Insurance companies and coverage recommendation on a DeLorean?

[Ozzie]

I looked and couldn't find a similar separate topic, so let's get it started here. My D sits in a garage all day, and only goes to car shows/events, or on pleasure drives. Am considering "Classic Car Insurance", and my basic questions are:

Which insurance company do you have?
What amounts of coverage do you have?
Good, or bad, or yet to be proven experiences, with your insurance carrier on a DeLorean related claim?

(I suppose rates are less important because they vary so wildly among states, so the quality of the insurance company, especially in how they handle claims, is probably a more important factor.)

[Stainless]

I have Hagerty.
Full coverage.
Good: Low rates, roadside assistance & towing included, interesting monthly newsletters, tailored to collector cars, very responsive, very easy to work with when filing a claim. I've never had a more pleasant experience working with an auto insurance company. I have nothing bad to say about them whatsoever, especially with how they handled my large, $3000 claim.

Since your car is garaged and not your daily driver, it seems like Hagerty would be a great fit for you. Get a quote online.

[Evildeli]

I think I paid about $500 a year for Hagerty. I switched to Heacock for about $100 a year. They're based out of Lakeland, FL. I have an agreed amount on my car. Requirements at the time were that I needed to be over 25, car had to be garaged, and @ 3k miles a year. I've only put on about 3k in the six years I've had here. I don't rack up a lot of miles so the cap isn't a problem. They could have changed requirements though. http://www.heacockclassic.com/

[mluder]

I have Hagerty.
Full coverage.
Good: Low rates, roadside assistance & towing included, interesting monthly newsletters, tailored to collector cars, very responsive, very easy to work with when filing a claim. I've never had a more pleasant experience working with an auto insurance company. I have nothing bad to say about them whatsoever, especially with how they handled my large, $3000 claim.

Since your car is garaged and not your daily driver, it seems like Hagerty would be a great fit for you. Get a quote online.

I too have been thinking about switching from my regular carrier. I would like something with an agreed value but can you get that if you drive the car semi regularly - i.e. mostly summer and when it's not raining? (which is not often here in the Pacific Northwest)

Steve

[Kenny_Z]

I tried to go with Hagerty but they wouldn't cover me because I was within 100 miles of a large body of water with only a 3 wall garage. Right now I have Statefarm on the car. I pay about 480 a year but I got 40 bucks off my home insurance. Once I get the extra wall built on the garage I'm going to try Hagertys again.

[Canon20DFan]

I have American Family Insurance. I don't have a replacement value policy but I do have collision. I recently filed a large claim and they paid it, no question.

[vwdmc16]

+1 on hagerty, never had any issues or claims either though

[Canon20DFan]

Let me also add that I have unlimited mileage, no useage restrictions and I can have any shop do the work. Haggerty was not a good company for me.

I have American Family Insurance. I don't have a replacement value policy but I do have collision. I recently filed a large claim and they paid it, no question.

[Rich]

Collector Car insurance works for our situation on the D. Just renewed for our 4th year with Hagerty.

$300/yr including optional 50 mile flatbed towing option. Normal collision/liability. Declared value = $25K. Collector-category requires that it be garaged and that you have some other car for daily driving.

No claims to date. And no tow-jobs, either!

Give them a call and see if they have what you need.

[stevedmc]

I'm with Safeco. I pay $1350 a year and get unlimited mileage, full glass coverage, towing, $100 deductible for comprehensive, and $1000 deductible for collision.

I am very happy with my rate and the service they have given me. I hit a small animal about 6 months ago and had no problems filing a claim. The original shop they suggested I bring it to wasn't equipped to work on the car so I located a shop that was familiar with Deloreans. As a courtesy for the first shop not doing the work, Safeco waved the $100 deductible and even paid for the shop to replace my shift linkage bolt which broke while it was in the shop.

I'm a very happy customer.

Edit: I forgot to mention but they also gave me a quote for collector insurance with a 2,500 mile limit. I believe the cost was around $400 a year.

[Sean Manning]

American Modern Insurance Group. $30,000 agreed value, 3000 miles/year "pleasure driving" (i.e. not primary car), rider that allows driving to work 2 days/week, $278/year. Haven't had a claim with them so I can't comment on their service. Only switched to AMIG after being with Hagerty for years with no claims. Hated how Hagerty and the other usual suspects stated no driving to work. AMIG allowed it for an increase to the premium.

Sean
01932

[Jacko]

I have State Farm with full coverage, no mileage limit, $1000 deductible ... less than $500/yr. (multi-car, no accidents) been with State Farm since '66, Delorean coverage since '81 ... I like State Farm ... :smile:

btw ... over 30 years, on 4915, I have paid over $15,000 in premiums with no claims ... pretty good deal for State Farm, too.

[Dangermouse]

I tried to go with Hagerty but they wouldn't cover me because I was within 100 miles of a large body of water with only a 3 wall garage. Right now I have Statefarm on the car. I pay about 480 a year but I got 40 bucks off my home insurance. Once I get the extra wall built on the garage I'm going to try Hagertys again.

Can someone explain this to me.

What is a 3 wall garage? (Do all garages not have 3 walls (plus door)?) Wouldn't adding a 4th wall (instead of the door) make getting the car in and out difficult?

Why 100 miles - flood concerns?

[David T]

Insurance varies greatly between States. You should get at least several quotes from insurers of classic cars. Compare coverage, limits, premiums and limitations. All of this varies so it is not easy to compare "apples with apples". Hagarty is a very good company. So is Taylor and Grundy to name just a few. Avoid your local agent or any company that does not specifically insure classic cars and make sure you understand what "Agreed Value" is.
David Teitelbaum

[DMage]

Can someone explain this to me.

