DeLorean car insurance

[Echoplex]

Hello Folks,

I am in a bit of a pickle. Here's my situation: I live in a condo. We have a secure community garage. The thing is a fortress, but Grundy will not insure the vehicle because it is a community garage and not a personal garage or personal storage. Personal storage is not an option for me. It's just too expensive, especially in a big city. I just got off the phone with USAA and they will insure the D in the community garage for roughly $1,250 a year. OUCH! Not happening.

Can any other owners in my situation recommend a company that will insure without a garage (or in a locked community garage) for less? That USAA rate seems astronomical and is more than our brand new sports car's insurance!

Thank you!

Edit: I am currently weeding my way through about 19 insurance topics...

[DMCVegas]

Ah yes, classic car insurance. I remember when I first called Hagerty who was more than willing to write me a policy, but said that I had to keep the vehicle in a garage that I would not have access to, and that I couldn't even have access to the ignition key for fear that I would drive it. Because I was under 25 at the time...

When I moved out on my own and took the DeLorean with me, I slapped on liability only coverage on her.



Downside:

1. If I wrecked it and it was my fault, I'd have to rebuild her from scratch, out of pocket. But the insurance would cover the vehicle and/or property damage (property damage is SO important!)

Upside:

1. Cheaper rates.
2. If it was someone else's fault, they're insurance would pay.
3. If I wrecked the car, the insurance company wouldn't be able to "total" it by buying it from me and filing for the salvage title. I'd keep the car and a clean VIN to rebuild it.

[Echoplex]

Wow, this is complicated and very frustrating! Just got off the phone with ACI. They WILL insure a "shared secure garage" under certain circumstances (number of tenants, location, etc), but then she found out my wife and I have only a single vehicle and that is a deal breaker. It sucks because we just sold our second car as we were not using it at all since my wife rides the bus to work (only a 10 minute commute to downtown Seattle). Blah.

[Gregadeth]

Wow, this is complicated and very frustrating! Just got off the phone with ACI. They WILL insure a "shared secure garage" under certain circumstances (number of tenants, location, etc), but then she found out my wife and I have only a single vehicle and that is a deal breaker. It sucks because we just sold our second car as we were not using it at all since my wife rides the bus to work (only a 10 minute commute to downtown Seattle). Blah.

I think pretty much all classic car insurance providers require a closed garage space. I went with regular insurance, I don't park it in a garage, I drive it almost daily and there are no mileage restrictions. Geico got me the best quote, which is less than hundred a month, full coverage. I even moved my other car over to Geico and the monthly for that went down to almost half.

[DaraSue]

One of the earlier posts in this thread said they couldn't insure through Progressive, but I just did. All I did was fill out the online form. $100K per person/$300K per accident, $2000 deductible, stated value of $37,000 (the 31 I paid for the car plus the 6 I'm paying for additional work), comprehensive and insured as a commuter. I even chatted with their reps twice to verify that everything was okay, and they said I was all set. They didn't have any problems taking my $500 for the next 5 months, so I hope I'm not going to get told they made a mistake and aren't actually covering me if something happens

I do have a garage so maybe I'll look into one of the other companies recommended here that does agreed value. Maybe they'd cover my CRX too since it's almost 30 years old...

[Edit: Just got a quote from Grundy and supposedly they can insure both for less per year than I'm paying for just the CRX now. Is this for real? Definitely going to have to give it another look after my registration is done.)

[jawn101]

One of the earlier posts in this thread said they couldn't insure through Progressive, but I just did. All I did was fill out the online form. $100K per person/$300K per accident, $2000 deductible, stated value of $37,000 (the 31 I paid for the car plus the 6 I'm paying for additional work), comprehensive and insured as a commuter. I even chatted with their reps twice to verify that everything was okay, and they said I was all set. They didn't have any problems taking my $500 for the next 5 months, so I hope I'm not going to get told they made a mistake and aren't actually covering me if something happens

I do have a garage so maybe I'll look into one of the other companies recommended here that does agreed value. Maybe they'd cover my CRX too since it's almost 30 years old...

[Edit: Just got a quote from Grundy and supposedly they can insure both for less per year than I'm paying for just the CRX now. Is this for real? Definitely going to have to give it another look after my registration is done.)

Most collector policies specifically require you to carry and prove that you have insurance on a primary vehicle through a traditional insurer. Hagerty is definitely like this.

[DaraSue]

Well, I guess Grundy's out b/c they say you can't daily-drive it with their collector car insurance and I plan on driving mine every sunny day between spring thaw and snow season. (Plus they say you're supposed to have a "modern car" for daily driving, which I don't suppose my CRX is.) And you need 3 cars to qualify for MVP. Ugggh... I'm starting to get paranoid about driving the D b/c what if I get in an accident and Progressive only wants to give me $15000 for it?

[jawn101]

Well, I guess Grundy's out b/c they say you can't daily-drive it with their collector car insurance and I plan on driving mine every sunny day between spring thaw and snow season. (Plus they say you're supposed to have a "modern car" for daily driving, which I don't suppose my CRX is.) And you need 3 cars to qualify for MVP. Ugggh... I'm starting to get paranoid about driving the D b/c what if I get in an accident and Progressive only wants to give me $15000 for it?

That's exactly why collector car insurance exists, the agreed value policy. Almost every insurer will have this clause/shortcoming. Insurance is a game of risk. Either you take it, or they do. But there will never be a situation where neither of you assumes it.

[Andrew]

The cost savings for classic car insurance is substantial. Plus you get the benefit of setting an agreed to value.

I'm pretty sure that Hagerty and J.C. Taylor allow occasional pleasure driving, but using it to and from work is a no-no. Like historical vehicle registration, it pays to read the fine print. For example, my historical registration allows driving for "mechanical testing." As most on this forum would attest, anytime you drive a DeLorean it's a mechanical test!

With regard to the requirement of having a modern daily driver, if they ask whether you have a daily driver, tell them yes. If they ask for details regarding the daily driver, just rattle off the year make and model without making a big deal out of it. If you present it like its a problem, they will view it as a problem. Some of the classic car insurers require you to provide a copy of the policy information on your daily driver. If the agent even looks at the policy at all they are probably just looking at the limits and the name of the insured driver. Chances are they won't even look at, let alone make an issue of, the age of your daily driver. However, if they question you further then you can emphasize that you really do drive an older CRX as a daily driver.

[DaraSue]

I guess I'm probably best off rolling the dice with Progressive, since getting 30% of what the car is worth is better than getting 0% if my driving is deemed not covered use, *sigh*. At least I haven't had a catastrophic accident in 20+ years. Maybe I should give Grundy a call and talk to a live person and just see what they have to say if I explain my situation (driving to work several days a week, but not in inclement weather or during the winter).