rs camaro stated value no restrictions 25.00 month 20k coverage thru farmers.

Call american collectors ins. Their prices are reasonable. The more miles you drive though you'll just have to pay more. I just raised the coverage on the value of my car and mileage. And pay about $130/yr. They say they are not the mileage police.

Once you have an appraisal, your car ins. Co. Has to insure the car for the stated value..

No, they don't. BIG difference between a "stated value" policy and an "agreed value" policy. Do a search here on each term and learn the difference. :thumbsup:

I had the '72 Nova insured as a daily driver for a couple years, Mercury went to their sources for value after looking at the 2 pic's I sent them showing all 4 sides of the car. They valued the car more than I paid but since "stated value" policies typically will depreciate (most daily driver cars do after all depreciate) I went with the higher figure for the stated value (it wasn't that much more) and if the car was totaled I stood to get more back...

I would be surprised to find an "agreed value" policy that let you drive without restrictions...

I told Hagarty I was going to "Drive the hell" out of the car and what can they provide. They said, sorry, see ya later. I am just looking for full coverage of the book value of the car. 22k is average book right now on a 68 RS. Can you reccomend insurance provider?

Try Infinity Insurance. They have car collector's insurance.

http://www.classiccollectors.com/index.html

Pretty simple really. I just give AAA an appraised value and insure it for that. It's no different than any of the other 6 cars I insure. Now I've never had a claim so I can't tell you what would happen in that case, but I think they are bound to insure it for the amount of the appraisal since my premium is based on that. For 6-7 months out of the year when it can't be driven due to the winter weather it only has fire and theft on it, which is almost free.

Pretty simple really. I just give AAA an appraised value and insure it for that. It's no different than any of the other 6 cars I insure. Now I've never had a claim so I can't tell you what would happen in that case, but I think they are bound to insure it for the amount of the appraisal since my premium is based on that. For 6-7 months out of the year when it can't be driven due to the winter weather it only has fire and theft on it, which is almost free.

Here's how your AAA coverage will work, lets say your appraisal is for $40,000 (your premium will be partially based on it) and 6 months later the car is totaled. AAA will find low ball comps from recent sales and present you with an offer matching or slightly under the comps and no where near the appraisal value. From there the argument starts and their stance is the comps and "all daily driven cars depreciate, if you felt your car is a classic you should have bought classic car ins..." They will give in a bit and you'll settle but not for the "stated" amount. The only way to be sure you will get the apprasal amount is with an "agreed" value policy. Then depending on the data the ins company has on your make and model you can just about name your cars value no appraisal necessary...

state farm insures my 70 chevelle and 68 camaro, yes need appraisal

Jason your State Farm policy is NOT 'agreed' value coverage, even with an appraisal. If your car is totaled, you will get what they 'think' the car is worth, depreciated and with comps like Dennis said. We gone over this insurance issue in here for years and if its not an "AGREED" value policy, you will be screwed if you total it or its stolen. Fair warning. Ask your agent to put it in writing that you will get $40,000 if your $40,000 chevelle or camaro is stolen. (he wont be able to do that). ;)

Jason your State Farm policy is NOT 'agreed' value coverage, even with an appraisal. If your car is totaled, you will get what they 'think' the car is worth, depreciated and with comps like Dennis said. We gone over this insurance issue in here for years and if its not an "AGREED" value policy, you will be screwed if you total it or its stolen. Fair warning. Ask your agent to put it in writing that you will get $40,000 if your $40,000 chevelle or camaro is stolen. (he wont be able to do that). ;)

This is true with my farmers account as well on my 63 nova 4dr.I just feel the car is not worth all that much so i left the policy at that.

I think i need to change something as a 63 nova 4 door with fact a/c is worth something.....

That's why i'm watching this thread to see what you guys come up with.........

I have had both versions. When I first got my Camaro I used my normal insurance company. Farmers. I got a stated value policy using my appraisal. I think it was $550/6 months or so. It was full coverage. The problem with the stated value policy was that it had words like, "we have insured the car for this value but we reserve the right to re-evaluate the value at time of claim and pay to that". Those are my words but you get the picture. I don't think they would have purposely tried to screw me but the wording left it open for them to.

I switched to Haggerty to get rid of that concern and to significantly lower my cost for insurance. As I do not drive my car daily this was not an issue.

If I wanted to drive it as a daily driver I probably would just agree that the risk of the above wording was worth being able to drive it daily with full coverage.

Just my .02

Murph

a few weeks ago i saw an article on Grundy, they were interviewing I think one of the main guys for the company and he said that they are one of the fastest growing companies out thre that in insure classic/antique cars regardless of the miles driven, they have all kinds of plans from what I saw, check them out, I know that I'm gonna check them out as well when I get my 68 on the road.