What is a 3 wall garage? (Do all garages not have 3 walls (plus door)?) Wouldn't adding a 4th wall (instead of the door) make getting the car in and out difficult?

I am assuming he means a carport (no garage door). Common in the south.

I have Heacock, Pay about $220 /yr for $30,000k assigned value on the car, 100/300 coverage, $0 deductible. I would like to add a work rider so I can drive it occasionally, might check into AMIG next year.

[Ozzie]

Looks like AMIG and Heacock are now the same.

Got curious when their online quote system was identical. I called Heacock and they said that AMIG is their carrier, and they are the agent. ...yet you can get quotes and insure with either.

Some other interesting tidbits:
- "Pleasure driving is encouraged" but not racetrack (no worries there!), grocery, hardware store, commuting.
- Everyone at the household needs to be registered for insurance.
- No one under 25 is covered.
- If you have kids under 27, at home, and on your general auto insurance, you have to file an exclusion of coverage for them.

So far their quote is about half of Haggerty's....however, unlike Haggerty's, I haven't heard any stories, good nor bad, about dealing with AMIG on claims.

[outatym2001]

Below are classic car insurers that I have copied from several sports car forums.

http://www.hagerty.com/
http://www.amig.com/
http://www.americancollectors.com/
http://www.heacockclassic.com/
http://www.grundy.com/
http://www.jctaylor.com/
http://www.nationwide.com/
http://www.chubb.com/
http://www.classic-british-cars.com/classic-car-insurance.html
http://www.vehicleappraisers.com/Insurance_Questions.html

I use Allstate for my daily driver 81 DeLorean DMC-12 as it is the only vehicle I own and I live in a one bedroom apartment with no garage.
Adult male age 43 with one speeding ticket in the last five years. $1403.06 a year for full coverage.
My deductible is $500 on comprehensive and collision.
I have not gone the agreed value route, yet. I know they don’t think my D is worth much since I have now about 125,000 miles on the D.

I had Hagerty when I originally bought the DeLorean in 2001 but that was long ago and I don’t remember what I paid.

HAPPY BIRTH (manufacture) DAY VIN 02261. It is 30 years old this month.

[Kenny_Z]

Sorry to dig up an old thread. State Farm just told me my car was too rare for them to cover and dropped my policy after a month. Looks like I've got to build that 4th wall (door) on my garage soon.

My garage is basically a carport with 3 walls, one of those walls is a hurricane shelter that I use to store my tools. I think the 100 miles is because of hurricane concerns. The car isn't in a flood zone. If my house floods then Pensacola Fl is mostly underwater.

[David T]

outatym2001

You need to find out what your carrier will pay in the event of a total loss like if the car was stolen and not recovered. If they "Blue book" it and decide it is worth $1,000, they subtract your deductible, give you $500 and take your Title. Now, if the car is recovered they can sell it and get maybe $2,000. It is dangerous (financially anyway) to use ordinary car insurance on a classic car. This is why "Agreed Value" is a magical term. Everyone knows what the car is worth and what you will get in the event of a total loss. Here is another scenario, the car is in an accident and it will cost $900 to fix it. Since it is within 10% of the total value of lets say $1,000 they will total it. Again they hand you $500 and take the car and the Title and sell the car for salvage. We know they can get $2,000 so again they are ahead. Have a discussion with your agent and ask him what happens. You may not like his answers.
David Teitelbaum

[MTDMC]

Anyone use Auto Owners Insurance?

[stevedmc]

Sorry to dig up an old thread. State Farm just told me my car was too rare for them to cover and dropped my policy after a month. Looks like I've got to build that 4th wall (door) on my garage soon.

My garage is basically a carport with 3 walls, one of those walls is a hurricane shelter that I use to store my tools. I think the 100 miles is because of hurricane concerns. The car isn't in a flood zone. If my house floods then Pensacola Fl is mostly underwater.

State Farm did the same thing to me. I was happy with Safeco and State Farm called me with the standard "We can save you a bunch of money" bait. I bought the bait only to realize they lowered my liability coverage to get me a lower quote. About a month after switching to State Farm, and paying for 6 months in advance, I got a letter in the mail saying they decided they would no longer insure me because of how difficult it is to get parts for the car. Are you kidding me? Many Delorean parts (even when buying from DMCH) are cheaper than I pay for my Ford Taurus!

[nullset]

outatym2001

You need to find out what your carrier will pay in the event of a total loss like if the car was stolen and not recovered. If they "Blue book" it and decide it is worth $1,000, they subtract your deductible, give you $500 and take your Title. Now, if the car is recovered they can sell it and get maybe $2,000. It is dangerous (financially anyway) to use ordinary car insurance on a classic car. This is why "Agreed Value" is a magical term. Everyone knows what the car is worth and what you will get in the event of a total loss. Here is another scenario, the car is in an accident and it will cost $900 to fix it. Since it is within 10% of the total value of lets say $1,000 they will total it. Again they hand you $500 and take the car and the Title and sell the car for salvage. We know they can get $2,000 so again they are ahead. Have a discussion with your agent and ask him what happens. You may not like his answers.
David Teitelbaum

Hi David,

Find an insurance company that will offer an agreed value policy on a daily driven vehicle, and I'd be all over it.

KBB value on a delorean is actually pretty reasonable. I've checked both KBB and NADA values. If your delorean is a daily driver, then a traditional insurance plan is right for it. If you're driving your car to work, most collector car policies will not cover you.

