Car Insurance

[The Demon]

Hey guys/gals. I just had a question for those of you who drive your Mustangs very rarely. I’m not just talking weekends I’m talking maybe 300 miles a year if even that. If you have your own house with an enclosed garage, I could see you paying very very little insurance through Hagerty or somebody else. If you don’t have your own garage yet you still only drive it that little how are you ensuring yourselves. I’m looking at a Mach 1, which I will very rarely drive, but I don’t live in a house. Hagerty said no and I am not paying full price insurance for something that I’m not going to drive that often.

Thanks for the responses good or bad.

The Mach 1 is for more of a very rarely used toy. I will be keeping my own car as a daily as usual.

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[AZlb5.0]

Talk to any local museum and they’ll be able to guide you… jk

 

[MattMPA]

Any of the specialty insurance firms want the car garaged. I recently moved all of our cars to a program by Grundy. All our vehicles are in the same policy, if memory serves it's an MVP policy.

 

[The Demon]

Any of the specialty insurance firms want the car garaged. I recently moved all of our cars to a program by Grundy. All our vehicles are in the same policy, if memory serves it's an MVP policy.

I get that, but I don’t want to be in prison if I want to take it to a cars and coffee on a Saturday of my choice three hours.

The cars you moved to Grundy, do you drive them often or rarely?

 

[MattMPA]

I moved every vehicle we own. The "modern" cars, wife's '18 EcoSport, '22 GT, '05 Excursion and '16 Police Utility are everyday vehicles albeit with agreed value coverage. The '72 Plymouth, '96 Viper RT and '00 Viper GTS are the "collectibles" with the same agreed value coverage. I don't know of a mileage restriction on the "collectibles". (Or the others, for that matter.) During the better weather months, I drive all three regularly.

I've been working with Samuel Grundy.When I compared my Progressive and AIG (Barrett Jackson endorsed) policy, it was something like $700 less year with Grundy.

 

[Cobra Jet]

I moved every vehicle we own. The "modern" cars, wife's '18 EcoSport, '22 GT, '05 Excursion and '16 Police Utility are everyday vehicles albeit with agreed value coverage. The '72 Plymouth, '96 Viper RT and '00 Viper GTS are the "collectibles" with the same agreed value coverage. I don't know of a mileage restriction on the "collectibles". (Or the others, for that matter.) During the better weather months, I drive all three regularly.

I've been working with Samuel Grundy.When I compared my Progressive and AIG (Barrett Jackson endorsed) policy, it was something like $700 less year with Grundy.

So Grundy is allowing you to insure vehicles with them and drive them daily with no mileage restrictions?

 

[TrueBlue22]

I insure my 2011 GT Premium Convertible through Haggerty. I made the switch on recommendation of my State Farm agent, of all people, about five years ago after we had a conversation about whether keeping a car on a battery tender during winter storage qualified as “maintaining the car” (spoiler alert: it does). Turns out if anything happened to the car in storage mode, it wouldn’t be covered. I also have several friends who insure their Mustangs, 911s, and track-rat Miatas with Haggerty. They’ve been great! I pay half of what State Farm was charging, but for year-round full coverage with agreed value (side note: S197 5.0L values for “excellent” condition are starting to get stupid already). And it coordinates nicely with my SF umbrella liability policy. I don’t recall having a mileage limit, but I only put ~2000mi a year on it. I do garage my S197, so that never came up in my discussion with Haggerty. The people at Haggerty are definitely “car crazy,” and they love to talk shop about your ride when you call.

 

[The Demon]

I insure my 2011 GT Premium Convertible through Haggerty. I made the switch on recommendation of my State Farm agent, of all people, about five years ago after we had a conversation about whether keeping a car on a battery tender during winter storage qualified as “maintaining the car” (spoiler alert: it does). Turns out if anything happened to the car in storage mode, it wouldn’t be covered. I also have several friends who insure their Mustangs, 911s, and track-rat Miatas with Haggerty. They’ve been great! I pay half of what State Farm was charging, but for year-round full coverage with agreed value (side note: S197 5.0L values for “excellent” condition are starting to get stupid already). And it coordinates nicely with my SF umbrella liability policy. I don’t recall having a mileage limit, but I only put ~2000mi a year on it. I do garage my S197, so that never came up in my discussion with Haggerty. The people at Haggerty are definitely “car crazy,” and they love to talk shop about your ride when you call.

Exactly the comment I was looking for except it sounds like you live in a house. I live in an underground garage in an apartment with many exotic cars and Hagerty won’t do it.

 

[MattMPA]

So Grundy is allowing you to insure vehicles with them and drive them daily with no mileage restrictions?

Yes and no. ALL our cars are on the same policy, but the "collector" cars aren't supposed to be used as daily drivers. The modern cars are expected to be used as, well, cars. They are all on the same "policy" with agreed value.

