Protect your Ride – Collector Car Insurance Review

October 23, 2008 by pikesan

Take a glance at the table that summarizes each company’s policies and requirements. I hope this is helpful for everyone when you’ve finished your project and it’s time to put it on the road.

Whether your ride is a street rod or an antique ragtop, you know that specialty insurance is your best bet for coverage that you need at a price you’re willing to pay, that also takes into consideration the unique needs of a car that may be on display as much or more than it’s on the road. The question, then, becomes “where do I get this insurance?”

While there are many affordable insurance companies that handle special lines – everything from vintage autos to modern muscle cars, to elite performance vehicles – there are several that really stand out. Here’s a comparison of their basic offerings, followed by a brief rundown of each:

Click on the table to see it FULL SIZE (so you can read it…)

Summary of each Specialty Car Insurance:

American Collectors Insurance (www.americancollectors.com)
Headquartered in Cherry Hill, New Jersey, and underwritten by American Bankers Insurance Company of Florida (except in Minnesota, where there is a different underwriter), American Collectors bills themselves as an industry leader, in part because of their thirty-year history in the business, but also because of their professional demeanor and use of the latest technology.
While American Collectors policies are all based on agreed value, they also have a TLC program that goes beyond most collector car insurance by including a tow package, roadside assistance, emergency lockout service, and even reimbursement of non-refundable car show and hotel fees if a mechanical issue prevents you from showing up on time.

American Hobbyist Insurance (www.americanhobbyist.com)
Dedicated to serving auto enthusiasts and collectors around the United States, American Hobbyist pitches low rates, agreed value coverage, and best of all, no restrictions on mileage. They also pride themselves on a staff that is brimming with expertise and customer service skills, even in the claims department.
Unlike many such insurers, American Hobbyist covers all sorts of collectible cars, from exotics to street rods, and antiques to kit cars – the latter of which makes them very special.
They believe that their clients are among the safest drivers on the road, and that classic autos are “among the most cared-for vehicles,” and that their low rates are directly related to that trend.

Classic Auto Insurance (www.classicins.com)
Classic Auto Insurance accepts the usual array of classic and antique autos, street rods, replicas and custom built trucks (as well as racecars and exotics) but with a twist: instead of an age standard on the vehicles they insure, they require all clients to be at least 26 years old. In addition, they have three levels of annual mileage allotments rather than one figure. Clients can buy policies that allow 1, 3, or 5,000 miles/year, with no restrictions on when or where said driving must take place.
This company also offers collision and uninsured motorist coverage, so that you can drive on the street from time to time, and they use both agreed value and actual cash value to determine your rate, depending on what car you’re insuring and how you plan to use it. Recently, they’ve also begun to offer motorcycle coverage.
Finally, Classic Auto Insurance offers discounts to car club members and owners groups.

Chrome (http://www.anpac.com/products/p_c/chrome/default.aspx)
Chrome is a specialty insurance product offered by AnPac, but it’s also an acronym, with each letter representing a type of vehicle the company will insure, as in:
• C – Classic or antique cars, restored to their original state, and a minimum of 25 years old.
• H – Hot rods and street rods, modified, but must have been built prior to 1949
• R – Replicas and “kit” cars – many specialty insurers won’t even touch these.
• O – Original – any un-restored vehicle at least 25 years old.
• M – Modified and/or custom cars built after 1948, but no fewer than 25 years ago.
• E – Exotic, rare or unique vehicles with appraised values topping $50,000.
Chrome coverage includes a roadside assistance/towing package, a mileage restriction of 10,000 miles/year (extremely generous) and agreed/stated value coverage basis.

Grundy Worldwide (www.grundy.com)
Our major line of business is our Collector Car Insurance Program.

Grundy is different than the other classic car insurance companies in that they have the highest claims rating and the most experience in the business. Mr. James A. Grundy started the business in 1947; he insured his father-in-law’s collector cars. His father in law, Colonel Sam Baily owned the first-ever collector car: a 1909 Pierce Arrow that James A. Grundy, Jr. (now President and CEO of GW) owns. This is a family-run business that has grown to insure of 1.5 million collector cars through leading A++ and A+ rated carriers. Their rates haven’t been raised in 40 years because they trust their policyholders. As hobbyists, they understand the special care hobbyists give to their collector cars. Their Agreed Value policies are highly competitive, with premiums that are often half that of competitors.

Their insurance plans include:
• Agreed value
• No limitations on model years
• Unlimited mileage
• Full Windshield
• Trip Interruption
• Towing and Labor (and no extra cost)
• Inflation Guard
• Auto Show Medical Reimbursement
• Spare Parts Coverage
• High liability limits
As well, once you have coverage with them for one car, you get a month of automatic coverage on any other collector cars you acquire.

Hagerty (www.hagerty.com)
Hagerty has the reputation of being the premiere specialty car insurer, and their level of service certainly supports this consensus. In addition to all the expected services, like basing coverage on agreed values, and offering several different deductible options, they have in-house claims adjustors who are trained in collector cars, and they also have a roadside assistance program. As well, they have a special “private client” line, for collectors whose cars are worth more than $250,000 (or who have collections worth more than half a million dollars). Hagerty also has special programs for international touring, and offers auto-related resources, like contact information for advocacy groups, and other member organizations.
Quotes are available online or by phone, and their process, they say, takes about 90 seconds to complete.
Leland-West (www.lelandwest.com)
Leland-West specializes in exotics, but if your car is a high performance vehicle this may be what you want. As with other specialty insurers coverage is based on agreed value, and there are some restrictions. Specifically, to qualify for a Leland-West policy you must have:
• Nine years of driving experience
• A clean driving record (as must all licensed drivers in your househould)
• Another properly insured vehicle for daily use
• A fully-enclosed locked garage for when the car isn’t in use (and in some cases a hidden transmitting alarm system may also be required.
In addition to covering “all makes and models of exotics,” Leland-West covers any model of Porsche and some Mercedes 300SLs but only if the owners belong to certain motor clubs / owners groups, which are listed on their website.
Leland-West offers instant quotes and online applications, but you can also call, and speak with a live person.

Motorsports Insurance Services, Inc. (www.motorsports-insurance.com)
Los Angeles-based Motorsports Insurance Services doesn’t offer much in the way of information on their website, but that’s because they tailor each policy they write to each client’s specific needs.
Unlike most specialty insurers, Motorsports focuses on racing vehicles as opposed to those that are merely on display, offering race insurance and commercial (track) insurance, as well as individual coverage.
Application forms are available online, though instant quotes are not, but clients can also call the Motorsports offices in California.

Sneed Insurance (www.sneedinsurance.com)
In business since 1957, Sneed Insurance offers polices for collectible street rods (which they define as pre-1949 with or without modifications), antiques (25 years or older), collectibles and exotics. They do not offer policies on modern vehicles for daily driving, but they do sell auto/home bundles to help their clients maximize their insurance dollar.
Tennessee-based Sneed has been the exclusive insurance administrator for the National Street Rod Association (NSRA) since 1973, and also maintains close affiliations with Corvette, Impala, and Miata enthusiasts clubs.
Like most specialty insurers, Sneed requires that their clients be experienced drivers (minimum age 25) with insured daily-driving vehicles and clean records, as well as requiring insured vehicles be stored in locked garages.
Sneed offers online quote requests.
All of these companies have policies for any scale, ranging from individuals with one really special collector car, to collectors with stables of cars, to enthusiast clubs looking for group discounts.

If your ride is an extension of your personality, shouldn’t you make sure you have the best possible insurance to keep it safe?