Hagerty for collector(ish) car versus State Farm or Allstate?

[Speedbird001]

So, Saturday, I went out for a haircut and some transmission oil... Annnnnnd somehow I came home with a collector(ish) muscle car, that has significant value (to me).... 2012 Mustang Boss 302

These were kind of rare, only made for 2 years, limited to 4,000 units total (Only ~1,100 in orange). they were 40-45k when new and most sold for close to 60. This one is mint, like brand new. Only 4,500 miles, still smells new, stickers on the components. One owner, a collector who had a whole stable full, he traded this one on a new Shelby. The value is really in the condition, low mileage, limited production etc. This will strictly be a casual leisure car. MAX: 5,000 miles/year

My question is about insurance. I currently have State Farm for the house, truck, umbrella etc. No complaints there.

- State Farm = $70/month. They do not have any kind of collector car insurance, just low mileage (less than 7,500/yr) and acknowledge it is my second (garaged) car. My concern is really the pay-out if heaven forbid it is stolen or totaled.

- Hagarty = $64/mont (If I pay the whole year in advance). They specialize in collector cars and I can declare the value. with a $41k value and $1k deductible they are ~$10/month cheaper than State Farm. The deductible is 2x StateFarm, but I feel better about the known value if the worst happens.

Any feedback on Hagarty? What would you do? Thanks in advance!

 

[Racer4]

Very nice!

 

[AdmiralYoda]

I had Hagarty for my 1987 Toyota 4Runner. No issues with them but I changed to American Collectors Insurance. For a $20k agreed value Hagarty wanted about $600/yr. American Collectors is $225/yr.

In my brief experience Hagarty has very good rates for older collectable cars from the 70's and earlier. Car's from the 80's and newer aren't considered as collectible and they charge you more. My father has a 67 Camaro and a 72 Chevrolet C10 through Haggarty with a $35k agreed value on each. He paid less per year on both combined than I did for my 87 4Runner.

Definitely go Agreed Value! Regular insurance won't give a hoot about how collectible it is, they will treat it as a 2012 Mustang with a high option package.

 

[Chevyc10]

I use Haggerty. Only company that would cover agreed value I wanted. If you have claim they are easier to work with according to my local restoration shops. State Farm and other regular automotive carriers will not do agreed values. They will total vehicle and write small check. Friend had 5 classics stolen. He just added to regular car policy. Insurance paid but not near what real actual value was.

 

[AdditiveOCD]

I don’t know how much value my opinion is but I have hagerty on my ‘87 supra for $18675, plus salvage recovery forgot what it’s called. Costs me a hair under 500 for a year for some really good coverage

 

[ChrisMU]

I have Hagerty for my 1963 Coupe DeVille. I went with them because they were one of only two companies that would cover it being in a carport and not a fully-enclosed garage. I’m in the process of converting my older (wooden) carport into a garage at the moment. The other company would allow it but wanted a whole bunch of pictures, etc. I pay $468/year for $28K agreed-value coverage with the “cherished salvage” option, so I get the mangled car back should it get wrecked.

 

[JHZR2]

So, Saturday, I went out for a haircut and some transmission oil... Annnnnnd somehow I came home with a collector(ish) muscle car, that has significant value (to me).... 2012 Mustang Boss 302

These were kind of rare, only made for 2 years, limited to 4,000 units total (Only ~1,100 in orange). they were 40-45k when new and most sold for close to 60. This one is mint, like brand new. Only 4,500 miles, still smells new, stickers on the components. One owner, a collector who had a whole stable full, he traded this one on a new Shelby. The value is really in the condition, low mileage, limited production etc. This will strictly be a casual leisure car. MAX: 5,000 miles/year

My question is about insurance. I currently have State Farm for the house, truck, umbrella etc. No complaints there.

- State Farm = $70/month. They do not have any kind of collector car insurance, just low mileage (less than 7,500/yr) and acknowledge it is my second (garaged) car. My concern is really the pay-out if heaven forbid it is stolen or totaled.

- Hagarty = $64/mont (If I pay the whole year in advance). They specialize in collector cars and I can declare the value. with a $41k value and $1k deductible they are ~$10/month cheaper than State Farm. The deductible is 2x StateFarm, but I feel better about the known value if the worst happens.

Any feedback on Hagarty? What would you do? Thanks in advance!

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I’ve never found Hagerty to be competitive. These rates would verify that.

You’re talking a low use, garages, additional vehicle. Next to no risk exposure is the point. So…. What drives the cost so high?

I use American Collectors. They would not, to date, insure my 2011 135i, even though I meet all criteria. It’s just not “classic” yet. A mustang isn’t so rare that it would check the box, even if the sub-model is. I think that’s the issue. They are supposed to be car people, but that doesn’t mean that the agents or underwriters are.

So I think you’re getting quoted regular car insurance with a set value rider. But it doesn’t seem a very good deal all things considered. Welcome to the world of having an additional car. They claim they’re giving you a discount but really pricing it like every single vehicle is in use all the time, even if you don’t have that many drivers in your household. It’s part of the theft and racket of auto insurance.

 

[14Accent]

I'd double check with your SF agent about a collector car policy... I've got one right now on my '79 DeVille. $10k stated value, 100k/300k limits and a $500 deductible. Costs me a little under $20/mo. It states on the declaration page "limited use/classic".

 

[Dave Sherman]

Haven't had to make a claim with Hagerty (knock on wood), but I'm glad I got it on the Midget years ago. Cost way less than what I had with Allstate, and it has a declared value that would more than cover what I've put into it.

 

[joegreen]

Currently have hagerty on my old mercedes. Agreed upon value and i feel the rate is fair. Never had to use them but the reviews i read made me feel good about my choice. Most people said they deal well with body shops.