Jason your State Farm policy is NOT 'agreed' value coverage, even with an appraisal. If your car is totaled, you will get what they 'think' the car is worth, depreciated and with comps like Dennis said. We gone over this insurance issue in here for years and if its not an "AGREED" value policy, you will be screwed if you total it or its stolen. Fair warning. Ask your agent to put it in writing that you will get $40,000 if your $40,000 chevelle or camaro is stolen. (he wont be able to do that). ;)

Hey Jim, is this a recent thing with State Farm? Maybe it's an "amount" thing. I had a 68 VW bug back in the 80's that was all tricked out with paint and chrome all the goodies, etc. I paid 5,000 for it and had it insured for 5,000. I wrapped it around an oak tree and it was totaled. I got the cash minus the deductible. There weren't many bugs around valued at 5,000 back then.

State Farm has been this way for years now. There may be exceptions in some states due to state laws but for the most part, SF does NOT have agreed value insurance and most agents will be honest with you about that.

Hey Jim, is this a recent thing with State Farm? Maybe it's an "amount" thing. I had a 68 VW bug back in the 80's that was all tricked out with paint and chrome all the goodies, etc. I paid 5,000 for it and had it insured for 5,000. I wrapped it around an oak tree and it was totaled. I got the cash minus the deductible. There weren't many bugs around valued at 5,000 back then.

There is nothing saying they can't pay you the declared amount if they want. It's the fact that they don't have to and you are at their mercy ultimately with a stated value policy. You are only the second to get full value reimbursement from a stated value policy that I have ever heard about.

I was into VW's in the late 70's early 80's and had sold a Karman Ghia convertible in real nice shape for $1100 around 1980, it was the going rate and I was happy with the sale. Less than a year later I was in LA for a training class and across from the training facility was a used car lot with 6 Ghia's and the least expensive was $6000 and the most expensive convertible was about $8000. I almost soiled myself, went and talked to the lot owner and learned he couldn't keep Bugs or Ghias on the lot! The point in this is maybe the comps were higher than the $5000 value set in your policy...

Here's how your AAA coverage will work, lets say your appraisal is for $40,000 (your premium will be partially based on it) and 6 months later the car is totaled. AAA will find low ball comps from recent sales and present you with an offer matching or slightly under the comps and no where near the appraisal value. From there the argument starts and their stance is the comps and "all daily driven cars depreciate, if you felt your car is a classic you should have bought classic car ins..." They will give in a bit and you'll settle but not for the "stated" amount. The only way to be sure you will get the apprasal amount is with an "agreed" value policy. Then depending on the data the ins company has on your make and model you can just about name your cars value no appraisal necessary...


Interesting comments. I guess I'm just different, but if I total a first gen I'm not looking to cover the replacement cost of a hobby car. It's laughable what a lot of guys feel a driver first gen is worth. I've never insured one for even 20K. If I total it I start over. What I'm really looking for is the guarantee that I'll have medical coverage and property damage coverage, not necessarily vehicle replacement costs, which by the way are trival compared to what the medical and property damages can be. Thanks for the advice, but I'll continue to do it this way because it's no big deal to plunk down another 18K or so for a nice driver base car and start over should the need arise. It's the medical and property costs that'll bury you for life if you don't have coverage. Just doesn't make sense to me to pay over time more than the car is worth trying to cover replacement costs on a vehicle.

Dave my classic car ins coverage has exactly the same limits as my daily driver coverage. For example the "bodly injury liablity" for me driving my 2004 Colorado 4X4 is $150 for 6 month and with Hagerty the '69 Camaro is $18 a year and the '72 Nova is $17 a year for the exact same limit. If your classic usage falls within the guidlines you can save a bundle with a classic policy. For less than $400 a year I have both classics covered for a total of $55,000, have $0 (zero) deductible, spare part coverage and earth quake coverage since one of the requirements is the car is garaged unless I am traveling out of town in the car... I don't care what ins coverage you have or what you pay for it, that's your business. I can tell you AAA couldn't come within $300 of Mercury for identical policies and if my chrome bumper cars were covered by Mercury it would cost me $1200 a year with $100/$250 deductible for what Hagerty gets $400 for with $0 deductible. That's just too much money for me personally to not take advantage of...

I wish I had your kind of money to be able to not worry about $800 a year or recovering the value of my classic's. It's hard to build a nice 1st gen for $20k these days and if you have daily driver coverage based on that $20k you may only get $12k - $15k back...

