Collector Car Insurance
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Hey Dave, I have collector insurance on my 69 Firebird.
Few things to note, I passed on getting the cheaper "Antique Plates" and started with regular plates for my car. the reason being is that Antique plates ONLY offer depreciated value.
With regular plates you have a much better chance of getting your investment back and if you and the insurance disagree you do have the option to have an independent hired to appraise value who is niether on your side or the insurance companies.
Next was to add private collector insurance: First you have to apply and provide all the required info.
A recent appraisal by a reputable appraiser. Recent high quality photo's of all car angles including inside and engine. The appraised must be notarized.
There is a questionare form you must fill out which includes questions such as:
When vehicle was purchased,where and from who? Who did the restoration, personal or profesional? Provide all bill's possible? Where will the vehicle be stored? Will the vehicle be drag raced? Year of restoration? Have you had any insurance claims in the past three years? If so describe.
Will vehicle be attending car shows? If so will it be driven or trailered? Farthest distance of attending show? Current mileage of vehicle?
Classification of vehicle, ie. factory restore,numbers matching, modified ect.
If there any questin's I have have forgotten I will add them later.
Now you have to see if you are approved and if so you need to sign a form which you agree that:
Everything you have disclosed is true: The car will not be driven more than 5000 kilometres yearly: You will report any changes and updates to the vehicle: Yearly appraisal's will be provided:
Once this form is provided you are notified of your approval within short order.
Sounds like a lot of work and hoops but really its not that hard.
The cost of private insurance is approx. 100.00 per ten thousand of appraised value which is paid yearly.
Like I mentioned if there is anything I forgot I will add it here later. Hope this is of some help to you.
Take Care, Pete
Few things to note, I passed on getting the cheaper "Antique Plates" and started with regular plates for my car. the reason being is that Antique plates ONLY offer depreciated value.
With regular plates you have a much better chance of getting your investment back and if you and the insurance disagree you do have the option to have an independent hired to appraise value who is niether on your side or the insurance companies.
Next was to add private collector insurance: First you have to apply and provide all the required info.
A recent appraisal by a reputable appraiser. Recent high quality photo's of all car angles including inside and engine. The appraised must be notarized.
There is a questionare form you must fill out which includes questions such as:
When vehicle was purchased,where and from who? Who did the restoration, personal or profesional? Provide all bill's possible? Where will the vehicle be stored? Will the vehicle be drag raced? Year of restoration? Have you had any insurance claims in the past three years? If so describe.
Will vehicle be attending car shows? If so will it be driven or trailered? Farthest distance of attending show? Current mileage of vehicle?
Classification of vehicle, ie. factory restore,numbers matching, modified ect.
If there any questin's I have have forgotten I will add them later.
Now you have to see if you are approved and if so you need to sign a form which you agree that:
Everything you have disclosed is true: The car will not be driven more than 5000 kilometres yearly: You will report any changes and updates to the vehicle: Yearly appraisal's will be provided:
Once this form is provided you are notified of your approval within short order.
Sounds like a lot of work and hoops but really its not that hard.
The cost of private insurance is approx. 100.00 per ten thousand of appraised value which is paid yearly.
Like I mentioned if there is anything I forgot I will add it here later. Hope this is of some help to you.
Take Care, Pete
Hey Pete
Thanks for all the good info and it does seem like a lot of things to get done.
I talked to my insurance agent about it and he did no were as good of a job explaining it to me as you did.
Once I have everything done the way I want it I am going to call him back and get the forms I need and go from there.
Again thanks for all the great info.
Dave
Thanks for all the good info and it does seem like a lot of things to get done.
I talked to my insurance agent about it and he did no were as good of a job explaining it to me as you did.
Once I have everything done the way I want it I am going to call him back and get the forms I need and go from there.
Again thanks for all the great info.
Dave
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64 Posts
Hello Dave,
I guess by now you have discovered that it is much less troublesome to arrange collector car insurance here in Ontario compared to Saskatchewan. Now you don't even have to have an appraisal for Silver Wheels insurance! You and the agent just agree to a value based on info and some pictures.
David
I guess by now you have discovered that it is much less troublesome to arrange collector car insurance here in Ontario compared to Saskatchewan. Now you don't even have to have an appraisal for Silver Wheels insurance! You and the agent just agree to a value based on info and some pictures.
David
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2 Posts
In Ontario, I have collector car insurance with Lant, at first it was appraised value, now since merger with Hagerty, it is agreed value. They flipped my appraised value to agreed value, however now only time agreed value changes is if you have something done to the car that increases the value. You can try to get agreed value raised if market value has increased, but sound like the onus is on the owner to do all the homework to justify a higher agreed value. Far as I know the plates have nothing to do with the insurance , I have had regular and now have historic plates, there was no difference or issues . I'm still paying a little over $200 for the year.
Makes me wonder if this agreed value thing is due to appraisers valuing cars much higher than they were worth, I've heard some owners had appraisals where the appraiser did not even look at the car, he/she just asked the owner "how much do you want the appraisal to be?"
Makes me wonder if this agreed value thing is due to appraisers valuing cars much higher than they were worth, I've heard some owners had appraisals where the appraiser did not even look at the car, he/she just asked the owner "how much do you want the appraisal to be?"
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446 Posts
I've have collector car Insurance with Hagerty. Wasn't hard to get as long as your car qualifies. Can't be a race car, blower sticking out of hood,nitrious, etc should be mostly stock. It can't be a car you drive daily. etc. and has to be garaged when not in use. You state your value. long as it's not ridiculous you won't be asked to get it appraised. Premiums extremely reasonable. I have $25K value on 68 convertible and $10K on 79 TA. both full coverage. price is $354.00 per year.. I have antique plates on both Firebirds. one time fee. no yearly inspection or registration.
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4 Posts
I too have Hagerty insurance on my 68 Bird in ON. A friend has it on his 92 NSX as well. As long as you meet the requirements (age, driving record, being insured on another vehicle so not to make this your primary car, car's age and value) then it's easy. I did the whole thing over an exchange of 2-3 emails and a call to their accounting office with the credit card number. No appraisal here as well. I had to raise the value once already because when I first bought the car it was a running but needed work. Since then I've put a bunch of work and re-wired the whole car etc. Raised the value, no questions asked. I am now working on a LS conversion on the car and will be raising value once again yet again. Just make sure that you take photos of the work in progress as they do ask for this as proof when you ask for the value to be raised.
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