Classic Car Insurance?

[ontheroad92]

Hopefully this is the correct section for this. It's been some time since I posted. My 1992 wagon is still going- all original. I've had it for 20 years now. It's my first car. Mostly these days it is sitting garaged and not driven much. Has anyone gotten classic car coverage for their cb7? How much did you value the car for? I'm in Georgia if that helps.

[TypeG]

I've heard of people having cheap rates with Hagerty. When I checked for myself, the rates were similar to what I'm paying now. I believe location has a big influence on pricing. later.

[ontheroad92]

I am hoping to do an agreed value with my car. I drive about 1000 miles per year maybe? Do you have more than one car? My concern is if the unfortunate happens and they try to low ball me with paying out. What was the agreed value amount you were using? How did you determine that amount?

[UnicornHondaSE]

Hagerty seems to be the auto enthusiastic choice, but I've found that other insurance companies can also write a "stated value policy".

Tell them what amount you want the vehicle insured for.

Say you paid $12k for the vehicle, and so you want it covered for that amount.

Each situation is unique depending on your credit score, work history, and relationship with your agent.

For example, someone I know bought a 92 SE Accord earlier this year, got it home, called their agent, and within a ten minute phone call had a stated value policy, but this person has impeccable credit, makes good money, and has been at the same company for twenty years, and has two other vehicles insured, and home owners insurance. So the agent likely would not want to lose that customer.

Now, some ins companies or agents may require you have an appraisal done on the vehicle, so they have an idea of what price limit they can insure for. You would be required to do an appraisal at your cost. A person comes out to inspect the car and give their assessment on it, similar to a real estate appraisal, based on comps. This is done obviously so the ins co doesn't get ripped off.

If you tell them you want a CB7 accord with 150k miles insured for $20k they will likely think you're crazy. If it's a mint rust free car with low miles and you want it insured for $12-15k that's a little more realistic.

Some agents don't require an appraisal but they will prepare the policy with mileage limitations, for example, you can drive only five thousand miles annually. If you exceed that stipulated mileage then you may be penalized (owe more money or possibly dropped entirely, each situation is unique).

Best thing to do is call your agent and tell them you would like a "stated value policy for X vehicle".

[UnicornHondaSE]

You can gather comps from bring a trailer or from cars and bids. Since you are in the south I am assuming there is no rust on the vehicle... ? Which makes it more valuable than a salt belt vehicle that does have rust. For example.

Also some factors for value are mileage, color, trim, and transmission. The classic Japanese car Honda enthusiast usually prefer manual trans over auto, and EX and SE over LX or base for obvious reasons, painted trim and mirrors, power options, sunroof, etc. There are exceptions, the rare person who would rather have a LX or base.

A good example on the high end is the low mileage Hampshire Green CB7 Accord coupe 5 speed that sold a few months ago for $23k. Obviously that's not normal, it had something like 35k miles or quite low considering it's thirty years "old".

If you look at the sold page for Accords on BaT you can see an uptick in hammer price. Scroll all the way to the bottom of the Accord page and you can see how back in 2019.or 2020 they were selling for about $7000, but within the last twelve to twenty four months have increased in price.

Here for reference:

https://bringatrailer.com/listing/1991-honda-accord-25/

These two sold pre corona nonsense and now I would bet these are worth a few thousand more IF they are still in excellent condition with not much miles added.

Silver SE with 48k miles:

https://bringatrailer.com/listing/1991-honda-accord-4/

Love this dark purple color, I would prefer this over Hampshire Green.

https://bringatrailer.com/listing/1990-honda-accord/

Not a CB7 but with this low of miles and no rust, this car is very rare, probably would sell for more today.

https://bringatrailer.com/listing/1989-honda-accord/

Compared to this IMO less attractive hatchback without aluminum wheels and leather, which sold for more recently.

https://bringatrailer.com/listing/1987-honda-accord-5/

There was also sold on BaT an LXi hatch with aluminum sei wheels, with 12k miles.

If you look at this page, you can see prices have increased over the last twenty four months, and of course cars with all the options and rust-free low miles, sell for a premium.

https://bringatrailer.com/honda/accord/

[AccordWarrior]

I have Hagerty on my Vette. Agreed value of $20,000 for $650 a year. I also have cherished salvage meaning if it gets totaled, I get $20,000 and the car back free and clear (with a total loss title brand, of course).

There are stipulations including that I must have a garage for it, it cannot be a daily driver and only limited day to day errands are allowed. Like, during the summer I'll drive it to work a few days a week, or I'll go take it to my in-law's beach house, but they might not be super enthused if I took it grocery shopping.

Agreed value is the way to go IMHO. You lose a bit of flexibility with usage, but you gain piece of mind knowing you're not getting $500 if the car's totaled. I actually wish my Vette was totaled as with the clutch issue it just developed it's likely worth half that as I'm planning to sell next spring.

[ontheroad92]

Thanks for the replies and advice, everyone! Great information here. Mostly, I get around on a bike or by walking- even for all of my errands. This car was my daily for years. Now, it sits in the garage and is driven for special occasions, such as the drive in and my friend's grave (he always rode shotgun in it with me). I just want to get what it is worth if the unfortunate happens. I would love a cherished salvage option for it. I'm working on getting photos and video together to send over to my agent. Also, I m hoping to put antique plates on it! I've dreamed of having an antique car since I was 9! Based on some of the info here, it seems like $10-15k is the best agreed on value for it. I will also inquire about salvage options. I did that the last time someone scraped my bumper, and I did the entire repair myself thanks to this site.

[deevergote]

I'm late to the party, but I have Hagerty for my 89 Volvo 240 and my 90 Miata. STUPID cheap compared to normal insurance here in NJ. I can't drive either daily, but there really aren't any hard restrictions. I'm still allowed to take the classics to work occasionally, as well as weekend driving.
I haven't made a claim yet, but the company's reputation is good. I didn't even have to provide comps. I valued the Volvo at $5000 and the Miata at $6500. Volvo might be ready for a bump in value, as I've been restoring it.

For a CB, definitely look to see what they're selling for in comparable condition.