Here is what Grundy has to say about their Collector Car Insurance:

Collector Vehicles
The first collector vehicle insurance policy was written by Grundy over 60 years ago. As the First and Finest in the industry, you can be assured that you are getting a wealth of experience that only Grundy can offer. As has always been the case, a collector vehicle insured through the MVP program will welcome the same Agreed Value, unlimited mileage and no model year limitation that Grundy pioneered over the years.

They do not limit the mileage. According to the guy I saw on My Classic Car w/Dennis Gage, they actually encourage you to drive your cars. Now, that doesn't mean all day every day, but if you want to take it to the grocery store or out for an ice cream, by all means, enjoy the car.

Got to their website. They have a place where you put your "Agreed Value" and all of their policies are Full Coverage. Right now my car is with J.C. Taylor and it's only a liability policy. I pay $75/yr. I am switching to Grundy. Much better coverage and no limit on mileage.

Here is some terminology that may help when reading the insurance policy:

Actual Cash Value (ACV) - The policy pays for the cost to repair or replace the damaged property at the time of loss, less depreciation. Stated another way, the policy pays current replacement cost less depreciation.

Replacement Cost - The policy pays the full cost to replace or repair the damaged property (not exceeding policy limits) at the time of the loss without an adjustment for depreciation.
Note #1: The Replacement Cost method of loss valuation requires that the coverage amount at the time of the loss be at least equal to 80% of the cost of replacement.
Note #2: The Replacement Cost method of valuation requires repair or replacement to the damaged property with like kind and quality of material. See also Functional Replacement Cost.

Market Value - A property policy provision that changes the valuation method otherwise applicable (Actual Cash Value or Replacement Cost) to a valuation method that allows reimbursement to the insured for damaged property according to the price a willing buyer would pay for the property purchased from a willing seller.

Agreed Value - An option for property policies insuring various classes of property whose actual value or replacement cost is difficult to determine. The insured and insurer agree, at the time of insuring, on an amount of insurance to be paid in the event of a loss.

Stated Amount - An amendment to the valuation method of a property insurance policy insuring an unusual or valuable piece of property that establishes, at the time of insuring, a maximum amount of insurance to be paid in the event of a loss.

Source: Property & Casualty Essentials - A.D. Banker & Company

Dennis sounds like the cost of auto insurance is much higher in CA than it is here in MI for me. Last year I paid $3300/yr to insure 7 cars, 6 of which have full coverage and 1 has PL/PD. About a third of that is for the two cars driven by my kids, which I'm sure everyone realizes is costly until they are into the mid 20s. Two of those cars are in storage 6 months out of the year, so that helps out. I'm happy with the coverage and the cost. I have been with the same insurance company for 32 years now and I've totalled one car in that time. They paid quickly and I got more than a fair value for it with no argument.

Sounds like Hagerty is a good deal, but has anyone on this site ever had a claim with them and can chime in on how it was handled? I suspect they are a good insurer and paid quickly, but I'm happy where I am. I'm also old school, I like looking across a desk and shaking hands with who ever I am doing business with. Just how I am. I'll pay a little more to support my local guy because I like dealing with a face I know, not a phone tree and someone over in India handling my business. Not saying Hagerty does this, just trying to explain where I'm coming from.

Regarding having too much money, quite the contrary. I just think in the big picture the vehicle replacement for the driver quality cars isn't a big deal for me. The catastrophic costs like medical and property damage are. Those can ruin you for life if you don't have the right coverage.

I didn't say I could build a first gen for 20K. What I said was I've never paid and never will pay more than 20K for a first gen and that it's easy to find a clean rust free first gen base car for well under 20K. I do all my own work and building a motor isn't a big deal. Pick up the base car for the right $$ and build the drive train I want for it as I go. I'll have more than 20K into it sure, but the replacement of just getting back into another first gen rust free base car isn't a big deal for me. I've had plenty of SS and Z/28 first gens in the past, but they are over priced now and they don't allow me to modify them as easily without destroying the value. They get pretty boring seeing the same cookie cutter car over and over again with no creativity designed into it, only following what the factory did out of fear it'll depreciate if you dare to modify it in anyway. I can pay a lot less money for a base car and have no guilt building it the way I want.

I'd probably look into classic car insurance, except as I said I'm happy where I'm at right now.

I just think in the big picture the vehicle replacement for the driver quality cars isn't a big deal for me. The catastrophic costs like medical and property damage are. Those can ruin you for life if you don't have the right coverage.

I agree, insuring yourself with higher amounts in physical damage identical to the primary policy is wise when it comes to a daily driver. Yet, what if the vehicle had original or NOS equipment? The functional replacement cost would reimburse with less costly parts. Personally, I would prefer to get it back the way I had it, if it is to remain a keeper.