I have geico, and have never had a problem. Also, keep in mind that your insurance company can OFFER you whatever they want, but it's your right to negotiate. So yes, they could OFFER me $2000, and I would simply say no…… I have documentation of the value of my car, and they are required by law to respect that.

--buddy

[David T]

If you read all of the fine print in your policy it will tell you how they will value the car. Not always KBB. There is also a procedure if you cannot agree on the value of the loss. You should speak to your agent and have him explain it to you. I cannot help you specifically, car insurance varies greatly State to State. I understand the problems with making the Delorean a daily driver or if you are young and do not have a daily driver. It could be economically smart to buy a cheap car for use as a daily driver and have just Liability on it. The big danger in using the Delorean as a daily driver is if you get into a small accident through no fault of your own, like a rear end collision or a theft. A repairable accident could cause the car to be totaled and if the car goes missing you will not be fairly compensated. All I am saying is you should at least understand what can happen and what you are paying for. Maybe you should not have any collision so they can't take the car away from you.
David Teitelbaum

[nullset]

If you read all of the fine print in your policy it will tell you how they will value the car. Not always KBB. There is also a procedure if you cannot agree on the value of the loss. You should speak to your agent and have him explain it to you. I cannot help you specifically, car insurance varies greatly State to State. I understand the problems with making the Delorean a daily driver or if you are young and do not have a daily driver. It could be economically smart to buy a cheap car for use as a daily driver and have just Liability on it. The big danger in using the Delorean as a daily driver is if you get into a small accident through no fault of your own, like a rear end collision or a theft. A repairable accident could cause the car to be totaled and if the car goes missing you will not be fairly compensated. All I am saying is you should at least understand what can happen and what you are paying for. Maybe you should not have any collision so they can't take the car away from you.
David Teitelbaum

Hi David,

Again, I think you do not quite understand how this works. They can't simply take your car away from you. You have to come to an agreement.

Insurance companies all use the same service for valuing a car. They've been sued for it several times, because this company is paid by the insurance companies to come up with low numbers for car values.

I don't WANT another car. I could easily afford one, but I want to drive my delorean every day. Like I said, for anyone for whom a delorean is a daily driver, you need a traditional insurance policy. If I could find an agreed value policy that would allow me to drive the car to work and put unlimited miles on it (I've put 17k on my car since I bought it last year), I'd be very happy.

There's no insurance company on earth that could legally "take" your title from you without your consent, and without paying a fair market value for your vehicle. You can use eBay sales, DMC's listings, etc, to show what a fair value is.

The car won't be totalled due to a minor accident. That simply doesn't happen.

My car was made to be driven. If it is involved in a major accident and is totalled, I will make sure that the value I get for it is what it's worth, and that the car I replace it with is in excellent condition. For me, it's just a car. It may be my favorite car, but it's still just a car.

Don't be afraid to drive a delorean with an insurance policy from whoever insures your other vehicles. If you live in a gated community or have an enclosed garage, put less than 1200 miles / year on your car, and never drive it to work, then you may be able to get an 'agreed value' / 'collector car' policy. These policies are MUCH cheaper, but you are very limited in what you can do with your car. For example, some will not allow you to park it on the street, ever.

--buddy

[David T]

As I said, the Policy dictates the terms of claims, settlements, arbitration, values, etc. It is the controlling document. The laws governing insurance companies vary greatly in every State. Under some conditions they CAN take your car away. If it is totaled the insurance company will have a Salvage Title issued and now the car is unregisterable. All I am trying to do is educate you and get you to have a long talk with your insurance agent. These things do not always work out like you may think, you should at least understand EXACTLY what you are paying for and what can happen in the worst case. I can't help you do that, only the person that sold you the insurance can. It also pays to get competitive quotes. Every year things do change and the rules change and so does the pricing. All too often people love their insurance company till they actually file a claim. Then they find out what they REALLY bought! A cheap premium is no measure of how good an insurance company is. This can get very complicated (and expensive) if the car is financed. After you get paid off by the insurance company the finance company may come back at you for the balance and if you didn't get enough from the insurance company you will have to dig into your pocket to pay off the loan!
David Teitelbaum

[nullset]

Hi David,

I think we will have to agree to disagree. Clearly, your insurance agent has told you one thing, and my experience is quite different.

I'll reiterate this, though. If you drive your delorean every day, or can't abide by the rules of collector car insurance (no driving to get groceries, no driving to work, etc), then go with a collector car policy. It's MUCH cheaper than traditional insurance, but you have to be very careful to stick with the rules they set or your coverage is void.

If you like to pick up groceries in your car, or drive to work, talk to your insurance agent. I personally have geico, and they have no trouble covering my delorean. I've also spoken with them about how they would value it in the event of a claim, and I know what it's worth.

I use and recommend them, if you're having trouble finding a company that will insure a delorean.

Anyone else have a policy with a national company that they are happy with? It is about time for me to shop around.

--buddy

[stevedmc]

Anyone else have a policy with a national company that they are happy with? It is about time for me to shop around.

I am with Safeco and I am very happy. I filed a claim last year with no problems at all. I ran over a small animal and I only had about $1,100 in damage. They paid for an exotic shop to replace what was broke. I got a new front spoiler, new AC condenser, radiator, fan shroud, and a few other things. The insurance company evan paid to have my shift linkage bolt replaced (it broke while it was in the shop) and even waived my $100 comprehensive deductable.

I have the car insured with Safeco as a classic car with daily driver use. The policy is for an agreed value of $20k (I'm probably going to bump this up when my policy renews) and I pay about $1300 a year. I am allowed the standard 12,500 miles per year.

