I am curious to hear what other people do for insurance on their cars. Do you have collision insurance on your car? Only liability?
Do you tell your insurance the actual value of the car? (ie. how much you could actually get for it)

Insurance through a normal underwriter will value our cars at around $400, and if you have receipts for parts that are under 2 years old then you might be able to haggle for a small fraction of that as well. In 2007 I had a pleasant experience with Farmers where I had a heavily modified SCCA road race car that was totaled when another driver pulled a u-turn directly in front of me (on a city street). I was able to talk them up to $900 after an initial offer of $700 and change. The lowest price I could find for a like condition car without the $30k+ in modifications was $7k ... and it was way off in BFE in some forgotten state several thousand miles away. After several months of daily battles I ended up settling for $500 and retaining the car (now with salvage title) just so I could pull all of the parts off.

I WILL NEVER GO THROUGH THAT AGAIN!

My coupe goes to Auto-X events, and the occasional meetup ... and work once a year on 8/6. So I use classic car insurance which is an "agreed value". You have a ton of limitations on classic car insurance though. You must have a garage, clean 10+ year driving record, low allotment of annual mileage, etc.

Also, I actually pay about half of what I originally payed through my regular insurance provider when I first bought the car.

I do not use this particular insurance company, but this gives a very good explanation of the differences.
https://www.insureone.com/blog/your-classic-car-do-you-have-the-right-insurance/

Hopefully all of that was helpful to someone...

Thanks a lot for this information... very helpful for me at least. Do you know what the average mileage limitations are? 1000 something miles?

Milchmann really gave some good info. Will have to pay more attention to the date 8/6 too . I have just comprehensive (fire/theft, weather related) and liability just because most if not all regular car insurance policies will go by ACV (actual cash value). The comp coverage in my case with esurance is only $6 for 6 months. I use to worked in the business and use to tell customers that the car has to be 39 years old, valued at least 15k, diven no more than 2500 miles, and has to be in a locked garaged. After the inspection, an agreed value would be endorsed and put on paper. Anyway, if you don't get an agreed value policy like a collector car policy, don't bother including collision coverage.

Grant wrote:Thanks a lot for this information... very helpful for me at least. Do you know what the average mileage limitations are? 1000 something miles?

I went with what seems to be the standard 2500 mile limitation. I have put less than a thousand per year on over the last two years though. I believe you can negotiate the number of miles up some for a higher premium, but not much. Collector car insurance is definitely not for a car that gets driven around town all the time.

Some states have mileage limitations for collector insurance since it can also mean emissions exemption - for example, I think only 1000 miles/year are allowed in Arizona with this type of insurance. I checked with Hagerty many years ago and they said the car's agreed value has to be at least $5k, garaged, and not your main car (I'm guessing they check) to qualify. They also said something about the car needing to be a classic or significant, but I got the feeling if the other requirements were met one would qualify.