Galant VR4 car insurance for true value... At great prices

[Terry Posten]

Ok guys, his topic comes up a few times a year. And I want to try and get some benefits for us.

I have been talking to Hagerty Insurance and they are now offering their insurance for our cars no strings attached.

The reason for me posting this is two-fold.

#1 - Ability to insure our cars for what they are worth and not what "book value" thinks.

And

#2 - start raising the values of our cars all over the USA.

Let me explain:

Let me start with point #2. If we start insuring many GVR4s for higher dollar amounts, we are building a database that we can prove the value of our cars in case of theft, accident, fire, etc... for anybody that may need to prove value to other insurance companies. And also get resale values to start climbing.

Now onto point #1.

I went on line to Hagerty.com and filled out the quick quote and used these figures:

$15,000 total value (based on my appraisal from a few years ago - however, they did not require that doc)
1000 miles per year - non-daily driver
Stored in private garage
50 mile towing insurance

The price I was quoted was $511 for a year with zero deductibles
With $1000 deductibles the yearly price was $430 per year.


The terms are payment in full for the year up front, 4 quality pictures, and a scan of the registrations from my daily drivers to prove that I do not drive it all the time. These prices were for IA and would likely be different for your area.

I did call them to discuss this in person and everything was proper. Our cars qualify and you have many options like towing distance, deductibles, insured value, mileage driving, etc...

I will be starting my policy in April.

 

[turbowop]

They're gonna get confused when I ask them to insure 1051, but then scan the registration for 503 as my daily driver. /ubbthreads/images/graemlins/rofl.gif

 

[Drew84]

I use Grundy for my non-daily Talon. Agreed value, I told them I wanted $6000, But I think I'll raise it to $10000. Since it doesn't require an appraisal. I have unlimited mileage as long as it's not for daily commutes and it cost me $110 for this year. That's it. I payed in January and I don't have to worry about paying it again till next year. I'm thinking I will do the same with the Galant.

 

[JCorbo25]

What about for Daily Driver insurance? I pay $780/year for full coverage on the GVR4

 

[mitsuturbo]

Full coverage is bullshit in comparison to the aforementioned insurance.

Hagerty allows you to insure a vehicle for a dollar amount YOU specify. Typical "full coverage" will simply give you "fair market value" in the event the car is stolen/totaled... if you're lucky.

 

[JNR]

I was told by my agent that Mercury Insurance will do an agreed upon value, which is what I'm planning on doing and think $15k is a fair amount. However, it is good to know there is somewhere to fall back on and thanks for the info.

 

[Terry Posten]

The main point is to build a database of our cars and insured value. It really does not matter what company you use, but settling for traditional "full coverage" is just proving to NADA/KBB/Edmunds that their appraisal amounts are justified.

If we gather the top quality examples of our cars that have high dollar insured values, others will be able to point to these cars and what "underwriters" are willing to insure them for, other companies have to respect that and we will all benefit from this.

 

[Gizmovr4]

I have had Hagerty Insurance on 431 since i bought it 2 years ago with agreed value of 10k . Funny part is- till this year the car showed up on my policy as a 3000gt VR4.

 

[EMX5636]

I have my car through Progressive at a 14 or 15K stated value. I'm paying somewhere in the neighborhood as Terry, maybe a bit cheaper. We have a local agency nearby that's run by some car guys, so it helps when setting up things like this.

 

[1793]

Old thread, but still relevant. Finding this is funny. At the time of the last post, I had actually reached out to Hagerty's and was told they would not insure my car because it wasn't "on their list." You can bet I'll follow up with them now, Geico just informed me they could no longer insure for "actual market value" as I had on my previous 6mo policy. They have dropped the coverage to liability only. /ubbthreads/images/graemlins/frown.gif

 

[trunks]

If you are in the Midwest Continental Western is an option. I just covered mine and you can still drive it to work in the summer for a slight bump in premium. The only thing is she maxed me at $5,000 barring an appraisal, which she referred me too a few in the area. The body shop I used to paint it also had a referral for me as well.

Under $200 a year full coverage though, no complaints. I'm going to get it appraised though and increase the coverage when I can.

 

[luis84one]

My wife is a state farm agent. she says that state farm insures classic or modified cars worth 50k or less without requesting an appraisal, no garage requirement, and does not mater if its your daily or not..

 

[1793]

Not in the midwest. I suppose before I try Hagerty's, I'll try State Farm. I'd like to drive the car as much as possible.