Whoever said the insurance company can do whatever they want doesn't know what they are talking about. If you get in an accident the first thing you need to do is make sure you keep the license plates, title, registration, and whatever other paper work you have. Do not leave the title in the car. The next important thing is to drive or tow the car home so it can sit in your driveway while you decide or fight with the insurance company on what to do.

I was honest with my insurance company and had a very pleasant experience. I suspect if I had lied about my use to get a $300 a year policy I might have had some trouble filing a claim. Ultimately it boils down to picking a reputable company, behind honest with them about your use, and not letting go of your car or paperwork until you and the insurance company agree on how things will be handled.

Edit: I forgot to mention that $1,300 a year with Safeco also gets me free glass coverage, $100 Deductable for comprehensive, $500 for collision, and roadside/towing. I get to drive the thing just like a regular car. I didn't even file a police report when I ran over Bambi and they took care of the damage (and waived the deductable because their shop wouldn't work on it). I'm happy.

[Farrar]

I had my DeLorean insured with State Farm from 2007 to earlier this year and they never once threatened to drop me from coverage due to hard to find parts or any other reason. After I started receiving solicitations in the mail about a State Farm credit card, I got suspicious. I switched to Allstate after finding an agent who actually talked to her own customers on the phone. (This was a big change from the State Farm treatment where I generally spoke to one of three different assistants and had no proof that the agent actually existed -- seriously.)

Judging from the stories I've read, I guess I'm lucky I dropped State Farm before they dropped me. Yes, my coverage is more expensive than a classic car policy, but the car lives outside and I drive it more than a few thousand miles per year, plus occasionally to the store or other places when I feel like taking it for a spin, so is imply have it as an "additional vehicle" on my policy. I think it's worth the extra expense to be able to jump in the car and drive wherever I want, whenever I want, without worrying if my insurance company will find out.

Farrar

[krado94]

I have CHROME from american national. I'm 37 and have 100/300 coverage. I just had a 2800 claim with no problem!!! They were super fast!!! I pay $129 every 6 months. If you stay claim free for three years you get 25% of your premium back.

here is more info

http://www.anpac.com/products/p_c/chrome/default.aspx

[stevedmc]

I have CHROME from american national. I'm 37 and have 100/300 coverage. I just had a 2800 claim with no problem!!! They were super fast!!! I pay $129 every 6 months. If you stay claim free for three years you get 25% of your premium back.

here is more info

http://www.anpac.com/products/p_c/chrome/default.aspx

I noticed they allow you to drive 10k a year. Does the vehicle have to be garraged and are you allowed to drive it to work?

[Farrar]

I noticed they allow you to drive 10k a year. Does the vehicle have to be garraged and are you allowed to drive it to work?

I thought 10k a year was a good mileage limit, too, so I went online to get a quote. As soon as I clicked "No" under the "stored in a garage" option, a message popped up saying "Call this number to discuss your storage arrangements" and I couldn't get any further with the process.

Farrar

[XZypher]

I have state Farm on mine and have for over a year as Collector insurance i Had it as regular with them the underwriting department called my agent to have me switch to collector, I have agreed value on it I can change that amount every 3 years i am limited to 2k miles per year and as long my agreed value is under 100k it does not have to be garaged.

[jawn101]

I also have State Farm and thanks to this thread, I gave them a call this afternoon. I had the D on my policy as a third, low mileage vehicle. The premium was under $600 a year in this configuration - with full coverage at very high dollar limits (personal injury, liability, property damage, $0 deductible comprehensive, theft, roadside assistance, glass coverage - I mean *full* coverage) - the only caveat was that I am enrolled in their mileage based premium program, so I have to report my mileage every 6 months and the premium can change if I drive more than 5K per year (no chance)

I called them just now and asked what the assigned value to the car was. They contacted their underwriters and informed me the car was valued at $18,000. Not too bad. But I wondered, what if I valued it myself at a higher $25,000? Given what I paid and the time and money I've put into it, it didn't seem unreasonable.

Again, they contacted their underwriters. By claiming the car as a classic and submitting a single-page form declaring the value along with some pictures, my premium actually went *DOWN* almost $200 a year. The mileage limit stays the same - I only pay more if I go over the mileage bracket into the 5,001-10,000 miles per year bracket. The coverages all stay the same as well, the only difference being that the comprehensive (theft, fire, no fault accident, glass coverage) now carries a $100 deductible rather than $0. $100 still isn't bad to pay for a replacement DMC windshield should I need one, or to cover repairs if a tree falls on the hood, or someone steals the car.

Your mileage (pun intended) may vary - this is based on CA insurance and the fact that I am a 30-year customer with State Farm, have many policies with them, etc. But it feels like a good value to me, even if they had left the assigned value of the car at $18,000.

[Kenny_Z]

I'm glad you were able to get a drop on your insurance through State Farm, Jawn. I wish I could have kept them for the D, the office I dealt with went through hell and high water for me when my mortgage company messed up paying the house insurance for 3 months. They gave me a great deal on the daily driver I moved over to them as well.

I think the main problem with State Farm for this area is the hurricanes. They no longer do house insurance in this area which is why my agent fought so hard to keep my policy online until they received payment. I wouldn't have been able to reapply and probably would have ended up paying over 2k more a year with another company. They didn't come right out and say it but a D in a hurricane prone area just seems to be a big risk to them.

