Daily Driver Insurance Availability

by 73sssb Tue Apr 03, 2018 6:40 pm

Finally budgeted out the build for my 73 Chevelle. I'll more than likely end up putting over $20k in it when all is said and done and I'm wondering if I should even bother depending on the insurance situation.

I plan on driving this car around quite a bit in the spring/summer/fall, so I do not want to be limited to historical plates and collectors car insurance.

When I signed up for State Farm to drive the car back home 72 was the oldest you could select for normal insurance - so next year I'm assuming 73 will be the oldest, and so on.

I find it hard to believe that anyone using their classic as a daily driver is only driving around with liability... Am I wrong? I am completely opposed to having restrictions on how often I drive.

by REVINKEVIN / Mr. 600+HP Tue Apr 03, 2018 7:02 pm

I understand this one. I have Hagerty on my 1970 Camaro and my 1986 C10 truck. I had to tell them I am going to use the '70 less than 2500 miles a year and the '86 5000 a year. I have Farmers for my other vehicles and they told me to go to Hagerty for the other two. When I get the Laguna running I am going to be in the same boat as you. If I want to drive it 50,000 a year I don't want any lip.

by 73sssb Tue Apr 03, 2018 7:36 pm

Exactly. Can't see my gem collecting dust in the garage. It's a car - meant to be driven!

If anyone has a solution to this, please share!

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by bigredlaguna Tue Apr 03, 2018 9:03 pm

My sister-in-law is an insurance agent (independent), and she was able to get all my vehicles covered with the same company. I do have a different payment schedule for the old cars, and an agreed upon value of each car. At the time I got the policy, if the value was under 10-11K, then there was no need for an appraisal. If I wanted to insure for a higher dollar amount, then a certified appraiser would have to do an independent appraisal.

Aside from my agent being related to me, I would favor an independent agent anyway because they can (in most cases) get quotes from anyone authorized to sell insurance in your area and perhaps more importantly are not going to favor one company over another.

No restrictions on anything except the usual racing, acts of war, etc. I have run regular tags and antique tags. My state does not restrict vehicle usage for antique tags, it is just a much cheaper option to use.

by fasrnur Tue Apr 03, 2018 9:07 pm

I have State Farm and had no problems getting regular insurance on my 75. I have full coverage with out any limits or restrictions. Right now I have it insured for $10,000 and I'm sure that will go up as I restore it to be a daily driver. I put close to 4000 miles on it last spring summer and fall too. The one thing I do to keep the cost down is during the winter while it's in storage I drop the full coverage to "Fire and Theft" So for about 4-5 months out of the year it still has full cover to speak of, but no collision. I'm not driving it then after all. lol That coverage only costs me I think about $5-10 a month and when I'm ready to take it out of storage and start driving it again I just call my agent and it goes right back to full coverage and I'm off to driving. Very Happy

by pila Tue Apr 03, 2018 10:00 pm

I dropped the insurance on the '75 El Camino. Couldn't justify keeping it insured, for what little I drive it. But, in Michigan ( the tax state) they tack on $170 bucks on every registered car, for their "catastophic injury insurance" which is there to help insurance companies. That fee, which is part of the insurance premium ( they collect if for the state, isn't that nice of them !), is going up to $192 bucks per car, on July 1st...DON"T move to Michigan !! Mad

by bigredlaguna Tue Apr 03, 2018 10:36 pm

pila wrote:I dropped the insurance on the '75 El Camino. Couldn't justify keeping it insured, for what little I drive it. But, in Michigan ( the tax state) they tack on $170 bucks on every registered car, for their "catastophic injury insurance" which is there to help insurance companies. That fee, which is part of the insurance premium ( they collect if for the state, isn't that nice of them !), is going up to $192 bucks per car, on July 1st...DON"T move to Michigan !!

I'm a bit confuzzled about this. You pay the state this fee- which should be collected by the insurance company in the first place- and you also have to pay directly to the insurance company for your actual coverage. Am I correct?

by buggy5872 Wed Apr 04, 2018 2:07 pm

I have state farm and drive a 1968 beetle as my daily driver spring/summer/fall with full coverage. No restriction and it has a regular plate on it. I also have a 1957 Chevy LCF 2 ton truck with full coverage no restriction that we pull our camper/ gooseneck trailer with. The other 9 old vehicles have classic/antique plates on state farm but have mileage restrictions.

by 73sssb Wed Apr 04, 2018 2:14 pm

buggy5872 wrote:I have state farm and drive a 1968 beetle as my daily driver spring/summer/fall with full coverage. No restriction and it has a regular plate on it. I also have a 1957 Chevy LCF 2 ton truck with full coverage no restriction that we pull our camper/ gooseneck trailer with. The other 9 old vehicles have classic/antique plates on state farm but have mileage restrictions.

It seems State Farm will allow me to run regular plates with full coverage as well. However, they resort to KBB value (not even available) and they will only do agreed upon value if I agree to the classic insurance with a mileage limit.

Is that what you are using? I'm assuming they would want to give me a couple thousand after an accident - so I'm wondering if I should even begin spending money on this project or get out while I can. It's not that I don't trust myself - just Murphy's law with the other drivers around here.

by buggy5872 Thu Apr 05, 2018 7:36 am

There is a classic/antique NADA price guide. No one uses KBB that I know of. Classic cars are not something you go into thinking you will get your money back when you sell it or something happens to it. If you are that worried about it put antique plates on it and get a stated value policy. I have enough old vehicles I can drive a different one everyday for two weeks strait so I do not worry about the mileage restriction. I look at it like I will get enough money and use what I can from the wrecked one to be able to put another together. Since I do all my own work my labor is free. Life is a game of risk.

by REVINKEVIN / Mr. 600+HP Thu Apr 05, 2018 10:28 am

If life is a game then I am a player.

by 73sssb Thu Apr 05, 2018 10:54 am

That is really what I'm leaning towards. Granted I might put thousands into it - I could just take the risk and drive it as much as I want - live my dream and enjoy it while I can.

If it gets in a major accident - I can salvage what I can and buy a shell to throw it in. I really don't want to give up on it... I just need to figure out how to do my own paint and body work and keep things as cheap as possible.

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