anyone successfully gotten collector insurance?

Started by william_b_noble, November 22, 2017, 02:16:23 PM

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william_b_noble

I have a small number of interesting cars, the relevant one here is a 59 Eldorado (all stock, older restoration), I had JC Taylor coverage for about 40 years, but they won't renew because they require all cars to be in an enclosed and locked facility.  So right now all my nice vintage cars are licensed "permanent non operation status", which means I can't drive them.  Haggerty and Grundy also require a fully enclosed locked facility.  Honestly, I'd be better off to donate the cars to charity than to spend the millions dollars it would cost to tear down my house and build a new house and a much larger garage in this current real-estate climate- so I wonder if there is an alternative.

Anyone have any success?   of course my regular insurance company can cover them, but it's more expensive, particularly for cars that might be driven once or twice per year - I don't think I've put 5,000 miles on the 59 since I restored it in 1981.

so, looking for suggestions.
Bill N - clc # 2371

D.Smith

Your 59 that was restored in 1981 and has sat outside since 1981 has only been driven 5,000 miles in 36 years?
That's 138 miles a year. 

Sell the car.

william_b_noble

sure - make me an offer, I got some value data from trying to insure it. if it was gone I could get the next car out easier.  But I will point out that sitting under a car cover where I live is like being in an insulated heated and air conditioned garage in the Midwest.  I just like the looks of the car, but I don't really like driving it all that much - I have some much smaller cars I like to drive.  I drove it to the club meet at the Madonna inn, but since then I think I've only used it for a couple of weddings.
Bill N - clc # 2371

76eldo

Donate them to me and I'll rent a warehouse and get them insured.
All kidding aside, if you have valuable collector cars and they are sitting outside maybe consider selling some and keep your favorite one or two and rent a garage?

I've got about 11 cars insured with Grundy and they are all inside.

Brian
Brian Rachlin
Huntingdon Valley, Pa
CLC # 22443
I prefer email's not PM's rachlin@comcast.net

1960 62 Series Conv with Factory Tri Power
1970 DeVille Conv
1970 Eldo
1970 Caribu (?) "The Cadmino"
1973 Eldorado Conv Pace Car
1976 Eldorado Conv
1980 Eldorado H & E Conv
1993 Allante with Hardtop (X2)
2008 DTS
2012 CTS Coupe
2017 XT
1956 Thunderbird
1966 Olds Toronado

Jeff Wilk

Id try Hagerty and the others again as my 40 year Collector car Insurance experience shows that they will insure them in different types of storage situations but will adjust the price
"Impossible Only Describes The Degree Of Difficulty" 

Southern New Jersey

1959 Cadillac Fleetwood Sixty Special
1975 Eldorado Convertible (#12 made)
1976 Cadillac Mirage (factory authorized Pick-Up)
1933 Phaeton Chevrolet - "Baby Cadillac"
1933 Master Sedan Chevrolet - "Baby Cadillac"

SOLD
1958 Cadillac Sixty-Special
1958 Cadillac Sixty-Special
1958 Cadillac Sedan
1958 Cadillac Coupe Deville

TJ Hopland

Would they consider one of those tent like things a full enclosure?

Does the zoning in your area (or perhaps more importantly your wife) allow for something like a shipping container?  Those are often a reasonable option for storage and they can be decorated so they don't look too bad.   Putting something like a 59 in one may require some sort of mod so you can open the door enough to get in and out or you would have to push/pull it in with the doors shut.   That may be a reasonable option if you think ahead.  You could mount a pulley or winch on the floor in front of the car.   You also want to read up on the different options for ventilation.   In theory most of the containers are sealed but the ones they sell cheap tend to be well used.  Tons of info online about various ways to vent them.    We have one that has those simple whirly attic vents on the roof and some maybe 6x6 vents down low in each corner.  I almost never see any condensation inside. 
StPaul/Mpls, MN USA

73 Eldo convert w/FiTech EFI
80 Eldo Diesel
90 CDV
And other assorted stuff I keep buying for some reason

m-mman

#6
I am sorry I dont understand. Enclosed? Locked?   ???

I refuse to believe that your cars are truly outside fully exposed to the elements. Your 59 has NOT been living under a tarp for 30 years.

Collector insurance is low because the insurers are taking a low risk. A car that is rarely driven has a low chance of being in an accident. A car that is stored in a 'protective structure' has a low chance of experiencing other types of damage.

I have Hagerty. Yes, they want to know (be told?) that the cars are protected inside a (pick one) <barn, garage, building>. The words 'locked' are not in MY policy. Nor has anyone ever come by to inspect my 'locks'.

Hagerty seems to be the most liberal as to recreational driving and occasional use. (And if you are driving your collector car daily, then it is not a collector car.)

