Insuring your Galant for what it's actually worth

[GSTwithPSI]

So, now that 1837 is actually off of jack stands and on the road, I started thinking really hard about what it would take to replace the car if something happened to it. I have USAA auto insurance on all of my vehicles, and I've always been pleased with their coverage and customer service. At the end of the day though, they are just like every other insurance company, and will only cover a 4 door shitbox Galant for slightly over the book value, which everyone here knows is far short of what any decent VR4 is actually worth.

I started looking into my options, and kept finding a lot of dead ends. Back in the day, Terry Posten made a thread about Hagerty providing "true value" insurance for the Galant. Here's the thread: click

So, I called Hagerty today, and they flat out told me they would not cover the Galant. They said if it was an Eclipse, or 3KGT, they could provide coverage, but not a VR4. I began to explain to the representative the similarities between vehicles to no avail. The representative was adamant that there were no exceptions made to vehicle make and model, so I got off the phone a bit dumbfounded. Apparently, people HAVE insured the Galant with Hagerty in the past, however, according to the representative I spoke with, this was in error. If you currently have your Galant insured through Hagerty, you may want to call and confirm your vehicle is actually covered. Maybe I got a bonehead representative, but it definitely sounded like they knew what they were talking about.

After my letdown with Hagerty, I called USAA to see what my options were. USAA told me that they partner with a company called American Collectors Insurance, and that I may be able to get coverage through them. Long story short, I got my Galant insured for $15,000 with better coverage all for UNDER what I was paying for full coverage with USAA. I'll say up front, my rate with USAA was already dirt cheap. I did receive a bit of a discount since I was referred to American Collectors Insurance through USAA, but the representative I talked to on the phone said they can typically cover anyone who wants a policy, whether they are a USAA member or not.

Since we aren't all driving 65' Mustangs here, I feel like there's not a lot of options to get our car's insured for what they are actually worth. I was blown away when I found out what was available to me through American Collectors Insurance. I won't say what my actual coverages/rates were since everyones case will be a bit different. But, I will say I'll get $15,000 for my shitbox if anything ever happens to it, no questions asked. You don't need an appraisal or any sh*t like that either, just a single picture of your car.

The representative I talked to from American Collectors Insurance was great. He answered about a million questions I had, and was overall just very friendly and helpful. I you're interested, I have his employee contact information, so that you can speak with him directly. I just wanted to throw this out there to guys who might be looking to cover their investments, but haven't found a good option.

PM me and I'll relay the personal contact info I have. You can also visit their website click, but I'd reccomend talking to the same dude I did. He knew his sh*t, and didn't treat me like some tool trying to gouge the insurance company over a cold air intake and some chrome 24s.





Edit: This type of coverage probably isn't for guys who are DD'ing their VR4s. They will ask for proof that you have another vehicle, as this type of coverage is meant for restored/collector/exotic automobiles that are used mainly for pleasure. Although, they may have a coverage option for you, so calling to ask wouldn't hurt I suppose. I just didn't bother to ask, as my Galant just sits in the garage (on or off jackstands) most of the time.

 

[EHmotorsports]

I had the same question about insurance since i will be finishing the paint this summer and wanted to make sure everything was covered. State farm told me that i just have to have the car appraised and itemize all of the things done to the car with receipts. if something were to happen they would cover me for market value of what it would cost to repair or replace.

 

[GSTwithPSI]

The guy from American Collectors Insurance didn't ask for any of that. The one requirement of that nature was a current photo of the car. The main things they seemed worried about is the mileage and use of your car, as well as it being stored in a secure location (specifically a garage). I was probably on the phone with them for 45 minutes, and must have asked the guy 100 questions.

The big difference between this type of coverage and your typical insurance coverage, is you're insuring the car for what it's worth to you, not some douche insurance adjuster or KBB. In essence, you're paying to insure the car for a specific dollar amount, not for what it's worth to the insurance company. Everyone here knows that, no matter what, the insurance company will never be able to put a "market value" on sh*t like JDM bumpers and other rare, hard-to-find parts. The only way to truly cover these items is to establish what it would cost for you to replace everything, and them come up with a dollar amount.

This is a full insurance policy, not supplemental to my old policy. Whether you already have insurance, or are looking to buy, it never hurts to call and see what your options are. I talked to 3 separate insurance companies today before I found on that suited my needs for a price I was willing to pay. Like I said, each person's situation was different, but I wanted to throw this out there for guys who may be looking.

 

[coyotes]

With Progressive I gave them copies of receipts for aftermarket equipment on my vehicle and they insured me for the additional value on the vehicle. That's all.

