Collector's Low Mileage Insurance

Discussion in 'SRT Hellcat General Discussions' started by nuxx, Oct 1, 2015.

  1. nuxx

    nuxx Hellcat Member

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    Hey everyone,

    We should be picking up our Challenger Hellcat today or tomorrow and I have a quick question about insurance.

    It's just my wife and I as drivers and we have the following:
    SUV, Electric Car, Farm Truck, GT500 and now the Hellcat.

    With the GT500 I only have 4300 miles on it in 3 years, and I'm sure now with the Hellcat each car will see 1000-1500 miles a year.

    I had to switch from 21st Century to Farmers today since 21st will not insure the Hellcat, Farmers is their parent company and will.

    I feel that the rate we're paying on the GT500 and Hellcat is a little high given the lack of miles we drive those cars.

    I've heard about collector car insurance, but really don't know much about it...
    - Are the savings that big?
    - Mileage limits?
    - As reliable as standard insurance?
    - Good companies or recommendations?

    Any information would really help out :)
     
  2. andrec10

    andrec10 Rookie

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  3. nuxx

    nuxx Hellcat Member

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    Thanks just sent them an email :)
     
  4. redhemi

    redhemi Gold Member

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    I hagerty's site and they quoted 2500 thats twice or more my normal ins.
     
  5. nuxx

    nuxx Hellcat Member

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    Yikes!

    Hellcat raised our monthly rate by about $70.

    Paying $250 a month for:
    13 GT500, 15 Challenger Hellcat, 13 4Runner, 13 Leaf and 03 F150.

    Have a feeling that's about as good as we'll get it...
     
  6. Bob

    Bob Senior Hellcat Member

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    I have two policies. One for my daily drivers and one for my classic/collector/toy cars (Hagerty). I've heard from restoration shops, Hagerty is one of the best based on their experience dealing with cars that have been involved in accidents (that's really the true test). That's why I choose them. So far they have been great. They will insure a Hellcat and will insure most anything with the exception of non-factory power adders. I have a 69 Camaro that had nitrous and they wouldn't insure it until I removed it, which I did. I never used it so it wasn't a big deal.

    I started with my Hellcat on the daily driver policy for the summer just to see how much I'd drive it. Now that the newness has worn off, I recently moved it to Hagerty. I believe the mileage limit is 5,000/year unless you get a waiver which you can say for going on the Hot Rod magazine Power Tour. Honestly they are only going to know the mileage if you are in an accident. If that happens 3 years from the date you had started the policy you just need to have under 15,000 miles. They do not ask you to self report mileage annually (at least they haven't asked me in the past 7 years).

    There is a significant savings moving to a collector policy. The total savings was about $600/year. The coverage is better in that its an agreed upon value, which for me was MSRP. So whatever happens in the future you get MSRP or that agreed upon value. As time goes on that value can increase (at least it does on my other collector cars). Not sure where Hagerty gets the values for the increase but I've never cared much. Its so cheap, the more coverage the better IMO.

    Under a Hagerty plan, newer car insurance is more expensive than a comparable older car. For instance, the Hellcat is valued at approx. $65k and insurance costs approx. $1,200 annually. My 69 Charger is valued at approx. $100k and insurance costs are approx. $1,100 annually.

    The big savings does come with a negative...this coverage is for pleasure driving ONLY. Not exactly sure what that means but it explicitly states you can't use the car for work travel, running errands, etc. I only drive the car on nice days and if something ever happened I know when talking to a police office (i.e. at an accident) I was just taking a drive maybe for dinner or for fun and if that's during the week, I'd book a vacation or sick day (just to be safe).

    There are other benefits like unlimited towing that are listed on their website. Its worth the effort if your Hellcat is not your daily driver especially if the car is totaled 3 years from now, you've saved approx. $600/year, and you walk away with MSRP or more!
     
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  7. nuxx

    nuxx Hellcat Member

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    Hey Bob,

    Thanks for the long write-up. That's really interesting about getting a value based on MSRP even years down the line.

    Looks pretty similar amount wise per month, but the MSRP value is nice.

    I'll give them a call as well and see what they quote :)
     
  8. andrec10

    andrec10 Rookie

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  9. Bob

    Bob Senior Hellcat Member

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    Correction, I just looked at my policy and the 69 Charger I mentioned above only cost $582/year and the Hellcat is $1,082/year. A lot cheaper than I originally thought. Daily driver insurance on the Hellcat was $1,800/year. All policies are at $500k/$500k limits not $100k/$300k limits that most folks get so you could find cheaper.
     
  10. Bob

    Bob Senior Hellcat Member

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    Oh and those are zero deductibles policies....hope that helps!
     
  11. nuxx

    nuxx Hellcat Member

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    Dang, we just do 1,000-1,500.
     
    Last edited: Oct 1, 2015
  12. Bob

    Bob Senior Hellcat Member

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    Yeah, that's only the Hagerty policy, the daily driver policy is set at $500 deductible.
     
  13. nuxx

    nuxx Hellcat Member

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    We'd never claim for something small... but if a car gets wrecked badly and it's our fault... $1,500 isn't a big deal.
     
  14. ramair111

    ramair111 Silver Member

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    Try American National modern classics Chrome. Agreed value for MSRP, $440 per year on my Hellcat.
     
  15. My71Gs

    My71Gs Silver Member

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    Condon&skelly they insured my hellcat for agreed value MSRP very cheap rates I have 2 other classic cars with them as well. Again it's only a sunny day policy but that's all I needed for the hellcat give them a call again UNBELIEVABLE RATE!!!!
     

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