Something does not add up. You and the insurance companies are obviously not communicating. You can get collector insurance if you want it.
Something else is happening here. You need to talk to them.
1929 341B Town Sedan
1971 Miller-Meteor Lifeliner ambulance
Other non-Cadillac cars
Near Los Angeles, California

CLC #29634

55 CDV Fan 82


What would you want for it if you sold it?  Love the color!
Tim

CLC Member #30850

1955 Cadillac Coupe Deville "Evelyn"
1967 Buick Wildcat Convertible "Joyce"

Past Cars

1937 LaSalle Opera Coupe "Adeline"
1940 Chevrolet Coupe "Scarlett"
1941 Ford 11Y truck
1954 Buick Special 48D
1955 Packard Clipper Super Panama
1957 Cadillac Series 62 Coupe
1962 VW Bug
1962 Dodge 880
1966 Mercury Montclair
1968 Chevrolet Chevelle SS
1968 Plymouth Barracuda
1977 Lincoln

Jay Friedman

While we are on the subject of insurance, I would like to digress a bit.  As m-mman mentioned Hagerty and Grundy are the most liberal in terms of recreational driving and occasional use.  If I had to choose between these two, can anyone tell me whether one is better than the other in any way?  Are there are any other points of comparison? 

Thanks,
1949 Cadillac 6107 Club Coupe
1932 Ford V8 Phaeton (restored, not a rod).  Sold
Decatur, Georgia
CLC # 3210, since 1984
"If it won't work, get a bigger hammer."

Mike Josephic CLC #3877

I don't know from my OWN personal experience (thankfully) but
that of a friend.  My friend had a restored '55 Eldorado like mine
(but a different color) that was involved in a fire.  The whole engine
compartment and half the car was toast from the heat.  He took it
to a reputable restoration house and got their estimate.  Hagerty
cut him a check for that amount -- case closed.

I thinks that speaks volumes since the cost approached 6 figures.

BTW, I also insure with Hagerty and have for 20 years.

Mike
1955 Cadillac Eldorado
1973 Cadillac Eldorado
1995 Cadillac Seville
2004 Escalade
1997 GMC Suburban 4X4, 454 engine, 3/4 ton
custom built by Santa Fe in Evansville, IN
2011 Buick Lucerne CX
-------------------------------------
CLCMRC Museum Benefactor #38
Past: VP International Affiliates, Museum Board Director, President / Director Pittsburgh Region

e.kempton

You might try American Collectors Insurance 888-450-5904.  They say "alternate garaging options may be permitted contact our representative"

cadillac ken

#11
Just be sure the words "Agreed Value" are what describe your policy.  "Guaranteed value" "replacement value" "stated value" and other comforting words will leave you devastated when the unthinkable happens.  You will find that you will not be "guaranteed" anything and "replacement" value can have many factors the insurance company will exploit to reduce their payout.

I found this out the hard way.  To add it took over a year for them to settle the claim with a "stated value" policy I had with them after my car was a total loss as a result of a teenager running a red light.

I will not name names here, but this policy was with one of the biggest insurance companies out there that regularly advertise on TV. And a company I had all my insurance with for over 25 years.

Agreed Value policies are the only ones that will pay out the amount of value you and the insurance company "agree" to regarding the loss of your vehicle-- prior to signing on the dotted line.

Mike Josephic CLC #3877

That's why I hate the company that has "FARM" as part of their name.

They really want to insure your collector car, but "stated value" is all
they will allow.  However, as the previous poster pointed out, they will
really shaft you when it comes time to pay.  These guys did it to me on my
wife's 1995 Seville.  That car was like new, only 75K miles and I had put
over $6K in parts in it over a two year period.

They gave me a grand total of $3k to settle it -- only after I agreed to have
it totaled.  Otherwise, I would have gotten "0".

Mike
1955 Cadillac Eldorado
1973 Cadillac Eldorado
1995 Cadillac Seville
2004 Escalade
1997 GMC Suburban 4X4, 454 engine, 3/4 ton
custom built by Santa Fe in Evansville, IN
2011 Buick Lucerne CX
-------------------------------------
CLCMRC Museum Benefactor #38
Past: VP International Affiliates, Museum Board Director, President / Director Pittsburgh Region

cadillac ken

Quote from: Mike Josephic  CLC #3877 on November 24, 2017, 02:13:18 PM
That's why I hate the company that has "FARM" as part of their name.

They really want to insure your collector car, but "stated value" is all
they will allow.  However, as the previous poster pointed out, they will
really shaft you when it comes time to pay.  These guys did it to me on my
wife's 1995 Seville.  That car was like new, only 75K miles and I had put
over $6K in parts in it over a two year period.

They gave me a grand total of $3k to settle it -- only after I agreed to have
it totaled.  Otherwise, I would have gotten "0". 

Mike


BINGO!

william_b_noble

#14
well, let's see - I called Grundy, Hagarty, JC Taylor - that pretty much covers it - each said in my area they will insure NO car that is not in enclosed locked storage.  So, I could rent a 5 car garage - I did find a one car garage for $411 per month, everything else was more expensive - so $2,000 per month for rental $24 grand per year - I don't think that's terribly practical - the '59 runs well but it's only a 50 to 60K car, and it is one of the more valuable in my pile - as for building - in a 40 by 160 foot lot, it would take three stories - with permits that's going to be well over a million $$ here, I think (no I didn't get estimates) - these crappy houses sell for 1.5 million and get torn down and build up a bit and sell for 3.5 to 5 million - a garage would add almost no value - so that isn't really a sensible choice either.