Right now I'm looking at Grundy for the D. As of 12am tomorrow morning I'm insurance-less :\

[jawn101]

I'm glad you were able to get a drop on your insurance through State Farm, Jawn. I wish I could have kept them for the D, the office I dealt with went through hell and high water for me when my mortgage company messed up paying the house insurance for 3 months. They gave me a great deal on the daily driver I moved over to them as well.

I think the main problem with State Farm for this area is the hurricanes. They no longer do house insurance in this area which is why my agent fought so hard to keep my policy online until they received payment. I wouldn't have been able to reapply and probably would have ended up paying over 2k more a year with another company. They didn't come right out and say it but a D in a hurricane prone area just seems to be a big risk to them.

Right now I'm looking at Grundy for the D. As of 12am tomorrow morning I'm insurance-less :\

That's a shame. I know localized risks play a big role in the insurance game. This little part of CA doesn't have much in the way of natural disasters - but a little north there's bad snow and south there's fire and mud. I guess I should appreciate the area more than I do.

I hope you find something soon! I know that Hagerty will probably insure anybody, but I don't know if anybody will like the cost.

[Bitsyncmaster]

Right now I'm looking at Grundy for the D. As of 12am tomorrow morning I'm insurance-less :\

In Maryland you need to return the tags (license plates) before you let your insurance laps. If not you rack up a heavy fine each day.

[outatym2001]

outatym2001

It is dangerous (financially anyway) to use ordinary car insurance on a classic car. This is why "Agreed Value" is a magical term.David Teitelbaum

I agree I’m taking a crap shoot every time I drive my D with the amount of insurance coverage I am carrying. But, I want to drive it and enjoy it not just stare at it.

David T. you gave me the idea to call my insurance carrier and ask what they think my D is worth. And here is what he told me.
Your policy states Actual Cash Value with a $500 deductible and is based on current value of the vehicle by checking for sale ads in national online web sites and at the most it could be worth is $25,000 to $30,000. Of course my D would be worth much less since it has around 130,000 miles so no telling what they would give me in a total loss. In case of a total loss I will have to defend the value of my D by showing receipts of major repairs and upgrades done. I’ve never had a claim since I started with Allstate in 2000 with my Subaru Wagon before I got the D. We shall see what happens if I ever make a claim.
Then I asked could I get the “Agreed Value” on my daily driver DeLorean. He pretty much said, “No”.
Agreed Value is specifically for cars that are not in daily use and it’s best to go with a classic car insurer. And there are limitations to the use of the vehicle in order to retain it’s value. If it gets driven daily then the value will diminish rapidly.

For the heck of it I mentioned what if I sell the DeLorean and get a 1987 Lotus Esprit Turbo as a daily driver? He said they won’t insure an Esprit as a daily driver since it’s a high performance vehicle but they would insure it if it’s a second vehicle on a policy and not to be used every day. BUMMER!!!

David T. why no mention who your insurance carrier is for your DeLorean and your 1999 Lotus Esprit Red/Tan you have up for sale.

[stevedmc]

Stinking Safeco went up on my insurance.

[David T]

I use Haggerty and I am insuring several vehicles and a car trailer. I figure my Delorean is costing about $360 a year with an agreed value of $50,000, no deductible, 2,000 miles a year. You can use it as a comparison but as I said, every State is different. Each State forces the insurance companies to include different things. For instance, in NJ there is a fund for uninsured motorists which every insured motorist pays into so if you get hit by an uninsured motorist the State fund will pay you (or your insurance company).
David Teitelbaum

[outatym2001]

In my earlier post #17 I mention my car insurance carrier for my daily driver DeLorean.
In July 2011 my yearly insurance premium was $1,403.06 a year and now it's $1,447.80.
Dam it! I thought because as I get older and my DeLorean gets older my insurance would go down not up.
Some time ago (don't remember when) I read this on a Lotus car forum for what factors are looked at when deciding car insurance premiums.

The factors that effect your car insurance premiums.

Factor #1 - Your Marital Status
Factor #2 - Your Credit Score
Factor #3 - Your Mileage
Factor #4 - Your Zip Code
Factor #5 - Your Gender and Age
Factor #6 - Your Car

So no two people will be paying the same rate. And, it also pays to shop around for the lowest premium.

[Ron]

Others:
(The number of passengers your vehicle is rated for.)
Driving History.
Previous Claims (regardless of major/minor/fault)
Gaps in coverage.
Occupation.
Education.
Own Home.
Defensive driving course.

What gets me is, although some give a measly multi-car discount, why should I pay full price for 5 cars when I can only drive one at a time (...and most charge more if there are other licensed drivers in the residence).
SOBs!

[David T]

Each State has rules and regulations that each insurance company licensed to operate in that State must comply with. This makes comparing what someone in a different State pays difficult if not impossible. Not unsimilar to what is going on with health care insurance. Your only choice besides moving to another State is to get as many quotes from reputable companies as you can and try to compare them. It isn't easy, as each also has it's own rules and policies to make it hard on purpose to compare. Local agents are not familiar with Classic auto insurance and unless they have an old car and are knowledgeable about this type of insurance, they are no help. As an owner of an old car you must educate yourself and try to pick a company that is good for your circumstances. Of course the owner that has a very low premium is going to be happy with his company, right up to where he files a claim!!!!!! Then you REALLY learn what you have been paying for! To make things even worse, every time you are up for renewal you should get quotes again. A new company may be in the market for your business and offer low premiums to get customers. Meanwhile the company you have been loyal to and renewed each year has been slowly raising you even if you don't file a claim. Every owner should have a long, hard talk with their insurance company and ask about all of the "what-if's". Better to know BEFORE you have to file that claim. Ask under what conditions the insurance company can literally take your car away from you. And how that will affect you with your bank if the car is financed. Now you will learn about "Gap" insurance. All I am saying is you MUST educate yourself in a complicated topic.
David Teitelbaum

[kings1527]

Thanks to this thread, it opened my eyes on 'agreed value' on collectible cars. I have my car insured through USAA right now under a standard policy but would've been reimbursed for 'book' value in the event of a total loss. After all the work I've done, had I received a check for $15k or so through my regular policy after a total loss I would've found myself sitting right behind my exhaust pipe if the car were still running.

