Hagerty Insurance Thinks My New Car Is Lame

I just sold a couple of collector cars that were cool enough for Hagerty to offer insurance for them at a very affordable rate. When I called to cancel them and try to add my new "cool" car, a 1990 BMW 325is they very nicely said that the new car doesn't qualify as it isn't collectible or limited edition. THAT'S WHY I BOUGHT IT< I WANT TO HAVE SOME FUN AND NOT WORRY ABOUT IT.

I'd like to get a stated value policy for a car that will see maybe 3-5k miles a year and be stored in a garage. This will be mainly a weekend fun car and do occassional track days. I realize it won't be covered on track and am OK with that. It's also pretty modified and pretty clean so just a regular insurance policy won't cover it very well since it is worth way over the Blue Book or NADA value.

Does anyone have any suggestions? Thanks

They insure my 83 Plymouth Sapporo. Way more lame than any Beemer in my opinion, but they insured it anyway. I had to submit pics of the car before they would, but they did insure it for $5k.

http://www.americancollectors.com

They aren't too picky and have covered alot of my oddballs and less than desireables.

I'd be interested to see what options are out there.

I have a lot of money invested in my 89 240SX track rat. If I disclose all my modifications my insurance will drop it. If it gets stolen or damaged, than I only get Blue Book value and I get screwed out of thousands of $ of upgrades.

Subscribed.

My 86 MR2 is about to be taken off daily driver duty in a few months when we get a new-ish car and I'm hoping to get a stated value, low-mileage policy as well. KBB is absolutely dismal for Mk1 MR2's so almost any incident would make it a salvage title at best.

They wouldn't insure my Trans Am either, even though it maybe gets driven 2000 miles a year, has a garage home, brand new paint, wheels, interior, etc. They said it wasn't "unique" enough or some nonsense like that. They also laughed when I told them I was 24 at the time.

Strange... Hagerty gave me a policy for my '88 325is without question - and I insured it almost 2 years ago when it was the same relative age as your '90. Of course, it helps that it "looks" bone stock. Even more so with bottle caps.

It might also help that I have two other regularly issured cars?

Strange...

There isn't one right answer here. The decision whether to insure a car or not is purely up to the underwriter who reviews your application. They decide if a car is a "collectible", or if they think it's really going to be a weekend only car or be used for something more. Best bet is to just shop around.

JThw8 wrote: http://www.americancollectors.com They aren't too picky and have covered alot of my oddballs and less than desireables.

x2.

I have my weekend vehicles covered with American Collectors. Everything from the Barracudas to my '96 Dakota (yes it's collectible to me!).

Daily drivers are on a regular policy.

I use American Collectors for a couple cars as well. I've never had to make a claim so no personal experience there, but I've heard favorable results from other people. They are easy to deal with and their rates are pretty cheap.

Hagerty wouldn't touch my 1 of 3, 97 Range Rover SSE Supercharged, so I called Grundy, it was no problem for them.

I have an American Modern Collector policy - about the last 10 years. Easy to work with

they weren't the least bit interested in insuring my '91 CRX

aussiesmg wrote: Hagerty wouldn't touch my 1 of 3, 97 Range Rover SSE Supercharged, so I called Grundy, it was no problem for them.

There have been some recent changes at Grundy:

As of October 20, 2011, Philadelphia Insurance (PHLY) has assumed administrative responsibilities of policies previously issued under the name "Grundy Worldwide" in all states except Massachusetts and South Carolina.

In 48 states, PHLY has imposed a "non-compete" on Grundy Insurance at the current time, which prohibits us from writing new Collector-Car-Only policies. We hope that in the future, the non-compete is reversed, rescinded or expired. Until that time, we can insure collector vehicles, but only in conjunction with other policies.

Stuart, PMed you

These days... I have gotten into the habit of cheerfully hanging up and starting over when not getting the answer I want from various companies. I am continualy suprised by how often the next person says "sure", or "I can take care of that".

Cone_Junky wrote: I'd be interested to see what options are out there. I have a lot of money invested in my 89 240SX track rat. If I disclose all my modifications my insurance will drop it. If it gets stolen or damaged, than I only get Blue Book value and I get screwed out of thousands of $ of upgrades.

you are insuring a "track rat"?

Yeah... I thought the whole point of a track rat was if you ball it up, you just say, "oh well..." If you can't, then maybe you have too much invested. Granted, I insured my bmw for basically the same reasons.

Ian F wrote: Strange... Hagerty gave me a policy for my '88 325is without question - and I insured it almost 2 years ago when it was the same relative age as your '90. Of course, it helps that it "looks" bone stock. Even more so with bottle caps. It might also help that I have two other regularly issured cars? Strange...

How new are your Dailey drivers? Hagerty wanted my Dailey to be less than ten years old if I were going to insure my 1990 Miata.

Joey

Wonder what these companies would do if i asked them about the Escort.

92CelicaHalfTrac wrote: Wonder what these companies would do if i asked them about the Escort.

It's not old enough:(

Joey

joey48442 wrote:

92CelicaHalfTrac wrote: Wonder what these companies would do if i asked them about the Escort.

It's not old enough:( Joey

Oh... what's the cutoff? 20 years? it's almost there, then.

I do need to look into some sort of collectors insurance for the MSM, though. I'm deathly afraid that they're going to end up with "Celica AllTrac Syndrome" and be worth KBB to insurance companies when market value is at least 3x that.

Is Hagarty better than others for specific reasons? I have Progressive on the 85 318i and it's cheeeeeeeeeeeeeeap money.

aussiesmg wrote: Stuart, PMed you

I didn't receive the PM for some reason...

I have no personal experience with Grundy, I was just passing on information from a recent discussion I saw on the HAMB board: http://www.jalopyjournal.com/forum/showthread.php?t=636982

wbjones wrote: they weren't the least bit interested in insuring my '91 CRX

American Collectors insures my '91 CRX. Only caveat (I think) is that it be valued over $5k, garaged, and not driven to work. No claims but I have been very happy with them.