Oh, and not "under a tarp" - under a proper car cover designed for outside storage, changed about every 5 years as the sun breaks it down.

I think what it comes down to is there is no practical collector's car insurance available on the los angeles west side - Jay Leno has a nice enclosed garage, but most of us don't.

as for $$ for the car - offer me over 50K and we can talk.  it needs tires, and there are some scrapes on the paint that can be touched up (I have some matching paint), the hood should be repainted eventually.  the interior is "new" - leather and some 1960 Cadillac fabric I was able to find, and I've pretty much rebuilt everything - and I have the large folder of receipts to back that statement up.  (and yes, it has the original tri-power and it has a letter from the California air resources board allowing me to keep the draft tube rather than install a smog device)

follow up - a commercial storage place about 10 miles away will rent me a 10X20 storage locker suitable for vehicle storage for $528 per month.  that's for one car's worth of storage.   farther away could be cheaper, but then I'd never drive the cars.
Bill N - clc # 2371

cadillac ken

well that stinks.  Not to be a wise guy but if houses are going for that kind of money in your area, I sell and move.  Obviously you enjoy your hobby.  Just a shame you cannot enjoy it where you currently are.

gkhashem


from the website

Haggerty


Do You Qualify for Our Classic Car Insurance?

In order to qualify for our Guaranteed Value collector car insurance, you must meet the following requirements:
Usage

Our policy allows you to use your collector vehicle for club functions, exhibitions, organized meets, tours and even occasional pleasure driving â€" it just can't be your daily driver.
Storage

Though we prefer that collector vehicles are stored in an enclosed, secure structure when not in use â€" such as a private garage, pole barn or storage unit â€" we will consider other storage types, including*:

    Carports
    Driveways
    Parking garages
    Car hauling trailers

I guess they do not like your area.  I bet due to the wildfires and other issues maybe?
1959 Oldsmobile 98 Holiday Sports Sedan
1964 Oldsmobile 98 Town Sedan (OCA 1st)
1970 GMC C1500
1977 Oldsmobile 98 Regency Coupe
1978 Cadillac Coupe Deville (Sr Crown #959)*
1984 Oldsmobile Delta 88 Royal Brgham Coupe (OCA 1st)
1991 Cadillac Eldorado Biarritz (Sr #838)
1992 Oldsmobile 98
1996 Oldsmobile 98
*PastPres

m-mman

#17
It is well known that the west side of Los Angles is NOT a car friendly area.  >:(  This goes for daily (luxury) drivers as well as any collector cars.   :'(
BTW Jay Leno's cars are NOT in West LA. His house is, but his cars live in a warehouse Burbank.  :D

Personally I live on the east side of Los Angeles and I currently have 14 cars on my property.  ;D (Double size lot in a residential neighborhood) All but 3 are under a solid cover, (1944 horse barn)  none can be seen from the street.  8)

Hummmmmm, I guess maybe you do have some choices to make. . . . ?   :-\
1929 341B Town Sedan
1971 Miller-Meteor Lifeliner ambulance
Other non-Cadillac cars
Near Los Angeles, California

CLC #29634

william_b_noble

yeah, it's odd --- I've been here for 40 years - I did have my 911 stolen from my driveway, but I think that's because the shop that I had do some work duplicated the key or tipped someone off - that was my daily driver so it was covered by insurance - of course it was stolen just as the value of that particular model started to go through the roof.  I spend quite a bit of time on the phone with Haggarty - they were nice, they were helpful, but they insisted that locked and covered was an absolute requirement.  And I guess for me, not needing AC is an absolute requirement, plus I work near LAX so for those that know the area, moving east would not add to my commuting pleasure.  And I like what I do, so retiring and moving to <name a cheaper place far from LA> doesn't really float my boat either. 

I guess there really is no answer ....   
Bill N - clc # 2371

cadillac ken

#19
What I have found is getting collector car insurance is a lot like when you started out in life trying to get credit.  I still remember the excuse I always got when I graduated college and had my first job: "insufficient credit history".  Well, yeah, no kidding.  And just how do I get a credit history when you won't lend me any money or issue me a credit card(?) crickets...

I found once I established I was a good risk to the collector car insurance world it was a lot easier to shop it around and even add cars to the policy.

So perhaps you may want to find any company you can that will take on at least one of your cars and get signed up (agreed value policy of course).  Establish a little history with them and them maybe start adding your other cars.  Just a thought.  Also I have used American Modern for over 17 years.  No claims (so who knows how that would work out) but still it is an agreed value policy.  FWIW  Worth a call maybe. 

Best of luck just don't give up yet.