Insurance Options for US Market

[EspritGuy]

Mainstream car insurance policies are designed for the pattern of use that you're describing. There's no reason to do a collector car policy on a vehicle that you're going to daily drive, it doesn't make sense for any of the parties and doesn't match the risk profile that collector car policies are designed around.

For those of us who are going to keep this as a 3rd/weekend car purely for recreational driving enjoyment in non-daily contexts, a collector car policy (with agreed value) is an ideal way protect the asset and also to save money by virtue of the extremely reduced risk profile.

Will FE-1 owners declare the original purchase or claim the new FE-2 market cost as a basis?

 

[Porter]

Will FE-1 owners declare the original purchase or claim the new FE-2 market cost as a basis?

On collector's car insurance it's not necessarily about the price you paid but about what the agreed value of the vehicle is. If the market cost of a matching vehicle is a different number, you can just provide documentation of that to the insurer and they'll apply the rider. In some cases you don't even need to do that, you just specify a number for agreed value and if they accept the number, then you pay the equivalent adjusted premium according to their rate chart.

 

[KAR120C]

Now that the Emira has become real for the US market, I'd like to see what rates are actually being quoted with VIN provided and an agreed-upon value. I've looked at Hagerty and Grundy but their quotes are still speculative without the VIN. I'll run by my current insurance company as well when I get my VIN.

 

[K_Squared]

Now that the Emira has become real for the US market, I'd like to see what rates are actually being quoted with VIN provided and an agreed-upon value. I've looked at Hagerty and Grundy but their quotes are still speculative without the VIN. I'll run by my current insurance company as well when I get my VIN.

I was just quoted $1,556/year with Hagerty at $95K agreed upon value. $250/500K coverage w/ $1K deductible (full coverage). I'm in North Carolina with an imperfect driving record.

 

[KAR120C]

I was just quoted $1,556/year with Hagerty at $95K agreed upon value. $250/500K coverage w/ $1K deductible (full coverage). I'm in North Carolina with an imperfect driving record.

Hagerty and the other collector car companies are non viable for me. Their policies only cover the car when driven or at car shows. They will not cover the car for a weekend drive to a hotel where it is left outside overnight. Same with Grundy and other and the like. Be very careful if you plan to use the car for overnight trips. I just talked to them yesterday so I know this for a fact.

 

[scc.131.fe]

I was just quoted $1,556/year with Hagerty at $95K agreed upon value. $250/500K coverage w/ $1K deductible (full coverage). I'm in North Carolina with an imperfect driving record.

I wonder if they would agree to $105k or more, referencing the current cost to replace an FE V6? As soon as I get my VIN (from LotusNJ) I'll be testing the waters too.

 

[benjh1028]

I was just quoted $1,556/year with Hagerty at $95K agreed upon value. $250/500K coverage w/ $1K deductible (full coverage). I'm in North Carolina with an imperfect driving record.

Crazy. Same coverages. Zero tickets. Zero accidents. 54, in Atlanta burbs. Hagerty - $2680/yr.

 

[KAR120C]

I wonder if they would agree to $105k or more, referencing the current cost to replace an FE V6? As soon as I get my VIN (from LotusNJ) I'll be testing the waters too.

Yes. They did $106k with max coverage for me. But unacceptable restrictions.

 

[K_Squared]

Hagerty and the other collector car companies are non viable for me. Their policies only cover the car when driven or at car shows. They will not cover the car for a weekend drive to a hotel where it is left outside overnight. Same with Grundy and other and the like. Be very careful if you plan to use the car for overnight trips. I just talked to them yesterday so I know this for a fact.

I will inquire about this and let you know. This would also be unacceptable to me.

 

[K_Squared]

Crazy. Same coverages. Zero tickets. Zero accidents. 54, in Atlanta burbs. Hagerty - $2680/yr.

What's your zip code? Mine is 27615 and if I compare "average" rates vs. 30021 (Clarkston, GA) It's 86% more expensive in Clarkston (at least according to this: https://www.carinsurance.com/calculators/average-car-insurance-rates.aspx)

It seems it may have more to do with location and less to do with age/record. I'm 38.

 

[squish]

Hagerty and the other collector car companies are non viable for me. Their policies only cover the car when driven or at car shows. They will not cover the car for a weekend drive to a hotel where it is left outside overnight. Same with Grundy and other and the like. Be very careful if you plan to use the car for overnight trips. I just talked to them yesterday so I know this for a fact.

This is from Grundy's website under their classic cars section. Would this not apply to something like the Emira as well?

Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.

