Insurance for GT350

[Voodoo Velocity]

For those of you who do not Daily Drive your Shelby GT350 / R and it is a second car - have you shopped collector's car insurance? When I purchased mine back in May I simply added it as a second car on my current policy by adding the VIN#. Now my policy is up for renewal in mid February and I decided to research insurance options. What I found is that collector's insurance can save a chunk and you get to establish agreed value. Some parameters:

- It must be a second car & you are the primary driver of the 1st car
- It must be garaged (fully enclosed)
- It cannot be a commuter car (for work / school)
- It may need to be kept under specific annual mileage (some carriers have no limits or penalty)

I have no idea if track events impact these policies.

In my case, location and parameters, I will save just over 50% of what I was paying for the GT350 adding it to my existing carrier as a second car. I am applying with Grundy, which for my case was the best offering. Others were $75 - $150 higher than my Grundy quote. Grundy had unlimited mileage as well.

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[ExtantPuzzle]

Huh, that sounds awesome. I didn't even know it was a thing. It looks like my insurance company offers it, too - time to give them a call!

At least for USAA, it specifically says you cannot race them (but I don't plan to, at least for now):

Driven on a limited basis, for pleasure only.
Not used for racing or timed events.
Stored in an enclosed, locked garage (alternate garaging options may be available).

 

[galaxy]

Huh, that sounds awesome. I didn't even know it was a thing. It looks like my insurance company offers it, too - time to give them a call!

At least for USAA, it specifically says you cannot race them (but I don't plan to, at least for now):

Driven on a limited basis, for pleasure only.
Not used for racing or timed events.
Stored in an enclosed, locked garage (alternate garaging options may be available).

Where'd you find this for USAA? Did you have to call?

 

[Voodoo Velocity]

Where'd you find this for USAA? Did you have to call?

https://www.usaa.com/inet/wc/insurance_collector_car_main?akredirect=true

Most major carriers have it or work with a partner company.

 

[svassh]

I've been with Hagerty's for years with my weekend rides. It does not include track coverage either but I always purchase a separate 2-3 day policy for track days, also thru Hagerty.

 

[Cobra Jet]

For those of you who do not Daily Drive your Shelby GT350 / R - have you shopped collector's car insurance? When I purchased mine back in May I simply added it as a second car on my current policy by adding the VIN#. Now my policy is up for renewal in mid February and I decided to research insurance options. What I found is that collector's insurance can save a chunk and you get to establish agreed value. Some parameters:

- It must be a second car & you are the primary driver of the 1st car
- It must be garaged (fully enclosed)
- It cannot be a commuter car (for work / school)
- It may need to be kept under specific annual mileage (some carriers have no limits or penalty)

I have no idea if track events impact these policies.

In my case, location and parameters, I will save just over 50% of what I was paying for the GT350 adding it to my existing carrier as a second car. I am applying with Grundy, which for my case was the best offering. Others were $75 - $150 of my Grundy quote. Grundy had unlimited mileage as well.

My 1994 Cobra has been insured by Collector Car Ins. for well over 10+ yrs now.

As you stated above, there are strict parameters some Collector Car Ins. Co’s. have within their Policy documentation.

These Policies are not for daily drivers. Some are even strict enough that they have annual mileage limitations either implemented by their Policy provisions OR those implemented under your Home State’s DMV Laws for registered Collector Cars.

Some Collector Car Ins Cos will require that the car be registered with your Home State as a Collector Car, Antique, Historic, Hot Rod, or whatever type of such registration is offered by your State.

As noted above, the following verification is usually needed (and is a requirement by many):
1) Proof of Registration
2) Proof of Ownership
3) Proof of current Insurance
4) Driver Lic Review of Primary Owner/Driver
5) Pictures of all (4) sides of the vehicle
6) Review of any other Licensed Drivers in the Household - even if they have NOTHING to do with the vehicle being insured.
7) Vehicle must be secured in an enclosed and locked garage (or automotive storage facility)
8) Some will deny coverage IF the Owner has had any DMV violations within the last 3-5 years - this includes moving violations and/or any accidents.
9) Proof of collectibility. Some do ask or need docs to show the rarity of the car or that it’s built in limited numbers, or verified vehicle age, etc - other CO’s won’t need such proof.
10) Some will do a Credit Check (very common anymore with many Ins. Cos)

**** Many of the Collector Car Co’s will NOT pay out if the car is damaged OR ends up being a total loss from being entered into any timed events (this is drag racing, street racing, auto-x, road racing, drifting, Cars-n-Coffee loss of control wrecks, etc). These Policies are extremely clear on what Is NOT covered. They can drop you as well if it gets back to them that the car is being used in timed events.

If the car will be used in timed events - be smart, opt in for the Track or Event Insurance. Research Companies that do insure vehicles used in timed events.

Some Collector Car polices may have riders where you have to pay an additional supplemental fee on top of the annual premium to allow use in timed events.

———
Be VERY aware of Collector Car policies that do not have an AGREED VALUE. Do not go by any verbal agreement, a “handshake”, “he said/she said”, or “stated value”.

You want an AGREED VALUE policy, period. A true Agreed Value Policy will have the Agreed Value of the vehicle stated AND printed within the Policy Declaration Page in black and white. What this means is IF in the event of a total loss claim (theft, accident, flood), the Insurance Company will pay out the Agreed Value - nothing more and nothing less. This is the value that either the vehicle is appraised at OR the value you and the Ins. Co. have agreed to as being fair market Collector Car value based on similar vehicles either insured by them and in X-condition. It is NOT Blue Book, Red Book, Black Book, Edmunds, Kelly, NADA, etc etc etc.