I got several quotes: SAFECO, Hagerty, Grundy, American Modern, etc. and the only one that gave me what I was looking for was American Collector's Insurance and they're affiliated with USAA. Keep in mind that every state is different and this is for Southern California:

1) 7500 mile limit and includes pleasure driving with occasional drives to work.
2) $40k agreed value
3) garaged
4) no tickets/collisions in the last 3 yrs
5) uninsured driver coverage
6) $300k coverage
7) $1000 deductible for glass
8) your choice of shop for repair
9) reimbursement for rental (but I have AAA)
10) cost: $517 annually

Not a bad deal for all that I was looking for and thanks for all the info on this thread. My policy will be active at 12:01a tomorrow.

[Dangermouse]

As a comparison, what were you paying with your previous policy?

[kings1527]

As a comparison, what were you paying with your previous policy?

I was at $574/yr for my standard policy, so this was a little cheaper.

[DMC81]

+1 on hagerty, never had any issues or claims either though


Same here and no problems yet.

[dmc6960]

With a $1000 deductible on glass, your going to need to have every piece of glass busted on the car at the same time to make it worth a claim. Are you sure that's correct?

[kings1527]

With a $1000 deductible on glass, your going to need to have every piece of glass busted on the car at the same time to make it worth a claim. Are you sure that's correct?

Yes, I know that's pretty steep for glass. I'm sure that's what he quoted me with but ill have to see my policy when it arrives. Everything else was exactly what I needed, so that deductible didn't put me off.

[David T]

You said you have a $1K deductible on the glass. Is there any deductible on anything else? Check and see if you can get any credit for an alarm or Lo-Jack or glass etching, etc. Some companies will give you a credit if you are a member of a car club. All of these things can help with some companies. You may also want to consider an umbrella policy for the liability to get above the $300K limit. Your regular policy may already have something or you can add it. There may also be an age limit on drivers so you can't let anyone underage drive the car. If you have the car registered historic or classic you may have a lower mileage limit and it can't be used for commuting. As I said in a previous post this can be very complicated but you do NOT want to learn AFTER you file the claim. With the glass deductible being so high I guess it is very common in California to have your glass broken! Glass on new cars is VERY expensive. A windshield on some new cars is over $1K! A bad hailstorm and you could have over $2K in glass damage alone. $1K glass deductible is becoming more and more common. Even with the deductible some will cover repair with no deductible if it can be repaired (a small crack or chip).
David Teitelbaum

[kings1527]

You said you have a $1K deductible on the glass. Is there any deductible on anything else? Check and see if you can get any credit for an alarm or Lo-Jack or glass etching, etc. Some companies will give you a credit if you are a member of a car club. All of these things can help with some companies. You may also want to consider an umbrella policy for the liability to get above the $300K limit. Your regular policy may already have something or you can add it. There may also be an age limit on drivers so you can't let anyone underage drive the car. If you have the car registered historic or classic you may have a lower mileage limit and it can't be used for commuting. As I said in a previous post this can be very complicated but you do NOT want to learn AFTER you file the claim. With the glass deductible being so high I guess it is very common in California to have your glass broken! Glass on new cars is VERY expensive. A windshield on some new cars is over $1K! A bad hailstorm and you could have over $2K in glass damage alone. $1K glass deductible is becoming more and more common. Even with the deductible some will cover repair with no deductible if it can be repaired (a small crack or chip).
David Teitelbaum

Great points. I think the glass deductible is so high because of the policy I went with. This policy provides for a lot of driving in a car that's collectible and valued at $40k. More driving = higher risk of damaging the glass/windshield = higher deductible.

This was the only quote that I received that provided a lot of 'daily driver' perks. This plan was actually called their 'freedom tier'. A lot of miles can be driven and no restrictions on where I can drive. However, it seems like they draw the line for a true 'daily driver' on whether or not you drive to work. They were pretty particular about driving to work no more than 1-2x per week, which is perfect for me. My car is registered regularly and then coupled with this policy, I should be fine. I want to say my regular deductible on the car is $500 (edit: it quite possibly might be $0 deductible. I'll update when I get it in the mail). I'm waiting for my packet in the mail that will give me all of the details but they answered all of my main concerns over the phone.

Thanks again!

[outatym2001]

In my earlier post number 17 I was paying to Allstate $1403.06 a year for my daily driver DeLorean.
The rate had gone up to $1470.60 in November 2013 and I have no tickets (moving violations) in many, many years.
So I switched my DeLorean insurance to State Farm and I now pay $901.58 a year for the same DeLorean coverage.
Shopping around for more affordable car insurance has paid off for me. I just hope they don’t drop me for some stupid reasons like I have read in some earlier posts in this thread.

[NightFlyer]

I'm currently paying $364/yr for full comprehensive coverage, no restrictions, and a $500 deductible on an agreed value of $38,000 for my D through State Farm.

[Bill6298]

I was with GEICO for ten years recently paying $352 every six months. 300/500/300 liability including uninsured coverage with a $500 deductible. Never filed a claim though.