When you have your car at home, it must be kept in an enclosed, secure garage when not in use. If you are away from home on extended outings your car is fully protected if you must park it outside, for example in a hotel parking lot. Grundy coverage includes Trip Interruption that reimburses you for hotel and repair costs in the event of a breakdown, and we also reimburse you for towing and labor charges up to $250. You can count on Grundy as you cruise.

I plan to daily my Emira, so I'll probably just use my regular car insurance. They quoted me $1800/year and would lower the price on my F80 M3 by $250/year since I would be splitting time between them, so the Emira would only add $1550/year with no restrictions.

 

[K_Squared]

Hagerty and the other collector car companies are non viable for me. Their policies only cover the car when driven or at car shows. They will not cover the car for a weekend drive to a hotel where it is left outside overnight. Same with Grundy and other and the like. Be very careful if you plan to use the car for overnight trips. I just talked to them yesterday so I know this for a fact.

Response from my insurance agent when I asked him about your statement:

Hagerty does require disclosure of usage, and does have an option for very limited usage if that Is what the policy holder chooses. It is important to understand the usage limits chosen on an individual policy. I am quoting with the mileage you gave me [3000 miles per year], to be used anytime, and I will also call next week to confirm if there any other limitations I am not aware of.

 

[motorpool]

I had checked this summer and the estimate was $50/mo (but less than 4500miles/yr as I have other vehicles to drive), checked earlier this week when the cars had arrived and it was up to $66. No way to compare with others as so many factors .... what all is covered on policy, bundled with other, history, location, miles, etc .... but just to give a data point.

 

[Emira Fan]

This is from Grundy's website under their classic cars section. Would this not apply to something like the Emira as well?



I plan to daily my Emira, so I'll probably just use my regular car insurance. They quoted me $1800/year and would lower the price on my F80 M3 by $250/year since I would be splitting time between them, so the Emira would only add $1550/year with no restrictions.

Hi Squish, who is your insurance carrier ?thanks

 

[squish]

Hi Squish, who is your insurance carrier ?thanks

Wawanesa. They only service California and Oregon I believe.

 

[KAR120C]

This is from Grundy's website under their classic cars section. Would this not apply to something like the Emira as well?



I plan to daily my Emira, so I'll probably just use my regular car insurance. They quoted me $1800/year and would lower the price on my F80 M3 by $250/year since I would be splitting time between them, so the Emira would only add $1550/year with no restrictions.

I spoke to Grundy and they were very explicit that they would not cover overnights outside of car shows. Fun/vacation drives that were overnight would not be covered under the policy.

 

[Porter]

I spoke to Grundy and they were very explicit that they would not cover overnights outside of car shows. Fun/vacation drives that were overnight would not be covered under the policy.

This sounds like an agent who doesn't know the fine detail. A policy that didn't cover an occasional overnight would entirely miss the purpose of having a pleasure-only vehicle, which is what their policies are designed to support.

 

[KAR120C]

This sounds like an agent who doesn't know the fine detail. A policy that didn't cover an occasional overnight would entirely miss the purpose of having a pleasure-only vehicle, which is what their policies are designed to support.

I dunno. They were extremely explicit. The only overnights were for car shows/events. Pleasure/vacation trip overnights were not covered. I asked the question multiple ways and she was consistent and said this policy would not meet my needs.

All of the trip that was driving was covered. Just the non-driving/parking overnight was not covered.

Edited: I spoke to Grundy first, then pushed Hagerty to explain their fine print. They have exactly the same limitations. Drive it all you want, but it has to be parked back in your covered garage when done, with exception being an auto show.

 

[K_Squared]

I dunno. They were extremely explicit. The only overnights were for car shows/events. Pleasure/vacation trip overnights were not covered. I asked the question multiple ways and she was consistent and said this policy would not meet my needs.

All of the trip that was driving was covered. Just the non-driving/parking overnight was not covered.

I'd ask for the written policy details and disregard whatever that person was saying. That kind of policy just doesn't make much logical sense as @Porter mentioned.

 

[KAR120C]

I'd ask for the written policy details and disregard whatever that person was saying. That kind of policy just doesn't make much logical sense as @Porter mentioned.

Actually it makes perfect sense. They want you have fun and drive the car. And they understand you might take it to a car event. All covered for your COLLECTOR CAR. But if you're driving it on vacations and such, then you've crossed the line into standard auto coverage as your treating it like a STANDARD CAR.

I got the same answer from two companies. Don't take my word on it. Don't make assumptions on what you feel is common sense. Call them yourself and get first hand information before plunking down a premium.