I'd suggest a call to Grundy for exact info - they are VERY helpful. My insurance folks are also a client, and I asked them to review the policy. They said the underwriter (Cincinnati) was good as is the policy.

 

[RagmopInKona]

So Grundy is allowing you to insure vehicles with them and drive them daily with no mileage restrictions?

Grundy had no mile limits on my classic cars, but requires a garage and a daily under 20 y/o for every lic. driver in the home. no using the classic to drive to work daily, and no using the bed to haul anything and no towing .
The MVP thing they offer is the normal cars get normal insurance while the classic or speciality car gets the limited type use coverage all under one policy.
Basicly they said why are we handing the classic car owners other business to other companies. As the classic owner to keep the classic car insurance needs a clean drivers record, so they are a good risk for even the dailys.

 

[RagmopInKona]

O/P either find a buddy with a garage to store it in. or bite the bullet and pay full boat insurance.
Even with normal insurance they offer discounts for low mileage use. But street parking comes with huge risk as seen by the insurance co. from getting hit, to theft. driveway it is just mostly theft.
Ask around at cars and coffee, sometimes someone will have a garage/etc that you can rent out a space. But that might cost more than full boat insurance anyways.
Best way, talk to your insurance and tell them it be under 1000 miles a year,and 2nd car As long as your driving record is clean it should not cost too much to insure it. If you have moving violations , pay up sucka is what they will say.
And frankly they are not stupid they know no one buys a v8 sports car to drive slow. Even if you have a spotless drivers record with no points.

 

[Cobra Jet]

Thanks for the responses for Grundy. I know the specialty or Collector Car Ins. Co.'s require garages and have restrictions on how the covered collector car can be used - but didn't know that they would also write "standard" policies as other Auto Ins. Companies.

My 94 Cobra has been insured by American Collectors for like 15yrs now and they too are a great Co. to deal with - however as everyone else has said above, the single requirement with all is that the vehicle must be stored in a garage, period. They too are an Agreed Value Co., offer many perks as well as appreciation where the Agreed Value appreciates 8% automatically each year while covered.

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OP if you don't have a garage at your location - have you asked these Co's. if they would consider covering the car at a Collector Car Facility? Here in NJ, and I'd imagine in other States, there are specific vehicle storage buildings/facilities where folks can store their collectible cars (or other). They offer individual locked units, monthly fees and allow you to go in/out whenever just the same as regular storage facilities. I think some of those vehicle facilities also have Ins. options aside from their own coverage.

I'm not sure if the Ins. Co. will allow a vehicle to be stored "offsite" at another secure location from your actual address - maybe others know if that is or is not a possibility. The only concern here is that it defeats your purpose of "saving money" on Ins. on a vehicle that sees limited use because now you're paying the Ins. and storage fees.

 

[Crew4991]

300 miles a year? God you are missing out on driving a fantastic car... but to each their own.

Best I could recommend would be to work with a local insurance broker that should be able to give you a more accurate quote for this kind of coverage. @RagmopInKona had a great idea to check with the folks at your local Cars & Coffee to see what they have. This kind of crowd will definitely have some advice for you. I have a house with garage and multiple vehicles but I actually drive all of them so I am not a good reference point. Personally I think Haggerty would be your best bet.

 

[KingKona]

....I’m talking maybe 300 miles a year if even that.....a Mach 1, which I will very rarely drive, but I don’t live in a house.

That's just terrible for the car. The gas will go stale, battery will go flat, seals will dry-out.......just terrible. Sitting outside not being driven? Bad news.

Anyways.....you're kinda stuck on the insurance thing. I doubt you're going to find anything that doesn't require garage storage.

 

[RagmopInKona]

300 miles a year? God you are missing out on driving a fantastic car... but to each their own.

Best I could recommend would be to work with a local insurance broker that should be able to give you a more accurate quote for this kind of coverage. @RagmopInKona had a great idea to check with the folks at your local Cars & Coffee to see what they have. This kind of crowd will definitely have some advice for you. I have a house with garage and multiple vehicles but I actually drive all of them so I am not a good reference point. Personally I think Haggerty would be your best bet.

Haggerty will say no if no garage.
I don't understand keeping miles off it, unless you plan on keeping it for 30+ years. and then auctioning it off, doubtful if it sits outside , as the paint weatherstripe, interior etc will get trashed from the sun. It is still a car it's value will take a nosedive the first 5-10 years if you drive it or look at it. The 2020-2022 covid bubble isn't going to last.
I could see it if he is keeping it as a forever car and had a garage to store it. But I'd be hard pressed to not drive it, And frankly saving it is a crap shoot, it seems they can ban things on a whim ,The future of being allowed to even use it is a question mark. If they can ban the sale of ice only by 2035 and it sticks, (jury is still out on this) but say it does, it won't be long before they make is costly to tag older ones. So saving it for the future might be a wasted effort.

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