I just switched to Hagerty with similar liability coverage, $0 deductible, and $25,000 guaranteed value for $675 per year. I left GEICO because I did not want to risk them undervaluing my car if I had a catastrophic claim.

[DeLorean03]

American Collectors Insurance through USAA.

$289 for the year with full coverage, no mileage restrictions, and an agreed value of $35000 with a $500 deductible. My car gets wrecked, I get $34500 in a check.

[David T]

American Collectors Insurance through USAA.

$289 for the year with full coverage, no mileage restrictions, and an agreed value of $35000 with a $500 deductible. My car gets wrecked, I get $34500 in a check.

You should have some idea of the value of your car in the marketplace. If it is in really good condition it could be worth as much as $40,000. At least that may be what you want to insure it for. The difference in the premium from $35,000 to $40,000 is going to be miniscule. On some polices there is no deductible in the event of a total loss. It doesn't cost anything to have your agent run the numbers for you and see what you want. It used to be that many companies needed a professional appraisal with pictures to get above $30,000 and they wanted a LOT of extra premium. Not so much anymore. Point is insurance is an ever-changing market. You need to keep yourself informed and up to date of your choices. You CANNOT compare with what anyone else gets in another State because the rules and choices are different in every State. Comparing premiums is not good enough since there are so many other things that are probably different. I could tell you what I pay but if you are not in NJ and don't have the same driving record and age as me you can't compare. You may opt for a higher or lower deductible. You may have personal liability insurance so you don't need a lot built into your Delorean's policy.

[papanoel]

My experience has been that classic car insurance requires you to have another car as a daily driver.

I'm stuck with geico for now with regular insurance because I don't have another car. I live in manhattan and use my d as a weekend car.
I tried getting quotes from other companies and geico wasn't chepeast but it still works out to about 1400 a year.

[DeLorean03]

You should have some idea of the value of your car in the marketplace. If it is in really good condition it could be worth as much as $40,000. At least that may be what you want to insure it for. The difference in the premium from $35,000 to $40,000 is going to be miniscule. On some polices there is no deductible in the event of a total loss. It doesn't cost anything to have your agent run the numbers for you and see what you want. It used to be that many companies needed a professional appraisal with pictures to get above $30,000 and they wanted a LOT of extra premium. Not so much anymore. Point is insurance is an ever-changing market. You need to keep yourself informed and up to date of your choices. You CANNOT compare with what anyone else gets in another State because the rules and choices are different in every State. Comparing premiums is not good enough since there are so many other things that are probably different. I could tell you what I pay but if you are not in NJ and don't have the same driving record and age as me you can't compare. You may opt for a higher or lower deductible. You may have personal liability insurance so you don't need a lot built into your Delorean's policy.



I see what you're doing. Almost got me that time... :nono:

[outatym2001]

THOSE FOCKERS AT STATE FARM ARE DROPPING ME!!!

In my previous post number 51 I stated in November I changed my daily driver DeLorean insurance coverage to State Farm from Allstate.
Well, I got a call today letting me know I will be getting a letter in the mail essentially dropping my coverage on January 26, 2014. They say the DeLorean is too hard to determine a value. In other words they don’t want to take a risk.
Now I have to go shopping for insurance again or go back with Allstate.
UUuuugh! It would have been real considerate if State Farm said in the beginning no we don't insure DeLoreans.

[Lou and "Boo"]

I just switched from American collectors to American modern insurance group. American collectors wouldn't insure my 1985 Fiero GT so I switched the D to American modern and I have a policy for $215 a year which is full coverage on both cars.

[Totally 80s]

I'm currently paying $364/yr for full comprehensive coverage, no restrictions, and a $500 deductible on an agreed value of $38,000 for my D through State Farm.

Something doesn't sound right.

[Iznodmad]

I recently got the State Farm rejection letter as well with two of my DeLoreans. I proceeded to pull all my business from them. Moved DeLoreans to Safeco with full comprehensive, collision, and liability with full daily driver status. That was pretty much the only company I could find with absolute full coverage and daily driver status. Everything else went with Allstate.

[NightFlyer]

Something doesn't sound right.

Well, I've got the policy that proves it's correct. Negotiated individually with an agent that has direct access to State Farm underwriting. Had to wait nearly a month for underwriting to fully approve everything, but aside from the wait, everything worked out great.

Whether or not I'll be able to renew this August for the same premium remains to be seen...

[refugeefromcalif]

Moved DeLoreans to Safeco with full comprehensive, collision, and liability with full daily driver status. That was pretty much the only company I could find with absolute full coverage and daily driver status. Everything else went with Allstate.

Allstate wouldn't give you the same coverage on the D's as Safeco?
I have Allstate covering All my vehicles. (My D also has DD status).

George

[Iznodmad]

Nope, they would not. Not collision anyway, only comprehensive and liability. I wanted absolute full coverage. Pleasure use yes, daily driver no.

[jawn101]

State Farm was very happy to insure my DeLorean as a driver when I originally registered it, but this thread is the one that convinced me to switch to Hagerty a few years ago.

[Rich_NYS]

I have State Farm for my [non-DeLorean] cars. I called about insuring a potential DeLorean purchase and left a voicemail. Apparently, the individual who took the message wrote it down as "Dalorean." When an agent called me back she pronounced it "Day-Lorean" and is not even remotely familiar with the DeLorean auto.

I'll definitely be insuring with one of the companies suggested on this thread. A guy where I work has a Corvette and I'm pretty sure he has American Collector's Insurance and is very happy with the terms of the policy.

