Cool New Insurance Option

AntiHeightPunk

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Hey folks just wanted to let you learn right with me as I shop for insurance for my 01 Cobra. I called the big hitters (hagarty and grundy) and neither were really impressive and left me almost feeling as though my claim would get denied regardless of circumstance. Hagarty actually would not insure me because of my cars horsepower....So I asked around my circle of friends to see where my buddies were insuring their hot rods at. I have a good friend who just basically almost totaled his Viper, and his insurance company has really worked with him to make sure the car was restored to its former glory. So I called up the company he uses (national corvette museum insurance) and got a quote with a value of $45,000 and a deductible of $250 and it was $688/12 months. Representative on the phone was super nice and I would recommend you all call them and get a quote. On my insurance policy which is unique to the other companies I AM ALLOWED to drive my car to work twice a week. This was a big thing for me...even though I drive my Cadillac ATS every day its still nice to be able to drive what I want when I want it.
 

DSG2003Mach1

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hmm..I ended up with a policy from hagerty...Ill have to look into this in more detail but the initial quote on their website is $400 a year cheaper and no deductible instead of $1,000
 

Gravik

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A Company that wouldn't insure an '01 Cobra? Shit that means they must not insure any 2011+ v6 Mustangs...
 

mustangvsix

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Fill me in, but is your cobra super modified or something that you are looking for low use/specialty vehicle insurance? Pretty sure every major carrier will insure an 01 cobra and I can drive it 7 days a week or 0 days a year doesn't matter. Curiosity wise, how old are you, I know age plays a major factor in insurance.
 

DSG2003Mach1

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Fill me in, but is your cobra super modified or something that you are looking for low use/specialty vehicle insurance? Pretty sure every major carrier will insure an 01 cobra and I can drive it 7 days a week or 0 days a year doesn't matter. Curiosity wise, how old are you, I know age plays a major factor in insurance.

Hagerty asks about your car having 700hp or more and by the policy form youre supposed to notify them if you do anything to take it over 700hp so it could be that

sounds like it has a ton of mods so a stated value policy is really the only way to cover your ass if something happens to the car
 
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AntiHeightPunk

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A Company that wouldn't insure an '01 Cobra? Shit that means they must not insure any 2011+ v6 Mustangs...
its a turbo car made 802RWHP On old setup should be closer to 1000rwhp through an auto
Fill me in, but is your cobra super modified or something that you are looking for low use/specialty vehicle insurance? Pretty sure every major carrier will insure an 01 cobra and I can drive it 7 days a week or 0 days a year doesn't matter. Curiosity wise, how old are you, I know age plays a major factor in insurance.
sorry this is "stated value insurance" car is fully built turbo/auto
Hagerty asks about your car having 700hp or more and by the policy form youre supposed to notify them if you do anything to take it over 700hp so it could be that

sounds like it has a ton of mods so a stated value policy is really the only way to cover your ass if something happens to the car
exactly
 

DSG2003Mach1

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did they give you a number when they refuse? just curious if its that 700hp number or not
 

CobraBob

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Is there an annual mileage limit? I ask because you're only allowed to drive it to work only twice a week. Sounds like the policy is intended for a weekend driven car.
 

DSG2003Mach1

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from looking at the corvette museum insurance site - they have options for 3k miles, 6k miles or unlimited

Hagerty and Grundy both have no mileage limits

basically ANY collector car/stated value policy is going to have varying limitations on your use of the vehicle. Grundy does not allow you to drive your car to work EVER. Hagerty says its fine occasionally (I work anywhere from 2-4 saturdays per month and they dont care if I drive to work on Saturday's), the corvette policy is saying specifically you can drive to work 2x week and its ok. Basically these cars are supposed to be for pleasure use, not daily commute and chores (ie going to work, school, the store etc...)

edit: I dont know of any of these policies that cover you while racing. Hagerty's explanation was you're covered until you pull up to the starting line and covered again when you pull off the racing surface. if you want to be covered on track you're gonna have to buy specific insurance for that
 
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DSG2003Mach1

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hagarty and grundy don't have mile limits but they don't let you drive anywhere

in my discussions with them Grundy was far more restrictive. Hagarty's policy says specifically the vehicle is not to be used "frequently" for regular use (work, school, shopping). Outside of that you can drive it for whatever pleasure use you want, it doesnt have to be part of some organized car function. They dont care if you go on the Hot Rod Power Tour, drive to Mustang Week etc... and its covered while on a trailer too.
 

DSG2003Mach1

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I like taking mine to work on a nice day I just like knowing I went get denied for driving it

2x per week does seem a bit less restrictive!

Id hate to jump insurance companies just a couple months in but I might do it to save some money...going to $500 deductibles Id save close to $600 a year (again my deductibles are 1000 now)
 

KingJacobo

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I was going to get Hagerty for the Bonneville, but at the time my 93 Mark VIII was too old of a DD (20 years old max).

That being said, for $300/yr and $0 deductible, I'm gonna hop all over that once I graduate college if this insurance company doesn't offer a better deal.

It's nice having options.
 

AntiHeightPunk

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2x per week does seem a bit less restrictive!

Id hate to jump insurance companies just a couple months in but I might do it to save some money...going to $500 deductibles Id save close to $600 a year (again my deductibles are 1000 now)

I probably wont even drive it twice a week but its just nice knowing I can if I want to
 

Woody6799

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I use American Collectors and I can only use my car for "pleasure cruises and parade events" I just got a quote from National Corvette Museum for $321... hmm...
 

BMR Tech

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I just want to add here, a "stated value" policy is going to be a royal PITA if you ever file a claim.

An "agreed value" - is the insurance company, and the owner, mutually agreeing on the value of the car. If the car is totaled, you will get the agreed value.

I have seen too many issues over the years, to ever use a "stated value" policy.
 

DSG2003Mach1

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I agree on stated vs agreed even though Im sure I use them interchangeably which is incorrect - the Hagerty policy is a guaranteed/agreed value policy, not stated value

from their homepage

"Guaranteed Value

You tell us the value and we verify that it’s a reasonable, accurate number. Then, we GUARANTEE that value in the event of a covered total loss**. Period." The ** says "**Any deductible and/or salvage value if retained by you will be subtracted from the total amount paid."
 
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