Well my insurance agent suggested I use an underwriter on my 87 to get reduced rates if I declare my car as a classic. Have to keep it garaged and less than 5K in miles to qualify. I paid $6,600 on her and sent in the pics. They come back with a $16,300 value from Hagerty with an annual of $529 fully covered. Shakes head, I know she looks good but dayum....that seems steep. Any suggestions or is that typical? Oh...my record is clean and qualifies.

seems steep to me.I pay 600 a year full coverage with state farm and I can drive as much as I want.

Well my insurance agent suggested I use an underwriter on my 87 to get reduced rates if I declare my car as a classic. Oh...my record is clean and qualifies. One thing that insurance companies like to do is over insure. That is stating the value of your property higher than it will actually apraise. In doing so, the premium is higher and likewise their commission is, too. I'm not sure what "classic" insurance is, but in most states a vehicle would have to have been produced in 1985, or earlier in order to be considered an antique. And in order to qualify for antique insurance, you have to have an actual written appraisal (not just a pictuer you send them.) If you are going to insure the vehicle for that amount, I would suggest that you're sure that they intend to pay that amount for a "total loss." :doh: We all like to think of our 'Vettes as being worth much more than we paid for them and absolutely priceless, but in reality, unless you're a very young male, I think I'd check around for prices before committing to this company. I'm sure you'll get other suggestions from this post.....just wait a while. :thumbsup:

I have a 95 I pay $275 a year $300,000 . Same thing 5000 miles in garage, replacement coverage $13,000. Paid $10,000 for it in October. Collector Car Ins. Co.

Well my insurance agent suggested I use an underwriter on my 87 to get reduced rates if I declare my car as a classic. Have to keep it garaged and less than 5K in miles to qualify. I paid $6,600 on her and sent in the pics. They come back with a $16,300 value from Hagerty with an annual of $529 fully covered. Shakes head, I know she looks good but dayum....that seems steep. Any suggestions or is that typical? Oh...my record is clean and qualifies.

They say it's worth $16,300 NOW. I bet if your car was to get in an accident and declared "totaled", they wouldn't give you anything NEAR $16,300 for it. It's all just a game. Shop around for the best price. Since you have a clean record, you shouldn't have a problem finding a good price. Good Luck!:cheers:

Well my insurance agent suggested I use an underwriter on my 87 to get reduced rates if I declare my car as a classic. Have to keep it garaged and less than 5K in miles to qualify. I paid $6,600 on her and sent in the pics. They come back with a $16,300 value from Hagerty with an annual of $529 fully covered. Shakes head, I know she looks good but dayum....that seems steep. Any suggestions or is that typical? Oh...my record is clean and qualifies.

$16,300? I'd like to see how they came up with that figure. I can guarantee you if you had a total loss on the car and it was time for them to pay, out would come the blue book for the real value. I also pay $600 a year for full coverage and can drive as many miles as i feel like. Just curious, how much is your insurance a year now?

$16,300? I'd like to see how they came up with that figure. I can guarantee you if you had a total loss on the car and it was time for them to pay, out would come the blue book for the real value. I also pay $600 a year for full coverage and can drive as many miles as i feel like. Just curious, how much is your insurance a year now?

Actually Hagerty is well known for honoring those values from what i have seen and heard. I hang around a bunch of street rodders and they all swear by it. They even back up custom paint values on repairs, and those can get rediculously high. But most of the street rodders have around 25K to 50K values and still only pay 350-500 per year. Why was yours so high?

They say it's worth $16,300 NOW. I bet if your car was to get in an accident and declared "totaled", they wouldn't give you anything NEAR $16,300 for it. It's all just a game. Shop around for the best price. Since you have a clean record, you shouldn't have a problem finding a good price. Good Luck!:cheers:

:iagree: You'll never see that value on a payout. But is the driving record clean? I've never heard of a 'classic' car value being established by word of mouth with some pics to follow.

$16,300? I'd like to see how they came up with that figure. I can guarantee you if you had a total loss on the car and it was time for them to pay, out would come the blue book for the real value.

That's what I was thinking. In the insurance world, like anywhere else really, there's very unscrupulous companies who don't care about actual loss, just how cheaply they can get away with paying much while charging you astronomical rates. Especially if they appraise it without actually seeing it. That reeks of ripoff and ultimately, the blue book value.

Actually Hagerty is well known for honoring those values from what i have seen and heard.

I've heard good and bad experiences from people about them, and several other 'classic' car insurers throughout the years. The same theme here appears to me as; the higher the dollar appraisal, the more likely you are to get the value in a total loss. Reasons I've been given are; restored, 1 or few of, customized, etc, are typically shown, well documented, in the form of pics, paperwork, video, best of trophies, or other awards, media circulation, etc recognizing the accomplishment(s) of said vehicle(s).

A picture may be worth a thousand words, but not the same in $$$$$'s

Well my insurance agent suggested I use an underwriter on my 87 to get reduced rates if I declare my car as a classic. Have to keep it garaged and less than 5K in miles to qualify. I paid $6,600 on her and sent in the pics. They come back with a $16,300 value from Hagerty with an annual of $529 fully covered. Shakes head, I know she looks good but dayum....that seems steep. Any suggestions or is that typical? Oh...my record is clean and qualifies.
I went with Grundy's. In Mass. we have horrendous insurance. Grundy's gave an agreed value, same full coverage ($300k & full collision w/glass waiver) I have on my daily driver, unlimited mileage. Their only requirements were it can't be a daily driver or backup or errand car, and has to be garaged. Local MA cost was about $1000+, Grundy's was about $250.

the higher value they are charging you for is not the amount they will pay you for its loss. it will be much less.

the higher value they are charging you for is not the amount they will pay you for its loss. it will be much less.
If it's for "agreed value" they pay the full amount if totalled. If it's "actual cash value" like my daily driver they pay bluebook or wholesale, depending on the company.