If you have a Policy where the “agreed” value of the vehicle is NOT present within the Policy’s Declaration pages - shop for another Ins. Co.. You can get royally F’d if that car you think is worth $60k+ was supposedly insured as such, then gets totaled out and come to find out the Ins. Co. will only pay out $20k...

——

Some Collector Car Co’s do have flexibility:

1) use of the vehicle on nice days and the owner isn’t only locked in to taking it out for shows etc.

2) Insure Project cars or non-drivable vehicles

3) Insure stored parts up to $1k +/- in value

4) Offer towing/flatbed services if broke down

And many other options.

——

The Co. I’m insured through also appreciates the vehicle value every quarter, annually. So their rate is appreciation of 2% per 1/4, for a total appreciation of 8% annually. With that said, that means your Agreed Value is increased every year based on that appreciation and is also reflected upon Policy Renewal. To some this can be good or bad - with regard to annual premiums being very slightly increased due to the given appreciation.

To me, it doesn’t bother me - it’s part of market fluctuation and it’s in the Owner’s favor IF something were to happen to the vehicle.

My Policy is one that is flexible, does offer parts coverage, Proj Car coverage, annual appreciation etc. I’ve never had one gripe about them and I know that I can rest very well each night knowing the car is covered fairly and at an Agreed Value.


Here’s a very good, well known, well established and outstanding Co. for anyone seeking to research further:
https://americancollectors.com/

Their annual costs are fair, their Customer Service is top notch, they put on annual car shows, they offer folks like us a lot of flexibility for coverage purposes who care about what we own.

Just one small note of advice:
When shopping for ANY Ins. Policy, always read the policy and always read the fine print for what is NOT covered. It’s not what is covered or the total cost, but it’s what is NOT covered that is extremely important and should make you think about why you’re going with Co. A, B, C or D...

Most folks always zero in on what’s covered... and neglect to know what ISN’T - because what ISN’T covered can really cost you financially if ever a total loss claim has to be made and they’re like “um, sorry... that WASN’T and ISN’T covered under the Policy provisions”.... whoops....

 

[Voodoo Velocity]

Thanks for that contribution. Some of those details I encountered, some not. Another some may encounter is reporting in mileage (with dated photo) as requested by the carrier. The Devil is in the details per carrier, but it is a significant savings for those who have a garage queen.

 

[TDC]

Thanks. I’ll try Grundy because when I quoted Haggerty as a collector car the quote was the same as I pay with my standard insurance. Maybe it’s because I’m in and around metro Ny.

 

[proeagles]

You really have to pay attention to the details. The wording creates loopholes for the insurance company and it doesn't take much. When they mention club events and car activities like shows they really mean it. If you drive you car to work occasionally or any activity that seems like a daily driver, they can get out of paying. I'm pretty sure if the car even comes close to a track event it won't be covered. If its a true garage queen, then go ahead. USAA's partner would save me $800 a year in Louisiana.

 

[SVTinAR]

I have several cars on Collector insurance but have not listed my Lightning or GT350 with them - primarily due to the limitation on errand running. I use my Lightning for week end runs to Lowes or HD for odds an ends and they said that would be a disqualifying condition. If you were to have a shopping cart run away downhill into your car or something like that you might be left high and dry unless you make ups some other story for the damage - something I'm not willing to deal with.

 

[rick shea]

I have several cars on Collector insurance but have not listed my Lightning or GT350 with them - primarily due to the limitation on errand running. I use my Lightning for week end runs to Lowes or HD for odds an ends and they said that would be a disqualifying condition. If you were to have a shopping cart run away downhill into your car or something like that you might be left high and dry unless you make ups some other story for the damage - something I'm not willing to deal with.

I too have USAA and just buy track day event insurance for the days I will be on the track as USAA will not cover the car for track events. The track insurance can be ezpensive but the amount of coverage and deductible are decided by you when you apply for the insurance. Lockin Motorsports is one of the largest carriers of track insurance and the process is very easy.

 

[Voodoo Velocity]

I have several cars on Collector insurance but have not listed my Lightning or GT350 with them - primarily due to the limitation on errand running. I use my Lightning for week end runs to Lowes or HD for odds an ends and they said that would be a disqualifying condition. If you were to have a shopping cart run away downhill into your car or something like that you might be left high and dry unless you make ups some other story for the damage - something I'm not willing to deal with.

Good point. Mind if I ask which carrier? 'Personal use' seemed vague and I queried this. A run to the store, stop at a restaurant, or visit to someone's home were not disqualifying. I can see work, school or any type of track event being used to disqualify coverage.

Appreciate these insights. A good 'checklist' for anyone shopping this type of coverage.

 

[Docscurlock]

I use Hagerty for all my fun cars, they have an agreed value clause. It's the only way to be able to afford more than 1 car.

 

[key01]

I pay $425 every 6 months with $250K/$500K on the Shelby. That’s about the cost of one track event with Lockton. I can’t imagine getting a quote for half of that and still allowing me free access to drive anywhere I want. This is Allstate

 

[SVTinAR]

Good point. Mind if I ask which carrier? 'Personal use' seemed vague and I queried this. A run to the store, stop at a restaurant, or visit to someone's home were not disqualifying. I can see work, school or any type of track event being used to disqualify coverage.

Appreciate these insights. A good 'checklist' for anyone shopping this type of coverage.

My collector insurance is with Midwest Collector Insurance which is written by Modern Insurance, who writes a very large number of the collector car insurance policys. Insurance is subject to a lot of locality limitations. What you can get in one state you may not be able to in another. Just have to ask around.

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