Has anyone had any luck getting classic car coverage (agreed value) on an x308 xjr? Mine is a 2001 garage queen but because it is a 4 door sedan, Hagerty, TDC / Barrett, etc. view it like an old beater Corolla and won't cover it. For the few miles I put on it annually, the cost of regular insurance is crazy.

 

I haven't but did look into it last year (though it wasn't "collector" insurance but agreed value thru here Grundy Insurance Prices weren't bad.

Wish I had since I'm now dealing with an insurance co. that looks at my total loss 97 XK8 as a Kia

 

I'm not sure any of the classic car insurers are going to consider a model year 2001 mass-production vehicle a classic yet, no matter what it is - they usually only deal with models 25 years old or more.

I would try shopping around for an agreed annual mileage limit policy, or even ask your current insurer about it. I got a reduced premium for my XJ8 by agreeing to a 5,000 mile limit per year (she's a garage queen too). I couldn't find anyone that would do agreed value though.

 

The nutty thing is that they will gladly insure a even newer (03-04) XK8 for about $400 per year. Add two more doors to essentially the same vehicle and they treat it as an old beater.

 

I have my 2004 insured with Grundy. They however didnt want to insure my 2001 xkr along with it..weird

 

What qualifies seems to be very subjective dependent on the day and who is reviewing the application. Very inconsistent.

 

limited use coverage for a modern car is scarce because the level of fraud is high .. I see Grundy is calling the new offering modern classic insurance. They may limit the number because it is new and they have limited rating information or it could be that they have enough information to understand that insuring two is a bad risk. They may also do it for a long time customer with many cars who decides to purchase two of particular make .. or .... they may not.

Also have to be mindful of the whole policy -- having only the classic policy can leave you with not enough.

If you can ... getting an agreed value on a car is a good idea because it will stick for a number of years on renewal ... my 02 XJR is sill valued at $18.6K

 

It looks like Leland West might cover the XJRs.

I applied on line and spoke with them today. They seemed to have no problem with the car. I did however run into a glitch that I do not have with Hagerty.

My 17 year old son does not have his own car. Although he NEVER drives the older cars or the Jag, Leland requires that you have an everyday driver for EVERY licensed driver in your household. Currently he drives Mom or Dads daily driver on the rare occasion he needs a car.

I think I will just put the Jag in the warehouse for a couple of years. I'm not paying $2 - $3 dollars a mile to insure it for the very few miles it is driven each year.

For those in different situation, Leland might be worth a shot. Let us know.

 

Amphicar770: The last I checked Hagerty does not offer the modern coverage -- they have less concern with the type of car they do insure becoming a DD. Although it does happen.

Leland West is concerned that the Jaguar could easily become a DD for your son ... without a car for every driver

 

Amphicar770: thanks for this info - I just got agreed mileage/agreed value coverage with Leland West for my XJ8 for $274 a year. Saved $500 a year AND got agreed value!

 

I believe LW is a broker .. I don't know if they are a direct underwriter. Normally, this insurance written at a lower or equal level of the main policy.


I see them spoken about on the Porsche boards. You have to be careful about the restrictions .. work ... running to the store .. normal errands .. are not considered proper use ... unless you upgrade the policy .. and you still can't use it for work or regular trips.

Also - check the personal and PIP limits .. lots of people don't understand the policies and don't get enough

 

All of the the terms of the policy seem to be very clear, and you can add an "occasional commute" use to it for little extra cost (which I did). I haven't received the full written policy yet, so if I see anything untoward in it once it arrives I'll post details here. For an "occasional day out" car, this policy was perfect for me - may not be for others.

 

The problem arises where people need to cary high liability limits -- and they live in a sate with complex PIP ... and low Uninsured and Underinsured coverages.

Lots of people use these to save money ... and in the process forget that they need to get equal coverage to the primary coverage on the other cars.

You can just as easily have an accident .. or be hit with someone without insurance. Also -- some umbrella policies require a 500k policy under them.

I ran into someone who had this happen --- He had 500k on his regular autos and then a 2M umbrella ... but he did not understand that he needed the speciality insurance to be 500k -- so that the umbrella would be in force. He had an accident and he only had 250k ...

 

Yes, I have had Hagerty for years and currently have 3 cars with them. Over the years they have covered a number of vehicles that could theoretically be used as daily drivers but they would not cover the Jag. Hagerty does not require a daily driver for my son, it is understood that he does not drive and is not covered on the classics.

Each policy has its quirks. Leland seems good about reasonable use and will cover the xjr. Hagerty less flexible but recognizes kids won't drive the older cars.

Totally agree about upping the umbrella coverages. Even on a classic policy, cost diff is minimal.

Glad we found someone who will cover the XJR, just not mine!

 

It gets wackier.

I picked up a pristine 1991 Peugeot 505 for my son. Called Leland back to cover the Jag and maybe the Porsche 914.

They were very explicit that son is not covered due to his age. No worries, he does not drive the old cars and now has his own vehicle.

Sent in docs and got a note back that son's car has to be newer than 20 years old. Wtf, he is not covered even if he has his own brand new car. The whole thing makes little sense, if he is a named exclusion then he should not even be a factor.

 

Amphicar770: Some states don't allow exclusions -- In those states if someone is a permeant resident of your house or holds documents showing your residence as their primary residence they are on your policy.

Even policies specifically showing exclusions -- this technically many only be for the damage to the car.

What many don't understand -- the big potential loss to the insurance company is the liability and the medical portions of the policy - not the car.

Also -- many of these companies are not really insurance companies -- they are brokers. When you read the policies the actually company providing the insurance is not the people you talk to on the phone.

Absolutely nothing wrong with the insurance -- but you have to understand how the policy fits with your primary auto policy. They are cheap for a reason - you are removing coverage and you have to be careful.


One more thing: On post #14 you reference upping your umbrella. That is not what I am talking about. Umbrella policies are broad based policies covering you for liability for more then your auto - they normally extend to homes and whatever else you have. And they require that all the other policies have a certain amount of liability. So ... if it is a 1M umbrella and it need 500k under it -- all the policies need a liability of 500k. You can't have 250k on one of your autos .. well you can .. but you don't have the umbrella.

 

Whatever the term, I have very high coverage levels on my regular car insurance. More than you can even get from some companies.

PA does allow exclusions. The reason I was given is that my 3rd regular vehicle is more than ten years old. Ironically that vehicle has half the mileage and us in better condition than the newer ones they are ok with. Likewise, even if all three were new, my son would be excluded from the classic policy and you can bet they would not cover if he were driving them and something happened.

 

Insurance gets complicated when "named" autos are concerned.

Companies limit young drivers as much as possible ... and want to make sure they are paid for any exposure.

Could be they want car to have airbags