If it's for "agreed value" they pay the full amount if totalled. If it's "actual cash value" like my daily driver they pay bluebook or wholesale, depending on the company.
you can believe that if you wish, I ve seen them in action. My nephew had a 69 vette, they charge premium for $25,000. after 2 years of paying premiums, he crashed and totally destroyed the car. They wrote him a check for $18.500, claiming that the car had depreciated in value because it was not in perfect condition, They saw the car and took pictures of it when he got the policy, nothing was any different at time of crash. So take the word of the salesman selling you the policy if you want, I however live in the real world.

Hagerty is a "agreed upon" value. The lowest amount they cover is $10,000. If the car is totaled they will pay the agreed upon value. They might not insure your next car however.

My 85 is covered by them for $10,000 and I pay $250 per year. They prefer a GQ but can't limit the milage in Texas.:coffeetime:

Well my agent found an alternative source to this. To answer some questions you are paid on the "agreed value" if anything happens and not a reduced value off the book. Oh... and this one I am allowed 6,000 miles. Paying $257 annual. My breakdown is below.


1987 CHEVY CORVETTE
$11,000 6000
Coverage Description Limit/Deductible Premium
BI - Liability Split Limits $50,000/$100,000 $40.00
PD Liability $50,000 $15.00
Uninsured/Underinsured Motorists $50,000/$100,000 $14.00
Uninsured/Underinsured Pd $50,000/$250 $8.00
Personal Injury Protection $5,000 $11.00
Other Than Collision - Agreed $11,000 $94.00
Collision - Agreed $11,000 $65.00
Nationwide Assistance $200 $10.00
Trip Interruption $150/$600 $0.00

It sounds like you found one that will make you happy...or least tolerable.
i haven't been able to figure out how much mine is worth. The figure my local Corvette shop says seems high, but i don't want to be left in the cold should something happen. Mine is a real brain teaser to set a value on.


They prefer a GQ but can't limit the milage in Texas.
How in the world does that work out? Do the insurance companies have a cow and raise rates or refuse coverage? Does the state set in other safe-guards to protect the buyers from being treated like that by the companies? How do i get my idiot state reps to set something like up?

It sounds like you found one that will make you happy...or least tolerable.
i haven't been able to figure out how much mine is worth. The figure my local Corvette shop says seems high, but i don't want to be left in the cold should something happen. Mine is a real brain teaser to set a value on.



How in the world does that work out? Do the insurance companies have a cow and raise rates or refuse coverage? Does the state set in other safe-guards to protect the buyers from being treated like that by the companies? How do i get my idiot state reps to set something like up?

My agent said the prefer a show car, driven to shows and sunday drives, but can't enforce it. They have no way to moniter the milage, and can't leagally put limits on it. Must be something in the Texas Ins laws. I know the state writes all homeowner policies.

All those rates are way better than mine! I need to shop around!

you can believe that if you wish, I ve seen them in action. My nephew had a 69 vette, they charge premium for $25,000. after 2 years of paying premiums, he crashed and totally destroyed the car. They wrote him a check for $18.500, claiming that the car had depreciated in value because it was not in perfect condition, They saw the car and took pictures of it when he got the policy, nothing was any different at time of crash. So take the word of the salesman selling you the policy if you want, I however live in the real world.
It still comes out a lot cheaper here than paying in-state companies over $1k a year for actual cash value, which for a 1988 "used car" would be a couple hundred bucks if totaled? By their reasoning a good bump in the fender would total it. Not arguing but who was his insurer? And I don't know where you are but in Mass you can't drive or register it without insurance, period.

It still comes out a lot cheaper here than paying in-state companies over $1k a year for actual cash value, which for a 1988 "used car" would be a couple hundred bucks if totaled? By their reasoning a good bump in the fender would total it. Not arguing but who was his insurer? And I don't know where you are but in Mass you can't drive or register it without insurance, period.
I m in Louisiana, and insurance has been required here for the last 30 years too.I don t remember which one , its been several years. I bought the salvage from insurance company after they paid him.there was still a lot of usable parts and I was in the business then.

I have Grundy and pay $235.00 per year. I must send pics of the car, garage it and not drive it to work. Which is fine with me. The amount of replacement is an agreed to rate. Some of the posts are saying that the carrier will not pay the agreed to price. That is the purpose of this insurance the replacement rate IS AGREED TO, and NO MORE. They figure you will never make a claim, but if your car is destroyed I know Grundy will pay the agreed to amount. NO MORE

I have Grundy and pay $235.00 per year. I must send pics of the car, garage it and not drive it to work. Which is fine with me. The amount of replacement is an agreed to rate. Some of the posts are saying that the carrier will not pay the agreed to price. That is the purpose of this insurance the replacement rate IS AGREED TO, and NO MORE. They figure you will never make a claim, but if your car is destroyed I know Grundy will pay the agreed to amount. NO MORE
I hope yours will do that if needed, but I ve seen the ins, co, s not pay out the agreed to amount for reasons only they determine.

Anyway, his original question was just who people used and how much they paid, that's all I offered and now he has a bunch of comparisons.