 

[EHmotorsports]

Quoting GSTwithPSI:
The guy from American Collectors Insurance didn't ask for any of that. The one requirement of that nature was a current photo of the car. The main things they seemed worried about is the mileage and use of your car, as well as it being stored in a secure location (specifically a garage). I was probably on the phone with them for 45 minutes, and must have asked the guy 100 questions.

The big difference between this type of coverage and your typical insurance coverage, is you're insuring the car for what it's worth to you, not some douche insurance adjuster or KBB. In essence, you're paying to insure the car for a specific dollar amount, not for what it's worth to the insurance company. Everyone here knows that, no matter what, the insurance company will never be able to put a "market value" on sh*t like JDM bumpers and other rare, hard-to-find parts. The only way to truly cover these items is to establish what it would cost for you to replace everything, and them come up with a dollar amount.

This is a full insurance policy, not supplemental to my old policy. Whether you already have insurance, or are looking to buy, it never hurts to call and see what your options are. I talked to 3 separate insurance companies today before I found on that suited my needs for a price I was willing to pay. Like I said, each person's situation was different, but I wanted to throw this out there for guys who may be looking.




oh yes this is good info and think it will be very useful to many members here and in the future.

 

[Gizmovr4]

431/1000 is currently insured with Hagerty. The first 2 Years the car appeared on the policy as a 3000gt VR4 even though the vin# was correct! Each year I called them and they stated the issue would be corrected, however when the statement came it still said 3000GT VR4! So I called once more and asked them to correct it and send me an updated policy showing the car as a Galant. After a week I received a call saying the Galant could not be covered by Hagerty !! I said "ok" and followed it up with -" I guess since you did not cover the car for the past 3 years and I kept paying for a car that cant be covered as you stated I believe a refund is in order?" - the girl didn't know what to say at that point and a manager/supervisor came on the phone. I explained what had happen - the manager assured me that the car was in fact covered for the previous years. I then asked .... why would it not qualify now since the policy was already in effect ? He said he would have to get back to me...

After a few weeks or so I received an e-mail saying the policy for the 3000gt vr4 had been canceled! At this point I was done with them and called to cancel the insurance on the other cars they were insuring for me as well (69 Camaro, 69 mini and 88 conquest)!!
The entire tune changed once I was cancelling the remainder of the policy for the other cars!!! Not only did they reinstate the Galant and actually show it as a Galant on the policy, they also offered a 10% discount for the policy for the inconvenience.

Fast forward to last summer when I called to add 584/1000 to the policy !! They said no problem - I again explained the entire situation with 431 and the 3000gt vr4 thing. They added it to the policy no issue! Last week I get the renewal and I now own a 3000GT VR4 again /ubbthreads/images/graemlins/banghead.gif !
they left 431 as a galant, however 584 is now a 3000GT VR4 ! I will call them sometime next week /ubbthreads/images/graemlins/banghead.gif

 

[Wolfpuss]

I currently have Geico as my insurance provider and they have my car listed as a Galant GSX. I tried calling them several times explaining to them that its a VR4, but to no avail. They also assured me that my car is insured as a VR4 in an event of a situation, but im still calling B.S.

Im currently shopping around for an insurance company that would take my G as an VR4 along with an 05 S80, 94 Expo and a 05 ZX12. Geico is currently giving me a heck of a deal for all 4 vehicles ($279/mo for full coverage) this is great considering I accumulated a few speeding and accident tickets the past few years.

Hopefully, the Galant can stay in hibernation mode for the whole winter and until I find a new provider.

 

[GSTwithPSI]

Nelson,

I was hoping you would post, as you specifically mentioned in the other thread that Hagerty was labeling your car as a 3KGT. And, they blatantly told me today that they wouldn't cover the Galant. At least your story confirms this is the case, and I didn't just get some idiot on the phone who didn't know what they were talking about.

I filled out a quote online on Hagerty's website, which worked fine. But, when I went to purchase it, it said I needed to contact a representative, at which time I was told they wouldn't cover me. It's worth mentioning, the quote I got from Hagerty was substantially more than the rate I got from American Collectors Insurance, and the coverage at American was better.

Let us know what Hagerty says, as I'm curious to know what their deal is. If they don't cover you, at least you have some other options.

 

[iceman69510]

This whole thing with Haggerty is weird. I have a friend who works there, and he referred me to a rep that gave me the quotes. Like mentioned, it came back as 3000GT VR4. I talked with them and they said it was not really an issue, and would be the same price. Later, my Allstate guy offered to insure the car (using Haggerty) and they rejected it. I talked with the Haggerty rep again, and he said they did not realize the exclusiveness of the car and he read the wikipedia article on it (which I referred him to). He was going to have the underwriters review the info and get the car on their list. Sounds like that has not happened yet.