[DMCMW Dave]

Auto insurance is very localized to where you live and drive, and how many miles per year you plan to drive it. Night Flyer lives a long way from any large cities, which tends to lead to very low insurance rates. He's also probably old enough to be out of the "dangerous driver" age.

I've had my DeLorean covered for over 15 years with State Farm, but when I tried to refer someone to them my agent told me that they would not write new DeLorean policies (not clear to me if they meant as-in newly acquired cars or new customers to them). If they were to drop me I'd probably switch it to Hagerty or another specialized insurance company. I can't prove it but I'll also bet that a more aggressive agent will work to keep you as opposed to letting you walk away with all your other insurance business. Unless you have a bad claim record. . . .

The DeLorean also has the lowest, by far, insurance cost of any car (4) that we own. Funny thing is that the lowest-value car we own has the highest rate, because it is rated for the most miles per year.

Another comment since we do see the other side of insurance (repairing cars as insurance claims): State Farm and Hagerty have been great to deal with, no issues and paid promptly. The one with the lizard wanted to negotiate everything.

[David T]

Nope, they would not. Not collision anyway, only comprehensive and liability. I wanted absolute full coverage. Pleasure use yes, daily driver no.

What do you think it means when you say "absolute full coverage". Ask what they will pay you if the car was to disappear. Then ask if that includes the deductible. Ask if they will insure for "Agreed Value" or will they "Blue Book" it. If you do not have classic insurance you may be very disappointed at what they will give you if the car is totaled (stolen, burned, crashed). If you can get that kind of coverage from State Farm that is good but in most States on a daily driver you cannot get that kind of coverage.

[NightFlyer]

Auto insurance is very localized to where you live and drive, and how many miles per year you plan to drive it. Night Flyer lives a long way from any large cities, which tends to lead to very low insurance rates. He's also probably old enough to be out of the "dangerous driver" age.

I've had my DeLorean covered for over 15 years with State Farm, but when I tried to refer someone to them my agent told me that they would not write new DeLorean policies (not clear to me if they meant as-in newly acquired cars or new customers to them).

Precisely! NightFlyer does indeed live in the sticks (sparsely populated and dirt roads abound) and is old enough to be out of the "dangerous driver" age demographic. NightFlyer has also never made a property insurance claim, never had a claim made against a policy held in his name, and has a clean driving record.

As for my dealing with State Farm, I started the policy on my DeLorean with them just this last August, it's the first time I've ever done business with them, and I have no other policies with them (DD and homeowners are with Allstate, who wanted a higher premium for similar coverage on the DeLorean). Only reason I went with State Farm on the DeLorean is because they provided me with the lowest premium for the desired coverage.

That said, I believe it all comes down to the agent you're dealing with and whether or not that agent is willing to deal with the underwriting department in order to earn your business. All insurance companies have an underwriting department (bean counters) and will gladly write and issue you a policy for whatever kind of coverage you want, provided that you're willing to pay the premium - after all, that's their business.

But, custom/individualized/special policies and the underwriting process can take a while and represents a real PIA for the agent. For me, it took nearly a month in the underwriting process and a lot of back and forth before State Farm finally agreed to issue a policy for the coverage that I wanted. Many agents probably wouldn't have invested the time and effort to get me the quote, not knowing whether or not I'd even ultimately be purchasing a policy from their company, but the agent was a relatively new player in town trying to establish himself and build up a client list. He was willing to do whatever it took to earn my business.

If you like the company but an agent is giving you a hard time, try different agents within the same company.

[David T]

If you like the company but an agent is giving you a hard time, try different agents within the same company.[/QUOTE]


Here in New Jersey if it isn't a standard kind of coverage they won't go to the trouble of trying to find an underwriter. If you are dealing with an independent agent he may take the initiative and find you coverage with a collector type company but you can do that yourself. Typically a DD will not get "Agreed Value", will have a high deductible and high premiums. A collector policy will have age limits, mileage limits, no or low deductible and low premiums. It *can* have "Agreed Value" but depending on what that is can affect the premium. Every State has different rules and the companies sell different products, ie, what State Farm can offer where you are may not available in anywhere else. The guiding rule with insurance is to get quotes from many companies and compare what they offer and what they cost. Even when you renew. Just because the company you are currently with gave you a good deal does not mean you can't find a better one. There is no bonus for loyalty. The bigger, more well known collector insurance companies seem to have good reputations and generally do right by the customer when it comes to claims.

[bluespecial]

Anyone have any current reviews on American Collector's Insurance or American Modern Insurance? I have had Hagerty since 2007 but I am considering switching because the annual premium went up $120 dollars to $570 with an agreed upon value of $15,000 (probably should be at least $20,000), and the lowest liability coverage offered. I live in Michigan.

[jackb]

Anyone have any current reviews on American Collector's Insurance or American Modern Insurance? I have had Hagerty since 2007 but I am considering switching because the annual premium went up $120 dollars to $570 with an agreed upon value of $15,000 (probably should be at least $20,000), and the lowest liability coverage offered. I live in Michigan.

I had American Collectors Insurance for my first few (3?) years with the Delorean. I had it because I wanted an "agreed value" set for it. They had 2 levels available, one covered the car only at home or while being driven; not while parked outside the home, so I couldn't drive to the movies, or work, for example. The other tier did cover those things, but was, of course, more money. I had the second level when I had ACI.
A few years ago I ended up switching to USAA, the price was better and I decided the "agreed value" was not worth the price compared to what I could do with USAA.
I never had to make a claim with ACI, so I can't really say if they are good or bad, but I had read a bunch of very good reviews about them, which was why I used them for a while.