Is collector car insurance right for me?

[E. Green Cobra]

I've been looking at switching over to collector car insurance. I don't have any experience with it so I figured this was the best place to ask for input. (I'm considering Grundy, but open to any)

I'm 25, with a clean driving record for last 5 years. I rent a house with a garage. My cobra is nothing special, just a few bolt-ons. The car is driven 1000-3000 miles a year. I don't race, I don't do car shows/clubs. I take the car out for an occational errand, movie/dinner. Or if I just feel like romping on it. I have another vehicle, and a state issued work vehicle.

Currently I pay $600 a year to insure this thing, through a traditional insurance co. A quick quote from Grundy was about $240, (at $15000 agreed value).

I have plans to drop a ~$10,000 aluminum 5.4 in this thing in the next few years. It'll probably go to a drag strip once or twice at some point to see what it does.

The agreed upon value, yet lower premium are what attract me. With my profile, and the way I use the car do I meet the criteria for collector car ins?


Thanks

 

[tomshep]

I insured with Grundy earlier this year.

The only way you know if you meet their criteria is apply. However, based on my experience I would think you would. You didn't mention any previous ticket history and I don't know if they do 25.

Tom

 

[Kevins89notch]

I've been looking at switching over to collector car insurance. I don't have any experience with it so I figured this was the best place to ask for input. (I'm considering Grundy, but open to any)

I'm 25, with a clean driving record for last 5 years. I rent a house with a garage. My cobra is nothing special, just a few bolt-ons. The car is driven 1000-3000 miles a year. I don't race, I don't do car shows/clubs. I take the car out for an occational errand, movie/dinner. Or if I just feel like romping on it. I have another vehicle, and a state issued work vehicle.

Currently I pay $600 a year to insure this thing, through a traditional insurance co. A quick quote from Grundy was about $240, (at $15000 agreed value).

I have plans to drop a ~$10,000 aluminum 5.4 in this thing in the next few years. It'll probably go to a drag strip once or twice at some point to see what it does.

The agreed upon value, yet lower premium are what attract me. With my profile, and the way I use the car do I meet the criteria for collector car ins?


Thanks

Well, when I turned 25, the first thing I did was call Grundy. I also rent a house, with a garage, and live in FL. I also went for 15,000 agreed upon value for my 93 cobra( not a R ) and pay $242 I think. So far so good, as state farm was raping me to the tune of like $80 a month, and only thinking its worth 4K if it got hit.

 

[filthymcnasty]

I looked into both Grundy and Hagerty a couple of years ago. I'm not so sure that they are all that they are cracked up to be. First, they say that you are insured as long as you are not using the vehicle for every day transportation. As I questioned them, their version of this type of use would be something like the Hot Rod Power Tour. To throw them a curve ball, I asked them if I would be covered should I pull off of the highway (still in the Hot Rod Power Tour scenario) to get something to eat and they said at that point I would NOT be covered should I get into an accident because it would be considered every day use at that point. I threw all kinds of "what ifs" at them and they could never definitively tell me what I was actually covered for, but they were able to definitively tell me what I was NOT covered for. Bottom line, it would really suck to be out for a Sunday cruise just to find out that some bean counter determines that you were using it for "daily transportation". Unlimited mileage/agreed upon value my ass...Both Grundy and Hagerty were telling me roughly the same thing.

 

[RDJ]

I looked into both Grundy and Hagerty a couple of years ago. I'm not so sure that they are all that they are cracked up to be. First, they say that you are insured as long as you are not using the vehicle for every day transportation. As I questioned them, their version of this type of use would be something like the Hot Rod Power Tour. To throw them a curve ball, I asked them if I would be covered should I pull off of the highway (still in the Hot Rod Power Tour scenario) to get something to eat and they said at that point I would NOT be covered should I get into an accident because it would be considered every day use at that point. I threw all kinds of "what ifs" at them and they could never definitively tell me what I was actually covered for, but they were able to definitively tell me what I was NOT covered for. Bottom line, it would really suck to be out for a Sunday cruise just to find out that some bean counter determines that you were using it for "daily transportation". Unlimited mileage/agreed upon value my ass...Both Grundy and Hagerty were telling me roughly the same thing.

I would like to see a web link to where either one of these companies give you collectors insurance with unlimited mileage. Neither of them do this last time I checked. They insure agreed upon value and limit you to 3-5,000 miles a year. they usually specify that you are covered to and from events and that is about it. To me it is not worth it but unlimited mileage? don't think so

 

[cobrakidz]

try Barrett Jackson, worked for my Cobra. (see the thread in the termi section)

 

[E. Green Cobra]

Appreciate the responses, guess I'll give them a call and see what the deal is.

I don't know if they do 25.

Tom

If that's the case I'll be 26 in Jan.

Well, when I turned 25, the first thing I did was call Grundy. I also rent a house, with a garage, and live in FL. I also went for 15,000 agreed upon value for my 93 cobra( not a R ) and pay $242 I think. So far so good, as state farm was raping me to the tune of like $80 a month, and only thinking its worth 4K if it got hit.

Pretty much the same deal I'm in. Paying a nice chunk of change, for something that the insurance company will say ain't worth anything. Especially concerning when I drop the big motor in.

 

[birdman941]

I may also look into this.
Good to know there may be yet ANOTHER 5.4 powered Mustang
in SW Florida!

 

[wheelhopper]

I have Grundy. If you're planning on any type of track useage, you will not be covered, if they find out. Also you are limited in the amount of milage and type of driving you do.

 

[E. Green Cobra]

I have Grundy. If you're planning on any type of track useage, you will not be covered, if they find out. Also you are limited in the amount of milage and type of driving you do.

Not a big deal for me. I'm pretty sure std insurance doesn't cover that either? Besides in the 7 years I've owned her she's never been to a track or dyno for that matter! I guess it will really come down to whether or not dinner and a movie is an allowed driving activity.

I may also look into this.
Good to know there may be yet ANOTHER 5.4 powered Mustang
in SW Florida!

Ah, someday... I'm just an underpaid game warden so it is slow going.

 

[RDJ]

Not a big deal for me. I'm pretty sure std insurance doesn't cover that either? Besides in the 7 years I've owned her she's never been to a track or dyno for that matter! I guess it will really come down to whether or not dinner and a movie is an allowed driving activity.
Ah, someday... I'm just an underpaid game warden so it is slow going.

actually at least SOME insurance companies DO cover track days if they are billed as driving schools and do NOT included racing against other competitors. I asked about this with my insurance company specifically and after a rather lengthly explanation and description of said track schools they allowed as how that would be covered. but if I participated in an SCCA full out race it would not be covered.

 

[E. Green Cobra]

Ah good to know.

Well Grundy is out, though I don't totally understand the reasoning.

"I’m afraid that due to your young age (we start at insuring people at 25 years old) and your daily transportation vehicle being a truck, we would not be able to insure a newer sports car. It isn’t an ideal risk to take on for our program."
Regards,
Grundy Worldwide

:shrug:
Barrett Jackson said I'd need to wait until 26, so well see.