I have not insured it yet, since still in the garage on comp for the winter, but I will look to resolve this finally next spring.

I will look at these other guys too (american collectors). Generally most companies will do some kind of stated value policy, which you do essentially pay for in the premiums. It is at least one way to protect your investment. They may not fix the car if wrecked, but you're at least not out a ton of money.

 

[biglady112]

I went through hell getting the rat rod insured for what I wanted it insured form the ONLY company who would consider it and who has been super easy to deal with(four free tows so far) was Infinity Insurance. My broker is Northwest classics out of oregon or Washington. Those two companies have made it super east. I have $30,000 coverage on the rat rod. It took me a week and probably 30 phone calls before I could find an open minded and intelligent carrier. Two thumbs up for Infinity. Right at $200 for 12 months of coverage.

 

[GSTwithPSI]

^Yeah, honestly, that's the only way to do it. Shop around, and see what you can get. I only had to make 3 phone calls, but I'd make 30 if that's what it took to find someone willing to provide the coverage I wanted.

The more members who post here and share their experiences, the better it will help others who may be looking to insure their investments.

 

[biglady112]

I had no choice as they would not insure a rat rod, something with that much power, the type of fuel I run, how big of a turbo, a home made chassis. You name it, they wanted to disqualify me for it. A few pictures, a description and a background check and I was good to go. I think the check was only for my history of who and how long of insurance history I had. Not a credit check or anything. I had a lot of demands and they met them all.

 

[EMX5636]

I have a stated value policy through Progressive and they have been good to me so far, but I've heard rumors of them possibly ending that. I hope Hagerty will add the Galant to their list, they are generally a good bet in "collector" car status. I'm sort of in the same boat as Nelson (although at a lower scale I'm sure haha), becasuse all of my other vehicles are also insured through Progressive, so if they bone me on the Galant, they will be loosing a few other policies as well. Hopefully that works in my favor.

 

[JamesFoster]

I also have Progressive and I have my car insured to a started amount. I just told them the amount I wanted the car insurer to, and they insured the car to that amount. It was pretty easy to set up, hopefully nothing ever happens but if it did, I believe I would get the stated amount in a total loss scenario.

 

[turbowop]

When I insured 1051 in '03 with State Farm, I was adamant that they insure the car for what it was...a rare car with hard-to-find parts. My agent had me bring in photos and such to prove what's on the car is there in case anything happens and says it will be covered. I have my doubts though. I would love to insure the car for $30k stated value. If it's ever totaled and I get back $1500, I'll be a tad upset. /ubbthreads/images/graemlins/uhh.gif

 

[bobdole]

I have American Collectors Insurance. Agent came out took pictures of the car. 20k worth of coverage and 8k miles a year.

 

[coyotes]

Quoting JamesFoster:
I also have Progressive and I have my car insured to a started amount. I just told them the amount I wanted the car insurer to, and they insured the car to that amount. It was pretty easy to set up, hopefully nothing ever happens but if it did, I believe I would get the stated amount in a total loss scenario.



this is how I did it with progressive, it was really easy and you can set the value of your vehicle you wish to insure. they didn't ask any questions.

 

[prove_it]

Quoting coyotes:
With Progressive I gave them copies of receipts for aftermarket equipment on my vehicle and they insured me for the additional value on the vehicle. That's all.




I didn't even need to send them reciepts. Before I dropped the insurance, I was paying 35/month full coverage with 4k aftermarket coverage. Not sure if they would truly pay that total though.

Thanks Mike for doing the dirty work and sharing this. Hopefully you'll never need to find out if it truly pays in the end.

Perhaps we could sticky this info.

 

[GSTwithPSI]

For you guys with the aftermarket coverage, just keep in mind most insurance companies will only pay for actual cost of parts (from your totaled receipts) up to 4K, or whatever amount you policy covers. You guys who've bought JDM bumpers or RS hoods know that they could cost around $600 bucks, but you gotta add the other $400 bucks it's going to cost to ship. In most cases, the insurance company probably isn't going to cover that $400 for shipping unless you have a stated value policy.

Since everyone has different coverage and providers, the best thing any of us can do is to contact our insurance companies and make sure sh*t is covered. Waiting until something happens to find out will f*** you every time.

 

[prove_it]

^ Very true. That's the whole reason 1284 is no longer with us. I learned the hard way.